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CLEAN ENERGY FINANCE CORPORATION ACT 2012 (NO. 104, 2012) - NOTES

 

No. 104, 2012

 

 

 

 

 

  

  

  


Contents

Part 1--Preliminary                                                                                                             2

1............ Short title............................................................................................. 2

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

3............ Object.................................................................................................. 3

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

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

 


 

 

Clean Energy Finance Corporation Act 2012

No. 104, 2012

 

 

 

An Act to establish the Clean Energy Finance Corporation, and for related purposes

[Assented to 22 July 2012]

The Parliament of Australia enacts:

  

 

[Minister's second reading speech made in--

House of Representatives on 23 May 2012

Senate on 18 June 2012]

(87/12)

 



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