Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Board must take all reasonable steps to ensure that investments for the purposes (or purportedly for the purposes) of the Corporation's investment function are at all times complying investments.
(2) Complying investments are investments that are:
(a) in clean energy technologies (see section 60); and
(b) solely or mainly Australian - based (see section 61); and
(c) not in a prohibited technology (see section 62).
(3) As soon as practicable after the Board becomes aware that an investment for the purposes (or purportedly for the purposes) of the Corporation's investment function has ceased to be, or never was, a complying investment, the Board must give the responsible Ministers a written statement:
(a) informing the responsible Ministers; and
(b) setting out the action that the Board proposes to take in order to ensure that all investments made for the purposes of the Corporation's investment function are complying investments.
(4) If the responsible Ministers are satisfied that an investment has ceased to be, or was never, a complying investment, the responsible Ministers may (whether or not the Board has given the Ministers a statement under subsection (3)), by written notice given to the Board, direct the Board:
(a) to give the responsible Ministers, within a period specified in the notice, a written explanation; and
(b) to take action specified in the notice, within a period specified in the notice, in order to ensure that all investments for the purposes of the Corporation's investment function are complying investments.
(5) The Board must comply with a direction under subsection (4).
(6) The fact that an investment has ceased to be, or never was, a complying investment, does not affect the validity of any transaction.
(7) For the purposes of paragraph (2)(a), an investment does not cease to be an investment in clean energy technology only because the technology to which the investment relates has, since the investment was made, ceased to qualify as a clean energy technology because:
(a) its performance has not met reasonable expectations that existed at the time the investment was made; or
(b) different standards for measuring clean energy technologies are being applied than were being applied at the time the investment was made.
(8) A direction under subsection (4) is not a legislative instrument.