Document ID: chunk:federal_register_of_legislation:C2023C00105:section:54
Version: federal_register_of_legislation:C2023C00105
Segment Type: section
Provision Reference: s 54
Character Range: 38265–39159

54  Managing surplus money
 (1) If, at any time, the sum of the surplus money of:
 (a) the Corporation; and
 (b) any wholly‑owned subsidiaries of the Corporation;
exceeds:
 (c) $20 million; or
 (d) if the regulations prescribe a different amount—the prescribed amount;
the responsible Ministers may, in writing, direct the Corporation to pay all or a specified part of the excess to the Commonwealth.
 (2) Money of the Corporation or a subsidiary is surplus money if it is not immediately required for the purposes of the Corporation or subsidiary.
 (3) The Corporation must comply with the direction.
Note: The amount paid by the Corporation is credited to the Account under paragraph 46(1)(b).
 (4) The regulations may prescribe an amount for the purposes of paragraph (1)(d) by prescribing either or both of the following:
 (a) an amount;
 (b) a method or methods of calculating an amount.