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Clean Energy Finance Corporation Bill 2012

2010-2011-2012

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Clean Energy Finance Corporation Bill 2012

 

No.      , 2012

 

(Treasury)

 

 

 

A Bill for an Act to establish the Clean Energy Finance Corporation, and for related purposes

   

   

   



Contents

Part 1—Preliminary                                                                                                              1

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

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

3............ Object.................................................................................................. 2

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

5............ Crown to be bound............................................................................. 6

6............ Extension to external Territories.......................................................... 6

7............ Extra-territorial application.................................................................. 6

Part 2—Clean Energy Finance Corporation                                                         7

8............ Establishment...................................................................................... 7

9............ Corporation’s functions...................................................................... 7

10.......... Constitutional limits............................................................................ 8

11.......... Corporation’s powers......................................................................... 9

12.......... Corporation does not have privileges and immunities of the Crown... 9

Part 3—Board of Corporation                                                                                     10

Division 1—Establishment and functions                                                          10

13.......... Establishment.................................................................................... 10

14.......... Functions of the Board...................................................................... 10

Division 2—Board Members                                                                                   11

15.......... Membership...................................................................................... 11

16.......... Appointment of Board members....................................................... 11

17.......... Chair................................................................................................. 12

18.......... Term of appointment......................................................................... 12

19.......... Acting appointments......................................................................... 12

20.......... Remuneration.................................................................................... 13

21.......... Leave of absence............................................................................... 13

22.......... Resignation of Board members......................................................... 14

23.......... Termination of appointment of Board members................................ 14

24.......... Other terms and conditions of Board members................................. 15

Division 3—Meetings of the Board                                                                      16

25.......... Convening meetings.......................................................................... 16

26.......... Presiding at meetings........................................................................ 16

27.......... Quorum............................................................................................. 16

28.......... Voting at meetings............................................................................ 17

29.......... Conduct of meetings......................................................................... 17

30.......... Minutes............................................................................................. 17

31.......... Decisions without meetings.............................................................. 17

Part 4—Chief Executive Officer, staff and consultants and committees 19

Division 1—Chief Executive Officer of Corporation                                 19

32.......... Establishment.................................................................................... 19

33.......... Functions of the CEO....................................................................... 19

34.......... Appointment..................................................................................... 19

35.......... CEO holds office during Board’s pleasure....................................... 20

36.......... Acting appointments......................................................................... 20

37.......... Terms and conditions........................................................................ 20

38.......... Outside employment......................................................................... 20

39.......... Disclosure of interests....................................................................... 21

40.......... Resignation....................................................................................... 21

Division 2—Staff and consultants                                                                         22

41.......... Staff.................................................................................................. 22

42.......... Consultants....................................................................................... 22

Division 3—Committees                                                                                            23

43.......... Committees....................................................................................... 23

44.......... Remuneration and allowances........................................................... 23

Part 5—Financial arrangements                                                                                  24

Division 1—Clean Energy Finance Corporation Special Account      24

Subdivision A—Establishment of Account                                                         24

45.......... Establishment of Account................................................................. 24

Subdivision B—Credits                                                                                            24

46.......... Credits to the Account....................................................................... 24

Subdivision C—Debits                                                                                              24

47.......... Purposes of the Account................................................................... 24

48.......... Corporation’s request for a payment for itself................................... 25

49.......... Nominated Minister’s authorisation of payment to Corporation....... 25

50.......... Corporation’s request for a payment for ARENA............................ 26

51.......... Nominated Minister’s authorisation of payment to ARENA............ 26

52.......... Agreement between nominated Minister and Corporation................ 27

Division 2—The Corporation’s money                                                              28

53.......... Application of the Corporation’s money........................................... 28

54.......... Managing surplus money.................................................................. 28

55.......... Borrowing......................................................................................... 29

56.......... Receipt of gifts.................................................................................. 30

57.......... Taxation............................................................................................ 30

Part 6—Investment function                                                                                          31

Division 1—Investment function                                                                           31

58.......... Investment function........................................................................... 31

59.......... Complying investments..................................................................... 31

60.......... Clean energy technologies................................................................. 33

61.......... Australian-based investments............................................................ 34

62.......... Prohibited technology....................................................................... 34

Division 2—Performance of investment function                                        35

63.......... Financial assets................................................................................. 35

64.......... Investment Mandate.......................................................................... 36

65.......... Limits on Investment Mandate.......................................................... 36

66.......... Board to be consulted on Investment Mandate.................................. 37

67.......... Compliance with Investment Mandate.............................................. 37

68.......... Investment policies............................................................................ 38

69.......... Guarantees........................................................................................ 39

70.......... Derivatives........................................................................................ 39

Part 7—Miscellaneous                                                                                                        41

71.......... Matters relating to subsidiaries.......................................................... 41

72.......... Publication of investment reports...................................................... 41

73.......... Publication of reports etc................................................................... 42

74.......... Extra matters to be included in annual report..................................... 42

75.......... Disclosure of official information..................................................... 43

76.......... Nominated Minister.......................................................................... 44

77.......... Delegation by nominated Minister.................................................... 45

78.......... Delegation by Corporation................................................................ 45

79.......... Delegation by Board......................................................................... 45

80.......... Delegation and subdelegation by CEO.............................................. 45

81.......... Review of operation of Act............................................................... 46

82.......... Regulations....................................................................................... 46

 



A Bill for an Act to establish the Clean Energy Finance Corporation, and for related purposes

The Parliament of Australia enacts: