Document ID: chunk:federal_register_of_legislation:C2004C00122:schedule:1:p5
Version: federal_register_of_legislation:C2004C00122
Segment Type: schedule
Provision Reference: sch 1 (pt 5/7)
Character Range: 13404–16041

final payment was made by way of recoupment of the expenses referred to in paragraph 1 of this Article, together with interest thereon as provided in that paragraph.

6. Moneys standing to the credit of the fund shall be invested in securities approved by the said Governments and interest earned from the investment of the moneys shall form part of the fund.

7. Immediately prior to the Commission ceasing to function, the two Governments shall consult for the purpose of assessing what part of the fund should be applied to meeting the cost of discharging the obligations towards inhabitants of the Island which fall upon the Government of Australia as a consequence of the cessation of the phosphate industry and such other residual liabilities as the two Governments agree fall upon the Government of Australia as a consequence of that cessation.

8. Such part of the fund as has been so assessed shall be paid or transferred to the Government of Australia for that purpose and the balance of the fund shall thereupon be divided equally between the two Governments.

9. If at any time thereafter it is agreed by the two Governments that the portion of the fund so paid or transferred to the Government of Australia under the provisions of the last preceding paragraph is greater than is required to meet the costs for which it was so paid or transferred that excess shall similarly be divided between the two Governments.

10.  In addition to the payments provided for by the preceding provisions of this Article, the said Governments may, for any other purposes agreed upon by them, from time to time jointly determine that an amount shall be paid to them by the Commission in respect of each ton of phosphate exported from Christmas Island and may direct the time at which and the manner in which those payments are to be made by the Commission.

Article 7

1. Subject to the next succeeding paragraph, the said Governments shall, from time to time and upon such terms as are jointly agreed upon, make available to the Commission, in equal shares, such moneys as the said Governments consider necessary for additional capital funds, working expenses or other purposes approved by them.

2. The said Governments may authorize the Commission to borrow moneys in such manner and up to such limits as the said Governments may from time to time agree.

Article 8

Any surplus funds which the Commission has accumulated, or may from time to time accumulate, through the sale of phosphate or by other means or circumstances (other than the special fund provided for in Article 6 of this Agreement) shall, if and as the said Governments