Page 2821 - Week 09 - Thursday, 26 August 1993
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(2) The cash balance of $600,000 in the Statutory Interest Account at 30 June 1993
was allocated as follows:
* Section 710 (1)(a) - a transfer of $550,000 to the Administration Account was made to pay for the following operating costs:
* 1992-93 $249,000
* 1993-94 $301,000
Transitional arrangements applied during the financial years 1992-93 & 1993-4. In future, operating costs in each year will be met by transfer from the prior years income.
* Section 710 (1)(b) - a transfer of $50,000 has been made to the Agents
Fidelity Guarantee Fund.
The transfer of $50,000 represents the initial payment to be transferred to
the Agents Fidelity Guarantee Fund since its establishment on 1 July 1992.
On current projections, it is anticipated that approximately $150,000 will be
available for transfer to the Fund in 1994/95.
* Sections 710 (2) (a) and (b) - No surplus funds were available to be used
for the purposes of these two subsections.
(3) (a) and (b)
* Refer to my answer to part, (2) above.
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