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This is a Bill, not an Act. For current law, see the Acts databases.
GOVERNMENT INVESTMENT FUNDS AMENDMENT (ETHICAL INVESTMENTS) BILL 2011
2010-2011
The Parliament of the
Commonwealth of Australia
THE SENATE
Presented and read a first time
Government Investment Funds
Amendment (Ethical Investments) Bill
2011
No. , 2011
(Senators Di Natale and Ludlam)
A Bill for an Act to amend the Future Fund Act
2006 and the Nation-building Funds Act 2008, and
for related purposes
i Government Investment Funds Amendment (Ethical Investments) Bill 2011 No. , 2011
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3 Schedule(s)
........................................................................................
2
Schedule 1--Amendments
3
Future Fund Act 2006
3
Nation-building Funds Act 2008
6
Government Investment Funds Amendment (Ethical Investments) Bill 2011 No. , 2011 1
A Bill for an Act to amend the Future Fund Act
1
2006 and the Nation-building Funds Act 2008, and
2
for related purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Government Investment Funds
6
Amendment (Ethical Investments) Act 2011.
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
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
13
2 Government Investment Funds Amendment (Ethical Investments) Bill 2011 No. ,
2011
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
A single day to be fixed by Proclamation.
However, if any of 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.
Note:
This table relates only to the provisions of this Act as originally
1
passed by both Houses of the Parliament and assented to. It will not be
2
expanded to deal with provisions inserted in this Act after assent.
3
(2) Column 3 of the table contains additional information that is not
4
part of this Act. Information in this column may be added to or
5
edited in any published version of this Act.
6
3 Schedule(s)
7
Each Act that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
12
Amendments Schedule 1
Government Investment Funds Amendment (Ethical Investments) Bill 2011 No. , 2011
3
Schedule 1--Amendments
1
2
Future Fund Act 2006
3
1 Section 4
4
After "Investment Mandate", insert "and by the Future Fund Ethical
5
Investment Guidelines".
6
2 Section 5
7
Insert:
8
Future Fund Ethical Investment Guidelines has the meaning
9
given by subsection 20A(1).
10
3 Section 5
11
Insert:
12
prohibited financial asset means a financial asset of a kind that is
13
specified as a prohibited financial asset in the Future Fund Ethical
14
Investment Guidelines.
15
4 Section 14
16
After "Investment Mandate", insert "and by the Future Fund Ethical
17
Investment Guidelines".
18
5 At the end of subsection 16(1)
19
Add ", other than a prohibited financial asset".
20
6 After paragraph 18(11)(b)
21
Insert:
22
(ba) the Future Fund Ethical Investment Guidelines; and
23
7 After section 20
24
Insert:
25
Schedule 1 Amendments
4 Government Investment Funds Amendment (Ethical Investments) Bill 2011 No. ,
2011
20A Future Fund Ethical Investment Guidelines
1
(1) The responsible Ministers must, by legislative instrument, make
2
Future Fund Ethical Investment Guidelines.
3
(2) The Future Fund Ethical Investment Guidelines:
4
(a) must specify financial assets, or financial assets of a kind,
5
that are prohibited financial assets; and
6
(b) may make provision for or in relation to socially responsible
7
ethical investment practices, including (but not limited to)
8
environmental concerns, human rights concerns, labour
9
practices and the manufacture of weapons of war.
10
(3) Without limiting paragraph (2)(a), the Future Fund Ethical
11
Investment Guidelines must specify the following kinds of
12
financial assets as prohibited financial assets:
13
(a) an interest in a body corporate that manufactures tobacco
14
products;
15
(b) an interest in a body corporate that produces components for
16
cluster munitions;
17
(c) an interest in a body corporate that produces, maintains or
18
simulates nuclear weapons.
19
20B Board to be consulted on Future Fund Ethical Investment
20
Guidelines
21
(1) Before making or varying the Future Fund Ethical Investment
22
Guidelines, the responsible Ministers must:
23
(a) send a draft of the Guidelines or variation to the Board; and
24
(b) invite the Board to make a submission to the responsible
25
Ministers on the draft within a time limit specified by the
26
responsible Ministers; and
27
(c) consider any submission that is received from the Board
28
within that time limit.
29
(2)
If:
30
(a) the responsible Ministers give the Board a draft under
31
paragraph (1)(a); and
32
(b) the Board makes a submission to the responsible Ministers
33
within the specified time limit;
34
Amendments Schedule 1
Government Investment Funds Amendment (Ethical Investments) Bill 2011 No. , 2011
5
the submission is to be tabled in each House of the Parliament with
1
the legislative instrument.
2
(3) A timeline specified under this section must be reasonable.
3
20C Compliance with Future Fund Ethical Investment Guidelines
4
(1) The Board must take all reasonable steps to comply with the Future
5
Fund Ethical Investment Guidelines.
6
(2) As soon as practicable after the Board becomes aware that it has
7
failed to comply with the Future Fund Ethical Investment
8
Guidelines, the Board must give the responsible Ministers a written
9
statement:
10
(a) informing the responsible Ministers of the failure to comply
11
with the Future Fund Ethical Investment Guidelines; and
12
(b) setting out the action that the Board proposes to take in order
13
to comply with the Future Fund Ethical Investment
14
Guidelines.
15
(3) If the responsible Ministers are satisfied that the Board has failed
16
to comply with the Future Fund Ethical Investment Guidelines, the
17
responsible Ministers may, by written notice given to the Board,
18
direct the Board:
19
(a) to give the responsible Ministers, within a period specified in
20
the notice, a written explanation for the failure to comply
21
with the Future Fund Ethical Investment Guidelines; and
22
(b) to take action specified in the notice, within a period
23
specified in the notice, in order to comply with the Future
24
Fund Ethical Investment Guidelines.
25
(4) The Board must comply with a direction under subsection (3).
26
(5) A failure to comply with:
27
(a) the Future Fund Ethical Investment Guidelines; or
28
(b) a direction under subsection (3);
29
does not affect the validity of any transaction.
30
(6) A direction under subsection (3) is not a legislative instrument for
31
the purposes of the Legislative Instruments Act 2003.
32
Schedule 1 Amendments
6 Government Investment Funds Amendment (Ethical Investments) Bill 2011 No. ,
2011
8 At the end of subsection 24(2)
1
Add "and the Future Fund Ethical Investment Guidelines".
2
9 Subsection 24(6)
3
After "Mandate", insert "or the Future Fund Ethical Investment
4
Guidelines".
5
10 After subclause 7(1) of Schedule 1
6
Insert:
7
(1A) The nominated Minister must not authorise the acceptance of a gift
8
that is a prohibited financial asset.
9
Nation-building Funds Act 2008
10
11 Section 4
11
Insert:
12
Building Australia Fund Ethical Investment Guidelines has the
13
meaning given by subsection 38A(1).
14
12 Section 4
15
Insert:
16
Education Investment Fund Ethical Investment Guidelines has
17
the meaning given by subsection 157A(1).
18
13 Section 4
19
Insert:
20
Health and Hospitals Fund Ethical Investment Guidelines has
21
the meaning given by subsection 232A(1).
22
14 Section 4
23
Insert:
24
prohibited Building Australia Fund financial asset means a
25
financial asset of a kind that is specified as a prohibited Building
26
Amendments Schedule 1
Government Investment Funds Amendment (Ethical Investments) Bill 2011 No. , 2011
7
Australia Fund financial asset in the Building Australia Fund
1
Ethical Investment Guidelines.
2
15 Section 4
3
Insert:
4
prohibited Education Investment Fund financial asset means a
5
financial asset of a kind that is specified as a prohibited Education
6
Investment Fund financial asset in the Education Investment Fund
7
Ethical Investment Guidelines.
8
16 Section 4
9
Insert:
10
prohibited Health and Hospitals Fund financial asset means a
11
financial asset of a kind that is specified as a prohibited Health and
12
Hospitals Fund financial asset in the Health and Hospitals Fund
13
Ethical Investment Guidelines.
14
17 Section 10
15
After "Investment Mandate", insert "and by the Building Australia Fund
16
Ethical Investment Guidelines".
17
18 Section 30
18
After "Investment Mandate", insert "and by the Building Australia Fund
19
Ethical Investment Guidelines".
20
19 At the end of subsection 32(1)
21
Add ", other than a prohibited Building Australia Fund financial asset".
22
20 Paragraph 35(13)(b)
23
Omit ".", substitute "; and".
24
21 At the end of subsection 35(13)
25
Add:
26
(c) the Building Australia Fund Ethical Investment Guidelines.
27
22 After section 38
28
Insert:
29
Schedule 1 Amendments
8 Government Investment Funds Amendment (Ethical Investments) Bill 2011 No. ,
2011
38A Building Australia Fund Ethical Investment Guidelines
1
(1) The responsible Ministers must, by legislative instrument, make
2
Building Australia Fund Ethical Investment Guidelines.
3
(2) The Building Australia Fund Ethical Investment Guidelines:
4
(a) must specify financial assets, or financial assets of a kind,
5
that are prohibited Building Australia Fund financial assets;
6
and
7
(b) may make provision for or in relation to socially responsible
8
ethical investment practices, including (but not limited to)
9
environmental concerns, human rights concerns, labour
10
practices and the manufacture of weapons of war.
11
(3) Without limiting paragraph (2)(a), the Building Australia Fund
12
Ethical Investment Guidelines must specify the following kinds of
13
financial assets as prohibited Building Australia Fund financial
14
assets:
15
(a) an interest in a body corporate that manufactures tobacco
16
products;
17
(b) an interest in a body corporate that produces components for
18
cluster munitions;
19
(c) an interest in a body corporate that produces, maintains or
20
simulates nuclear weapons.
21
38B Future Fund Board to be consulted on Building Australia Fund
22
Ethical Investment Guidelines
23
(1) Before making or varying the Building Australia Fund Ethical
24
Investment Guidelines, the responsible Ministers must:
25
(a) send a draft of the Guidelines or variation to the Future Fund
26
Board; and
27
(b) invite the Future Fund Board to make a submission to the
28
responsible Ministers on the draft within a time limit
29
specified by the responsible Ministers; and
30
(c) consider any submission that is received from the Future
31
Fund Board within that time limit.
32
(2)
If:
33
Amendments Schedule 1
Government Investment Funds Amendment (Ethical Investments) Bill 2011 No. , 2011
9
(a) the responsible Ministers give the Future Fund Board a draft
1
under paragraph (1)(a); and
2
(b) the Future Fund Board makes a submission to the responsible
3
Ministers within the specified time limit;
4
the submission is to be tabled in each House of the Parliament with
5
the legislative instrument.
6
(3) A timeline specified under this section must be reasonable.
7
38C Compliance with Building Australia Fund Ethical Investment
8
Guidelines
9
(1) The Future Fund Board must take all reasonable steps to comply
10
with the Building Australia Fund Ethical Investment Guidelines.
11
(2) As soon as practicable after the Future Fund Board becomes aware
12
that it has failed to comply with the Building Australia Fund
13
Ethical Investment Guidelines, the Future Fund Board must give
14
the responsible Ministers a written statement:
15
(a) informing the responsible Ministers of the failure to comply
16
with the Building Australia Fund Ethical Investment
17
Guidelines; and
18
(b) setting out the action that the Future Fund Board proposes to
19
take in order to comply with the Building Australia Fund
20
Ethical Investment Guidelines.
21
(3) If the responsible Ministers are satisfied that the Future Fund
22
Board has failed to comply with the Building Australia Fund
23
Ethical Investment Guidelines, the responsible Ministers may, by
24
written notice given to the Future Fund Board, direct the Future
25
Fund Board:
26
(a) to give the responsible Ministers, within a period specified in
27
the notice, a written explanation for the failure to comply
28
with the Building Australia Fund Ethical Investment
29
Guidelines; and
30
(b) to take action specified in the notice, within a period
31
specified in the notice, in order to comply with the Building
32
Australia Fund Ethical Investment Guidelines.
33
(4) The Future Fund Board must comply with a direction under
34
subsection (3).
35
Schedule 1 Amendments
10 Government Investment Funds Amendment (Ethical Investments) Bill 2011 No. ,
2011
(5) A failure to comply with:
1
(a) the Building Australia Fund Ethical Investment Guidelines;
2
or
3
(b) a direction under subsection (3);
4
does not affect the validity of any transaction.
5
(6) A direction under subsection (3) is not a legislative instrument for
6
the purposes of the Legislative Instruments Act 2003.
7
23 At the end of subsection 41(2)
8
Add "and the Building Australia Fund Ethical Investment Guidelines".
9
24 Subsection 41(6)
10
After "Mandate", insert "or the Building Australia Fund Ethical
11
Investment Guidelines".
12
25 Section 129
13
After "Investment Mandate", insert "and by the Education Investment
14
Fund Ethical Investment Guidelines".
15
26 Section 149
16
After "Investment Mandate", insert "and by the Education Investment
17
Fund Ethical Investment Guidelines".
18
27 At the end of subsection 151(1)
19
Add ", other than a prohibited Education Investment Fund financial
20
asset".
21
28 Paragraph 154(13)(b)
22
Omit ".", substitute "; and".
23
29 At the end of subsection 154(13)
24
Add:
25
(c) the Education Investment Fund Ethical Investment
26
Guidelines.
27
30 After section 157
28
Insert:
29
Amendments Schedule 1
Government Investment Funds Amendment (Ethical Investments) Bill 2011 No. , 2011
11
157A Education Investment Fund Ethical Investment Guidelines
1
(1) The responsible Ministers must, by legislative instrument, make
2
Education Investment Fund Ethical Investment Guidelines.
3
(2) The Education Investment Fund Ethical Investment Guidelines:
4
(a) must specify financial assets, or financial assets of a kind,
5
that are prohibited Education Investment Fund financial
6
assets; and
7
(b) may make provision for or in relation to socially responsible
8
ethical investment practices, including (but not limited to)
9
environmental concerns, human rights concerns, labour
10
practices and the manufacture of weapons of war.
11
(3) Without limiting paragraph (2)(a), the Education Investment Fund
12
Ethical Investment Guidelines must specify the following kinds of
13
financial assets as prohibited Education Investment Fund financial
14
assets:
15
(a) an interest in a body corporate that manufactures tobacco
16
products;
17
(b) an interest in a body corporate that produces components for
18
cluster munitions;
19
(c) an interest in a body corporate that produces, maintains or
20
simulates nuclear weapons.
21
157B Future Fund Board to be consulted on Education Investment
22
Fund Ethical Investment Guidelines
23
(1) Before making or varying the Education Investment Fund Ethical
24
Investment Guidelines, the responsible Ministers must:
25
(a) send a draft of the Guidelines or variation to the Future Fund
26
Board; and
27
(b) invite the Future Fund Board to make a submission to the
28
responsible Ministers on the draft within a time limit
29
specified by the responsible Ministers; and
30
(c) consider any submission that is received from the Future
31
Fund Board within that time limit.
32
(2)
If:
33
Schedule 1 Amendments
12 Government Investment Funds Amendment (Ethical Investments) Bill 2011 No. ,
2011
(a) the responsible Ministers give the Future Fund Board a draft
1
under paragraph (1)(a); and
2
(b) the Future Fund Board makes a submission to the responsible
3
Ministers within the specified time limit;
4
the submission is to be tabled in each House of the Parliament with
5
the legislative instrument.
6
(3) A timeline specified under this section must be reasonable.
7
157C Compliance with Education Investment Fund Ethical
8
Investment Guidelines
9
(1) The Future Fund Board must take all reasonable steps to comply
10
with the Education Investment Fund Ethical Investment
11
Guidelines.
12
(2) As soon as practicable after the Future Fund Board becomes aware
13
that it has failed to comply with the Education Investment Fund
14
Ethical Investment Guidelines, the Future Fund Board must give
15
the responsible Ministers a written statement:
16
(a) informing the responsible Ministers of the failure to comply
17
with the Education Investment Fund Ethical Investment
18
Guidelines; and
19
(b) setting out the action that the Future Fund Board proposes to
20
take in order to comply with the Education Investment Fund
21
Ethical Investment Guidelines.
22
(3) If the responsible Ministers are satisfied that the Future Fund
23
Board has failed to comply with the Education Investment Fund
24
Ethical Investment Guidelines, the responsible Ministers may, by
25
written notice given to the Future Fund Board, direct the Future
26
Fund Board:
27
(a) to give the responsible Ministers, within a period specified in
28
the notice, a written explanation for the failure to comply
29
with the Education Investment Fund Ethical Investment
30
Guidelines; and
31
(b) to take action specified in the notice, within a period
32
specified in the notice, in order to comply with the Education
33
Investment Fund Ethical Investment Guidelines.
34
Amendments Schedule 1
Government Investment Funds Amendment (Ethical Investments) Bill 2011 No. , 2011
13
(4) The Future Fund Board must comply with a direction under
1
subsection (3).
2
(5) A failure to comply with:
3
(a) the Education Investment Fund Ethical Investment
4
Guidelines; or
5
(b) a direction under subsection (3);
6
does not affect the validity of any transaction.
7
(6) A direction under subsection (3) is not a legislative instrument for
8
the purposes of the Legislative Instruments Act 2003.
9
31 At the end of subsection 160(2)
10
Add "and the Education Investment Fund Ethical Investment
11
Guidelines".
12
32 Subsection 160(6)
13
After "Mandate", insert "or the Education Investment Fund Ethical
14
Investment Guidelines".
15
33 Section 212
16
After "Investment Mandate", insert "and by the Health and Hospitals
17
Fund Ethical Investment Guidelines".
18
34 Section 225
19
After "Investment Mandate", insert "and by the Health and Hospitals
20
Fund Ethical Investment Guidelines".
21
35 At the end of subsection 227(1)
22
Add ", other than a prohibited Health and Hospitals Fund financial
23
asset".
24
36 Paragraph 229(13)(b)
25
Omit ".", substitute "; and".
26
37 At the end of subsection 229(13)
27
Add:
28
(c) the Health and Hospitals Fund Ethical Investment
29
Guidelines.
30
Schedule 1 Amendments
14 Government Investment Funds Amendment (Ethical Investments) Bill 2011 No. ,
2011
38 After section 232
1
Insert:
2
232A Health and Hospitals Fund Ethical Investment Guidelines
3
(1) The responsible Ministers must, by legislative instrument, make
4
Health and Hospitals Fund Ethical Investment Guidelines.
5
(2) The Health and Hospitals Fund Ethical Investment Guidelines:
6
(a) must specify financial assets, or financial assets of a kind,
7
that are prohibited Health and Hospitals Fund financial
8
assets; and
9
(b) may make provision for or in relation to socially responsible
10
ethical investment practices, including (but not limited to)
11
environmental concerns, human rights concerns, labour
12
practices and the manufacture of weapons of war.
13
(3) Without limiting paragraph (2)(a), the Health and Hospitals Fund
14
Ethical Investment Guidelines must specify the following kinds of
15
financial assets as prohibited Health and Hospitals Fund financial
16
assets:
17
(a) an interest in a body corporate that manufactures tobacco
18
products;
19
(b) an interest in a body corporate that produces components for
20
cluster munitions;
21
(c) an interest in a body corporate that produces, maintains or
22
simulates nuclear weapons.
23
232B Future Fund Board to be consulted on Health and Hospitals
24
Fund Ethical Investment Guidelines
25
(1) Before making or varying the Health and Hospitals Fund Ethical
26
Investment Guidelines, the responsible Ministers must:
27
(a) send a draft of the Guidelines or variation to the Future Fund
28
Board; and
29
(b) invite the Future Fund Board to make a submission to the
30
responsible Ministers on the draft within a time limit
31
specified by the responsible Ministers; and
32
Amendments Schedule 1
Government Investment Funds Amendment (Ethical Investments) Bill 2011 No. , 2011
15
(c) consider any submission that is received from the Future
1
Fund Board within that time limit.
2
(2)
If:
3
(a) the responsible Ministers give the Future Fund Board a draft
4
under paragraph (1)(a); and
5
(b) the Future Fund Board makes a submission to the responsible
6
Ministers within the specified time limit;
7
the submission is to be tabled in each House of the Parliament with
8
the legislative instrument.
9
(3) A timeline specified under this section must be reasonable.
10
232C Compliance with Health and Hospitals Fund Ethical
11
Investment Guidelines
12
(1) The Future Fund Board must take all reasonable steps to comply
13
with the Health and Hospitals Fund Ethical Investment Guidelines.
14
(2) As soon as practicable after the Future Fund Board becomes aware
15
that it has failed to comply with the Health and Hospitals Fund
16
Ethical Investment Guidelines, the Future Fund Board must give
17
the responsible Ministers a written statement:
18
(a) informing the responsible Ministers of the failure to comply
19
with the Health and Hospitals Fund Ethical Investment
20
Guidelines; and
21
(b) setting out the action that the Future Fund Board proposes to
22
take in order to comply with the Health and Hospitals Fund
23
Ethical Investment Guidelines.
24
(3) If the responsible Ministers are satisfied that the Future Fund
25
Board has failed to comply with the Health and Hospitals Fund
26
Ethical Investment Guidelines, the responsible Ministers may, by
27
written notice given to the Future Fund Board, direct the Future
28
Fund Board:
29
(a) to give the responsible Ministers, within a period specified in
30
the notice, a written explanation for the failure to comply
31
with the Health and Hospitals Fund Ethical Investment
32
Guidelines; and
33
Schedule 1 Amendments
16 Government Investment Funds Amendment (Ethical Investments) Bill 2011 No. ,
2011
(b) to take action specified in the notice, within a period
1
specified in the notice, in order to comply with the Health
2
and Hospitals Fund Ethical Investment Guidelines.
3
(4) The Future Fund Board must comply with a direction under
4
subsection (3).
5
(5) A failure to comply with:
6
(a) the Health and Hospitals Fund Ethical Investment
7
Guidelines; or
8
(b) a direction under subsection (3);
9
does not affect the validity of any transaction.
10
(6) A direction under subsection (3) is not a legislative instrument for
11
the purposes of the Legislative Instruments Act 2003.
12
39 At the end of subsection 235(2)
13
Add "and the Health and Hospitals Fund Ethical Investment
14
Guidelines".
15
40 Subsection 235(6)
16
After "Mandate", insert "or the Health and Hospitals Fund Ethical
17
Investment Guidelines".
18
41 Transitional provision--existing investments in prohibited
19
Future Fund financial assets
20
(1)
This item applies if, on the day this Schedule commences, a financial
21
asset held by the Future Fund Board as an investment of the Future
22
Fund is a prohibited financial asset (within the meaning of section 5 of
23
the Future Fund Act 2006, as inserted by this Schedule).
24
(2)
The Future Fund Board must realise the asset within 12 months after the
25
day this Schedule commences.
26
42 Transitional provision--existing investments in prohibited
27
Building Australia Fund financial assets
28
(1)
This item applies if, on the day this Schedule commences, a financial
29
asset held by the Future Fund Board as an investment of the Building
30
Australia Fund is a prohibited Building Australia Fund financial asset
31
Amendments Schedule 1
Government Investment Funds Amendment (Ethical Investments) Bill 2011 No. , 2011
17
(within the meaning of section 4 of the Nation-building Funds Act 2006,
1
as inserted by this Schedule).
2
(2)
The Future Fund Board must realise the asset within 12 months after the
3
day this Schedule commences.
4
43 Transitional provision--existing investments in prohibited
5
Education Investment Fund financial assets
6
(1)
This item applies if, on the day this Schedule commences, a financial
7
asset held by the Future Fund Board as an investment of the Education
8
Investment Fund is a prohibited Education Investment Fund financial
9
asset (within the meaning of section 4 of the Nation-building Funds Act
10
2006, as inserted by this Schedule).
11
(2)
The Future Fund Board must realise the asset within 12 months after the
12
day this Schedule commences.
13
44 Transitional provision--existing investments in prohibited
14
Health and Hospitals Fund financial assets
15
(1)
This item applies if, on the day this Schedule commences, a financial
16
asset held by the Future Fund Board as an investment of the Health and
17
Hospitals Fund is a prohibited Health and Hospitals Fund financial asset
18
(within the meaning of section 4 of the Nation-building Funds Act 2006,
19
as inserted by this Schedule).
20
(2)
The Future Fund Board must realise the asset within 12 months after the
21
day this Schedule commences.
22