Document ID: chunk:federal_register_of_legislation:C2004A04677:body:0:p56
Version: federal_register_of_legislation:C2004A04677
Segment Type: other
Provision Reference: 
Character Range: 142440–145070

Fund.

  "(2) The following amounts are to be paid into the TSRA Housing Fund:

    (a) such amounts as are paid to the TSRA as repayment of, or otherwise in respect of, housing loans made by the TSRA under section 142F;

    (b) such amounts as are paid to the TSRA by any other person for the purposes of the TSRA Housing Fund;

    (c) such amounts of the TSRA's money as the TSRA determines in writing.

  "(3) Money in the TSRA Housing Fund may only be applied:

  (a) in making housing loans to individuals or bodies; or

     (b) in making loans to individuals or bodies to enable the individuals or bodies to provide housing for Torres Strait Islanders, or Aboriginal persons, living in the Torres Strait area; or

     (c) in making grants of money for the purposes of enabling Torres Strait Islanders, or Aboriginal persons, living in the Torres Strait area to obtain housing loans from lenders operating on a commercial basis.

"(4) The TSRA must prepare estimates of the receipts of, and expenditure from, the TSRA Housing Fund for each financial year and, if the Minister so directs, for any other period specified by the Minister, and the TSRA must submit estimates so prepared to the Minister not later than such date as the Minister directs.

"(5) Money in the TSRA Housing Fund must not be spent otherwise than in accordance with estimates of expenditure approved by the Minister.

"(6) Money in the TSRA Housing Fund that is not immediately required for the purposes of that fund may be invested:

  (a) on deposit with an approved bank; or

  (b) in Commonwealth securities; or

  (c) in any other manner approved by the Treasurer.

TSRA Land and Natural Resources Fund

"144W.(1) There is established by this subsection a fund to be known as the TSRA Land and Natural Resources Fund.

"(2) There is to be paid into the TSRA Land and Natural Resources Fund such amounts of the TSRA's money as the TSRA determines in writing.

"(3) Money in the TSRA Land and Natural Resources Fund may only be spent:

     (a) in making a grant of money under section 142F on condition that the money be spent in acquiring an interest in land; or

  (b) in acquiring an interest in land under subsection 142F(3).

"(4) Money in the TSRA Land and Natural Resources Fund that is not immediately required for the purposes of that fund may be invested:

  (a) on deposit with an approved bank; or

  (b) in Commonwealth securities; or

  (c) in any other manner approved by the Treasurer.

Borrowing on overdraft to meet temporary deficit

"144X.(1) The TSRA may borrow money on overdraft from an approved bank for the sole purpose