Commonwealth Consolidated Acts

FINANCIAL FRAMEWORK LEGISLATION AMENDMENT ACT 2010 - SCHEDULE 8

1   Part   2 (heading)

Repeal the heading, substitute:

Part   2 -- General provisions about definitions

2   Section   5 (definition of Special Account )

Repeal the note.

Note:   The heading to section   31 is replaced by the heading " Retaining prescribed receipts ".

3   Part   5 (heading)

Repeal the heading, substitute:

Part   5 -- Borrowing, investment and involvement in companies

4   At the end of Part   5

Add:

39A   Minister must inform Parliament of involvement in a company by the Commonwealth or a prescribed body

  (1)   The Minister who has the responsibility for any of the following events must table a notice of the event in each House of the Parliament as soon as practicable after the event occurs:

  (a)   the Commonwealth or a prescribed body forms, or participates in forming, a company;

  (b)   the Commonwealth or a prescribed body acquires shares in a company (either by purchase or subscription) or disposes of shares in a company;

  (c)   the Commonwealth or a prescribed body becomes a member of a company;

  (d)   a variation occurs in the rights attaching to company shares held by the Commonwealth or a prescribed body;

  (e)   a variation occurs in rights of the Commonwealth or a prescribed body as a member of a company;

  (f)   the Commonwealth or a prescribed body ceases to be a member of a company.

  (2)   The notice must be in the form, and contain the particulars, set out in the regulations.

  (3)   This section does not apply to:

  (a)   an event mentioned in paragraphs   ( 1)(a) to (f) that occurs in relation to:

  (i)   an authorised investment made under section   39; or

  (ii)   an investment made under the Future Fund Act 2006 ; or

  (b)   anything that results from the transfer to a Minister of any property that is to be dealt with as unclaimed property under Part   9.7 of the Corporations Act 2001 ; or

  (c)   a company that is conducted for the purposes of an intelligence or security agency (within the meaning given by section   85ZL of the Crimes Act 1914 ).

  (4)   In this section:

"company" includes a body of a kind prescribed by the regulations for the purposes of this section.

"prescribed body" means a body corporate that is, or is included in, an Agency.

5   After Part   6

Insert:

Part   6A -- Interjurisdictional agencies

43A   Interjurisdictional agencies

  (1)   The regulations may prescribe:

  (a)   an Agency to be an interjurisdictional agency for the purposes of this section; and

  (b)   the persons who comprise an interjurisdictional agency (including employees of a State, for example); and

  (c)   a Minister of a State, the Australian Capital Territory, or the Northern Territory to be a State/Territory Minister for an interjurisdictional agency.

  (2)   The regulations may provide for the following:

  (a)   a Chief Executive of an interjurisdictional agency to give to a State/Territory Minister the reports, documents and information in relation to the operations of an interjurisdictional agency that the State/Territory Minister requires, within the time limits set by the State/Territory Minister;

  (b)   the types of reports, documents and information that a State/Territory Minister may require under paragraph   ( a);

  (c)   the circumstances in which a State/Territory Minister may require a Chief Executive to give to the State/Territory Minister the reports, documents and information mentioned in paragraph   ( b);

  (d)   anything that is necessary or convenient to be prescribed to give effect to paragraphs   ( a) to (c).

5A   Subsection 44(3) (definition of proper use )

After "effective", insert ", economical".

Note:   The heading to section 44 is altered by omitting " efficient, effective and ethical use ", and substituting " proper use ".

6   Section   62(1)

After "make Orders", insert "or a function under subsection 39A(1)".

7   Section   62A(1)

After "this Act", insert ", except a function under subsection 39A(1)".