Commonwealth Consolidated Acts

NATION-BUILDING FUNDS ACT 2008 - SECT 199

Scope

             (1)  This section applies to a financial year if:

                     (a)  in the case of the financial year ending on 30 June 2009--the Finance Minister declares in writing that a specified amount is the general drawing rights limit in relation to the financial year for the purposes of this section; or

                     (b)  in the case of a later financial year--an Appropriation Act relating to the financial year declares that a specified amount is the general drawing rights limit in relation to the financial year for the purposes of this section.

Issue of drawing rights

             (2)  The total amount covered by drawing rights authorising the following debits in the financial year:

                     (a)  the debit of an amount from the Education Investment Fund Special Account for a purpose mentioned in paragraph 136(1)(a), (b), (c), (d) or (e);

                     (b)  the debit of an amount from the EIF Education Portfolio Special Account (other than a debit under section 196);

                     (c)  the debit of an amount from the EIF Research Portfolio Special Account;

                     (d)  the debit of an amount from the COAG Reform Fund in accordance with subsection 197(2);

must not exceed the general drawing rights limit for the financial year.

Declaration

             (3)  A declaration under paragraph (1)(a) is a legislative instrument, but section 42 (disallowance) of the Legislative Instruments Act 2003 does not apply to the declaration.