Document ID: chunk:federal_register_of_legislation:C2004A04677:body:0:p57
Version: federal_register_of_legislation:C2004A04677
Segment Type: other
Provision Reference: 
Character Range: 144818–147478

approved bank; or

  (b) in Commonwealth securities; or

  (c) in any other manner approved by the Treasurer.

Borrowing on overdraft to meet temporary deficit

"144X.(1) The TSRA may borrow money on overdraft from an approved bank for the sole purpose of meeting a temporary deficit in the money of the TSRA.

"(2) This section is subject to such limits as the Treasurer determines as to:

  (a) the total amount of money (other than interest) that may be owed by the TSRA at any time as a result of borrowings under this section; and

  (b) the periods for which money may be borrowed under this section.

Limits on TSRA's powers to raise money

"144Y.(1) The TSRA must not borrow money except in accordance with section 144X.

  "(2) The TSRA must not raise money except by borrowing.

Exemption from taxation

"144Z.(1) The TSRA is not subject to taxation under any law of the Commonwealth or of a State or Territory.

"(2) Excise duty is not payable by the TSRA, or by any other person, on goods that are for use by the TSRA.

Estimates

  "144ZA.(1) The TSRA must:

    (a) prepare estimates, in such form as the Minister directs, of the expenditure of the TSRA for each financial year and, if the Minister so directs, for any other period specified by the Minister; and

    (b) give those estimates to the Minister not later than such date as the Minister directs.

"(2) Money paid to the TSRA under section 58 must not be expended by the TSRA otherwise than in accordance with estimates of expenditure approved by the Minister.

"(3) Despite subsection (2), the amount spent by the TSRA in relation to a matter covered by a particular item in approved estimates may differ from the amount allocated to that item in those estimates by not more than 10% of the amount so allocated.

"(4) Subsection (3) does not empower the TSRA to spend or pay amounts that exceed in total the total amount covered by approved estimates.

Annual report and financial statements

TSRA must prepare report

"144ZB.(1) Subject to this section, the TSRA must, as soon as practicable after the end of each financial year, prepare and give to the Minister:

  (a) a report about:

      (i) its operations during the year; and

      (ii) the implementation of the Torres Strait Development Plan during the year; and

     (b) financial statements in respect of the year in such form as the Minister for Finance approves.

Certain matters must be included in report

  "(2) The TSRA must include in each report details of:

  (a) any directions given by the Minister under section 142E; and

  (b) any consultants engaged under section 144T;

during the period to which the