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CLEAN ENERGY FINANCE CORPORATION (ABOLITION) BILL 2014

 

 

 

2013-2014 

 

The Parliament of the 

Commonwealth of Australia 

 

HOUSE OF REPRESENTATIVES 

 

 

 

 

Presented and read a first time 

 

 

 

 

Clean Energy Finance Corporation 

(Abolition) Bill 2014 

 

No.      , 2014 

 

(Treasury) 

 

 

 

A Bill for an Act to abolish the Clean Energy 

Finance Corporation, and for related purposes 

   

   

 

 

No.      , 2014 

Clean Energy Finance Corporation (Abolition) Bill 2014 

i 

 

Contents 

Short title ........................................................................................... 1

 

Commencement ................................................................................. 1

 

Schedule(s) ........................................................................................ 3

 

Schedule 1--Amendments

 

4

 

Part 1--Repeal

 

4

 

Clean Energy Finance Corporation Act 2012

 

4

 

Part 2--Amendments

 

5

 

Australian Renewable Energy Agency Act 2011

 

5

 

Clean Energy Regulator Act 2011

 

5

 

Part 3--Transitional provisions

 

6

 

Division 1--Introduction

 

6

 

Division 2--Transfer of assets and liabilities

 

7

 

Division 3--Transfer of other matters

 

9

 

Division 4--Special Account

 

11

 

Division 5--Annual reporting obligation

 

13

 

Division 6--Investment reporting obligation

 

14

 

Division 7--Officers and employees

 

14

 

Division 8--Miscellaneous

 

15

 

Division 9--Transitional function

 

16

 

Division 10--Instruments

 

17

 

Part 4--Repeal of CEFC Transitional Special Account

 

18

 

Clean Energy Finance Corporation (Abolition) Act 2014

 

18

 

 

 

 

No.      , 2014 

Clean Energy Finance Corporation (Abolition) Bill 2014 

1 

 

A Bill for an Act to abolish the Clean Energy 

Finance Corporation, and for related purposes 

The Parliament of Australia enacts: 

1  Short title 

 

  This Act may be cited as the Clean Energy Finance Corporation 

(Abolition) Act 2014

2  Commencement 

 

(1)  Each provision of this Act specified in column 1 of the table 

commences, or is taken to have commenced, in accordance with 

column 2 of the table. Any other statement in column 2 has effect 

10 

according to its terms. 

11 

 

12 

   

   

 

 

2 

Clean Energy Finance Corporation (Abolition) Bill 2014 

No.      , 2014 

 

Commencement information 

Column 1 

Column 2 

Column 3 

Provision(s) 

Commencement 

Date/Details 

1.  Sections 1 to 3 

and anything in 

this Act not 

elsewhere covered 

by this table 

The day this Act receives the Royal Assent. 

 

2.  Schedule 1, 

Parts 1 and 2 

A single day to be fixed by Proclamation. 

However, if the provision(s) do not 

commence within the period of 6 months 

beginning on the day this Act receives the 

Royal Assent, they commence on the day 

after the end of that period. 

 

3.  Schedule 1, 

Part 3, Division 1 

The day this Act receives the Royal Assent. 

 

4.  Schedule 1, 

Part 3, 

Divisions 2 to 5 

At the same time as the provision(s) covered 

by table item 2. 

 

5.  Schedule 1, 

Part 3, Division 6 

The day this Act receives the Royal Assent. 

 

6.  Schedule 1, 

Part 3, 

Divisions 7 and 8 

At the same time as the provision(s) covered 

by table item 2. 

 

7.  Schedule 1, 

Part 3, 

Divisions 9 and 

10 

The day this Act receives the Royal Assent. 

 

8.  Schedule 1, 

Part 4 

The day (the repeal day) after the day on 

which the amount standing to the credit of 

the CEFC Transitional Special Account 

established by item 16 of Schedule 1 is 

reduced to nil. 

The Minister must announce the repeal day 

by notice in the Gazette. The notice is not a 

legislative instrument. 

 

Note: 

This table relates only to the provisions of this Act as originally 

enacted. It will not be amended to deal with any later amendments of 

this Act. 

   

   

 

 

No.      , 2014 

Clean Energy Finance Corporation (Abolition) Bill 2014 

3 

 

 

(2)  Any information in column 3 of the table is not part of this Act. 

Information may be inserted in this column, or information in it 

may be edited, in any published version of this Act. 

3  Schedule(s) 

 

  Each Act that is specified in a Schedule to this Act is amended or 

repealed as set out in the applicable items in the Schedule 

concerned, and any other item in a Schedule to this Act has effect 

according to its terms. 

Schedule 1  Amendments 

Part 1  Repeal 

 

 

4 

Clean Energy Finance Corporation (Abolition) Bill 2014 

No.      , 2014 

 

Schedule 1

--Amendments 

Part 1

--Repeal 

Clean Energy Finance Corporation Act 2012 

1  The whole of the Act 

Repeal the Act. 

Amendments  Schedule 1 

Amendments  Part 2 

 

 

No.      , 2014 

Clean Energy Finance Corporation (Abolition) Bill 2014 

5 

 

Part 2

--Amendments 

Australian Renewable Energy Agency Act 2011 

2  Section 73A 

Repeal the section. 

Clean Energy Regulator Act 2011 

3  Paragraph 49(1)(sa) 

Repeal the paragraph. 

Schedule 1  Amendments 

Part 3  Transitional provisions 

 

 

6 

Clean Energy Finance Corporation (Abolition) Bill 2014 

No.      , 2014 

 

Part 3

--Transitional provisions 

Division 1

--Introduction 

4  Definitions 

In this Part: 

asset means: 

 

(a)  any legal or equitable estate or interest in real or personal 

property, whether actual, contingent or prospective; and 

 

(b)  any right, power, privilege or immunity, whether actual, 

contingent or prospective. 

assets official, in relation to an asset other than land, means the person 

10 

or authority who: 

11 

 

(a)  under a law of the Commonwealth, a State or a Territory; or 

12 

 

(b)  under a trust instrument; or 

13 

 

(c)  otherwise; 

14 

has responsibility for keeping a register in relation to assets of the kind 

15 

concerned. 

16 

commencement time means the commencement of Part 1 of this 

17 

Schedule. 

18 

Corporation means the Clean Energy Finance Corporation. 

19 

Corporation's investments means assets and liabilities that vest in the 

20 

Commonwealth under Division 2, to the extent to which the assets and 

21 

liabilities were acquired or incurred by the Corporation for its 

22 

investment function (within the meaning of the Clean Energy Finance 

23 

Corporation Act 2012 as in force immediately before the 

24 

commencement time). 

25 

land means any legal or equitable estate or interest in real property, 

26 

whether actual, contingent or prospective. 

27 

land registration official, in relation to land, means the Registrar of 

28 

Titles or other proper officer of the State or Territory in which the land 

29 

is situated. 

30 

liability means any liability, duty or obligation, whether actual, 

31 

contingent or prospective. 

32 

Secretary means the Secretary of the Department. 

33 

Amendments  Schedule 1 

Transitional provisions  Part 3 

 

 

No.      , 2014 

Clean Energy Finance Corporation (Abolition) Bill 2014 

7 

 

Division 2

--Transfer of assets and liabilities 

5  Vesting of assets of Corporation 

(1) 

This item applies to the assets of the Corporation immediately before 

the commencement time. 

(2) 

At the commencement time, the assets cease to be assets of the 

Corporation and become assets of the Commonwealth without any 

conveyance, transfer or assignment. The Commonwealth becomes the 

successor in law in relation to the assets. 

6  Vesting of liabilities of Corporation 

(1) 

This item applies to the liabilities of the Corporation immediately 

10 

before the commencement time. 

11 

(2) 

At the commencement time, the liabilities cease to be liabilities of the 

12 

Corporation and become liabilities of the Commonwealth without any 

13 

conveyance, transfer or assignment. The Commonwealth becomes the 

14 

successor in law in relation to the liabilities. 

15 

7  Transfers of land may be registered 

16 

(1) 

This item applies if: 

17 

 

(a)  any land vests in the Commonwealth under this Division; and 

18 

 

(b)  there is lodged with a land registration official a certificate 

19 

that: 

20 

 

(i)  is signed by the Minister; and 

21 

 

(ii)  identifies the land, whether by reference to a map or 

22 

otherwise; and 

23 

 

(iii)  states that the land has become vested in the 

24 

Commonwealth under this Division. 

25 

(2) 

The land registration official may: 

26 

 

(a)  register the matter in a way that is the same as, or similar to, 

27 

the way in which dealings in land of that kind are registered; 

28 

and 

29 

 

(b)  deal with, and give effect to, the certificate. 

30 

(3) 

A certificate under paragraph (1)(b) is not a legislative instrument. 

31 

Schedule 1  Amendments 

Part 3  Transitional provisions 

 

 

8 

Clean Energy Finance Corporation (Abolition) Bill 2014 

No.      , 2014 

 

8  Certificates relating to vesting of assets other than land 

(1) 

This item applies if: 

 

(a)  an asset other than land vests in the Commonwealth under 

this Division; and 

 

(b)  there is lodged with an assets official a certificate that: 

 

(i)  is signed by the Minister; and 

 

(ii)  identifies the asset; and 

 

(iii)  states that the asset has become vested in the 

Commonwealth under this Division. 

(2) 

The assets official may: 

10 

 

(a)  deal with, and give effect to, the certificate as if it were a 

11 

proper and appropriate instrument for transactions in relation 

12 

to assets of that kind; and 

13 

 

(b)  make such entries in the register in relation to assets of that 

14 

kind as are necessary, having regard to the effect of this 

15 

Division. 

16 

(3) 

A certificate made under paragraph (1)(b) is not a legislative 

17 

instrument. 

18 

9  

Corporation's investments 

19 

(1) 

Without limiting items 5 and 6, the Commonwealth has the power to do 

20 

all things that are necessary or convenient to be done for or in relation 

21 

to the following: 

22 

 

(a)  holding the Corporation's investments; 

23 

 

(b)  managing the Corporation's investments; 

24 

 

(c)  meeting obligations in relation to the Corporation's 

25 

investments; 

26 

 

(d)  realising or otherwise disposing of the Corporation's 

27 

investments. 

28 

(2) 

Sections 39 and 40 of the Financial Management and Accountability 

29 

Act 1997 do not apply to the Corporation's investments. 

30 

Amendments  Schedule 1 

Transitional provisions  Part 3 

 

 

No.      , 2014 

Clean Energy Finance Corporation (Abolition) Bill 2014 

9 

 

Division 3

--Transfer of other matters 

10  Acts of Corporation to be attributed to the Commonwealth 

(1) 

This item applies to anything done by, or in relation to, the Corporation 

before the commencement time. 

(2) 

After the commencement time, the thing has effect as if it had been 

done by, or in relation to, the Commonwealth. 

11  Substitution of the Commonwealth as a party to certain 

pending proceedings 

(1) 

This item applies if any proceedings to which the Corporation was a 

party were pending in any court or tribunal immediately before the 

10 

commencement time. 

11 

(2) 

The Commonwealth is substituted for the Corporation, from the 

12 

commencement time, as a party to those proceedings. 

13 

12  Transfer of records to the Department 

14 

(1) 

This item applies to any records or documents that were in the 

15 

possession of the Corporation immediately before the commencement 

16 

time. 

17 

(2) 

The records and documents are to be transferred to the Department after 

18 

the commencement time. 

19 

Note: 

The records and documents are Commonwealth records for the purposes of the Archives 

20 

Act 1983

21 

13  Protection of information obtained from the Clean Energy 

22 

Regulator 

23 

If: 

24 

 

(a)  before the commencement time, information was disclosed to 

25 

the Corporation under subsection 49(2) of the Clean Energy 

26 

Regulator Act 2011; and 

27 

 

(b)  immediately before the commencement time, a person was 

28 

subject to a condition under subsection 49(3) of that Act in 

29 

relation to the information disclosed; 

30 

the person continues to be subject to the condition after the 

31 

commencement time. 

32 

Schedule 1  Amendments 

Part 3  Transitional provisions 

 

 

10 

Clean Energy Finance Corporation (Abolition) Bill 2014 

No.      , 2014 

 

14  Transfer of Ombudsman investigations 

If: 

 

(a)  before the commencement time, a complaint was made to the 

Ombudsman, or the Ombudsman began an investigation, 

under the Ombudsman Act 1976 in relation to an action taken 

by the Corporation; and 

 

(b)  immediately before the commencement time, the 

Ombudsman had not finally disposed of the matter in 

accordance with the Ombudsman Act 1976

the Ombudsman Act 1976 applies after the commencement time as if 

10 

that action had been taken by the Department. 

11 

15  References in certain instruments to Corporation 

12 

(1) 

If: 

13 

 

(a)  an instrument was in force immediately before the 

14 

commencement time; and 

15 

 

(b)  a reference is made in the instrument to the Corporation; and 

16 

 

(c)  the instrument is an instrument covered by one or more of the 

17 

following subparagraphs: 

18 

 

(i)  an instrument that was made by the Corporation; 

19 

 

(ii)  an instrument to which the Corporation was a party; 

20 

 

(iii)  an instrument that was given to, or in favour of, the 

21 

Corporation; 

22 

 

(iv)  an instrument under which any right or liability accrues 

23 

or may accrue to the Corporation; 

24 

 

(v)  any other instrument in which a reference is made to the 

25 

Corporation; 

26 

the reference has effect after the commencement time as if it were a 

27 

reference to the Commonwealth. 

28 

(2) 

For the purposes of this item, instrument

29 

 

(a)  includes: 

30 

 

(i)  a contract, undertaking, deed or agreement; and 

31 

 

(ii)  a notice, authority, order or instruction; and 

32 

 

(iii)  an instrument made under an Act or under regulations; 

33 

but 

34 

 

(b)  does not include an exempt instrument. 

35 

Amendments  Schedule 1 

Transitional provisions  Part 3 

 

 

No.      , 2014 

Clean Energy Finance Corporation (Abolition) Bill 2014 

11 

 

(3) 

For the purposes of this item, exempt instrument means: 

 

(a)  an Act; or 

 

(b)  an instrument made under this Act; or 

 

(c)  an instrument specified in an instrument under subitem (4). 

(4) 

The Minister may, by legislative instrument, specify one or more 

instruments for the purposes of paragraph (3)(c). 

Division 4

--Special Account 

16  CEFC Transitional Special Account 

(1) 

The CEFC Transitional Special Account is established by this item. 

(2) 

The CEFC Transitional Special Account is a Special Account for the 

10 

purposes of the Financial Management and Accountability Act 1997

11 

17  Credits to the CEFC Transitional Special Account 

12 

(1) 

There must be credited to the CEFC Transitional Special Account 

13 

amounts equal to the following: 

14 

 

(a)  the amount standing to the credit of the old Special Account 

15 

immediately before the commencement time; 

16 

 

(b)  the amount standing to the credit of the Corporation's bank 

17 

account or bank accounts immediately before the 

18 

commencement time; 

19 

 

(c)  the value, immediately before the commencement time, of 

20 

any securities in which the Corporation has invested surplus 

21 

money in accordance with section 18 of the Commonwealth 

22 

Authorities and Companies Act 1997

23 

(2) 

In this item: 

24 

old Special Account means the Clean Energy Finance Corporation 

25 

Special Account established by section 45 of the Clean Energy Finance 

26 

Corporation Act 2012 as in force immediately before the 

27 

commencement time. 

28 

18  Purposes of the CEFC Transitional Special Account 

29 

The purposes of the CEFC Transitional Special Account are as follows: 

30 

 

(a)  paying or discharging costs, expenses and other obligations 

31 

incurred by the Commonwealth for the purposes of doing any 

32 

Schedule 1  Amendments 

Part 3  Transitional provisions 

 

 

12 

Clean Energy Finance Corporation (Abolition) Bill 2014 

No.      , 2014 

 

of the following in relation to the assets and liabilities 

(including the Corporation's investments) that vest in the 

Commonwealth under Division 2: 

 

(i)  holding the assets and liabilities; 

 

(ii)  managing the assets and liabilities; 

 

(iii)  meeting obligations in relation to the assets and 

liabilities; 

 

(iv)  realising or otherwise disposing of the assets and 

liabilities; 

 

(b)  paying any remuneration and allowances payable to any 

10 

person in relation to doing any of the things referred to in 

11 

paragraph (a); 

12 

 

(c)  paying any other expenses necessary or appropriate for the 

13 

purposes of meeting any other obligations incurred by the 

14 

Commonwealth as a consequence of this Act; 

15 

 

(d)  meeting the expenses of administering the Account; 

16 

 

(e)  giving effect to a direction under item 19 (Transfer to 

17 

consolidated revenue fund). 

18 

Note 1:  See section 21 of the Financial Management and Accountability Act 1997 (debits from 

19 

Special Accounts). 

20 

Note 2:  If the debit of an amount from the CEFC Transitional Special Account will reduce the 

21 

balance to nil, this Division is repealed the following day and the Minister must publish 

22 

a notice in the Gazette (see item 8 of the table in subsection 2(1) of this Act and item 29 

23 

of this Schedule). 

24 

19  Transfer to consolidated revenue fund 

25 

(1) 

The Finance Minister may, by writing, direct that a specified amount is 

26 

to be debited from the CEFC Transitional Special Account. 

27 

(2) 

If the Finance Minister is satisfied that no further amounts will be 

28 

required to be debited for a purpose referred to in any of paragraphs 

29 

18(a) to (d), the Finance Minister must direct under subitem (1) the 

30 

debiting of an amount equal to the amount standing to the credit of the 

31 

CEFC Transitional Special Account. 

32 

Note: 

If the debit of an amount from the CEFC Transitional Special Account will reduce the 

33 

balance to nil, this Division is repealed the following day and the Minister must publish 

34 

a notice in the Gazette (see item 8 of the table in subsection 2(1) of this Act and item 29 

35 

of this Schedule). 

36 

(3) 

A direction under subitem (1) is not a legislative instrument. 

37 

Amendments  Schedule 1 

Transitional provisions  Part 3 

 

 

No.      , 2014 

Clean Energy Finance Corporation (Abolition) Bill 2014 

13 

 

(4) 

The Finance Minister must give a copy of a direction under subitem (1) 

to the Minister. 

Division 5

--Annual reporting obligation 

20  Final annual report

--Corporation 

(1) 

The Secretary must prepare and give to the Minister, for presentation to 

the Parliament, a report on the operations of the Corporation during the 

final reporting period. 

(2) 

Subject to this item, as far as practicable the report must comply with 

the requirements for an annual report under section 9 of the 

Commonwealth Authorities and Companies Act 1997. For this purpose, 

10 

that Act, and section 74 of the Clean Energy Finance Corporation Act 

11 

2012 as in force immediately before the commencement time, apply to 

12 

the report as if a reference to a financial year were a reference to the 

13 

final reporting period. 

14 

(3) 

The Secretary may include the report in the Department's annual report 

15 

for the financial year in which the last day of the final reporting period 

16 

occurs. 

17 

(4) 

If the Secretary does not include the report in the Department's annual 

18 

report, then: 

19 

 

(a)  the Secretary must give the report to the Minister within 3 

20 

months after the end of the final reporting period; and 

21 

 

(b)  the Minister must table the report in each House of the 

22 

Parliament as soon as practicable; and 

23 

 

(c)  the Secretary must publish the report on the Department's 

24 

website as soon as practicable after the report is tabled in the 

25 

House of Representatives. 

26 

(5) 

The Minister may grant an extension of the time referred to in 

27 

paragraph (4)(a) in special circumstances. 

28 

(6) 

In this item: 

29 

final reporting period means the period: 

30 

 

(a)  beginning: 

31 

 

(i)  if, at the commencement time, no report under section 9 

32 

of the Commonwealth Authorities and Companies Act 

33 

1997 has been given to the Minister for the financial 

34 

Schedule 1  Amendments 

Part 3  Transitional provisions 

 

 

14 

Clean Energy Finance Corporation (Abolition) Bill 2014 

No.      , 2014 

 

year ending before the commencement time--at the 

start of that financial year; or 

 

(ii)  otherwise--at the start of the financial year in which the 

commencement time occurs; and 

 

(b)  ending immediately before the commencement time. 

Division 6

--Investment reporting obligation 

21  Final quarterly investment report

--Corporation 

Before the commencement time, the Corporation must publish a report 

on its website in accordance with section 72 of the Clean Energy 

Finance Corporation Act 2012, for: 

10 

 

(a)  any quarter ending before the commencement time, for which 

11 

a report under section 72 has not already been published; and 

12 

 

(b)  so much of the quarter in which the commencement time will 

13 

occur, as has elapsed by the commencement time. 

14 

Division 7

--Officers and employees 

15 

22  No transfer of appointment, engagement or employment 

16 

of staff 

17 

(1) 

Nothing in this Part produces the result that the appointment, 

18 

engagement or employment of a Corporation officer has effect as if it 

19 

were an appointment, engagement or employment of the person in 

20 

relation to the Commonwealth. 

21 

(2) 

In this item: 

22 

Corporation officer means: 

23 

 

(a)  a member of the Board of the Corporation; or 

24 

 

(b)  an employee of the Corporation; or 

25 

 

(c)  a consultant engaged by the Corporation. 

26 

Amendments  Schedule 1 

Transitional provisions  Part 3 

 

 

No.      , 2014 

Clean Energy Finance Corporation (Abolition) Bill 2014 

15 

 

Division 8

--Miscellaneous 

23  Exemption from stamp duty and other State or Territory 

taxes 

(1) 

No stamp duty or other tax is payable under a law of a State or a 

Territory in respect of an exempt matter, or anything connected with an 

exempt matter. 

(2) 

For the purposes of this item, an exempt matter is: 

 

(a)  the vesting of an asset or liability under this Part; or 

 

(b)  the operation of this Part in any other respect. 

(3) 

The Minister may certify in writing: 

10 

 

(a)  that a specified matter is an exempt matter; or 

11 

 

(b)  that a specified thing was connected with a specified exempt 

12 

matter. 

13 

(4) 

In all courts, and for all purposes (other than for the purposes of 

14 

criminal proceedings), a certificate under subitem (3) is prima facie 

15 

evidence of the matters stated in the certificate. 

16 

24  Certificates taken to be authentic 

17 

A document that appears to be a certificate made or issued under a 

18 

particular provision of this Part: 

19 

 

(a)  is taken to be such a certificate; and 

20 

 

(b)  is taken to have been properly given; 

21 

unless the contrary is established. 

22 

25  Delegation by Minister 

23 

(1) 

The Minister may, by writing, delegate all or any of his or her powers 

24 

and functions under this Part to a person. 

25 

(2) 

The delegate must be: 

26 

 

(a)  the Secretary of the Department; or 

27 

 

(b)  an SES employee, or acting SES employee, in the 

28 

Department. 

29 

Note: 

The expressions SES employee and acting SES employee are defined in the Acts 

30 

Interpretation Act 1901

31 

Schedule 1  Amendments 

Part 3  Transitional provisions 

 

 

16 

Clean Energy Finance Corporation (Abolition) Bill 2014 

No.      , 2014 

 

(3) 

In exercising powers or functions under a delegation, the delegate must 

comply with any directions of the Minister. 

26  Compensation for acquisition of property 

(1) 

If the operation of this Schedule would result in an acquisition of 

property (within the meaning of paragraph 51(xxxi) of the Constitution) 

from a person otherwise than on just terms (within the meaning of that 

paragraph), the Commonwealth is liable to pay a reasonable amount of 

compensation to the person. 

(2) 

If the Commonwealth and the person do not agree on the amount of the 

compensation, the person may institute proceedings in a court of 

10 

competent jurisdiction for the recovery from the Commonwealth of 

11 

such reasonable amount of compensation as the court determines. 

12 

Division 9

--Transitional function 

13 

27  Transitional function 

14 

(1) 

Despite subsection 9(1) or any other provision of the Clean Energy 

15 

Finance Corporation Act 2012, the sole function of the Corporation 

16 

during the transitional period is to take such steps as may be necessary 

17 

or convenient to prepare for or give effect to, or assist the 

18 

Commonwealth to prepare for or give effect to: 

19 

 

(a)  the abolition of the Corporation; and 

20 

 

(b)  the operation of this Part. 

21 

(2) 

Without limiting subitem (1), the function conferred by the subitem 

22 

includes the following functions: 

23 

 

(a)  holding and managing assets or liabilities acquired or 

24 

incurred by the Corporation before the start of the transitional 

25 

period for its investment function; 

26 

 

(b)  meeting obligations made before the start of the transitional 

27 

period for the purposes of the Corporation's investment 

28 

function; 

29 

 

(c)  doing anything incidental or conducive to the matters 

30 

referred to in subitem (1) and paragraphs (a) and (b) of this 

31 

subitem. 

32 

(3) 

Nothing in subsection 67(1) of the Clean Energy Finance Corporation 

33 

Act 2012 has the effect of requiring the Board of the Corporation: 

34 

Amendments  Schedule 1 

Transitional provisions  Part 3 

 

 

No.      , 2014 

Clean Energy Finance Corporation (Abolition) Bill 2014 

17 

 

 

(a)  to act; or 

 

(b)  to require the Corporation to act; 

in a manner inconsistent with subitem (1). 

(4) 

Paragraph 75(1)(a) of the Clean Energy Finance Corporation Act 2012 

has effect during the transitional period as if it included a reference to 

the function conferred by subitem (1). 

(5) 

The Minister may, during the transitional period, give written directions 

to the Corporation about the performance of the function conferred by 

subitem (1). 

(6) 

The Corporation must comply with a direction under subitem (5). 

10 

(7) 

In this item: 

11 

transitional period means the period: 

12 

 

(a)  starting on the day on which this Act receives the Royal 

13 

Assent; and 

14 

 

(b)  ending immediately before the commencement time. 

15 

Division 10

--Instruments 

16 

28  Transitional rules 

17 

The Minister may, by legislative instrument, make rules in relation to 

18 

transitional matters arising out of the amendments and repeals made by 

19 

this Schedule. 

20 

Schedule 1  Amendments 

Part 4  Repeal of CEFC Transitional Special Account 

 

 

18 

Clean Energy Finance Corporation (Abolition) Bill 2014 

No.      , 2014 

 

Part 4

--Repeal of CEFC Transitional Special Account 

Clean Energy Finance Corporation (Abolition) Act 2014 

29  Division 4 of Part 3 of Schedule 1 

Repeal the Division. 

 


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