Commonwealth Numbered Acts

FUTURE FUND ACT 2006 (NO. 12, 2006)

TABLE OF PROVISIONS

   PART 1--INTRODUCTION

   1.      Short title  
   2.      Commencement  
   3.      Object  
   4.      Simplified outline  
   5.      Definitions  
   6.      Financial assets  
   7.      Crown to be bound  
   8.      Extension to external Territories  
   9.      Extra-territorial application  

   PART 2--THE FUTURE FUND

   10.     Simplified outline  
   11.     Establishment of the Future Fund  
   12.     Establishment of the Future Fund Special Account  
   13.     Operation of the Future Fund  

   PART 3--INVESTMENT OF THE FUTURE FUND

   14.     Simplified outline  
   15.     Objects of investment of the Fund  
   16.     Investment of the Fund  
   17.     Management of investments of the Fund  
   18.     Investment Mandate  
   19.     Board to be consulted on Investment Mandate  
   20.     Compliance with Investment Mandate  
   21.     Board must not trigger the takeover provisions of the Corporations Act 2001  
   22.     Board must not have a significant stake in a foreign listed company  
   23.     Borrowing  
   24.     Investment policies  
   25.     Derivatives  
   26.     Additional financial assets  
   27.     Securities lending arrangements  
   28.     Investment managers  
   29.     Custody of securities  
   30.     Exemption from taxation  
   31.     Franking credits  
   32.     Realisation of non-financial assets  

   PART 4--THE FUTURE FUND BOARD OF GUARDIANS

           Division 1--Introduction

   33.     Simplified outline  

           Division 2--Establishment and functions of the Future Fund Board of Guardians

   34.     Establishment of the Future Fund Board of Guardians  
   35.     Board’s functions  
   36.     Board’s ordinary powers  
   37.     Board is a body corporate  
   38.     Membership  
   39.     Application of the Corporations Act 2001  

           Division 3--Terms and conditions for Board members

   40.     Term of appointment and related matters for Board members  
   41.     Remuneration and allowances of Board members  
   42.     Leave of absence of Board members  
   43.     Resignation of Board members  
   44.     Termination of appointment of Board members  
   45.     Other terms and conditions of Board members  
   46.     Acting Board members  

           Division 4--Meetings

   47.     Holding of meetings  
   48.     Who is to preside at a meeting  
   49.     Quorum  
   50.     Voting  
   51.     Records of meetings  

           Division 5--Resolutions without meetings

   52.     Resolutions without meetings  
   53.     Record of resolutions  

           Division 6--Reporting obligations

   54.     Nominated Minister may require Board to prepare reports or give information  
   55.     Keeping the responsible Ministers informed etc.  

           Division 7--Duties of Board members etc

   56.     Care and diligence—civil obligation  
   57.     Good faith—civil obligation  
   58.     Use of position—civil obligation  
   59.     Use of information—civil obligation  
   60.     Good faith—criminal offence  
   61.     Use of position—criminal offence  
   62.     Use of information—criminal offence  
   63.     Compliance with statutory duties  
   64.     Interaction of sections 56 to 62 with other laws etc.  
   65.     Reliance on information or advice provided by others  
   66.     Consequences of breach of duty—additional effect of the Commonwealth Authorities and Companies Act 1997  
   67.     Insurance for certain liabilities of Board members  

           Division 8--Conflict of interests

   68.     Material personal interest—Board member’s duty to disclose  
   69.     Board member may give other Board members standing notice about an interest  
   70.     Interaction of sections 68 and 69 with other laws etc.  
   71.     Restrictions on voting  
   72.     Ministerial power to make declarations and class orders  

   PART 5--THE FUTURE FUND MANAGEMENT AGENCY

           Division 1--Introduction

   73.     Simplified outline  

           Division 2--Establishment and functions of the Future Fund Management Agency

   74.     Establishment of the Future Fund Management Agency  
   75.     Functions of the Agency  

           Division 3--Management and staff of the Future Fund Management Agency

   76.     Duties of the Chair  
   77.     Staff of the Agency  
   78.     Consultants and persons seconded to the Agency  
   79.     Chair not subject to direction by the Board on certain matters  

           Division 4--Other provisions

   80.     Application of the Financial Management and Accountability Act 1997  
   81.     Annual report  
   82.     Consultants and advisers to the Board  

   PART 6--MISCELLANEOUS

   83.     Nominated Minister  
   84.     Miscellaneous receipts to be credited to the Fund Account  
   85.     Regulations  
           SCHEDULE 1
           SCHEDULE 2
           SCHEDULE 3