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Aboriginal and Torres Strait Islander Land and Sea Future Fund Bill 2018

2016-2017-2018

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Aboriginal and Torres Strait Islander Land and Sea Future Fund Bill 2018

 

No.      , 2018

 

(Indigenous Affairs)

 

 

 

A Bill for an Act to establish the Aboriginal and Torres Strait Islander Land and Sea Future Fund, and for other purposes

   

   

   



Contents

Part 1—Preliminary                                                                                                              1

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

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

3............ Simplified outline of this Act.............................................................. 2

4............ Definitions.......................................................................................... 3

5............ Crown to be bound............................................................................. 7

6............ Extension to external Territories.......................................................... 7

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

Part 2—Aboriginal and Torres Strait Islander Land and Sea Future Fund         8

Division 1—Introduction                                                                                             8

8............ Simplified outline of this Part.............................................................. 8

Division 2—Aboriginal and Torres Strait Islander Land and Sea Future Fund                10

9............ Establishment of the Aboriginal and Torres Strait Islander Land and Sea Future Fund           10

10.......... Transfer of balance of the Aboriginal and Torres Strait Islander Land Account       10

11.......... Transfer of investments of the Aboriginal and Torres Strait Islander Land Account                10

Division 3—Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account            12

12.......... Establishment of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account 12

13.......... Credits of amounts to the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account         12

14.......... Purposes of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account—main purposes.......................................................................................................... 13

15.......... Purposes of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account—purposes related exclusively to the investments etc. of the Aboriginal and Torres Strait Islander Land and Sea Future Fund            13

16.......... Purposes of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account—purposes not related exclusively to the Aboriginal and Torres Strait Islander Land and Sea Future Fund                14

17.......... Future Fund Board must ensure that the balance of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account is sufficient to cover authorised debits etc.............. 16

Division 4—Inter-fund transfers                                                                           17

18.......... Transfers from the Aboriginal and Torres Strait Islander Land and Sea Future Fund to the Future Fund                17

Part 3—Indigenous Land Corporation Funding Special Account         18

19.......... Simplified outline of this Part............................................................ 18

20.......... Indigenous Land Corporation Funding Special Account.................. 18

21.......... Purpose of the Indigenous Land Corporation Funding Special Account  19

22.......... Annual payments to the Indigenous Land Corporation..................... 19

23.......... Annual payments—pre-payment transfers to the Indigenous Land Corporation Funding Special Account             20

24.......... Annual payments—indexation factor................................................ 21

25.......... Additional payments to the Indigenous Land Corporation................ 21

26.......... Additional payments—pre-payment transfers to the Indigenous Land Corporation Funding Special Account        22

27.......... Additional payments—advice given by the Future Fund Board........ 23

Part 4—Investment of the Aboriginal and Torres Strait Islander Land and Sea Future Fund                24

28.......... Simplified outline of this Part............................................................ 24

29.......... Objects of investment of the Aboriginal and Torres Strait Islander Land and Sea Future Fund               24

30.......... Investment of the Aboriginal and Torres Strait Islander Land and Sea Future Fund                25

31.......... Management of investments of the Aboriginal and Torres Strait Islander Land and Sea Future Fund     25

32.......... Aboriginal and Torres Strait Islander Land and Sea Future Fund Investment Mandate           26

33.......... Obligation on Future Fund Board in performing investment functions 28

34.......... Limitation on Aboriginal and Torres Strait Islander Land and Sea Future Fund Investment Mandate     28

35.......... Future Fund Board to be consulted on Aboriginal and Torres Strait Islander Land and Sea Future Fund Investment Mandate............................................................................................ 28

36.......... Compliance with Aboriginal and Torres Strait Islander Land and Sea Future Fund Investment Mandate                29

37.......... Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001     30

38.......... Borrowing......................................................................................... 30

39.......... Aboriginal and Torres Strait Islander Land and Sea Future Fund investment policies             31

40.......... Derivatives........................................................................................ 33

41.......... Additional financial assets................................................................. 33

42.......... Securities lending arrangements........................................................ 34

43.......... Investment managers......................................................................... 34

44.......... Refund of franking credits................................................................ 35

45.......... Realisation of non-financial assets.................................................... 35

46.......... Additional function of the Future Fund Board.................................. 36

Part 5—Reporting obligations etc.                                                                              37

47.......... Simplified outline of this Part............................................................ 37

48.......... Finance Minister may require the Future Fund Board to prepare reports or give information  37

49.......... Keeping the responsible Ministers informed etc................................ 38

50.......... Finance Minister may give reports to other Ministers etc.................. 38

Part 6—Miscellaneous                                                                                                        39

51.......... Simplified outline of this Part............................................................ 39

52.......... Delegation by the Finance Minister................................................... 39

53.......... Delegation by the Treasurer.............................................................. 40

54.......... Delegation by the Indigenous Affairs Minister................................. 40

55.......... Review of operation of Act............................................................... 40

56.......... Rules................................................................................................. 40

 



A Bill for an Act to establish the Aboriginal and Torres Strait Islander Land and Sea Future Fund, and for other purposes

The Parliament of Australia enacts: