Commonwealth Consolidated Acts

MEDICAL RESEARCH FUTURE FUND ACT 2015

TABLE OF PROVISIONS

           Long Title
           Preamble

   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  
   9.      Alternative constitutional basis  

   PART 2--MEDICAL--RESEARCH FUTURE FUND

           Division 1--Introduction

   10.     Simplified outline of this Part  

           Division 2--Establishment of the Medical Research Future Fund and the Medical Research Future Fund Special Account

   11.     Establishment of the Medical Research Future Fund  
   12.     Determination of amount of Medical Research Future Fund  
   13.     Allocation of investments to the Medical Research Future Fund from the Health and Hospitals Fund  
   14.     Establishment of the Medical Research Future Fund Special Account  

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

   15.     Credits of amounts  

           Division 4--Debits of amounts from the Medical Research Future Fund

              Subdivision A--Rules relating to debits from the Medical Research Future Fund Special Account

   15A.    Health Minister may require the Finance Minister to debit amounts  
   16.     Limitation on total annual debits from the Medical Research Future Fund Special Account  

              Subdivision B--Purposes

   17.     Purposes of the Medical Research Future Fund Special Account--main purposes  
   18.     Purposes of the Medical Research Future Fund Special Account--purposes related exclusively to the investments etc. of the Medical Research Future Fund  
   19.     Purposes of the Medical Research Future Fund Special Account--purposes not related exclusively to the Medical Research Future Fund  

              Subdivision C--Channelling State/Territory grants through Federation Reform Fund

   20.     Channelling State/Territory grants through the Federation Reform Fund  
   21.     Debits from the Federation Reform Fund  
   22.     Terms and conditions of grant to a State or Territory  

              Subdivision D--Channelling grants through the MRFF Health Special Account

   23.     Establishment of the MRFF Health Special Account  
   24.     Purpose of the MRFF Health Special Account  
   25.     Channelling grants through the MRFF Health Special Account  
   26.     Debits from the MRFF Health Special Account  
   27.     Terms and conditions of grant to a person other than a State  

              Subdivision E--Making payments directly to corporate Commonwealth entities

   29.     Making payments directly to corporate Commonwealth entities  
   30.     Terms and conditions of grants to corporate Commonwealth entities  

              Subdivision F--Obligation to ensure sufficient money

   31.     Future Fund Board must ensure that there is sufficient money in the Medical Research Future Fund Special Account to cover authorised debits etc.  

           Division 5--Inter-fund transfers

   32.     Transfers from the Medical Research Future Fund to the Future Fund  

   PART 2A--AUSTRALIAN--MEDICAL RESEARCH ADVISORY BOARD

           Division 1--Simplified outline of this Part

   32A.    Simplified outline of this Part  

           Division 2--Establishment of Australian Medical Research Advisory Board and functions

   32B.    Australian Medical Research Advisory Board  
   32C.    Functions of the Advisory Board  

           Division 3--The Australian Medical Research and Innovation Strategy and Australian Medical Research and Innovation Priorities

   32D.    The Australian Medical Research and Innovation Strategy  
   32E.    The Australian Medical Research and Innovation Priorities  
   32EA.   Consultation process before determining an Australian Medical Research and Innovation Strategy or Australian Medical Research and Innovation Priorities  

           Division 4--Advisory Board members

   32F.    Membership of the Advisory Board  
   32G.    Appointment of members  
   32H.    Remuneration and allowances  
   32J.    Leave of absence  
   32K.    Disclosure of interests  
   32L.    Other terms and conditions  
   32M.    Resignation  
   32N.    Termination  

   PART 3--MAXIMUM--ANNUAL DISTRIBUTIONS

           Division 1--Introduction

   33.     Simplified outline of this Part  

           Division 2--Maximum annual distributions

   34.     Maximum annual distributions  

   PART 4--INVESTMENT--OF THE MEDICAL RESEARCH FUTURE FUND

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

   PART 5--REPORTING--OBLIGATIONS ETC.

   54.     Simplified outline of this Part  
   55.     Finance Minister may require Future Fund Board to prepare reports or give information  
   56.     Keeping the responsible Ministers informed etc.  
   57.     Finance Minister may give reports to other Ministers etc.  
   57A.    Health Minister to report to Parliament on financial assistance  
   58.     Health Minister must publish information  

   PART 6--MISCELLANEOUS

   59.     Simplified outline of this Part  
   60.     Delegation by the Finance Minister  
   61.     Delegation by the Treasurer  
   61A.    Delegation by the Health Minister  
   62.     Review of operation of Act  
   63.     Rules