Commonwealth Consolidated Acts

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NATION-BUILDING FUNDS ACT 2008 - SECT 33

Building Australia Fund to inherit investments of the Communications Fund

Scope

             (1)  This section applies to a financial asset if:

                     (a)  immediately before the commencement of this section, the financial asset was an investment of the Communications Fund; and

                     (b)  the financial asset is held by the Commonwealth; and

                     (c)  the financial asset has been continuously held by the Commonwealth since the commencement of this section.

Note:          The Communications Fund was established by repealed section 158ZG of the Telecommunications (Consumer Protection and Service Standards) Act 1999 .

Investment of the Building Australia Fund

             (2)  The financial asset is taken to be an investment of the Building Australia Fund.

Rights and powers

             (3)  The Future Fund Board may, on behalf of the Commonwealth, exercise any rights or powers conferred on the Commonwealth in the Commonwealth's capacity as the holder of the financial asset.

             (4)  Such a right or power is taken to be a Building Australia Fund investment function of the Future Fund Board.



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