Commonwealth Consolidated Acts

FINANCIAL MANAGEMENT AND ACCOUNTABILITY ACT 1997 - SECT 62A

             (1)  The Treasurer may, by signed instrument, delegate to any of the following officials of the Department of the Treasury any of the Treasurer's powers or functions under this Act:

                     (a)  an official who is an SES employee;

                     (b)  an official who is an APS employee who holds or performs the duties of an Executive Level 2, or equivalent, position;

                     (c)  an official who occupies an office or position at an equivalent level to that of an SES employee, or an Executive Level 2.

             (2)  The Treasurer may, by signed instrument, give directions in relation to either or both of the following:

                     (a)  the class or classes of authorised investment in which public money may be invested;

                     (b)  matters of risk and return.

             (3)  The Treasurer must not give a direction under subsection (2) that has the purpose, or has or is likely to have the effect, of directly or indirectly requiring a delegate or delegates to allocate financial assets to a particular company, partnership, trust, body politic or business.

             (4)  If, at any time, a delegation is in force under subsection (1), there must be at least one direction in force under subsection (2).

             (5)  In exercising powers or functions under a delegation, a delegate must comply with:

                     (a)  a direction in force under subsection (2); and

                     (b)  any other direction given, by signed instrument, to the delegate by the Treasurer.

             (6)  The Treasurer must table a direction given under subsection (2) or paragraph (5)(b) in each House of the Parliament no later than 15 sitting days of that House after it is given.

             (7)  In this section:

"authorised investment" has the same meaning as in paragraph (b) of the definition of authorised investment in subsection 39(10).