Document ID: chunk:federal_register_of_legislation:C2004A00414:section:5:p1
Version: federal_register_of_legislation:C2004A00414
Segment Type: section
Provision Reference: s 5 (pt 1/2)
Character Range: 2908–5470

5  Conversion of RMF components and CAF components

 (1) This section applies to each old component that:
 (a) was in existence immediately before the commencing time; or
 (b) is established by a provision of an Act that comes into operation after the commencing time.
However, this section does not apply to the Loan Consolidation and Investment Reserve.

Note: Schedule 1 repeals the Loan Consolidation and Investment Reserve Act 1955.

 (2) The conversion time for the old component is:
 (a) the commencing time, if the component was in existence immediately before the commencing time; or
 (b) otherwise, the time when the component is established.

 (3) At the conversion time:
 (a) a new account is established in respect of the old component; and
 (b) any balance of the old component is to be credited to the new account.

 (4) The new account is a Special Account for the purposes of the Financial Management and Accountability Act 1997.

 (5) The name of the new account is:
 (a) if the name of the old component ends with "Reserve"—a name that is the same as the name of the old component, but ends with "Account" instead of "Reserve"; or
 (b) if the name of the old component ends with "Fund"—a name that is the same as the name of the old component, but ends with "Account" instead of "Fund"; or
 (c) if the name of the old component ends with "Account"—a name that is the same as the name of the old component; or
 (d) in any other case—the name determined in writing by the Finance Minister for the purposes of this subsection.

 (6) In relation to matters that happen after the commencing time, a reference in any instrument to the old component is to be read as a reference to the new account and, in particular:
 (a) a reference to:
 (i) transferring or paying an amount from the Consolidated Revenue Fund to the old component; or
 (ii) debiting an amount from the Consolidated Revenue Fund and crediting the amount to the old component;
  is to be read as a reference to crediting the amount to the new account; and
 (b) a reference to:
 (i) transferring or paying an amount to the Consolidated Revenue Fund from the old component; or
 (ii) debiting an amount from the old component and crediting the amount to the Consolidated Revenue Fund;
  is to be read as a reference to debiting the amount from the new account; and
 (c) a reference to paying an amount out of the old component is to be read as a reference to paying the amount out of the Consolidated Revenue Fund and debiting the amount from the new account.

 (7) If the old component