Telecommunications (Transitional Provisions and Consequential Amendments) Act 1997 (59 of 1997)

Part 3   Transitional

Division 7   Transitional provisions relating to the universal service regime

Subdivision C   The Universal Service Fund and the Universal Service Reserve

62   Transitional provisions that apply in a case where the Financial Management and Accountability Act 1997 commences after 1 July 1997

 

(1) This section applies if the Financial Management and Accountability Act 1997 commences after 1 July 1997.

      

(2) During the period:

(a) beginning on 1 July 1997; and

(b) ending at the FMA commencing time;

the old Universal Service Reserve is a continuation of the Universal Service Fund referred to in the Telecommunications Act 1991.

      

(3) For the purposes of the application of Part 13 of the Telecommunications Act 1991 after the FMA commencing time in accordance with Subdivision B of this Division, that Part has effect as if:

(a) section 322 of that Act had not been enacted; and

(b) the expression "paid into the Fund" were omitted from section 323 of that Act and "transferred to the Universal Service Reserve from the Consolidated Revenue Fund" were substituted; and

(c) the expression "amounts of levy" were omitted from paragraph 323(a) of that Act and "amounts equal to amounts of levy" were substituted; and

(d) paragraph 323(b) of that Act had not been enacted; and

(e) the expression "interest" were omitted from paragraph 323(c) of that Act and "amounts equal to interest" were substituted; and

(f) the expression "purposes of the Fund are" were omitted from section 324 of that Act and "purposes of the Universal Service Reserve include" were substituted; and

(g) the expression "Fund" were omitted from section 325 of that Act and "Universal Service Reserve" were substituted.

      

(4) Money in the old Universal Service Reserve immediately before the FMA commencing time must be transferred to the new Universal Service Reserve immediately after that time.

      

(5) After the FMA commencing time, a reference in an instrument to the new Universal Service Reserve is to be read as including a reference to the old Universal Service Reserve, unless the context otherwise requires.

      

(6) The Trust Fund is appropriated for the purposes of this section.

      

(7) The Consolidated Revenue Fund is appropriated for the purposes of section 323 of the Telecommunications Act 1991.

      

(8) In this section, unless the contrary intention appears:

FMA commencing time means the commencement of the Financial Management and Accountability Act 1997.

new Universal Service Reserve means the Universal Service Reserve referred to in the Telecommunications Act 1997, as in force after the FMA commencing time.

old Universal Service Reserve means the Universal Service Reserve referred to in the Telecommunications Act 1997, as in force before the FMA commencing time.