Document ID: chunk:federal_register_of_legislation:C2004A03407:body:0:p2
Version: federal_register_of_legislation:C2004A03407
Segment Type: other
Provision Reference: 
Character Range: 2541–5215

Governor
"24a. (1) The Governor and the Deputy Governor shall be paid such remuneration as is determined by the Remuneration Tribunal.
"(2) The Governor and the Deputy Governor shall be paid such allowances as are prescribed.
"(3) This section has effect subject to the Remuneration Tribunals Act 1973.".

Functions of Department
7. Section 57 of the Principal Act is amended by omitting paragraphs (1) (b) and (c) and substituting the following paragraphs:
     "(b) co-operative associations; and
     (c) associations of co-operative associations.".

8. After section 65 of the Principal Act the following section is inserted in Part VI:

Winding up of Rural Credits Department
"65a. (1) The Bank shall not make an advance, or discount a bill, under section 57 after the termination date.
"(2) Where, at a particular time, the Board is satisfied that a part (in this sub-section referred to as the 'surplus') of the capital or reserves of the Rural Credits Department is not required for the purposes of the operation of the Rural Credits Department after that time, the Board may determine that the whole or a part of the surplus be paid out of the Rural Credits Department.
"(3) Where, at a particular time after the termination date, the Board is satisfied that—
     (a) all debts due to the Bank in respect of advances made, or bills discounted, under section 57 have been fully and finally accounted for, whether by reason that the debts have been discharged, written off as bad debts or otherwise;
     (b) all loans made under section 60, and all advances made under section 61, have been repaid;
     (c) there will not be a net profit of the Rural Credits Department in the year in which the time occurred; and
     (d) the net profits of the Rural Credits Department in each of the years preceding that year have been dealt with in accordance with section 63,
the Board may determine that all of the money standing to the credit of the Rural Credits Department at that time (other than any money standing to the credit of the Rural Credits Development Fund) be paid out of the Rural Credits Department.
"(4) Before making a determination under sub-section (2) or (3), the Board shall consult with the Treasurer.
"(5) Where the Board makes a determination under sub-section (2) or (3), the Board shall inform the Treasurer accordingly.
"(6) As soon as practicable after the Treasurer is informed by the Board of the making of a determination under sub-section (2) or (3) in respect of an amount standing to the credit of the Rural Credits Department, the Treasurer shall, by notice in writing given to the Board—
     (a) direct that the whole of the amount be