(1) As soon as is
practicable after transition day, any account maintained by the former
Corporation must be closed by the Minister and the moneys in the account
credited to the Account.
(2) The Minister must,
by notice published in the Gazette , order that any money standing to the
credit of the Account be credited to the Consolidated Account if the Minister
is satisfied that the affairs of the former Corporation have been completely
(3) The Minister must,
by notice published in the Gazette , order that the Account be closed if the
Minister is satisfied that —
there is no money standing to the credit of that account; and
there is no further money to be credited to that account.
(4) On the publication
of an order under subsection (3), the Account is closed.
[Section 51 inserted by No. 22 of 2016