Commonwealth Consolidated Acts Commonwealth Consolidated ActsIn this Act:
"acquire" includes acquire by way of issue.
"Advisory Board" means the Australian Medical Research Advisory Board established by section 32B.
"Agency" means the Future Fund Management Agency.
"Appropriation Act" means an Act appropriating money for expenditure out of the Consolidated Revenue Fund.
"asset" has the same meaning as in the Future Fund Act 2006 .
"Australian Medical Research and Innovation Priorities" means the priorities determined under section 32E.
"Australian Medical Research and Innovation Strategy" means the strategy determined under section 32D.
"balance of the Medical Research Future Fund" means the sum of:
(a) amounts standing to the credit of the Medical Research Future Fund Special Account; and
(b) the value of investments of the Medical Research Future Fund.
"bank" has the same meaning as in the Public Governance, Performance and Accountability Act 2013 .
"business entity" means:
(a) a company; or
(b) a partnership; or
(c) a trust; or
(d) a body politic.
"corporate Commonwealth entity" has the same meaning as in the Public Governance, Performance and Accountability Act 2013 .
"derivative" means a derivative (within the meaning of Chapter 7 of the Corporations Act 2001 ) that is a financial asset.
"Federation Reform Fund" means the Federation Reform Fund established by section 5 of the Federation Reform Fund Act 2008 .
"Finance Department" means the Department administered by the Finance Minister.
"Finance Minister" has the same meaning as in the Public Governance, Performance and Accountability Act 2013 .
"financial asset" has the same meaning as in the Future Fund Act 2006 .
"Future Fund Board" means the Future Fund Board of Guardians established by section 34 of the Future Fund Act 2006 .
"Future Fund Special Account" means the Future Fund Special Account established by section 12 of the Future Fund Act 2006 .
"Health and Hospitals Fund" means the Health and Hospitals Fund that was established by section 214 of the Nation - building Funds Act 2008 before that section was repealed.
"Health and Hospitals Fund Special Account" means the Health and Hospitals Fund Special Account that was established by section 215 of the Nation - building Funds Act 2008 before that section was repealed.
"Health Department" means the Department administered by the Health Minister.
"Health Minister" means the Minister administering the National Health Act 1953 .
"investment" means any mode of application of money or financial assets for the purpose of gaining a return (whether by way of income, capital gain or any other form of return).
"investment manager" means a person or body (other than the Agency) who undertakes to do any or all of the following:
(a) invest amounts on behalf of the Future Fund Board;
(b) manage the investment of funds on behalf of the Future Fund Board;
(c) acquire derivatives on behalf of the Future Fund Board;
(d) manage derivatives on behalf of the Future Fund Board;
(e) enter into securities lending arrangements on behalf of the Future Fund Board;
(f) realise financial assets on behalf of the Future Fund Board;
(g) perform custodial functions in relation to the financial assets of the Future Fund Board.
"investment of the Medical Research Future Fund" means a financial asset that, under a provision of this Act, is taken to be an investment of the Medical Research Future Fund.
"maximum annual distribution" for a financial year means the maximum amount that may be debited from the Medical Research Future Fund Special Account during the financial year.
"medical innovation" includes:
(a) the application and commercialisation of medical research for the purpose of improving the health and wellbeing of Australians; and
(b) the translation of medical research into new or better ways of improving the health and wellbeing of Australians.
"medical research" includes research into health.
"Medical Research Future Fund" means the Medical Research Future Fund established by section 11.
"Medical Research Future Fund investment function" of the Future Fund Board means:
(a) a function or power conferred on the Future Fund Board by section 37, 38, 45, 47, 49 or 50; or
(b) a right or power conferred on the Future Fund Board in its capacity as the holder of an investment of the Medical Research Future Fund.
"Medical Research Future Fund Investment Mandate" has the meaning given by subsection 39(3).
"Medical Research Future Fund Special Account" means the Medical Research Future Fund Special Account established by section 14.
"medical research institute" means an institute (however described) that:
(a) has a primary purpose of conducting medical research; and
(b) is an entity that is registered under the Australian Charities and Not - for - profits Commission Act 2012 as the type of entity mentioned in column 1 of item 1 of the table in subsection 25 - 5(5) of that Act.
"MRFF Health Special Account" means the MRFF Health Special Account established by section 23.
"NHMRC" means the National Health and Medical Research Council established by section 5B of the National Health and Medical Research Council Act 1992 .
"person" includes a partnership.
Note: See also subsection 2C(1) of the Acts Interpretation Act 1901 .
"realise" includes redeem or dispose of.
"responsible Ministers" means:
(a) the Treasurer; and
(b) the Finance Minister.
"rules" means rules made under section 63.
"Treasury Department" means the Department administered by the Treasurer.
"value" of an investment of the Medical Research Future Fund means the market value of the investment. For this purpose, disregard anything that would prevent or restrict conversion of a financial asset to money.