This Act may be cited as the Tourist Hotel Corporation Amendment Act 1971, and shall be read together with and deemed part of the Tourist Hotel Corporation Act 1955 (hereinafter referred to as the principal Act).

This Act shall be deemed to have come into force on the 30th day of September 1971.

The principal Act is hereby amended by inserting, after section 7, the following section:

Of the amount of $12,630,840 shown in the accounts of the Corporation for the year ended 30 September 1970, as owing to the Crown by the Corporation, the sum of $4,000,000 shall be deemed to be the capital of the Corporation and to have been paid to the Corporation by the Minister of Finance.

The Corporation’s liability to repay the balance of the amount of $12,630,840 so shown as owing to the Crown by the Corporation is hereby extinguished.

Section 20 of the principal Act (as amended by section 7(1) of the Decimal Currency Act 1964) is hereby amended by omitting the words “two hundred dollars”, and substituting the expression “$400”.

The principal Act is hereby amended by repealing section 25, and substituting the following section:

Section 26 of the principal Act (as amended by section 7(1) of the Decimal Currency Act 1964) is hereby amended by omitting from subsection (3) the words “one hundred dollars”, and substituting the expression “$400”.

The assets of the Corporation which are shown in the Schedule to this Act and which are shown in that Schedule and in the accounts of the Corporation for the year ended 30 September 1970 as having an aggregate value of $9,108,992 are hereby declared, for the purposes of the accounts of the Corporation and for no other purpose, to have an aggregate value at that date of $2,600,000.

The apportionment of the value of $2,600,000 between the two types of assets listed in the Schedule to this Act and the value that is to be attributable to any asset of either type in the accounts of the Corporation for the year ended 30 September 1971 shall be agreed between the Corporation and the Secretary to the Treasury and, failing such agreement, shall be determined by the Controller and Auditor-General.

Of the amount of $74,344 shown in the accounts of the Corporation for the year ended 30 September 1970 as being the value of survey and architectural fees and salaries paid in respect of future works, $44,987 shall be written off by the Corporation.

The credit balance of $681,169 in the Capital Reserve Account of the Corporation at 30 September 1970 shall be applied by the Corporation in reduction of the debit balance of $2,758,030 in the Profit and Loss Appropriation Account of the Corporation as at that date and the balance of $2,076,861 shall be written off by the Corporation.