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National Reconstruction Fund Corporation Act 2023
In force
Administered by
Department of Industry, Science and Resources
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C2023A00012
11 April 2023
-
16 October 2023
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Table of contents
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Part 1—Preliminary
1 Short title
2 Commencement
3 Object
4 Simplified outline of this Act
5 Definitions
6 Priority areas of the Australian economy
7 Crown to be bound
8 Extension to external Territories
9 Extra territorial application
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Part 2—National Reconstruction Fund Corporation
10 Simplified outline of this Part
11 Establishment
12 Corporation’s functions
13 Corporation’s powers
14 Corporation does not have privileges and immunities of the Crown
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Part 3—Board of Corporation
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Division 1—Simplified outline
15 Simplified outline of this Part
Division 2—Establishment and functions
16 Establishment
17 Functions of the Board
Division 3—Board Members
18 Membership
19 Appointment of Board members
20 Chair
21 Term of appointment
22 Acting appointments
23 Remuneration
24 Leave of absence
25 Resignation of Board members
26 Termination of appointment of Board members
27 Other terms and conditions of Board members
Division 4—Meetings of the Board
28 Convening meetings
29 Presiding at meetings
30 Quorum
31 Voting at meetings
32 Conduct of meetings
33 Minutes
34 Decisions without meetings
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Part 4—Chief Executive Officer, staff and consultants and committees
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Division 1—Simplified outline
35 Simplified outline of this Part
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Division 2—Chief Executive Officer of Corporation
36 Establishment
37 Functions of the CEO
38 Appointment
39 CEO holds office during Board’s pleasure
40 Acting appointments
41 Remuneration of CEO
42 Outside employment
43 Other terms and conditions
44 Disclosure of interests
45 Resignation
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Division 3—Staff and consultants
46 Staff
47 Consultants
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Division 4—Committees
48 Committees
49 Remuneration and allowances
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Part 5—Financial arrangements
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Division 1—Simplified outline
50 Simplified outline of this Part
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Division 2—National Reconstruction Fund Corporation Special Account
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Subdivision A—Establishment of Account
51 Establishment of Account
Subdivision B—Credits
52 Credits to the Account
Subdivision C—Debits
53 Purposes of the Account
54 Corporation’s request for a payment for itself
55 Nominated Minister’s authorisation of payment to Corporation
56 Agreement between nominated Minister and Corporation
Division 3—The Corporation’s money
57 Application of the Corporation’s money
58 Managing surplus money
59 Borrowing
60 Receipt of gifts
61 Taxation
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Part 6—Investment functions and powers
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Division 1—Simplified outline of this Part
62 Simplified outline of this Part
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Division 2—Investment functions and powers
63 Investment functions
64 Terms and conditions of financial accommodation provided to a constitutional corporation
65 Terms and conditions of financial accommodation provided to an entity (other than a constitutional corporation, a State or a Territory) or an individual
66 Terms and conditions of financial accommodation provided to a State or Territory
67 A Corporation body may realise, or otherwise deal with, investments
68 A Corporation body must realise equity interests in certain circumstances
69 Investments of Corporation bodies to be solely or mainly Australian based
70 When an investment of a Corporation body is solely or mainly Australian based
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Division 3—Performance of investment functions etc.
71 Investment Mandate
72 Limits on Investment Mandate
73 Board to be consulted on Investment Mandate
74 Compliance with Investment Mandate
75 Investment policies
76 Guarantees
77 Derivatives
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Part 7—Miscellaneous
78 Simplified outline of this Part
79 Incorporation or formation of subsidiaries
80 Responsibilities of designated subsidiaries
81 Corporation body may charge fees
82 Publication of investment reports
83 Publication of reports etc.
84 Extra matters to be included in annual report
85 Disclosure of official information
86 Nominated Minister
87 Delegation by nominated Minister
88 Delegation by Corporation
89 Delegation by Board
90 Delegation and subdelegation by CEO
91 Periodic reviews of the operation of this Act
92 Rules