Commonwealth Consolidated Acts Commonwealth Consolidated ActsIn this Act:
"Account" means the National Reconstruction Fund Corporation Special Account established by section 51.
"acquire" includes:
(a) acquire by way of issue; and
(b) acquire by way of formation.
Note: Formation of a partnership involves acquiring an interest in the partnership.
"asset" means:
(a) any kind of real or personal property; or
(b) any legal or equitable estate or interest in real or personal property; or
(c) any legal or equitable right.
"Australia" , when used in a geographical sense, includes the external Territories.
"Australia's greenhouse gas emissions reduction targets" means:
(a) if:
(i) Australia's current nationally determined contribution was communicated in accordance with Article 4 of the Paris Agreement in June 2022; and
(ii) that nationally determined contribution has not been adjusted in accordance with paragraph 11 of Article 4 of the Paris Agreement;
the greenhouse gas emissions reduction targets set out in paragraphs 10(1)(a) and (b) of the Climate Change Act 2022 ; or
(b) in any other case--the greenhouse gas emissions reduction targets included in:
(i) Australia's current nationally determined contribution communicated in accordance with Article 4 of the Paris Agreement; or
(ii) if that nationally determined contribution has been adjusted in accordance with paragraph 11 of Article 4 of the Paris Agreement--that nationally determined contribution, as adjusted and in force from time to time.
"Board" means the Board of the Corporation.
"Board member" means a member of the Board (and includes the Chair).
"CEO" means the Chief Executive Officer of the Corporation.
"Chair" means the Chair of the Board.
"Commonwealth entity" has the same meaning as in the Public Governance, Performance and Accountability Act 2013 .
"Commonwealth place" means a Commonwealth place within the meaning of the Commonwealth Places (Application of Laws) Act 1970 .
"company" means a body corporate.
"constitutional corporation" means a corporation to which paragraph 51(xx) of the Constitution applies. To avoid doubt, the definition of Corporation does not apply to this definition.
"constitutionally-supported activities" means activities covered by one or more of the following paragraphs:
(a) activities carried out with respect to constitutional trade or commerce;
(b) activities carried out with respect to the defence of Australia;
(c) activities with respect to a postal, telegraphic, telephonic or other like service (within the meaning of paragraph 51(v) of the Constitution);
(d) activities that contribute to the achievement of Australia's obligations under the Paris Agreement;
(e) activities that contribute to the achievement of Australia's obligations under an international agreement other than the Paris Agreement;
(f) activities with respect to the provision of medical or dental services by the Commonwealth;
(g) activities with respect to a fishery to which paragraph 51(x) of the Constitution applies;
(h) activities with respect to astronomical or meteorological observations;
(i) activities the carrying on of which would be supported by the power of the Parliament to make laws with respect to nationhood;
(j) activities carried out in a Territory;
(k) activities carried out in a Commonwealth place;
(l) activities with respect to persons, places, matters or things outside Australia.
"constitutional trade or commerce" means trade or commerce:
(a) between Australia and a place outside Australia; or
(b) among the States; or
(c) between a State and a Territory; or
(d) between 2 Territories; or
(e) within a Territory.
"Corporation" means the National Reconstruction Fund Corporation established by section 11.
"Corporation body" means:
(a) the Corporation; or
(b) a designated subsidiary of the Corporation.
"Corporation official" means:
(a) a Board member; or
(b) the CEO; or
(c) a member of the staff of the Corporation referred to in section 46; or
(d) a person whose services are made available to the Corporation under section 46; or
(e) a person engaged as a consultant under section 47.
"Corporation's investment functions" : see section 63.
"Corporation's investment powers" means:
(a) a power conferred on the Corporation by section 64, 65, 66 or 67; or
(b) a right or power conferred on the Corporation in its capacity as the holder of an investment of the Corporation.
"Corporation's money" : see section 57.
"derivative" means a derivative (within the meaning of Chapter 7 of the Corporations Act 2001 ).
"designated subsidiary of the Corporation" means a subsidiary through which the Corporation performs any of the Corporation's investment functions.
"entity" includes:
(a) a company; and
(b) a trust; and
(c) a partnership.
"equity interest" means:
(a) a share in a company; or
(b) an interest in a trust; or
(c) an interest in a partnership; or
(d) an interest specified in the rules;
but does not include an interest that, under the rules, is taken to not be an equity interest for the purposes of this Act.
Note: For specification by class, see subsection 13(3) of the Legislation Act 2003 .
"Finance Minister" means the Minister administering the Public Governance, Performance and Accountability Act 2013 .
"financial accommodation" means:
(a) financial accommodation in the form of a loan; or
(b) financial accommodation in the form of a letter of credit; or
(c) financial accommodation in the form of a purchase of bonds or other debt securities; or
(d) financial accommodation in the form of a guarantee; or
(e) financial accommodation in another form;
but does not include:
(f) the acquisition of one or more equity interests; or
(g) a monetary grant (whether or not subject to conditions) that is, or may reasonably be regarded as the equivalent of, a gift.
"guarantee" includes any form of monetary commitment supporting the performance of an obligation.
"international agreement" means an agreement whose parties are:
(a) Australia and a foreign country; or
(b) Australia and 2 or more foreign countries.
"Investment Mandate" : see section 71.
"investment of a Corporation body" means:
(a) if the Corporation body is the Corporation--an investment of the Corporation; or
(b) if the Corporation body is a designated subsidiary of the Corporation--an investment of the designated subsidiary.
"investment of a designated subsidiary of the Corporation" means:
(a) a loan made by the designated subsidiary; or
(b) a letter of credit issued by the designated subsidiary; or
(c) a bond held by the designated subsidiary; or
(d) a guarantee given by the designated subsidiary; or
(e) an equity interest held by the designated subsidiary; or
(f) any other asset, right or obligation held by the designated subsidiary;
as a result of the Corporation's investment functions being performed through the designated subsidiary.
"investment of the Corporation" means:
(a) a loan made by the Corporation; or
(b) a letter of credit issued by the Corporation; or
(c) a bond held by the Corporation; or
(d) a guarantee given by the Corporation; or
(e) an equity interest held by the Corporation; or
(f) any other asset, right or obligation held by the Corporation;
as a result of the Corporation's performance of the Corporation's investment functions.
"investment powers" , when used in relation to a designated subsidiary of the Corporation, means:
(a) a power conferred on the designated subsidiary by section 64, 65, 66 or 67; or
(b) a right or power conferred on the designated subsidiary in its capacity as the holder of an investment of the designated subsidiary.
"likely to prejudice national security" : something is likely to prejudice national security if there is a real, and not merely a remote, possibility that it will prejudice national security .
"Ministers" means:
(a) the Minister administering this Act; and
(b) the Finance Minister.
"national security" has the same meaning as in the National Security Information (Criminal and Civil Proceedings) Act 2004 .
"national security agency" means an agency that is a member of the national intelligence community (within the meaning of the Office of National Intelligence Act 2018 ).
"national security information" means information the publication of which is likely to prejudice national security.
"nominated Minister:" see section 86.
"official information" means information that:
(a) was obtained by a person in the person's capacity as a Corporation official; and
(b) relates to the affairs of a person other than a Corporation official.
"operating balance" means the amount agreed under paragraph 56(c) to be the operating balance.
"Paris Agreement" means the Paris Agreement, done at Paris on 12 December 2015, as amended and in force for Australia from time to time.
Note: The Agreement is in Australian Treaty Series 2016 No. 24 ([2016] ATS 24) and could in 2023 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).
"person" includes a partnership.
Note: See also subsection 2C(1) of the Acts Interpretation Act 1901 .
"prescribed" means prescribed by the rules.
"priority area of the Australian economy" : see section 6.
"quarter" : see subsection 82(2).
"realise" includes redeem or dispose of.
"rules" means rules made under section 92.
"sensitive financial intelligence information" means:
(a) information given in compliance with subsection 41(2) of the Anti - Money Laundering and Counter - Terrorism Financing Act 2006 ; or
(b) information given in compliance with a notice under subsection 49(1) of the Anti - Money Laundering and Counter - Terrorism Financing Act 2006 .
"solely or mainly Australian based" : see section 70.
"staff member" of a national security agency includes the head (however described) of the national security agency.
"subsidiary" has the same meaning as in the Public Governance, Performance and Accountability Act 2013 .
"surplus money" : see subsections 58(2) and (3).
"uncommitted balance" , of the Account, at any time means the amount standing to the credit of the Account at that time less the total, at that time, of the Corporation's liabilities (whether actual or contingent) in respect of guarantees given by the Corporation and still in effect.
"vacancy" , in relation to the office of a Board member, has a meaning affected by subsection 22(4).
"wholly-owned subsidiary" of the Corporation means a subsidiary of the Corporation none of whose members is a person other than:
(a) the Corporation; or
(b) a nominee of the Corporation; or
(c) a subsidiary of the Corporation, being a subsidiary none of whose members is a person other than:
(i) the Corporation; or
(ii) a nominee of the Corporation; or
(d) a nominee of such a subsidiary.