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This is a Bill, not an Act. For current law, see the Acts databases.
Queensland
Future Growth Fund Bill 2006
Queensland
Future Growth Fund Bill 2006
Contents
Page
Part 1 Preliminary
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2 Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Part 2 Queensland future growth fund
3 Establishment of Queensland future growth fund. . . . . . . . . . . . . 4
4 Objects of fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
5 Administration of fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Part 3 Queensland Future Growth Corporation
Division 1 Establishment and capacity of corporation
6 Establishment of Queensland Future Growth Corporation. . . . . . 6
7 Corporation represents the State . . . . . . . . . . . . . . . . . . . . . . . . . 6
8 Legal capacity of corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
9 Corporation declared to be excluded matter . . . . . . . . . . . . . . . . 7
10 Corporation's seal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Division 2 Function of corporation
11 Corporation's function. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Division 3 Financial matters
12 Corporation is statutory body . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Division 4 Directions and delegations
13 Treasurer's power to give directions . . . . . . . . . . . . . . . . . . . . . . . 8
14 Delegation by corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Division 5 Miscellaneous
15 Advisory committees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
16 Application of Crime and Misconduct Act 2001 . . . . . . . . . . . . . . 9
2006
A Bill
for
An Act to provide for the establishment of the Queensland
future growth fund, and the establishment of the Queensland
Future Growth Corporation to administer the fund, and for
other purposes
s1 4 s4
Future Growth Fund Bill 2006
The Parliament of Queensland enacts-- 1
Part 1 Preliminary 2
1 Short title 3
This Act may be cited as the Future Growth Fund Act 2006. 4
2 Definitions 5
In this Act-- 6
corporation means the corporation established under section 7
6 under the name Queensland Future Growth Corporation. 8
fund means the Queensland future growth fund established 9
under section 3. 10
objects, of the fund, means the objects stated in section 4(1). 11
under-Treasurer means the chief executive of the department 12
in which this Act is administered. 13
Part 2 Queensland future growth fund 14
3 Establishment of Queensland future growth fund 15
The Queensland future growth fund is established. 16
4 Objects of fund 17
(1) The objects of the fund are to provide funding-- 18
(a) for initiatives or infrastructure benefiting Queensland; 19
and 20
21
Examples of initiatives or infrastructure--
22
· developing new technologies for mitigating climate change,
23
such as clean coal technology
s5 5 s5
Future Growth Fund Bill 2006
1
· infrastructure relating to water, energy supply, railways and
2
ports
(b) with the approval of the Treasurer, for things benefiting 3
Queensland other than initiatives or infrastructure. 4
(2) Without limiting subsection (1), initiatives, infrastructure or 5
other things benefiting Queensland include initiatives, 6
infrastructure or other things-- 7
(a) benefiting the sustainability and prosperity of 8
Queensland's economy; or 9
(b) benefiting a part of Queensland. 10
5 Administration of fund 11
(1) Proceeds related to the disposal of a State asset may be paid to 12
the fund from the consolidated fund without further 13
appropriation. 14
(2) Subject to any necessary appropriation, other moneys of the 15
State may also be paid into the fund by the State. 16
(3) The corporation, and no-one else, may make payments from 17
the fund. 18
(4) A payment from the fund must be for 1 or more of the 19
following-- 20
(a) providing funding, at the corporation's discretion or as 21
directed by the Treasurer under section 13, that is 22
consistent with the objects of the fund; 23
(b) paying fees or expenses related to administering the 24
fund; 25
(c) investing money from the fund under the Statutory 26
Bodies Financial Arrangements Act 1982. 27
s6 6 s8
Future Growth Fund Bill 2006
Part 3 Queensland Future Growth 1
Corporation 2
Division 1 Establishment and capacity of 3
corporation 4
6 Establishment of Queensland Future Growth Corporation 5
(1) A corporation sole constituted by the under-Treasurer is 6
established under the name Queensland Future Growth 7
Corporation. 8
(2) The corporation as established under that name-- 9
(a) has perpetual succession and a seal; and 10
(b) may sue and be sued in its corporate name. 11
7 Corporation represents the State 12
(1) The corporation represents the State. 13
(2) Without limiting subsection (1), the corporation has the status, 14
privileges and immunities of the State. 15
8 Legal capacity of corporation 16
(1) The corporation has all the powers of an individual and may, 17
for example-- 18
(a) enter into contracts; and 19
(b) acquire, hold, dispose of, and deal with, property; and 20
(c) appoint agents and attorneys; and 21
(d) engage consultants; and 22
(e) fix charges, and other terms, for services it supplies; and 23
(f) do anything necessary or convenient to be done in the 24
performance of its functions under this or another Act. 25
(2) The corporation also has the powers conferred on it by this or 26
another Act. 27
s9 7 s 11
Future Growth Fund Bill 2006
(3) The corporation may exercise its powers inside and outside 1
Queensland. 2
(4) Without limiting subsection (3), the corporation may exercise 3
its powers outside Australia. 4
9 Corporation declared to be excluded matter 5
The corporation is declared to be an excluded matter for the 6
Corporations Act, section 5F,1 in relation to the whole of the 7
Corporations legislation. 8
10 Corporation's seal 9
(1) The corporation's seal is to be kept in the custody of the 10
under-Treasurer. 11
(2) The seal may only be used by-- 12
(a) the under-Treasurer; or 13
(b) another person authorised, in writing, by the 14
under-Treasurer. 15
Division 2 Function of corporation 16
11 Corporation's function 17
The function of the corporation is to administer the fund, 18
including-- 19
(a) providing funding, at the corporation's discretion or as 20
directed by the Treasurer under section 13, that is 21
consistent with the objects of the fund; and 22
(b) investing money from the fund, at the corporation's 23
discretion or as directed by the Treasurer under section 24
13, under the Statutory Bodies Financial Arrangements 25
Act 1982. 26
1 Corporations Act, section 5F (Corporations legislation does not apply to matters
declared by State or Territory law to be an excluded matter)
s 12 8 s 14
Future Growth Fund Bill 2006
Division 3 Financial matters 1
12 Corporation is statutory body 2
(1) The corporation is a statutory body under-- 3
(a) the Financial Administration and Audit Act 1977; and 4
(b) the Statutory Bodies Financial Arrangements Act 1982. 5
(2) The Statutory Bodies Financial Arrangements Act 1982, part 6
2B sets out the way in which the corporation's powers under 7
this Act are affected by the Statutory Bodies Financial 8
Arrangements Act 1982, including, for example, section 8(3) 9
and (4) of this Act. 10
Division 4 Directions and delegations 11
13 Treasurer's power to give directions 12
(1) The Treasurer may give the corporation a written direction 13
about-- 14
(a) providing funding from the fund; or 15
(b) investing money from the fund under the Statutory 16
Bodies Financial Arrangements Act 1982. 17
(2) The corporation must comply with the direction. 18
(3) If the Treasurer gives the corporation a direction under 19
subsection (1), the corporation's annual report under the 20
Financial Administration and Audit Act 1977 must include-- 21
(a) particulars of the direction; and 22
(b) particulars of the corporation's response to the direction. 23
14 Delegation by corporation 24
(1) The corporation may delegate its functions under this Act to 25
an appropriately qualified public service employee of the 26
department. 27
(2) In this section-- 28
s 15 9 s 16
Future Growth Fund Bill 2006
appropriately qualified includes having qualifications, 1
experience or standing appropriate to perform the function. 2
3
Example of standing for a public service employee of the department--
4
the employee's classification level in the department
functions includes powers. 5
Division 5 Miscellaneous 6
15 Advisory committees 7
(1) The corporation may establish advisory committees to help it 8
perform its function. 9
(2) Appointments to an advisory committee must be made by the 10
Treasurer. 11
(3) The Treasurer may appoint any person who has skills or 12
experience appropriate to the advisory committee's terms of 13
reference or functions. 14
(4) An advisory committee member is not entitled to 15
remuneration. 16
(5) An advisory committee may decide its own procedures. 17
16 Application of Crime and Misconduct Act 2001 18
The corporation is a unit of public administration under the 19
Crime and Misconduct Act 2001. 20
21
© State of Queensland 2006
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