Document ID: chunk:federal_register_of_legislation:C2024C00828:section:695k
Version: federal_register_of_legislation:C2024C00828
Segment Type: section
Provision Reference: s 695K
Character Range: 1836185–1837826

695K  Purposes of the Account and transfers to general CRF
 (1) The purposes of the Account are as follows:
 (a) to pay or discharge the costs, expenses and other obligations incurred by the Commonwealth in connection with the performance of the Titles Administrator's functions or the exercise of the Titles Administrator's powers;
 (b) to pay any remuneration or allowances payable to:
 (i) the Titles Administrator; and
 (ii) APS employees assisting the Titles Administrator under section 695E; and
 (iii) any consultants engaged under section 695G.
Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).
 (2) The following amounts must be debited from the Account:
 (a) if a cash‑bid petroleum exploration permit is granted to an applicant in accordance with section 113—an amount equal to the amount specified as the permit price in the offer document given to the applicant;
 (b) if a deposit paid by an applicant for the grant of a cash‑bid petroleum exploration permit is forfeited to the Commonwealth under subsection 260A(2)—an amount equal to the amount of the deposit.
Note 1: Amounts equal to the amounts mentioned in this subsection are paid into the special account under section 695J. The effect of this subsection is to transfer those amounts from the special account to the general Consolidated Revenue Fund.
Note 2: Subsection 260A(2) provides for a deposit made by an applicant for the grant of a permit to be forfeited to the Commonwealth if the applicant fails to respond to an offer for the grant of the permit.

Division 4—Other financial matters