Queensland Consolidated Acts Queensland Consolidated Acts(1) The Burdekin Shire Rivers Improvement Trust shall establish in some financial institution carrying on business at Ayr, and every other trust shall establish in such financial institution as the chief executive may approve the following funds—
(a) a general fund to be called the [name of trust] fund;
(b) a loan fund in respect of each loan borrowed;
(c) an emergency fund;
(d) a reserve fund comprising any reserve accounts established pursuant to subsection (4).
(2) The general fund shall consist of all revenues of the trust and of all penalties recovered under this Act in respect of offences relating to the river improvement area for which the trust is constituted, committed by persons other than the trust, or a member, officer, or employee thereof, and shall be applied to expenditure properly incurred by the trust except in relation to works in respect of which the trust is duly authorised to expend loan moneys.
(2A) Moreover, all debts and other liabilities legally payable by the trust shall be payable from the general fund except in any case where the trust is duly authorised to discharge same from loan moneys.
(3) Each loan fund shall consist of the moneys received by way of such loan and shall be applied to expenditure for the purposes of which the loan was obtained or otherwise authorised under this Act to be incurred therefrom.
(3A) The emergency fund shall consist of moneys transferred from time to time from the general fund and those moneys shall be applied to expenditure in any year for the performance of urgent works rendered necessary by a flood or any other cause in cases where provision has not been made for those works in the budget for that year.
(3B) The chief executive, upon application made in that behalf by a river improvement trust, may, where the chief executive is satisfied that emergencies requiring considerable expenditure are not likely to occur within the river improvement area in respect of which the trust is constituted, grant to that trust exemption from establishing or maintaining an emergency fund.
(4) A trust may establish reserve accounts for such purposes as the chief executive approves and may, subject to any regulations made in that behalf, transfer thereto from its general fund such moneys as are provided therefor in its annual budget.
(5) Moneys standing to the credit of a reserve account shall, unless the chief executive otherwise approves, be used only for the purposes specified in respect of that account.
(6) A trust may continue to maintain and operate a reserve fund lawfully established prior to the commencement of the River Improvement Trust Act Amendment Act 1985 in accordance with the powers and obligations under which it was so established.