MEDICAL RESEARCH FUTURE FUND ACT 2015
Table of Provisions
PART 1--PRELIMINARY
- 1 Short title
- 2 Commencement
- 3 Object
- 4 Simplified outline of this Act
- 5 Definitions
- 6 Crown to be bound
- 7 Extension to external Territories
- 8 Extra - territorial application
- 9 Alternative constitutional basis
PART 2--MEDICAL--RESEARCH FUTURE FUND
Division 1--Introduction
- 10 Simplified outline of this Part
Division 2--Establishment of the Medical Research Future Fund and the Medical Research Future Fund Special Account
- 11 Establishment of the Medical Research Future Fund
- 12 Determination of amount of Medical Research Future Fund
- 13 Allocation of investments to the Medical Research Future Fund from the Health and Hospitals Fund
- 14 Establishment of the Medical Research Future Fund Special Account
Division 3--Credits of amounts to the Medical Research Future Fund Special Account
- 15 Credits of amounts
Division 4--Debits of amounts from the Medical Research Future Fund
Subdivision A--Rules relating to debits from the Medical Research Future Fund Special Account- 15A Health Minister may require the Finance Minister to debit amounts
- 16 Limitation on total annual debits from the Medical Research Future Fund Special Account Subdivision B--Purposes
- 17 Purposes of the Medical Research Future Fund Special Account--main purposes
- 18 Purposes of the Medical Research Future Fund Special Account--purposes related exclusively to the investments etc. of the Medical Research Future Fund
- 19 Purposes of the Medical Research Future Fund Special Account--purposes not related exclusively to the Medical Research Future Fund Subdivision C--Channelling State/Territory grants through COAG Reform Fund
- 20 Channelling State/Territory grants through the COAG Reform Fund
- 21 Debits from the COAG Reform Fund
- 22 Terms and conditions of grant to a State or Territory Subdivision D--Channelling grants through the MRFF Health Special Account
- 23 Establishment of the MRFF Health Special Account
- 24 Purpose of the MRFF Health Special Account
- 25 Channelling grants through the MRFF Health Special Account
- 26 Debits from the MRFF Health Special Account
- 27 Terms and conditions of grant to a person other than a State Subdivision E--Making payments directly to corporate Commonwealth entities
- 29 Making payments directly to corporate Commonwealth entities
- 30 Terms and conditions of grants to corporate Commonwealth entities Subdivision F--Obligation to ensure sufficient money
- 31 Future Fund Board must ensure that there is sufficient money in the Medical Research Future Fund Special Account to cover authorised debits etc.
Division 5--Inter-fund transfers
- 32 Transfers from the Medical Research Future Fund to the Future Fund
PART 2A--AUSTRALIAN--MEDICAL RESEARCH ADVISORY BOARD
Division 1--Simplified outline of this Part
- 32A Simplified outline of this Part
Division 2--Establishment of Australian Medical Research Advisory Board and functions
- 32B Australian Medical Research Advisory Board
- 32C Functions of the Advisory Board
Division 3--The Australian Medical Research and Innovation Strategy and Australian Medical Research and Innovation Priorities
- 32D The Australian Medical Research and Innovation Strategy
- 32E The Australian Medical Research and Innovation Priorities
- 32EA Consultation process before determining an Australian Medical Research and Innovation Strategy or Australian Medical Research and Innovation Priorities
Division 4--Advisory Board members
- 32F Membership of the Advisory Board
- 32G Appointment of members
- 32H Remuneration and allowances
- 32J Leave of absence
- 32K Disclosure of interests
- 32L Other terms and conditions
- 32M Resignation
- 32N Termination
PART 3--MAXIMUM--ANNUAL DISTRIBUTIONS
Division 1--Introduction
- 33 Simplified outline of this Part
Division 2--Maximum annual distributions
PART 4--INVESTMENT--OF THE MEDICAL RESEARCH FUTURE FUND
- 35 Simplified outline of this Part
- 36 Objects of investment of the Medical Research Future Fund
- 37 Investment of the Medical Research Future Fund
- 38 Management of investments of the Medical Research Future Fund
- 39 Medical Research Future Fund Investment Mandate
- 40 Obligation on Future Fund Board in performing investment functions
- 41 Limitation on Medical Research Future Fund Investment Mandate
- 42 Future Fund Board to be consulted on Medical Research Future Fund Investment Mandate
- 43 Compliance with Medical Research Future Fund Investment Mandate
- 44 Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001
- 45 Borrowing
- 46 Medical Research Future Fund investment policies
- 47 Derivatives
- 48 Additional financial assets
- 49 Securities lending arrangements
- 50 Investment managers
- 51 Refund of franking credits
- 52 Realisation of non - financial assets
- 53 Additional function of the Future Fund Board
PART 5--REPORTING--OBLIGATIONS ETC.
- 54 Simplified outline of this Part
- 55 Finance Minister may require Future Fund Board to prepare reports or give information
- 56 Keeping the responsible Ministers informed etc.
- 57 Finance Minister may give reports to other Ministers etc.
- 57A Health Minister to report to Parliament on financial assistance
- 58 Health Minister must publish information
PART 6--MISCELLANEOUS
- 59 Simplified outline of this Part
- 60 Delegation by the Finance Minister
- 61 Delegation by the Treasurer
- 61A Delegation by the Health Minister
- 62 Review of operation of Act
- 63 Rules