Commonwealth Consolidated Acts

FUTURE DROUGHT FUND ACT 2019

TABLE OF PROVISIONS

           Long Title

   PART 1--PRELIMINARY

   1.      Short title  
   2.      Commencement  
   3.      Object  
   4.      Simplified outline of this Act  
   5.      Definitions  
   6.      Crown to be bound  
   7.      Extension to external Territories  
   8.      Extra - territorial application  

   PART 2--FUTURE--DROUGHT FUND

           Division 1--Introduction

   9.      Simplified outline of this Part  

           Division 2--Establishment of the Future Drought Fund and the Future Drought Fund Special Account

   10.     Establishment of the Future Drought Fund  
   11.     Transfer of balance of the Building Australia Fund Special Account  
   12.     Transfer of investments of the Building Australia Fund  
   13.     Establishment of the Future Drought Fund Special Account  

           Division 3--Credits of amounts to the Future Drought Fund Special Account

   14.     Credits of amounts  

           Division 4--Debits of amounts from the Future Drought Fund

   15.     Purpose of the Future Drought Fund Special Account--main purpose  
   16.     Purposes of the Future Drought Fund Special Account--purposes related exclusively to the investments etc. of the Future Drought Fund  
   17.     Purposes of the Future Drought Fund Special Account--purposes not related exclusively to the Future Drought Fund  
   18.     Future Fund Board must ensure that the balance of the Future Drought Fund Special Account is sufficient to cover authorised debits etc.  
   19.     Transfers from the Future Drought Fund to the Future Fund  

   PART 3--ARRANGEMENTS--AND GRANTS RELATING TO DROUGHT RESILIENCE

           Division 1--Introduction

   20.     Simplified outline of this Part  

           Division 2--Arrangements and grants

   21.     Arrangements and grants  
   22.     Terms and conditions of grants  
   23.     Drought Minister has powers etc. of the Commonwealth  
   24.     Conferral of powers on the Drought Minister  
   25.     Compliance with Drought Resilience Funding Plan  
   26.     Constitutional limits  
   27.     Executive power of the Commonwealth  
   27A.    Publication of information relating to arrangements and grants  

           Division 3--Advice

   28.     Drought Minister must request advice from the Regional Investment Corporation Board  
   29.     Compliance with Drought Resilience Funding Plan  
   30.     Disclosure of interests  

           Division 4--Drought Resilience Funding Plan

   31.     Drought Resilience Funding Plan  
   32.     Consultation before determining a Drought Resilience Funding Plan  
   32A.    Productivity Commission review of effectiveness of Drought Resilience Funding Plan  

           Division 5--Agriculture Future Drought Resilience Special Account

   33.     Agriculture Future Drought Resilience Special Account  
   34.     Transfers to the Agriculture Future Drought Resilience Special Account  
   35.     Other credits to the Agriculture Future Drought Resilience Special Account  
   36.     Purposes of the Agriculture Future Drought Resilience Special Account  

           Division 5A--Channelling State/Territory grants through the Federation Reform Fund

   36AA.   Channelling State/Territory grants through the Federation Reform Fund  
   36AB.   Debits from the Federation Reform Fund  

           Division 6--Future Drought Fund Consultative Committee

              Subdivision A--Preliminary

   36A.    Definitions  

              Subdivision B--Establishment of the Committee

   36B.    Future Drought Fund Consultative Committee  

              Subdivision C--Functions and powers of the Committee

   36C.    Functions of the Committee  
   36D.    Drought Minister must request advice from Committee about draft Drought Resilience Funding Plan  
   36E.    Drought Minister must request advice from the Committee on design relating to arrangements and grants  
   36F.    Powers of the Committee  

              Subdivision D--Membership etc. of the Committee

   36G.    Membership of the Committee  
   36H.    Appointment of members of the Committee  
   36J.    Period of appointment for members of the Committee  
   36K.    Acting appointments  
   36M.    Remuneration  
   36N.    Disclosure of interests to the Drought Minister  
   36P.    Outside work  
   36Q.    Leave of absence  
   36R.    Resignation  
   36S.    Termination of appointment  
   36T.    Other terms and conditions  

   PART 4--INVESTMENT--OF THE FUTURE DROUGHT FUND

   37.     Simplified outline of this Part  
   38.     Objects of investment of the Future Drought Fund  
   39.     Investment of the Future Drought Fund  
   40.     Management of investments of the Future Drought Fund  
   41.     Future Drought Fund Investment Mandate  
   42.     Obligation on Future Fund Board in performing investment functions  
   43.     Limitation on Future Drought Fund Investment Mandate  
   44.     Future Fund Board to be consulted on Future Drought Fund Investment Mandate  
   45.     Compliance with Future Drought Fund Investment Mandate  
   46.     Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001  
   47.     Borrowing  
   48.     Future Drought Fund investment policies  
   49.     Derivatives  
   50.     Additional financial assets  
   51.     Securities lending arrangements  
   52.     Investment managers  
   53.     Refund of franking credits  
   54.     Realisation of non - financial assets  
   55.     Additional function of the Future Fund Board  

   PART 5--REPORTING--OBLIGATIONS ETC.

   56.     Simplified outline of this Part  
   57.     Finance Minister may require Future Fund Board to prepare reports or give information  
   58.     Keeping the responsible Ministers informed etc.  
   59.     Finance Minister may give reports to other Ministers etc.  

   PART 6--MISCELLANEOUS

   60.     Simplified outline of this Part  
   61.     Delegation by the Finance Minister  
   62.     Delegation by the Treasurer  
   63.     Delegation by the Drought Minister  
   64.     Transitional--receipts relating to the Building Australia Fund  
   65.     Review of operation of Act  
   66.     Rules