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Future Drought Fund Bill 2019

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8704

2019

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Future Drought Fund Bill 2019

 

 

(1)     Clause 5, page 8 (after line 25), after the definition of person , insert:

prohibited financial asset : a financial asset is a prohibited financial asset if the financial asset includes an interest in a body corporate that produces fossil fuels.

[investments]

(2)     Clause 39, page 41 (line 23), at the end of subclause (1), add “that are not prohibited financial assets”.

[investments]

(3)     Clause 41, page 43 (line 30) to page 44 (line 6), omit subclause (7), substitute:

             (7)  A direction under subsection (1) is a legislative instrument.

             (8)  Despite regulations made for the purposes of paragraphs 44(2)(b) and 54(2)(b) of the Legislation Act 2003 , section 42 (disallowance) and Part 4 of Chapter 3 (sunsetting) of that Act apply to a direction under subsection (1).

[investments]

(4)     Heading to clause 54, page 50 (line 25), at the end of the heading, add “ etc. ”.

[investments]

(5)     Clause 54, page 50 (line 31), at the end of subclause (1), add:

               ; or (c)  an asset held by the Board as an investment of the Future Drought Fund is, or has become, a prohibited financial asset.

[investments]