Commonwealth Consolidated Acts Commonwealth Consolidated ActsNo. 12, 2023
Compilation No. 1
Compilation date: 17 October 2023
Includes amendments up to: Act No. 71, 2023
Registered: 18 October 2023
About this compilation
This compilation
This is a compilation of the National Reconstruction Fund Corporation Act 2023 that shows the text of the law as amended and in force on 17 October 2023 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.
Self-repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
Part 1--Preliminary
1 Short title
2 Commencement
3 Object
4 Simplified outline of this Act
5 Definitions
6 Priority areas of the Australian economy
7 Crown to be bound
8 Extension to external Territories
9 Extra-territorial application
Part 2--National Reconstruction Fund Corporation
10 Simplified outline of this Part
11 Establishment
12 Corporation's functions
13 Corporation's powers
14 Corporation does not have privileges and immunities of the Crown
Part 3--Board of Corporation
Division 1--Simplified outline
15 Simplified outline of this Part
Division 2--Establishment and functions
16 Establishment
17 Functions of the Board
Division 3--Board Members
18 Membership
19 Appointment of Board members
20 Chair
21 Term of appointment
22 Acting appointments
23 Remuneration
24 Leave of absence
25 Resignation of Board members
26 Termination of appointment of Board members
27 Other terms and conditions of Board members
Division 4--Meetings of the Board
28 Convening meetings
29 Presiding at meetings
30 Quorum
31 Voting at meetings
32 Conduct of meetings
33 Minutes
34 Decisions without meetings
Part 4--Chief Executive Officer, staff and consultants and committees
Division 1--Simplified outline
35 Simplified outline of this Part
Division 2--Chief Executive Officer of Corporation
36 Establishment
37 Functions of the CEO
38 Appointment
39 CEO holds office during Board's pleasure
40 Acting appointments
41 Remuneration of CEO
42 Outside employment
43 Other terms and conditions
44 Disclosure of interests
45 Resignation
Division 3--Staff and consultants
46 Staff
47 Consultants
Division 4--Committees
48 Committees
49 Remuneration and allowances
Part 5--Financial arrangements
Division 1--Simplified outline
50 Simplified outline of this Part
Division 2--National Reconstruction Fund Corporation Special Account
Subdivision A--Establishment of Account
51 Establishment of Account
Subdivision B--Credits
52 Credits to the Account
Subdivision C--Debits
53 Purposes of the Account
54 Corporation's request for a payment for itself
55 Nominated Minister's authorisation of payment to Corporation
56 Agreement between nominated Minister and Corporation
Division 3--The Corporation's money
57 Application of the Corporation's money
58 Managing surplus money
59 Borrowing
60 Receipt of gifts
61 Taxation
Part 6--Investment functions and powers
Division 1--Simplified outline of this Part
62 Simplified outline of this Part
Division 2--Investment functions and powers
63 Investment functions
64 Terms and conditions of financial accommodation provided to a constitutional corporation
65 Terms and conditions of financial accommodation provided to an entity (other than a constitutional corporation, a State or a Territory) or an individual
66 Terms and conditions of financial accommodation provided to a State or Territory
67 A Corporation body may realise, or otherwise deal with, investments
68 A Corporation body must realise equity interests in certain circumstances
69 Investments of Corporation bodies to be solely or mainly Australian-based
70 When an investment of a Corporation body is solely or mainly Australian-based
Division 3--Performance of investment functions etc.
71 Investment Mandate
72 Limits on Investment Mandate
73 Board to be consulted on Investment Mandate
74 Compliance with Investment Mandate
75 Investment policies
76 Guarantees
77 Derivatives
Part 7--Miscellaneous
78 Simplified outline of this Part
79 Incorporation or formation of subsidiaries
80 Responsibilities of designated subsidiaries
81 Corporation body may charge fees
82 Publication of investment reports
83 Publication of reports etc.
84 Extra matters to be included in annual report
85 Disclosure of official information
86 Nominated Minister
87 Delegation by nominated Minister
88 Delegation by Corporation
89 Delegation by Board
90 Delegation and subdelegation by CEO
91 Periodic reviews of the operation of this Act
92 Rules
Endnotes
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
Abbreviation key--Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history--Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Editorial changes
The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.
If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and "(md not incorp)" is added to the amendment history.
ad = added or inserted | o = order(s) |
am = amended | Ord = Ordinance |
amdt = amendment | orig = original |
c = clause(s) | par = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub-subparagraph(s) |
Ch = Chapter(s) | pres = present |
def = definition(s) | prev = previous |
Dict = Dictionary | (prev ... ) = previously |
disallowed = disallowed by Parliament | Pt = Part(s) |
Div = Division(s) | r = regulation(s)/rule(s) |
ed = editorial change | reloc = relocated |
exp = expires/expired or ceases/ceased to have | renum = renumbered |
effect | rep = repealed |
F = Federal Register of Legislation | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA = Legislation Act 2003 | Sch = Schedule(s) |
Sdiv = Subdivision(s) | |
(md) = misdescribed amendment can be given | SLI = Select Legislative Instrument |
effect | SR = Statutory Rules |
(md not incorp) = misdescribed amendment | Sub-Ch = Sub-Chapter(s) |
cannot be given effect | SubPt = Subpart(s) |
mod = modified/modification | underlining = whole or part not |
No. = Number(s) | commenced or to be commenced |
Endnote 3--Legislation history
Act | Number and year | Assent | Commencement | Application, saving and transitional provisions |
12, 2023 | 11 Apr 2023 | 18 Sept 2023 (s 2(1) item 1) |
| |
71, 2023 | 19 Sept 2023 | Sch 4 (item 25): 17 Oct 2023 (s 2(1) item 6) | -- |
Provision affected | How affected |
Part 7 |
|
s 85.................... | am No 71, 2023 |