Commonwealth Numbered Acts

FUTURE FUND ACT 2006 (NO. 12, 2006) - SECT 80

                   To avoid doubt, sections 45, 46, 47, 48, 49, 50 and 57 of the Financial Management and Accountability Act 1997 have effect as if:

                     (a)  the Board and the Future Fund Management Agency were a single Agency; and

                     (b)  the Chair were the Chief Executive of that single Agency; and

                     (c)  an annual report under section 81 of this Act were an annual report of that single Agency; and

                     (d)  in a case where the Future Fund Management Agency is a prescribed Agency for the purposes of that Act—the Future Fund Management Agency were not an Agency in its own right.

Note:          This means that there will be:

(a)           a single fraud control plan for both the Board and the Agency; and

(b)           a single audit committee for both the Board and the Agency; and

(c)           a single set of accounts and records for both the Board and the Agency; and

(d)           a single set of annual financial statements in relation to both the Board and the Agency; and

(e)           a single set of additional financial statements in relation to both the Board and the Agency (if required by the Finance Minister); and

(f)            auditing of the single set of annual financial statements.