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The Parliament of the
Commonwealth of Australia
Presented and read a first time
National Reconstruction Fund Corporation Bill 2022
No. , 2022
(Industry, Science and Resources)
Contents
Part 1—Preliminary 1
1............ Short title............................................................................................ 1
2............ Commencement.................................................................................. 2
3............ Object................................................................................................. 2
4............ Simplified outline of this Act............................................................. 2
5............ Definitions.......................................................................................... 4
6............ Priority areas of the Australian economy......................................... 10
7............ Crown to be bound........................................................................... 11
8............ Extension to external Territories...................................................... 11
9............ Extra-territorial application.............................................................. 11
Part 2—National Reconstruction Fund Corporation 12
10.......... Simplified outline of this Part.......................................................... 12
11.......... Establishment................................................................................... 12
12.......... Corporation’s functions.................................................................... 12
13.......... Corporation’s powers....................................................................... 13
14.......... Corporation does not have privileges and immunities of the Crown 13
Part 3—Board of Corporation 14
Division 1—Simplified outline 14
15.......... Simplified outline of this Part.......................................................... 14
Division 2—Establishment and functions 15
16.......... Establishment................................................................................... 15
17.......... Functions of the Board..................................................................... 15
Division 3—Board Members 16
18.......... Membership...................................................................................... 16
19.......... Appointment of Board members...................................................... 16
20.......... Chair................................................................................................. 17
21.......... Term of appointment........................................................................ 17
22.......... Acting appointments......................................................................... 17
23.......... Remuneration................................................................................... 18
24.......... Leave of absence.............................................................................. 18
25.......... Resignation of Board members........................................................ 19
26.......... Termination of appointment of Board members.............................. 19
27.......... Other terms and conditions of Board members................................ 19
Division 4—Meetings of the Board 20
28.......... Convening meetings......................................................................... 20
29.......... Presiding at meetings........................................................................ 20
30.......... Quorum............................................................................................. 20
31.......... Voting at meetings............................................................................ 21
32.......... Conduct of meetings......................................................................... 21
33.......... Minutes............................................................................................. 21
34.......... Decisions without meetings.............................................................. 21
Part 4—Chief Executive Officer, staff and consultants and committees 23
Division 1—Simplified outline 23
35.......... Simplified outline of this Part.......................................................... 23
Division 2—Chief Executive Officer of Corporation 24
36.......... Establishment................................................................................... 24
37.......... Functions of the CEO....................................................................... 24
38.......... Appointment..................................................................................... 24
39.......... CEO holds office during Board’s pleasure....................................... 25
40.......... Acting appointments......................................................................... 25
41.......... Remuneration of CEO...................................................................... 25
42.......... Outside employment......................................................................... 26
43.......... Other terms and conditions............................................................... 26
44.......... Disclosure of interests...................................................................... 26
45.......... Resignation....................................................................................... 26
Division 3—Staff and consultants 28
46.......... Staff.................................................................................................. 28
47.......... Consultants....................................................................................... 28
Division 4—Committees 29
48.......... Committees....................................................................................... 29
49.......... Remuneration and allowances.......................................................... 29
Part 5—Financial arrangements 30
Division 1—Simplified outline 30
50.......... Simplified outline of this Part.......................................................... 30
Division 2—National Reconstruction Fund Corporation Special Account 31
Subdivision A—Establishment of Account 31
51.......... Establishment of Account................................................................ 31
Subdivision B—Credits 31
52.......... Credits to the Account...................................................................... 31
Subdivision C—Debits 32
53.......... Purposes of the Account................................................................... 32
54.......... Corporation’s request for a payment for itself................................. 32
55.......... Nominated Minister’s authorisation of payment to Corporation..... 32
56.......... Agreement between nominated Minister and Corporation.............. 33
Division 3—The Corporation’s money 34
57.......... Application of the Corporation’s money.......................................... 34
58.......... Managing surplus money................................................................. 34
59.......... Borrowing......................................................................................... 35
60.......... Receipt of gifts................................................................................. 36
61.......... Taxation............................................................................................ 36
Part 6—Investment functions and powers 37
Division 1—Simplified outline of this Part 37
62.......... Simplified outline of this Part.......................................................... 37
Division 2—Investment functions and powers 38
63.......... Investment functions........................................................................ 38
64.......... Terms and conditions of financial accommodation provided to a constitutional corporation 39
65.......... Terms and conditions of financial accommodation provided to an entity (other than a constitutional corporation, a State or a Territory) or an individual......................... 39
66.......... Terms and conditions of financial accommodation provided to a State or Territory 39
67.......... A Corporation body may realise, or otherwise deal with, investments 40
68.......... A Corporation body must realise equity interests in certain circumstances 40
69.......... Investments of Corporation bodies to be solely or mainly Australian-based 40
70.......... When an investment of a Corporation body is solely or mainly Australian-based 41
Division 3—Performance of investment functions etc. 43
71.......... Investment Mandate......................................................................... 43
72.......... Limits on Investment Mandate......................................................... 44
73.......... Board to be consulted on Investment Mandate................................ 44
74.......... Compliance with Investment Mandate............................................. 45
75.......... Investment policies........................................................................... 46
76.......... Guarantees........................................................................................ 47
77.......... Derivatives........................................................................................ 48
Part 7—Miscellaneous 49
78.......... Simplified outline of this Part.......................................................... 49
79.......... Incorporation or formation of subsidiaries....................................... 49
80.......... Responsibilities of designated subsidiaries...................................... 49
81.......... Corporation body may charge fees................................................... 50
82.......... Publication of investment reports..................................................... 50
83.......... Publication of reports etc.................................................................. 51
84.......... Extra matters to be included in annual report................................... 52
85.......... Disclosure of official information.................................................... 53
86.......... Nominated Minister.......................................................................... 55
87.......... Delegation by nominated Minister................................................... 55
88.......... Delegation by Corporation............................................................... 55
89.......... Delegation by Board......................................................................... 55
90.......... Delegation and subdelegation by CEO............................................ 56
91.......... Periodic reviews of the operation of this Act................................... 56
92.......... Rules................................................................................................. 57
A Bill for an Act to establish the National Reconstruction Fund Corporation, and for related purposes
The Parliament of Australia enacts: