No. 104, 2012
Contents
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]
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