Nauru Sessional Legislation

PART 2 ̵– COMMERCIAL OPERATIONS AND SERVICES FUND

5. Establishment and purpose
   • (1) The Commercial Operations and Services Fund is established for the purpose of making provisions for:
     
     • (a) the payment of contractual or other amount of monies by the Commonwealth of Australia to the Republic of Nauru for the provision of commercial operations and services by Eigigu Solutions Corporation or any other instrumentality of the Republic; and
       
     • (b) the withdrawal of contractual or other amount of monies in subsection (3) from the Fund.
       

(2) All contractual or other amounts for commercial operations and services shall be paid directly into the Fund without being first paid into the Treasury Fund.

(3) The Fund consists of the following:

• (a) contractual or other amounts paid into the Fund under subsection (2);
  
• (b) any amount appropriated for the Fund from the Treasury Fund;
  
• (c) any amount received by the Republic by way of interest from the deposit of the Fund in an interest-bearing account with a financial institution in the Republic or a foreign country; or
  
• (d) any amount received in reimbursement of an amount withdrawn from the Fund.

6. Withdrawals from the Fund
   • (1) No person shall withdraw or authorise or permit a withdrawal of, an amount from the Fund unless:
     
     • (a) the withdrawal is for the purpose for which the Fund is established;
       
     • (b) the purpose of the withdrawal has been authorised by the Minister after approval by the Secretary;
       
     • (c) the Secretary and the Secretary for Finance are authorised co-signatories of the Fund; and
       
     • (d) the procedures for the withdrawal prescribed by the regulations have been complied with.
   • (2) The Cabinet may approve a withdrawal of an amount from the Fund for the sole purpose of paying into the Treasury Fund.
7. Audit of Fund
   • (1) The Fund is subject to inspection and audit by qualified auditor.
     
   • (2) The Fund in a financial year shall be audited:
     
     • (a) within 2 months after the end of the financial year; or
       
     • (b) another period determined by Parliament.
       
   • (3) The Auditor shall:
     
     • (a) audit the accounts; and
       
     • (b) report to the Cabinet on the accounts within:
       
       • (i) 3 months after receiving the accounts; or
         
       • (ii) another period determined by Parliament Annual reporting requirements.
         
   • (4) The Minister shall lay the Audit report in Parliament as soon as practicable on receipt of such report.

PART 3 – MISCELLANEOUS

8. Regulations
   • (1) Cabinet may make regulations under this Act.
     
   • (2) Without limiting subsection (1), Cabinet may make regulations prescribing the following:
     
     • (a) the procedures that must be followed before and after an amount is withdrawn from the Fund, including the form in which Cabinet approval of the purpose of the withdrawal must be evidenced;
       
     • (b) additional reports that must be given about the operation of the Fund; and
       
     • (c) give a person discretion to decide a matter (other than a matter that must be decided by a person under this Act).