Accident Compensation Amendment (Repayments and Dividends) Act 2012

Accident Compensation Amendment (Repayments and Dividends) Act 2012

No. 18 of 2012

table of provisions

SectionPage

ClausePage

1Purpose

2Commencement

3Payments out of WorkCover Authority Fund

4Capital and dividends

33ARepayment of capital

33BDividends

5Repeal of amending Act

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Endnotes

ClausePage

Victoria

ClausePage

Accident Compensation Amendment (Repayments and Dividends) Act 2012[†]

No. 18 of 2012

[Assented to 24 April 2012]

Accident Compensation Amendment (Repayments and Dividends) Act 2012
No. 18 of 2012

The Parliament of Victoriaenacts:

Accident Compensation Amendment (Repayments and Dividends) Act 2012
No. 18 of 2012

1Purpose

The purpose of this Act is to amend the Accident Compensation Act 1985 in order to enable the Victorian WorkCover Authority to repay capital and pay dividends to the State.

2Commencement

This Act comes into operation on the day after the day on which this Act receives the Royal Assent.

3Payments out of WorkCoverAuthority Fund

s. 3

After section 32(4)(e) of the Accident Compensation Act 1985insert—

"(ea)any payment of an amount under section33A or 33B;".

4Capital and dividends

After section 33 of the Accident Compensation Act 1985insert—

"33A Repayment of capital

(1)The capital of the Authority is repayable to the State at the times and in the amounts determined by the Treasurer after consultation with the Authority and the Minister.

(2)In making a determination under this section, the Treasurer must have regard to any advice that the Authority has given to the Treasurer in relation to the Authority'saffairs.

33BDividends

(1)The Authority must pay to the State a dividend at the time and in the manner determined by the Treasurer after consultation with the Authority and the Minister.

(2)In determining the dividend policy that applies to the Authority, the Treasurer must have regard tothe solvency margin determined to maintain the long term financial viability of the accident compensation scheme.".

5Repeal of amending Act

s. 5

This Act is repealed on the first anniversary of its commencement.

Note

The repeal of this Act does not affect the continuing operation of the amendments made by it (see section 15(1) of the Interpretation of Legislation Act 1984).

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Accident Compensation Amendment (Repayments and Dividends) Act 2012
No. 18 of 2012

Endnotes

[†] Minister's second reading speech—

Legislative Assembly: 14 March 2012

Legislative Council: 29 March 2012

The long title for the Bill for this Act was "A Bill for an Act to amend the Accident Compensation Act 1985 to enable the Victorian WorkCover Authority to repay capital and pay dividends to the State and for other purposes."