Tasmanian Bills Clause Notes

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                                 CLAUSE NOTES

                    TT-Line Vessel Replacement Fund Bill 2016

Clause 1       Short title.

Clause 2       Provides for the Bill to commence on the day on which it receives the Royal

Clause 3       Defines terms used in the Act, including Fund, Portfolio Minister, TT-Line and

Clause 4 (1)   Establishes the “TT-Line Vessel Replacement Fund” as a stand-alone legislative
               account within the Public Account.

Clause 4 (2)   Defines the purpose of Fund account, being to accrue funds to assist with the
               purchase of replacement vessels for the TT-Line Company, for the operation of
               a passenger, or passenger and freight, ferry service across Bass Strait.

Clause 4 (3)   Describes the items that are to be paid into the Fund account, namely amounts
               advanced by the Treasurer under subsection 4, other amounts advanced by the
               Treasurer, and any income derived from the investment of the money held in
               the Fund.

Clause 4 (4)   States that the amount of all cash dividends received by the Government from
               TT-Line Company is to be credited into the Fund.

Clause 4 (5)   States that, when the money in the Fund is not to be used for the purpose of
               assisting with the purchase of vessels, money in the Fund is to be invested by
               Tasmanian Public Finance Corporation in accordance with the Tasmanian Public
               Finance Corporation Act 1985.

Clause 4 (6)   Restricts the use of the money in the Fund whereby it can only be put toward
               the funding of replacement vessels for the TT-Line, subject to the approval of
               the Treasurer in consultation with the Portfolio Minister.

Clause 5 (1)   Allows that the Treasurer, in consultation with the Portfolio Minister, may seek
               Parliament’s approval to transfer any money out of the account if it is deemed
               not required for the purpose specified in section 4(6).

Clause 5 (2)   Defines the conditions by which the proposal to transfer money is taken to
               have been approved by a House of Parliament.

Clause 6       Assigns administration of the Act to the Treasurer, and responsibility in relation
               to the Act to the Department of Treasury and Finance, until a provision for the
               Act is made under section 4 of the Administrative Arrangements Act 1990.

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