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Regional Investment Corporation Bill 2017

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8293

2016-2017

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Regional Investment Corporation Bill 2017

 

 

( 1 )     Clause  2 , page 2 (table item  2 ), after “ 54 ”, insert “ and Schedule 1 ”.

[ Northern Australia Infrastructure Facility]

( 2 )     Page 2 (after line 9) , after clause  2 , insert:

2A   Schedules

                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

[ Northern Australia Infrastructure Facility]

( 3 )     Clause  3 , page 2 (lines 12 to 17) :

Omit :

The main functions of the Corporation are:

       (a)     to administer farm business loans; and

      (b)     to administer, on behalf of the Commonwealth, grants of financial assistance to States and Territories in relation to water infrastructure projects; and

       (c)     to administer programs prescribed by the rules.

Substitute:

The main functions of the Corporation are:

       (a)     to administer farm business loans; and

      (b)     to administer, on behalf of the Commonwealth, grants of financial assistance to States and Territories in relation to water infrastructure projects; and

     (ba)     to provide oversight and approval of financial assistance proposed to be provided by the Northern Australia Infrastructure Facility, and to provide advice about the performance of the Facility’s functions; and

       (c)     to administer programs prescribed by the rules.

 

[ Northern Australia Infrastructure Facility]

( 4 )     Clause  4 , page 4 (after line 27) , after the definition of farm business loan , insert:

Northern Australia Infrastructure Facility means the facility of that name established by the Northern Australia Infrastructure Facility Act 2016 .

[ Northern Australia Infrastructure Facility]

( 5 )     Clause  8 , page 7 (after line 25) , after paragraph ( 1 )( c ), insert:

                    (ca)  to consider, in accordance with Part 4 of the Northern Australia Infrastructure Facility Act 2016 , financial assistance proposed to be provided by the Northern Australia Infrastructure Facility and, if satisfied of certain matters specified in that Part, to provide that the financial assistance should not be provided;

[ Northern Australia Infrastructure Facility]

( 6 )     Clause  8 , page 7 (after line 31) , after paragraph ( 1 )( e ), insert:

                    (ea)  on its own initiative or at the request of the Minister responsible for administering the Northern Australia Infrastructure Facility Act 2016 —to provide advice to that Minister on the matters mentioned in section 10 of that Act (dealing with directions that may be given by that Minister to the Northern Australia Infrastructure Facililty);

[ Northern Australia Infrastructure Facility]

( 7 )     Clause  8 , page 8 (line 16) , at the end of subclause ( 3 ), add:

                   ; (d)  the functions mentioned in paragraphs (1)(ca) and (ea) from the day after the day this section commences.

[ Northern Australia Infrastructure Facility]

( 8 )     Page 28 (after line 30) , at the end of the Bill, add:

Schedule 1 Consequential amendments

   

Northern Australia Infrastructure Facility Act 2016

1  Section 5 (after the definition of proposal notice )

Insert:

Corporation means the Regional Investment Corporation established by the Regional Investment Corporation Act 2017 .

2  After section 10

Insert:

10A   Corporation may give advice to Minister

Advice about proposed directions

             (1)  The Minister must provide a copy of any proposed directions to the Corporation.

             (2)  The Corporation may, on receiving a copy of the proposed directions, give advice to the Minister on the proposed directions.

             (3)  Before making the proposed directions, the Minister must have regard to the advice given by the Corporation.

Advice about matters covered by Investment Mandate

             (4)  The Corporation may at any time, at the request of the Minister or on its own initiative, give the Minister advice on the matters mentioned in section 10.

3  Amendments of listed provisions

 

F urther amendments

Item

Provision

Omit

Substitute

1

Part 4 (heading)

Mi nister

Corporation

2

Section 11 (heading)

Minister

Corporation

3

Paragraph 11(1)(a)

Minister’s

Corporation’s

4

Paragraph 11(1)(b)

Minister

Corporation

5

Subsection 11(2)

Minister

Corporation

6

Subsection 11(3)

Minister’s

Corporation’s

7

Paragraph 11(3)(b)

Minister

Corporation

8

Subsection 11(4)

Minister’s

Corporation’s

9

Subsection 11(4)

Minister

Corporation

10

Subsection 11(5) (wherever occurring)

Minister

Corporation

11

Section 12 (heading)

Minister

Corporation

12

Subsection 12(1)

Minister’s

Corporation’s

13

Paragraph 42(b)

Minister

Corporation

14

Paragraph 42(c)

Minister

Corporation

15

Paragraph 42(c)

Minister’s

Corporation’s

[ Northern Australia Infrastructure Facility]