Public Utilities Act 2001 · 2020 Revised Edition · Part 2 · Reconstitution, Functions, Duties and Powers of Board
18. Coastal and Flood Protection Fund
Feedback & supportLast amended by an amending law of 2020.
The Coastal and Flood Protection Fund is established consisting of —
Coastal and Flood Protection Fund
“Coastal and Flood Protection Fund” means the fund of that name established under section 18;
all moneys from time to time appropriated from the Consolidated Fund or Development Fund and authorised to be paid into the Coastal and Flood Protection Fund by Supply law;
all moneys authorised by or under any other written law to be paid into the Coastal and Flood Protection Fund;
any gifts or donations made by any person for the purposes of the Coastal and Flood Protection Fund; and
all investments out of moneys in the Coastal and Flood Protection Fund authorised to be made by this Act and the proceeds of any such investment, including the net income from such investments.
On 1 April 2020, the Government must pay into the Coastal and Flood Protection Fund such sum as the Minister for Finance may determine out of moneys to be provided by Parliament for the Coastal and Flood Protection Fund.
For the purposes of subsection (1)(d), the net income from investments is the amount ascertained by adding to, or deducting from, the income received from investments of moneys in the Coastal and Flood Protection Fund, any gain derived or loss sustained, realised or unrealised (as the case may be) from those investments.
Upon the dissolution of the Coastal and Flood Protection Fund during any term of office of the Government (within the meaning of the Constitution), the balance then remaining in that Fund must be transferred to the Consolidated Fund and added to the reserves of the Government not accumulated by it during that term of office.