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Macquarie Point Development Bill 2012
Clause Notes
PART 1 PRELIMINARY
Clause 1 Short title
Cites the short title of the Bill.
Clause 2 Commencement
Provides for commencement of the Act on the day the Act receives the Royal
Assent.
Clause 3 Interpretation
Contains definitions and other interpretive provisions used in the Bill.
Clause 4 Material personal interest
Provides the definition for this specific term.
PART 2 MACQUARIE POINT DEVELOPMENT CORPORATION
Division 1 Establishment of Macquarie Point Development Corporation
Clause 5 Establishment of Macquarie Point Development Corporation
Establishes the Corporation.
Clause 6 Principal objectives of Corporation
Outlines the principal objectives of the Corporation.
Clause 7 Functions of Corporation
Outlines the Corporation's functions.
Clause 8 Powers of Corporation
Details the powers of the Corporation, including those powers that may only
be exercised with the written approval of the Minister.
Division 2 Board of Corporation
Clause 9 Board
Describes the composition of the Board and the process for appointment of
Board members (other than the chief executive officer).
Clause 10 Responsibilities
Details the responsibilities of the Board.
Clause 11 Delegation by Board
Provides the Board with the power to delegate.
Clause 12 Committees
Details the committees the Board may establish, and the functions and
responsibilities of the audit committee, which the Board must establish.
Clause 13 Acting Directors
Provides the Governor with the ability to appoint a person to act as a director
of the Corporation when a director is absent from duty or otherwise unable
to perform the functions of the office of a director.
Division 3 Assistance and facilities
Clause 14 Assistance and facilities
Provides that the Corporation may arrange for assistance and facilities to be
provided by the Secretary of the Department, another Head of Agency or any
other person, and details how the related expenses will be met.
PART 3 STAFF OF CORPORATION
Clause 15 Chief executive officer
Provides for the appointment of the position of the chief executive officer in
accordance with the State Service Act 2000.
Clause 16 Responsibilities of chief executive officer
Details the chief executive officer's responsibilities.
Clause 17 Delegation by chief executive officer
Gives the chief executive officer the power to delegate.
Clause 18 Effect of chief executive officer ceasing to be chief executive officer
Sets out the consequences of the appointment of the chief executive officer
being terminated.
Clause 19 Employees
Provides that staff of the Corporation will be appointed pursuant to the State
Service Act 2000.
PART 4 POWERS AND DUTIES OF, OFFENCES BY AND
INDEMNIFICATION OF DIRECTORS AND STAFF
Clause 20 Power of former director to access records
Provides former directors of the Corporation with the power to inspect and
make copies of the records of the Corporation for the purposes of legal
proceedings to which the former director is a party.
Clause 21 Power of director to access records
Provides a director with the power to inspect and make copies of the records
of the Corporation at any reasonable time.
Clause 22 Duties of officers and employees
Sets out the duties of officers and employees and provides penalties for the
breach of a duty.
Clause 23 Duty to prevent insolvent trading
Requires a director to prevent the Corporation from incurring a debt where
the Corporation is insolvent at that time or will become insolvent by incurring
the debt, and provides penalties for failing to do so.
Clause 24 False or misleading information
Requires that an officer must not make a false or misleading statement in
relation to the matters specified in the clause.
Clause 25 Reliance on information or advice
Sets out the circumstances where an officer's reliance on information or
advice will be taken to be reasonable unless the contrary is proved.
Clause 26 Director to disclose material personal interest
Requires directors to disclose material personal interests, sets out the
procedures for dealing with a director's material personal interest, and
provides for exemptions in limited circumstances.
Clause 27 Board may declare material personal interest
Provides that the Board may declare that a director has material personal
interest in a matter that relates to the affairs of the Corporation.
Clause 28 Standing notice of director's interest
Enables a director to give a standing notice of an interest in a matter that
relates to the affairs of the Corporation.
Clause 29 Restriction on director's participation in case of material personal
interest
Provides the steps required and restrictions on a director's participation at a
meeting of the Board where a director has a material personal interest in a
matter being considered at the meeting.
Clause 30 Director may be required to divest of material personal interest
Provides that the Minister may require a director to either divest himself or
herself of a material personal interest or resign as a director.
Clause 31 Civil penalty order
Provides for circumstances under which a court may make a civil penalty
order.
Clause 32 Proceedings under this Part prevail
Provides that if a person could be charged with an offence against Part 4 and
could be found to have breached the Code of Conduct within the meaning of
the State Service Act 2000, proceedings may only be commenced under Part 4.
Clause 33 Proceedings for offence
Provides for the time within which proceedings for an offence against Part 4
may be commenced, where those proceedings may be instituted and
determined, and who may institute proceedings.
Clause 34 Compensation and other payments for contravention of this Part
Provides for circumstances in which a court may order a person found guilty
of an offence under Part 4 to make a payment to the Corporation or
subsidiary of the Corporation.
Clause 35 Indemnifying officers
Details the circumstances within which the Corporation or a subsidiary of the
Corporation is prohibited from exempting a person from a liability to the
Corporation or a subsidiary of the Corporation. Also details the
circumstances within which the Corporation or subsidiary of the Corporation
is prohibited from indemnifying a person against certain liabilities. Provides
that the Statutory Authorities (Protection from Liability of Members)Act 1993 does
not apply in respect of the Corporation or its directors.
PART 5 DIRECTIONS AND PLANS
Clause 36 Ministerial directions
Provides that the Minister may give the Board directions in connection with
the functions and powers of the Corporation. Prohibits the Minister from
directing the Board to enter into any contract on behalf of the Corporation or
directing the Board to vary, terminate or rescind any contract to which the
Corporation is a party.
Clause 37 Site redevelopment plan
Provides that the Minister may direct the Board to prepare a site
redevelopment plan, specifies what that plan is to include, and details how the
plan may be approved and amended.
Clause 38 Corporate plan
Provides that the Board is to prepare a corporate plan and specifies what the
corporate plan is to include. Provides that the corporate plan and any
amendments to it must be approved by the Minister.
Clause 39 Notification of matters
Provides that the Board is required to notify the Minister as soon as
practicable of certain types of matters.
PART 6 FINANCIAL AFFAIRS AND REPORTS
Division 1 Financial affairs of Corporation
Clause 40 Treasurer's Instructions
Provides that the Treasurer's Instructions apply to the Corporation as if it
were an Agency within the meaning of the Financial Management and Audit Act
1990. Also provides that the Treasurer may modify the application of the
Treasurer's Instructions to the Corporation.
Clause 41 Authorised deposit-taking institution accounts
Provides for the Corporation to open and operate such authorised deposit-
taking institution accounts as it considers necessary.
Clause 42 Funds of Corporation
Details what the funds of the Corporation consist of, and what those funds
are to be applied to.
Clause 43 Effect of Financial Agreement Act 1994
Requires the Corporation to comply with any requirement of the Treasurer
made under s5(1) of the Financial Agreement Act 1994.
Clause 44 Investment
Subject to s16 of Tasmanian Public Finance Corporation Act 1985, provides that
the Corporation may invest funds held by it.
Clause 45 Borrowing from Treasurer
Details the circumstances in which the Treasurer may lend money to the
Corporation.
Clause 46 Capital contribution by Treasurer
Allows the Treasurer to make a capital contribution to the Corporation.
Clause 47 Borrowing from person other than Treasurer
Details the circumstances in which the Corporation may borrow from a
person other than the Treasurer, and provides for that the Treasurer may
guarantee a payment or repayment to a person from which the Corporation
borrows or obtains financial accommodation.
Division 2 Accounting records and financial statements
Clause 48 Accounting records
Requires the Board to keep accounting records.
Clause 49 Financial statements
Requires the Board to prepare and forward to the Auditor-General a copy of
its financial statements in accordance with the Audit Act 2008.
Division 3 Annual report and other information
Clause 50 Annual report
Requires the Board to prepare an annual report for each financial year.
Clause 51 Tabling of annual report
Requires the Minister to lay a copy of the annual report of the Corporation
before each House of Parliament.
PART 7 MISCELLANEOUS
Clause 52 Minister may transfer employees to Corporation
Details the way in which the Minister may transfer employees to the
Corporation.
Clause 53 Transfer of Crown land
Details the way in which the Minister may transfer Crown land to the
Corporation.
Clause 54 Transfer of property and obligations
Details the way in which the Minister may transfer any property, rights and
obligations of the Crown to the Corporation.
Clause 55 State tax not payable
Provides that State tax is not payable in respect of certain transfers.
Clause 56 Regulations
Provides for the Governor to make regulations for the purposes of the Act.
Clause 57 Administration of Act
Assigns administration of the Act to the Minister for Economic Development.
Clause 58 Consequential amendments
Provides that the legislation specified in Schedule 4 of the Act is amended as
specified in that Schedule.
Schedule Directors
1
Contains provisions related to directors of the Corporation, including the
term of office, conditions of appointment, process for removal of a director
and for the filling of a vacancy on the Board.
Schedule Meetings of Board
2
Contains provisions related to meetings of the Board, including who must
preside, what constitutes a quorum, how meetings may be conducted, how
resolutions may be passed, and requires the Board to keep minutes of its
proceedings.
Schedule Committees
3
Contains provisions relating to the membership of committees of the Board of
the Corporation, conditions of appointment to a committee, how meetings
are to be conducted, and what interests are to be disclosed.
Schedule Consequential amendments
4
Inserts the position of Chief Executive Officer of the Macquarie Point
Development Corporation into Part 2, Schedule 1 of the State Service Act
2000.