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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.
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