Division 3 Financial and other provisions relating to Authority

42   Waterways Fund

(1)  There is established a fund to be called the Waterways Fund.

(2)  There is payable into the Waterways Fund:

(a)  all money received by the Authority in connection with the exercise of its functions under section 41, and

(b)  all penalties recovered for offences against the marine legislation that are recovered in prosecutions brought by (or penalty notices issued by) any person except where the penalty is payable to a Port Corporation under section 21A, and

(c)  all interest received in respect of the investment of money belonging to the Fund, and

(d)  all money borrowed by the Authority in connection with the exercise of its functions under section 41, and

(e)  all money appropriated by Parliament for the purposes of the Authority in connection with the exercise of its functions under section 41, and

(f)  all money directed to be paid into the Fund by this or any other Act.

(3)  The Minister may, with the concurrence of the Treasurer, determine whether money received by the Authority in the exercise of functions delegated to it by the Minister is to be paid into the Consolidated Fund or the Waterways Fund.

(4)  There is payable from the Waterways Fund:

(a)  all payments made on account of the Authority in respect of its functions under this Act or otherwise required to meet the expenditure incurred in relation to the functions of the Authority under this Act, and

(b)  the remuneration (including allowances) of staff of the Authority engaged in the administration of this Act, and

(c)  all money directed to be paid from the Fund by this or any other Act.

(5)  All money payable into the Fund is to be paid into one or more banks, building societies or credit unions in New South Wales.

43   Investment

The Authority may invest money in the Waterways Fund:

(a)  in such manner as may be authorised by the Public Authorities (Financial Arrangements) Act 1987, or

(b)  if that Act does not confer power on the Authority to invest money—in accordance with the Trustee Act 1925 or in any other manner approved by the Minister with the concurrence of the Treasurer.

44–46   (Repealed)