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This is a Bill, not an Act. For current law, see the Acts databases.
2016-2017
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Regional Investment Corporation Bill
2017
No. , 2017
(Agriculture and Water Resources)
A Bill for an Act to establish the Regional
Investment Corporation, and for related purposes
No. , 2017
Regional Investment Corporation Bill 2017
i
Contents
Part 1--Introduction
1
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Simplified outline of this Act ............................................................ 2
4
Definitions ......................................................................................... 3
5
Crown to be bound ............................................................................ 5
6
Extension to external Territories ....................................................... 5
Part 2--Regional Investment Corporation
6
Division 1--Establishment and functions
6
7
Establishment .................................................................................... 6
8
Functions of the Corporation ............................................................. 6
9
Powers of the Corporation ................................................................. 9
10
Corporation does not have privileges and immunities of the
Crown ................................................................................................ 9
Division 2--Operating Mandate and other directions
10
11
Operating Mandate .......................................................................... 10
12
Responsible Ministers may give other directions to the
Corporation ...................................................................................... 11
13
Compliance with directions ............................................................. 11
Part 3--Board of the Corporation
13
Division 1--Establishment and functions of the Board
13
14
Establishment of the Board .............................................................. 13
15
Functions of the Board .................................................................... 13
Division 2--Members of the Board
14
16
Membership ..................................................................................... 14
17
Appointment of Board members ..................................................... 14
18
Chair ................................................................................................ 14
19
Term of appointment ....................................................................... 14
20
Acting appointment ......................................................................... 15
21
Remuneration .................................................................................. 15
22
Leave of absence ............................................................................. 16
23
Outside employment ........................................................................ 16
24
Other terms and conditions .............................................................. 16
25
Resignation ...................................................................................... 16
26
Termination of appointment ............................................................ 16
ii
Regional Investment Corporation Bill 2017
No. , 2017
Division 3--Meetings of the Board
18
27
Convening meetings ........................................................................ 18
28
Presiding at meetings ....................................................................... 18
29
Quorum............................................................................................ 18
30
Voting at meetings ........................................................................... 18
31
Conduct of meetings ........................................................................ 18
32
Minutes ............................................................................................ 19
33
Decisions without meetings ............................................................. 19
Part 4--Chief Executive Officer, staff and consultants
20
Division 1--Chief Executive Officer
20
34
Chief Executive Officer ................................................................... 20
35
Functions of the CEO ...................................................................... 20
36
Appointment .................................................................................... 20
37
Acting appointment ......................................................................... 21
38
Remuneration .................................................................................. 21
39
Leave of absence ............................................................................. 21
40
Outside employment ........................................................................ 22
41
Other terms and conditions .............................................................. 22
42
Resignation ...................................................................................... 22
43
Termination of appointment ............................................................ 22
Division 2--Staff and consultants
24
44
Staff ................................................................................................. 24
45
Consultants ...................................................................................... 24
Part 5--Miscellaneous
25
46
Terms and conditions of loans ......................................................... 25
47
Recovery of costs ............................................................................ 25
48
Exemption from taxation ................................................................. 25
49
Delegation by Corporation .............................................................. 25
50
Delegation by Board ........................................................................ 26
51
Delegation and subdelegation by CEO ............................................ 26
52
Transfer of records to the Corporation............................................. 26
53
Review of operation of Act ............................................................. 27
54
Rules ................................................................................................ 27
No. , 2017
Regional Investment Corporation Bill 2017
1
A Bill for an Act to establish the Regional
1
Investment Corporation, and for related purposes
2
The Parliament of Australia enacts:
3
Part 1--Introduction
4
5
1 Short title
6
This Act is the Regional Investment Corporation Act 2017.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
Part 1 Introduction
Section 3
2
Regional Investment Corporation Bill 2017
No. , 2017
column 2 of the table. Any other statement in column 2 has effect
1
according to its terms.
2
3
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. Sections 1 and
2 and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Sections 3 to
54
A single day to be fixed by Proclamation.
However, if the provisions 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.
Note:
This table relates only to the provisions of this Act as originally
4
enacted. It will not be amended to deal with any later amendments of
5
this Act.
6
(2) Any information in column 3 of the table is not part of this Act.
7
Information may be inserted in this column, or information in it
8
may be edited, in any published version of this Act.
9
3 Simplified outline of this Act
10
This Act establishes the Regional Investment Corporation.
11
The main functions of the Corporation are:
12
(a)
to administer farm business loans; and
13
(b)
to administer, on behalf of the Commonwealth, grants of
14
financial assistance to States and Territories in relation
15
to water infrastructure projects; and
16
(c)
to administer programs prescribed by the rules.
17
Introduction Part 1
Section 4
No. , 2017
Regional Investment Corporation Bill 2017
3
The Corporation must perform its functions in accordance with
1
directions given by the responsible Ministers. The main directions
2
are known as the Operating Mandate.
3
This Act also establishes the Board of the Corporation. The
4
Board's main functions are:
5
(a)
to decide, within the scope of the Operating Mandate,
6
the strategies and policies to be followed by the
7
Corporation; and
8
(b)
to ensure the proper, efficient and effective performance
9
of the Corporation's functions.
10
There is to be a Chief Executive Officer of the Corporation. The
11
CEO is responsible for the day-to-day administration of the
12
Corporation.
13
This Act also deals with miscellaneous matters, including recovery
14
of costs, delegations, reviewing the operation of the Act and the
15
power to make rules.
16
4 Definitions
17
In this Act:
18
Agriculture Minister means the Minister who administers the
19
Primary Industries Research and Development Act 1989.
20
Board means the Board of the Corporation established by
21
section 14.
22
Board member means a member of the Board (and includes the
23
Chair).
24
CEO means the Chief Executive Officer of the Corporation.
25
Chair means the Chair of the Board.
26
constitutional corporation means a corporation to which
27
paragraph 51(xx) of the Constitution applies.
28
constitutional trade or commerce means trade or commerce:
29
Part 1 Introduction
Section 4
4
Regional Investment Corporation Bill 2017
No. , 2017
(a) between Australia and places outside Australia; or
1
(b) among the States; or
2
(c) within a Territory, between a State and a Territory or
3
between 2 Territories.
4
Corporation means the Regional Investment Corporation
5
established by section 7.
6
Desertification Convention means the United Nations Convention
7
to Combat Desertification in those Countries Experiencing Serious
8
Drought and/or Desertification, Particularly in Africa, done at Paris
9
on 17 June 1994.
10
Note:
The Convention is in Australian Treaty Series 2000 No. 18 ([2000]
11
ATS 18) and could in 2017 be viewed in the Australian Treaties
12
Library on the AustLII website (http://www.austlii.edu.au).
13
farm business loan means a loan made, or proposed to be made, to
14
a farm business:
15
(a) engaged solely or mainly in producing commodities for
16
constitutional trade or commerce; or
17
(b) for the purpose of encouraging or promoting constitutional
18
trade or commerce; or
19
(c) that is a constitutional corporation; or
20
(d) to allow the business to satisfy the requirements of a contract
21
with a constitutional corporation which relates to the
22
corporation's trading activities; or
23
(e) in an affected area, within the meaning of the Desertification
24
Convention, for the purpose of implementing Australia's
25
international obligations under that Convention; or
26
(f) in a Territory.
27
Operating Mandate: see section 11.
28
paid work means work for financial gain or reward (whether as an
29
employee, a self-employed person or otherwise).
30
responsible Ministers means:
31
(a) the Agriculture Minister; and
32
(b) the Minister who administers the Public Governance,
33
Performance and Accountability Act 2013.
34
Introduction Part 1
Section 5
No. , 2017
Regional Investment Corporation Bill 2017
5
rules means rules made under section 54.
1
start day means 1 July 2018 or, if a day is specified in an
2
instrument made under paragraph 8(4)(b), that day.
3
5 Crown to be bound
4
(1) This Act binds the Crown in each of its capacities.
5
(2) This Act does not make the Crown liable to be prosecuted for an
6
offence.
7
6 Extension to external Territories
8
This Act extends to every external Territory.
9
Part 2 Regional Investment Corporation
Division 1 Establishment and functions
Section 7
6
Regional Investment Corporation Bill 2017
No. , 2017
Part 2--Regional Investment Corporation
1
Division 1--Establishment and functions
2
7 Establishment
3
(1) The Regional Investment Corporation is established by this
4
section.
5
Note:
The Public Governance, Performance and Accountability Act 2013
6
applies to the Corporation. That Act deals with matters relating to
7
Commonwealth entities, including reporting and the use and
8
management of public resources.
9
(2) The Corporation may also be known by a name specified in the
10
rules.
11
(3) The Corporation:
12
(a) is a body corporate; and
13
(b) must have a seal; and
14
(c) may acquire, hold and dispose of real and personal property;
15
and
16
(d) may sue and be sued.
17
(4) The Corporation's seal is to be kept in such custody as the Board
18
directs and must not be used except as authorised by the Board.
19
8 Functions of the Corporation
20
(1) The Corporation has the following functions:
21
(a) to administer farm business loans, including by:
22
(i) providing such loans to farm businesses, subject to
23
relevant lending criteria being satisfied; and
24
(ii) consulting with commercial lenders and other industry
25
bodies representing persons likely to seek a loan; and
26
(iii) determining, in accordance with the strategies and
27
policies decided by the Board, the terms and conditions
28
on which approved loans are provided; and
29
(iv) taking security for approved loans; and
30
Regional Investment Corporation Part 2
Establishment and functions Division 1
Section 8
No. , 2017
Regional Investment Corporation Bill 2017
7
(v) charging for transaction costs incurred by the
1
Corporation in relation to an approved loan; and
2
(vi) managing approved loans, and if required, enforcing the
3
security taken for an approved loan; and
4
(vii) reviewing loans provided, and the terms and conditions
5
on which approved loans are provided, periodically;
6
(b) to administer, on behalf of the Commonwealth, financial
7
assistance granted before the start day to States and
8
Territories in relation to water infrastructure projects;
9
(c) to administer, on behalf of the Commonwealth, financial
10
assistance to States and Territories in relation to water
11
infrastructure projects, including by:
12
(i) liaising, negotiating and cooperating with States and
13
Territories and other parties on possible water
14
infrastructure projects; and
15
(ii) providing advice to responsible Ministers on a water
16
infrastructure project; and
17
(iii) implementing directions of the responsible Ministers
18
under subsection 12(3) to enter into agreements, on
19
behalf of the Commonwealth, for the grant of financial
20
assistance to States or Territories in relation to water
21
infrastructure projects; and
22
(iv) reviewing financial assistance granted, and the terms
23
and conditions on which such financial assistance is
24
granted, periodically;
25
(d) to set, and adjust as required, the interest rates applicable to
26
loans and financial assistance;
27
(e) on its own initiative or at the request of a responsible
28
Minister--to provide advice to the responsible Minister on
29
the activities that are or could be undertaken by the
30
Corporation;
31
(f) to provide advice and assistance to:
32
(i) borrowers in relation to approved loans; or
33
(ii) prospective borrowers in relation to loans;
34
(g) to administer programs prescribed by the rules;
35
(h) any other functions conferred on the Corporation by this Act,
36
the rules or any other Commonwealth law;
37
Part 2 Regional Investment Corporation
Division 1 Establishment and functions
Section 8
8
Regional Investment Corporation Bill 2017
No. , 2017
(i) to do anything incidental to, or conducive to, the performance
1
of the above functions.
2
(2) In performing its functions, the Corporation must act in a proper,
3
efficient and effective manner.
4
Note:
See also section 13 (compliance with directions).
5
When certain functions take effect
6
(3) The Corporation is to perform:
7
(a) the function mentioned in paragraph (1)(a) from 1 July 2018
8
or an earlier day specified by the responsible Ministers in an
9
instrument under paragraph (4)(a); and
10
(b) the function mentioned in paragraph (1)(b) from 1 July 2018
11
or an earlier day specified by the responsible Ministers in an
12
instrument under paragraph (4)(b); and
13
(c) the function mentioned in paragraph (1)(c) from 1 July 2018
14
or an earlier day specified by the responsible Ministers in an
15
instrument under paragraph (4)(c).
16
(4) The responsible Ministers may, by legislative instrument, specify a
17
day before 1 July 2018 from which the Corporation is to perform:
18
(a) the function mentioned in paragraph (1)(a); or
19
(b) the function mentioned in paragraph (1)(b); or
20
(c) the function mentioned in paragraph (1)(c).
21
Additional programs
22
(5) For the purposes of paragraph (1)(g), the rules may prescribe one
23
or more programs to be administered by the Corporation, and if the
24
rules do so:
25
(a) they must address the constitutional basis for each program;
26
and
27
(b) they may:
28
(i) allow for the charging of transaction costs incurred by
29
the Corporation in relation to a program; or
30
(ii) specify matters relating to a program to be included in
31
the annual report prepared by the Board under
32
Regional Investment Corporation Part 2
Establishment and functions Division 1
Section 9
No. , 2017
Regional Investment Corporation Bill 2017
9
section 46 of the Public Governance, Performance and
1
Accountability Act 2013; or
2
(iii) allow for the responsible Ministers to give written
3
directions to the Corporation in relation to a program.
4
9 Powers of the Corporation
5
The Corporation has power to do all things necessary or convenient
6
to be done for or in connection with the performance of its
7
functions.
8
10 Corporation does not have privileges and immunities of the
9
Crown
10
The Corporation does not have the privileges and immunities of the
11
Crown in right of the Commonwealth.
12
Part 2 Regional Investment Corporation
Division 2 Operating Mandate and other directions
Section 11
10
Regional Investment Corporation Bill 2017
No. , 2017
Division 2--Operating Mandate and other directions
1
11 Operating Mandate
2
(1) The responsible Ministers must, by legislative instrument, give
3
directions (the Operating Mandate) to the Corporation about the
4
performance of the Corporation's functions.
5
Note:
Section 42 (disallowance) and Part 4 of Chapter 3 (sunsetting) of the
6
Legislation Act 2003 do not apply to the directions (see regulations
7
made for the purposes of paragraphs 44(2)(b) and 54(2)(b) of that
8
Act).
9
(2) Without limiting subsection (1), a direction forming part of the
10
Operating Mandate may be given in relation to the following:
11
(a) the objectives that the Corporation is to pursue in
12
administering:
13
(i) farm business loans; or
14
(ii) financial assistance in relation to water infrastructure
15
projects; or
16
(iii) programs prescribed by the rules under subsection 8(5);
17
(b) expectations in relation to the strategies and policies to be
18
followed for the effective performance of the Corporation's
19
functions;
20
(c) eligibility criteria for loans or financial assistance;
21
(d) financial arrangements in relation to the Corporation,
22
including how amounts received by the Corporation are to be
23
dealt with and the circumstances in which they are to be
24
remitted to the Commonwealth;
25
(e) any other matters the responsible Ministers think appropriate.
26
(3) The Operating Mandate must not direct, or have the effect of
27
directing, the Corporation in relation to:
28
(a) a particular farm business loan; or
29
(b) a particular loan provided by the Corporation under a
30
program prescribed by the rules under subsection 8(5).
31
Regional Investment Corporation Part 2
Operating Mandate and other directions Division 2
Section 12
No. , 2017
Regional Investment Corporation Bill 2017
11
12 Responsible Ministers may give other directions to the
1
Corporation
2
Farm business loans
3
(1) The responsible Ministers may give a written direction to the
4
Corporation in relation to a class of farm business loans, but may
5
not give a direction in relation to a particular farm business loan.
6
(2) Before giving a direction under subsection (1), the responsible
7
Ministers must seek the Board's advice.
8
Water infrastructure projects
9
(3) The responsible Ministers may give a written direction to the
10
Corporation to enter into an agreement, on behalf of the
11
Commonwealth, for the grant of financial assistance to a particular
12
State or Territory in relation to a particular water infrastructure
13
project. The direction may specify terms and conditions to be
14
included in the agreement.
15
(4) Before giving a direction under subsection (3), the responsible
16
Ministers must seek the Board's advice on the particular water
17
infrastructure project to which the direction relates.
18
Location of Corporation
19
(5) The responsible Ministers may give a written direction to the
20
Corporation about where the Corporation is to be located.
21
13 Compliance with directions
22
(1) In performing its functions, the Corporation must take all
23
reasonable steps to comply with a direction given under this
24
Division (other than subsection (3)).
25
Note:
See also subsection (5).
26
(2) As soon as practicable after the Board becomes aware that the
27
Corporation has failed to comply with a direction given under this
28
Division, the Board must, in writing:
29
(a) advise the responsible Ministers of that fact; and
30
Part 2 Regional Investment Corporation
Division 2 Operating Mandate and other directions
Section 13
12
Regional Investment Corporation Bill 2017
No. , 2017
(b) explain the circumstances in which the failure to comply with
1
the direction occurred.
2
(3) If the responsible Ministers are satisfied that the Corporation has
3
failed to comply with a direction given under this Division, the
4
responsible Ministers may, by written notice given to the Board,
5
direct the Board:
6
(a) if the Board has not given the Ministers a written explanation
7
under subsection (2)--to give the responsible Ministers,
8
within a period specified in the notice, a written explanation;
9
and
10
(b) whether or not the Board has given the Ministers a written
11
explanation under subsection (2)--to take action specified in
12
the notice, within a period specified in the notice, in order to
13
ensure that the Corporation complies with the direction.
14
(4) The Board must comply with a direction given by the responsible
15
Ministers under subsection (3).
16
(5) Subsections (1) and (4) do not apply to the extent that the direction
17
relates to the Board's performance of functions or exercise of
18
powers under the Public Governance, Performance and
19
Accountability Act 2013 in relation to the Corporation.
20
(6) A failure to comply with a direction given under this Division
21
(including a direction under subsection (3)), does not affect the
22
validity of any transaction.
23
Board of the Corporation Part 3
Establishment and functions of the Board Division 1
Section 14
No. , 2017
Regional Investment Corporation Bill 2017
13
Part 3--Board of the Corporation
1
Division 1--Establishment and functions of the Board
2
14 Establishment of the Board
3
The Board of the Corporation is established by this section.
4
15 Functions of the Board
5
(1) The functions of the Board are:
6
(a) to decide, within the scope of the Operating Mandate, the
7
strategies and policies to be followed by the Corporation; and
8
(b) to ensure the proper, efficient and effective performance of
9
the Corporation's functions; and
10
(c) to sign an agreement, on behalf of the Commonwealth, with a
11
State or Territory for the grant of financial assistance to the
12
State or Territory in relation to a water infrastructure project;
13
and
14
(d) to appoint the CEO; and
15
(e) any other functions conferred on the Board by this Act or the
16
rules.
17
(2) The Board has power to do all things necessary or convenient to be
18
done for or in connection with the performance of its functions.
19
(3) Anything done in the name of, or on behalf of, the Corporation by
20
the Board, or with the authority of the Board, is taken to have been
21
done by the Corporation.
22
Part 3 Board of the Corporation
Division 2 Members of the Board
Section 16
14
Regional Investment Corporation Bill 2017
No. , 2017
Division 2--Members of the Board
1
16 Membership
2
The Board consists of the Chair and 2 other members.
3
17 Appointment of Board members
4
(1) Board members are to be appointed by the responsible Ministers by
5
written instrument, on a part-time basis.
6
(2) A person is not eligible for appointment as a Board member unless
7
the responsible Ministers are satisfied that the person has:
8
(a) appropriate qualifications, skills or experience in one or more
9
of the following:
10
(i) agribusiness and the financial viability of businesses
11
within the agricultural sector;
12
(ii) banking and finance;
13
(iii) water infrastructure planning and financing;
14
(iv) issues concerning rural industries and communities;
15
(v) economics;
16
(vi) financial accounting or auditing;
17
(vii) government funding programs or bodies;
18
(viii) law; or
19
(b) expertise in an area that is relevant to a program prescribed
20
by the rules under subsection 8(5).
21
18 Chair
22
The responsible Ministers must, by written instrument, appoint one
23
Board member to be the Chair.
24
19 Term of appointment
25
A Board member holds office for the period specified in the
26
instrument of appointment. The period must not exceed 5 years.
27
Board of the Corporation Part 3
Members of the Board Division 2
Section 20
No. , 2017
Regional Investment Corporation Bill 2017
15
Note:
A Board member may be reappointed: see section 33AA of the Acts
1
Interpretation Act 1901.
2
20 Acting appointment
3
(1) The Agriculture Minister may, by written instrument, appoint a
4
Board member to act as the Chair:
5
(a) during a vacancy in the office of Chair (whether or not an
6
appointment has previously been made to the office); or
7
(b) during any period, or during all periods, when the Chair:
8
(i) is absent from duty or from Australia; or
9
(ii) is, for any reason, unable to perform the duties of the
10
office.
11
(2) The Agriculture Minister may, by written instrument, appoint a
12
person to act as a Board member:
13
(a) during a vacancy in the office of a Board member (whether
14
or not an appointment has previously been made to the
15
office); or
16
(b) during any period, or during all periods, when a Board
17
member:
18
(i) is absent from duty or from Australia; or
19
(ii) is, for any reason, unable to perform the duties of the
20
office.
21
Note:
For rules that apply to acting appointments, see sections 33AB and
22
33A of the Acts Interpretation Act 1901.
23
21 Remuneration
24
(1) A Board member is to be paid the remuneration that is determined
25
by the Remuneration Tribunal. If no determination of that
26
remuneration by the Tribunal is in operation, the Board member is
27
to be paid the remuneration that is prescribed by the rules.
28
(2) A Board member is to be paid the allowances that are prescribed
29
by the rules.
30
(3) This section has effect subject to the Remuneration Tribunal Act
31
1973.
32
Part 3 Board of the Corporation
Division 2 Members of the Board
Section 22
16
Regional Investment Corporation Bill 2017
No. , 2017
22 Leave of absence
1
(1) The Agriculture Minister may grant leave of absence to the Chair
2
on the terms and conditions that the Agriculture Minister
3
determines.
4
(2) The Chair may grant leave of absence to another Board member on
5
the terms and conditions that the Chair determines.
6
(3) The Chair must notify the responsible Ministers if the Chair grants
7
another Board member leave of absence for a period that exceeds 3
8
months.
9
23 Outside employment
10
A Board member must not engage in any paid work that, in the
11
opinion of the responsible Ministers, conflicts or could conflict
12
with the proper performance of his or her duties.
13
24 Other terms and conditions
14
A Board member holds office on the terms and conditions (if any)
15
in relation to matters not covered by this Act that are determined
16
by the responsible Ministers.
17
25 Resignation
18
(1) A Board member may resign his or her appointment by giving the
19
responsible Ministers a written resignation.
20
(2) The resignation takes effect on:
21
(a) the day it is received by the responsible Ministers (or if the
22
Ministers receive it on different days, the later of those days);
23
or
24
(b) if a later day is specified in the resignation--on that later day.
25
26 Termination of appointment
26
(1) The responsible Ministers may terminate the appointment of a
27
Board member:
28
Board of the Corporation Part 3
Members of the Board Division 2
Section 26
No. , 2017
Regional Investment Corporation Bill 2017
17
(a) for misbehaviour; or
1
(b) if the Board member is unable to perform the duties of his or
2
her office because of physical or mental incapacity; or
3
(c) if the responsible Ministers do not have confidence in the
4
Board member.
5
(2) The responsible Ministers may terminate the appointment of a
6
Board member if:
7
(a) the Board member:
8
(i) becomes bankrupt; or
9
(ii) applies to take the benefit of any law for the relief of
10
bankrupt or insolvent debtors; or
11
(iii) compounds with his or her creditors; or
12
(iv) makes an assignment of his or her remuneration for the
13
benefit of his or her creditors; or
14
(b) the Board member is absent, except on leave of absence,
15
from 3 consecutive meetings of the Board; or
16
(c) the Board member engages in paid work that, in the opinion
17
of the responsible Ministers, conflicts or could conflict with
18
the proper performance of his or her duties (see section 23
19
(outside employment)); or
20
(d) the responsible Ministers are satisfied that the performance of
21
the Board member has been unsatisfactory for a significant
22
period.
23
Note:
The appointment of a Board member may also be terminated under
24
section 30 of the Public Governance, Performance and Accountability
25
Act 2013 (which deals with terminating the appointment of an
26
accountable authority, or a member of an accountable authority, for
27
contravening general duties of officials).
28
Part 3 Board of the Corporation
Division 3 Meetings of the Board
Section 27
18
Regional Investment Corporation Bill 2017
No. , 2017
Division 3--Meetings of the Board
1
27 Convening meetings
2
(1) The Board must hold such meetings as are necessary for the
3
efficient performance of its functions.
4
(2) The Chair:
5
(a) may convene a meeting at any time; and
6
(b) must convene at least 4 meetings each calendar year; and
7
(c) must convene a meeting within 30 days after receiving a
8
written request to do so from another Board member.
9
28 Presiding at meetings
10
(1) The Chair must preside at all meetings at which he or she is
11
present.
12
(2) If the Chair is not present at a meeting, the Chair must appoint one
13
of the other Board members to preside.
14
29 Quorum
15
At a meeting of the Board, a quorum is constituted by a majority of
16
Board members.
17
30 Voting at meetings
18
(1) A question arising at a meeting of the Board is to be determined by
19
a majority of the votes of the Board members present and voting.
20
(2) The person presiding at a meeting of the Board has a deliberative
21
vote and, if the votes are equal, a casting vote.
22
31 Conduct of meetings
23
The Board may regulate proceedings at its meetings as it considers
24
appropriate.
25
Board of the Corporation Part 3
Meetings of the Board Division 3
Section 32
No. , 2017
Regional Investment Corporation Bill 2017
19
Note:
Section 33B of the Acts Interpretation Act 1901 contains further
1
information about the ways in which Board members may participate
2
in meetings.
3
32 Minutes
4
The Board must keep minutes of its meetings.
5
33 Decisions without meetings
6
(1) The Board is taken to have made a decision at a meeting if:
7
(a) without meeting, a majority of the Board members entitled to
8
vote on the proposed decision indicate agreement with the
9
decision; and
10
(b) that agreement is indicated in accordance with the method
11
determined by the Board under subsection (2); and
12
(c) all the Board members were informed of the proposed
13
decision, or reasonable efforts were made to inform all the
14
members of the proposed decision.
15
(2) Subsection (1) applies only if the Board:
16
(a) has determined that it may make decisions of that kind
17
without meeting; and
18
(b) has determined the method by which Board members are to
19
indicate agreement with proposed decisions.
20
(3) For the purposes of paragraph (1)(a), a Board member is not
21
entitled to vote on a proposed decision if the Board member would
22
not have been entitled to vote on that proposal if the matter had
23
been considered at a meeting of the Board.
24
(4) The Board must keep a record of decisions made in accordance
25
with this section.
26
Part 4 Chief Executive Officer, staff and consultants
Division 1 Chief Executive Officer
Section 34
20
Regional Investment Corporation Bill 2017
No. , 2017
Part 4--Chief Executive Officer, staff and
1
consultants
2
Division 1--Chief Executive Officer
3
34 Chief Executive Officer
4
There is to be a Chief Executive Officer of the Corporation.
5
35 Functions of the CEO
6
(1) The CEO:
7
(a) may sign, on behalf of the Corporation, a loan agreement to
8
be administered by the Corporation; and
9
(b) is otherwise responsible for the day-to-day administration of
10
the Corporation.
11
(2) The CEO has power to do all things necessary or convenient to be
12
done for or in connection with the performance of his or her duties.
13
(3) The CEO is to act in accordance with policies and strategies
14
determined by the Board.
15
Board directions
16
(4) The Board may give written directions to the CEO, not inconsistent
17
with any direction given to the Corporation under Division 2 of
18
Part 2, about the performance of the CEO's duties.
19
(5) The CEO must comply with a direction under subsection (4).
20
(6) A direction under subsection (4) is not a legislative instrument.
21
36 Appointment
22
(1) The CEO is to be appointed by the Board by written instrument, on
23
a full-time basis.
24
Note:
The CEO may be reappointed: see section 33AA of the Acts
25
Interpretation Act 1901.
26
Chief Executive Officer, staff and consultants Part 4
Chief Executive Officer Division 1
Section 37
No. , 2017
Regional Investment Corporation Bill 2017
21
(2) The CEO holds office for the period specified in the instrument of
1
appointment. The period must not exceed 5 years.
2
(3) The Board must not appoint a Board member as the CEO.
3
(4) The Board must consult with the responsible Ministers before
4
appointing the CEO.
5
37 Acting appointment
6
The Board may, by written instrument, appoint a person (other than
7
a Board member) to act as the CEO:
8
(a) during a vacancy in the office of CEO (whether or not an
9
appointment has previously been made to the office); or
10
(b) during any period, or during all periods, when the CEO:
11
(i) is absent from duty or from Australia; or
12
(ii) is, for any reason, unable to perform the duties of the
13
office.
14
Note:
For rules that apply to acting appointments, see sections 33AB and
15
33A of the Acts Interpretation Act 1901.
16
38 Remuneration
17
(1) The CEO is to be paid the remuneration that is determined by the
18
Remuneration Tribunal. If no determination of that remuneration
19
by the Tribunal is in operation, the CEO is to be paid the
20
remuneration that is prescribed by the rules.
21
(2) The CEO is to be paid the allowances that are prescribed by the
22
rules.
23
(3) This section has effect subject to the Remuneration Tribunal Act
24
1973.
25
39 Leave of absence
26
(1) The CEO has the recreation leave entitlements that are determined
27
by the Remuneration Tribunal.
28
Part 4 Chief Executive Officer, staff and consultants
Division 1 Chief Executive Officer
Section 40
22
Regional Investment Corporation Bill 2017
No. , 2017
(2) The Board may grant the CEO leave of absence, other than
1
recreation leave, on the terms and conditions as to remuneration or
2
otherwise that the Board determines.
3
40 Outside employment
4
The CEO must not engage in paid work outside the duties of his or
5
her office without the Board's approval.
6
41 Other terms and conditions
7
The CEO holds office on the terms and conditions (if any) in
8
relation to matters not covered by this Act that are determined by
9
the Board.
10
42 Resignation
11
(1) The CEO may resign his or her appointment by giving the Board a
12
written resignation.
13
(2) The resignation takes effect on the day it is received by the Board
14
or, if a later day is specified in the resignation, on that later day.
15
43 Termination of appointment
16
(1) The Board may terminate the appointment of the CEO:
17
(a) for misbehaviour; or
18
(b) if the CEO is unable to perform the duties of his or her office
19
because of physical or mental incapacity.
20
(2) The Board may terminate the appointment of the CEO if:
21
(a) the CEO:
22
(i) becomes bankrupt; or
23
(ii) applies to take the benefit of any law for the relief of
24
bankrupt or insolvent debtors; or
25
(iii) compounds with his or her creditors; or
26
(iv) makes an assignment of his or her remuneration for the
27
benefit of his or her creditors; or
28
Chief Executive Officer, staff and consultants Part 4
Chief Executive Officer Division 1
Section 43
No. , 2017
Regional Investment Corporation Bill 2017
23
(b) the CEO is absent, except on leave of absence, for 14
1
consecutive days or for 28 days in any 12 months; or
2
(c) the CEO engages, except with the Board's approval, in paid
3
work outside the duties of his or her office (see section 40
4
(outside employment)); or
5
(d) the CEO fails, without reasonable excuse, to comply with
6
section 29 of the Public Governance, Performance and
7
Accountability Act 2013 (which deals with the duty to
8
disclose interests) or rules made for the purposes of that
9
section; or
10
(e) the Board is satisfied that the performance of the CEO has
11
been unsatisfactory for a significant period.
12
(3) If the Board terminates the appointment of the CEO, the Board
13
must notify the responsible Ministers of the termination.
14
Part 4 Chief Executive Officer, staff and consultants
Division 2 Staff and consultants
Section 44
24
Regional Investment Corporation Bill 2017
No. , 2017
Division 2--Staff and consultants
1
44 Staff
2
(1) The Corporation may employ such persons as it considers
3
necessary for the performance of its functions and the exercise of
4
its powers.
5
(2) An employee is to be employed on the terms and conditions that
6
the Corporation determines in writing.
7
(3) The Corporation may make arrangements for the services of
8
officers or employees of the following to be made available to the
9
Corporation:
10
(a) the Commonwealth, a State or a Territory;
11
(b) an authority of the Commonwealth or of a State or Territory;
12
(c) any other organisation or body.
13
45 Consultants
14
(1) The Corporation may engage consultants to assist in the
15
performance of its functions.
16
(2) The consultants are to be engaged on the terms and conditions that
17
the Corporation determines.
18
Miscellaneous Part 5
Section 46
No. , 2017
Regional Investment Corporation Bill 2017
25
Part 5--Miscellaneous
1
2
46 Terms and conditions of loans
3
A person who is a party to a loan provided by the Corporation must
4
comply with the terms and conditions of the loan.
5
47 Recovery of costs
6
(1) If the Corporation provides a loan to a person, the Corporation may
7
charge the person to recover all or any of the transaction costs
8
incurred by the Corporation in relation to the loan.
9
(2) A cost charged under subsection (1):
10
(a) is a debt due to the Corporation; and
11
(b) is recoverable by the Corporation in a court of competent
12
jurisdiction.
13
48 Exemption from taxation
14
(1) For the purposes of section 50-25 of the Income Tax Assessment
15
Act 1997, the Corporation is taken to be a public authority
16
constituted under an Australian law.
17
Note:
This means the Corporation is exempt from income tax.
18
(2) The Corporation is not subject to taxation under a law of a State or
19
Territory, if the Commonwealth is not subject to the taxation.
20
49 Delegation by Corporation
21
(1) The Corporation may, in writing under its seal, delegate all or any
22
of its powers or functions under this Act or the rules to:
23
(a) a Board member; or
24
(b) the CEO.
25
(2) In exercising any powers or performing any functions under the
26
delegation, the delegate must comply with any directions of the
27
Corporation.
28
Part 5 Miscellaneous
Section 50
26
Regional Investment Corporation Bill 2017
No. , 2017
50 Delegation by Board
1
(1) The Board may, in writing, delegate to a Board member or the
2
CEO all or any of its powers or functions under this Act or the
3
rules.
4
(2) In exercising any powers or performing any functions under the
5
delegation, the delegate must comply with any directions of the
6
Board.
7
51 Delegation and subdelegation by CEO
8
(1) The CEO may, in writing, delegate all or any of the CEO's powers
9
or functions under this Act to a member of the staff referred to in
10
subsection 44(1).
11
(2) If the Corporation or the Board delegates a power or function
12
under subsection 49(1) or 50(1) to the CEO, the CEO may, in
13
writing, subdelegate the power or function to a member of the staff
14
referred to in subsection 44(1).
15
(3) In exercising any powers or performing any functions under the
16
delegation or subdelegation, the delegate or subdelegate must
17
comply with any directions of the CEO.
18
(4) Sections 34AA, 34AB and 34A of the Acts Interpretation Act 1901
19
apply in relation to a subdelegation in a corresponding way to the
20
way in which they apply in relation to a delegation.
21
52 Transfer of records to the Corporation
22
Any records or documents relating to:
23
(a) financial assistance provided, before the start day, to a State
24
or Territory in relation to a water infrastructure project; or
25
(b) possible water infrastructure projects;
26
that were in the possession of the Department immediately before
27
the start day, and are or may be relevant to the Corporation's
28
functions, are to be transferred to the Corporation as soon as
29
practicable after the start day.
30
Miscellaneous Part 5
Section 53
No. , 2017
Regional Investment Corporation Bill 2017
27
Note:
Any records and documents transferred are Commonwealth records
1
for the purposes of the Archives Act 1983.
2
53 Review of operation of Act
3
(1) The Agriculture Minister must arrange for a review of the
4
operation of this Act to be undertaken.
5
(2) The review must be finalised on or before 1 July 2024 and
6
consider:
7
(a) the scope of the Corporation's activities after 30 June 2026;
8
and
9
(b) the appropriate governance arrangements for the Corporation
10
after that date.
11
(3) The persons who undertake the review must give the Agriculture
12
Minister a written report of the review.
13
54 Rules
14
(1) The responsible Ministers may, by legislative instrument, make
15
rules prescribing matters:
16
(a) required or permitted by this Act to be prescribed by the
17
rules; or
18
(b) necessary or convenient to be prescribed for carrying out or
19
giving effect to this Act.
20
(2) To avoid doubt, the rules may not do the following:
21
(a) create an offence or civil penalty;
22
(b) provide powers of:
23
(i) arrest or detention; or
24
(ii) entry, search or seizure;
25
(c) impose a tax;
26
(d) set an amount to be appropriated from the Consolidated
27
Revenue Fund under an appropriation in this Act;
28
(e) directly amend the text of this Act.
29