Document ID: chunk:federal_register_of_legislation:C2008A00090:clause:1_76
Version: federal_register_of_legislation:C2008A00090
Segment Type: clause
Provision Reference: sch 1 cl 76
Character Range: 18912–19846

76  Australian Water Fund Account

(1) At the commencement of this item, the Australian Water Fund Account established by the National Water Commission Act 2004 is debited by:
 (a) if at that commencement the balance of the Account is at least $320,000,000—$320,000,000; or
 (b) if at that commencement the balance of the Account is less than $320,000,000—an amount equal to that balance.

(2) At the commencement of this item, the Chief Executive Officer of the National Water Commission established by the National Water Commission Act 2004 ceases to have the function of administering financial assistance, awarded by the Minister administering that Act to particular projects relating to Australia's water resources, from the Australian Water Fund Account established by that Act to the extent that assistance was provided from that Account before the commencement of this item and related to the Water Smart Australia Program.