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Governance of Australian Government Superannuation Schemes Bill 2011

2010-2011

 

The Parliament of th e

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

 

 

 

 

 

Governance of Australian Government Superannuation Schemes Bill 2011

 

No.      , 2011

 

 

 

 

 

A Bill for an Act to provide for the administration of certain Australian Government superannuation schemes by a single body, and for related purposes

   

   

   



 

Contents

Part 1—Preliminary                                                                                                              1

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 2

3............ Objects................................................................................................ 2

4............ Definitions.......................................................................................... 2

Part 2—Commonwealth Superannuation Corporation                                  6

Division 1—Establishment and constitution of CSC                                     6

5............ Establishment...................................................................................... 6

6............ Modification of the Commonwealth Authorities and Companies Act 1997               6

7............ CSC’s constitution.............................................................................. 6

8............ CSC’s functions.................................................................................. 7

Division 2—Board of CSC                                                                                          8

Subdivision A—Establishment and function                                                        8

9............ Establishment...................................................................................... 8

10.......... Function.............................................................................................. 8

11.......... Membership........................................................................................ 8

Subdivision B—Appointment etc. of directors                                                     9

12.......... Appointment of directors.................................................................... 9

13.......... Term of appointment......................................................................... 10

14.......... Remuneration and allowances........................................................... 10

15.......... Leave of absence............................................................................... 10

16.......... Resignation....................................................................................... 10

17.......... Termination of appointment.............................................................. 11

18.......... Acting appointments......................................................................... 12

Subdivision C—Meetings of the Board                                                                14

19.......... Holding of meetings.......................................................................... 14

20.......... Presiding at meetings........................................................................ 14

21.......... Quorum............................................................................................. 14

22.......... Disclosure of interests to the Board.................................................. 15

23.......... Voting at meetings............................................................................ 16

24.......... Decisions without meetings.............................................................. 16

25.......... Minutes of meetings.......................................................................... 17

Division 3—Staff of CSC                                                                                           18

26.......... Staff of CSC..................................................................................... 18

27.......... Consultants....................................................................................... 18

Part 3—Finance and reporting requirements                                                     19

Division 1—Provisions relating to finance                                                       19

28.......... Banking............................................................................................. 19

29.......... Accounting records........................................................................... 19

Division 2—Reporting requirements                                                                  20

30.......... Annual report and financial statements.............................................. 20

Part 4—Miscellaneous                                                                                                        23

Division 1—Application of other laws                                                                23

31.......... Trustee Act of ACT to apply............................................................. 23

32.......... Exemption from taxation—CSC....................................................... 23

33.......... Exemption from taxation—superannuation schemes and superannuation funds administered by CSC    23

Division 2—Provisions relating to the Board                                                 25

34.......... Source of funds for paying remuneration and allowances................. 25

35.......... Indemnification of directors etc......................................................... 25

Division 3—Miscellaneous                                                                                        27

36.......... Delegation by CSC........................................................................... 27

37.......... Review of operation of Act............................................................... 29

38.......... Regulations....................................................................................... 29

 



A Bill for an Act to provide for the administration of certain Australian Government superannuation schemes by a single body, and for related purposes

The Parliament of Australia enacts: