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Future Fund Bill 2006

Part 2 Credits of amounts to the Future Fund

   

2   Credit of $18 billion to the Fund Account

             (1)  Before 1 July 2006, the responsible Ministers must:

                     (a)  by writing, determine that $18 billion is to be credited to the Fund Account on a specified day; or

                     (b)  by writing, determine that $18 billion is to be credited to the Fund Account in specified instalments on specified days.

             (2)  A day must not be specified under paragraph (1)(a) or (b) unless the day occurs before 1 July 2006.

             (3)  A determination under subclause (1) is irrevocable.

             (4)  A determination under subclause (1) is a legislative instrument for the purposes of the Legislative Instruments Act 2003 , but section 42 of that Act does not apply to the determination.

3   Credit of additional amounts to the Fund Account—Ministerial determinations

             (1)  If a target asset level declaration is in force for a financial year, the responsible Ministers may, by writing, determine that:

                     (a)  a specified amount is to be credited to the Fund Account on a specified day in the financial year; or

                     (b)  a specified amount is to be credited to the Fund Account in specified instalments on specified days in the financial year.

Note:          A target asset level declaration is given by the designated actuary under Schedule 3.

             (2)  The responsible Ministers must not make a determination under subclause (1) in relation to a financial year unless the sum of:

                     (a)  the balance of the Fund at the start of a day that:

                              (i)  is identified in the determination as the balance day for the determination; and

                             (ii)  is not earlier than 3 months before the day on which the determination is made; and

                     (b)  the amount specified in the determination; and

                     (c)  the value, as at the start of the balance day for the determination, of any financial assets that have been transferred to the Board under subclause 6(1) since the start of the balance day for the determination;

does not exceed the target asset level specified in the target asset level declaration that:

                     (d)  is in force when the determination is made; and

                     (e)  relates to the financial year.

             (3)  The responsible Ministers must not make a determination under subclause (1) if another determination is in force under subclause (1).

             (4)  A determination under subclause (1) may be revoked, but not varied, in accordance with subsection 33(3) of the Acts Interpretation Act 1901 .

             (5)  A determination under subclause (1) is a legislative instrument for the purposes of the Legislative Instruments Act 2003 , but section 42 of that Act does not apply to the determination.

4   Duration of subclause 3(1) determinations

             (1)  If:

                     (a)  a subclause 3(1) determination specifies a day in a financial year in accordance with paragraph 3(1)(a) of this Schedule; and

                     (b)  a target asset level declaration for the financial year was in force when the determination was made;

the determination ceases to be in force at whichever is the earliest of the following:

                     (c)  the end of the specified day;

                     (d)  the time when the target asset level declaration ceases to be in force;

                     (e)  if the determination is revoked—the time when the determination is revoked.

             (2)  If:

                     (a)  a subclause 3(1) determination specifies 2 or more days in a financial year in accordance with paragraph 3(1)(b) of this Schedule; and

                     (b)  a target asset level declaration for the financial year was in force when the determination was made;

the determination ceases to be in force at whichever is the earliest of the following:

                     (c)  the end of the latest of those specified days;

                     (d)  the time when the target asset level declaration ceases to be in force;

                     (e)  if the determination is revoked—the time when the determination is revoked.

             (3)  If a determination under subclause 3(1) ceases to be in force, the cessation does not affect the crediting of an amount to the Fund Account before the cessation.

5   Credit of amounts to the Fund Account—gifts

             (1)  The Board may accept a gift of money if the nominated Minister, by written notice given to the Board, authorises the acceptance of the gift.

             (2)  An amount accepted under subclause (1) is to be credited to the Fund Account.