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This is a Bill, not an Act. For current law, see the Acts databases.
Queensland
STATUTORY BODIES
FINANCIAL ARRANGEMENTS
AMENDMENT BILL 2002
Queensland
STATUTORY BODIES FINANCIAL
ARRANGEMENTS AMENDMENT
BILL 2002
TABLE OF PROVISIONS
Section Page
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2 Commencement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
3 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4 Amendment of s 9 (Statutory bodies' borrowing powers under pt 5 and
other Acts) ............................................... 4
5 Amendment of s 10 (Statutory bodies' investment powers under pt 6
and other Acts) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
6 Amendment of s 11 (Relationship of pt 7 to other parts of Act and
other Acts) .............................................. 4
7 Insertion of new s 11A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
11A Relationship of pt 7A with other parts of this Act and other Acts . . . 5
8 Amendment of s 31 (General banking powers for day-to-day operations) . . 6
9 Amendment of s 35 (Treasurer's approval before creating
encumbrance etc.) ....................................... 6
10 Amendment of s 44 (Category 1 investment power). . . . . . . . . . . . . . . . . . . 6
11 Amendment of s 45 (Category 2 investment power). . . . . . . . . . . . . . . . . . . 6
12 Amendment of s 49 (Division applies to secured investments) . . . . . . . . . . 7
13 Amendment of pt 7 hdg (Derivative transactions, funds managers and
other financial arrangements) ................................. 7
14 Amendment of s 60 (Management of statutory body's funds by
funds manger) ........................................... 7
15 Replacement of pt 7, div 3 and insertion of new pt 7A . . . . . . . . . . . . . . . . . 7
Division 3--Type 1 financial arrangements
60A Statutory body may enter into a type 1 financial arrangement . . . . . 7
2
Statutory Bodies Financial Arrangements Amendment
Bill 2002
PART 7A--POWER FOR TYPE 2 FINANCIAL ARRANGEMENTS
61 Application of pt 7A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
61A Statutory body may enter into a type 2 financial arrangement
with Treasurer's approval. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
16 Amendment of s 70 (Approval may be general in nature) . . . . . . . . . . . . . . 8
17 Insertion of new pt 11, div 1, hdg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
18 Amendment of s 79 (Interpretation for pt 11) . . . . . . . . . . . . . . . . . . . . . . . . 9
19 Amendment of s 80 (Existing arrangements, existing authorities and
guarantees under other Acts) ................................ 9
20 Amendment of s 85 (No automatic default for existing arrangements) . . . . 9
21 Insertion of new pt 11, div 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Division 2--Transitional provisions for Statutory Bodies Financial
Arrangements Amendment Act 2002
86 Definitions for div 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
87 Approval before commencement for arrangement that is a
type 1 financial arrangement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
88 Approval before commencement for arrangement that is a type 2
financial arrangement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
89 Approval on condition under s 70 before commencement . . . . . . . . 11
22 Amendment of schedule (Dictionary) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
2002
A BILL
FOR
An Act to amend the Statutory Bodies Financial Arrangements Act 1982
s1 4 s6
Statutory Bodies Financial Arrangements Amendment
Bill 2002
The Parliament of Queensland enacts-- 1
1 Short title
Clause 2
This Act may be cited as the Statutory Bodies Financial Arrangements 3
Amendment Act 2002. 4
2 Commencement
Clause 5
This Act commences on a day to be fixed by proclamation. 6
3 Act amended
Clause 7
This Act amends the Statutory Bodies Financial Arrangements Act 1982. 8
4 Amendment of s 9 (Statutory bodies' borrowing powers under
Clause 9
pt 5 and other Acts) 10
Section 9(1), `express'-- 11
omit. 12
5 Amendment of s 10 (Statutory bodies' investment powers under
Clause 13
pt 6 and other Acts) 14
Section 10(1), `express'-- 15
omit. 16
6 Amendment of s 11 (Relationship of pt 7 to other parts of Act and
Clause 17
other Acts) 18
(1) Section 11(1), `A statutory'-- 19
omit, insert-- 20
`Subject to subsection (5), a statutory'. 21
(2) Section 11(4)-- 22
renumber as section 11(7). 23
s7 5 s7
Statutory Bodies Financial Arrangements Amendment
Bill 2002
(3) Section 11(2) and (3)-- 1
omit, insert-- 2
`(2) If there is no express power in the body's authorising Act or another 3
Act to enter into a derivative transaction, the body's power to enter into a 4
derivative transaction is limited to part 7, division 1. 5
`(3) If there is no express power in the body's authorising Act or another 6
Act to appoint a funds manager, the body's power to appoint a funds 7
manager is limited to part 7, division 2. 8
`(4) If there is no express power in the body's authorising Act or another 9
Act to enter into a type 1 financial arrangement, the body's power to enter 10
into the type 1 financial arrangement is limited to part 7, division 3. 11
`(5) Subsections (2) to (4) apply to the body even though its authorising 12
Act or another Act states the body has-- 13
(a) the powers of a body corporate or individual; or 14
(b) the power generally to enter into contracts; or 15
(c) the power to do all things necessary or convenient for, or in 16
connection with, the performance of its functions. 17
`(6) A statutory body's powers under this Act must not be construed as 18
including-- 19
(a) the power to enter into derivative transactions, other than its 20
powers under part 7, division 1; and 21
(b) the power to appoint a funds manager, other than its powers 22
under part 7, division 2; and 23
(c) the power to enter into a type 1 financial arrangement, other than 24
its powers under part 7, division 3.'. 25
7 Insertion of new s 11A
Clause 26
After section 11-- 27
insert-- 28
`11A Relationship of pt 7A with other parts of this Act and other Acts 29
`A statutory body's powers under part 7A are additional to its powers 30
under the other parts of this Act, its authorising Act or another Act.'. 31
s8 6 s 11
Statutory Bodies Financial Arrangements Amendment
Bill 2002
8 Amendment of s 31 (General banking powers for day-to-day
Clause 1
operations) 2
After section 31(1)-- 3
insert-- 4
5
`Example of a deposit and withdrawal account necessary or convenient for a statutory
6
body's day-to-day operations--
7
A statutory body may have a deposit and withdrawal account with a cheque book
8
facility. It may be necessary or convenient for the statutory body's day-to-day
9
operations to use the facility and pay for items by drawing a cheque.'.
9 Amendment of s 35 (Treasurer's approval before creating
Clause 10
encumbrance etc.) 11
Section 35(2)(b), after `division 3'-- 12
insert-- 13
`or part 7A'. 14
10 Amendment of s 44 (Category 1 investment power)
Clause 15
Section 44(1)(d)-- 16
omit, insert-- 17
`(d) investment arrangements, managed or offered by QIC or QTC, 18
prescribed under a regulation for this paragraph;'. 19
11 Amendment of s 45 (Category 2 investment power)
Clause 20
Section 45(b)(iv)-- 21
omit, insert-- 22
`(iv) investment arrangements, managed or offered by QIC or 23
QTC, prescribed under a regulation for this subparagraph;'. 24
s 12 7 s 15
Statutory Bodies Financial Arrangements Amendment
Bill 2002
12 Amendment of s 49 (Division applies to secured investments)
Clause 1
Section 49, `or 45(b)(iii)'-- 2
omit, insert-- 3
`, 45(b)(iii) or 46(1)(a) or (c)'. 4
13 Amendment of pt 7 hdg (Derivative transactions, funds managers
Clause 5
and other financial arrangements) 6
Part 7, heading, `OTHER'-- 7
omit, insert-- 8
`TYPE 1'. 9
14 Amendment of s 60 (Management of statutory body's funds by
Clause 10
funds manger) 11
(1) Section 60(1), before `financial arrangement'-- 12
insert-- 13
`type 1 financial arrangement, type 2'. 14
(2) Section 60(2), `, or derivative transaction,'-- 15
omit. 16
15 Replacement of pt 7, div 3 and insertion of new pt 7A
Clause 17
Part 7, division 3-- 18
omit, insert-- 19
`Division 3--Type 1 financial arrangements 20
`60A Statutory body may enter into a type 1 financial arrangement 21
`A statutory body may, with the Treasurer's approval, enter into a type 1 22
financial arrangement. 23
s 16 8 s 16
Statutory Bodies Financial Arrangements Amendment
Bill 2002
`PART 7A--POWER FOR TYPE 2 FINANCIAL 1
ARRANGEMENTS 2
`61 Application of pt 7A 3
`This part applies to a statutory body if the statutory body does not have 4
power to enter into a particular type 2 financial arrangement under another 5
part of this Act, its authorising Act or another Act. 6
`61A Statutory body may enter into a type 2 financial arrangement 7
with Treasurer's approval 8
`(1) The statutory body may, with the Treasurer's approval, enter into a 9
type 2 financial arrangement. 10
`(2) Without limiting subsection (1), the type 2 financial arrangement 11
that the statutory body may be approved to enter into may include-- 12
(a) a type 2 financial arrangement necessary for, or incidental to, the 13
exercise of another power under this Act; and 14
(b) a type 2 financial arrangement not otherwise allowed under this 15
Act, including, for example-- 16
(i) an investment for more than 3 years; and 17
(ii) an investment other than in Australian money; and 18
(iii) an investment undertaken outside Australia; and 19
(iv) a loan by a statutory body. 20
`(3) Parts 4, 5 and 6 do not limit the type 2 financial arrangements for 21
which the Treasurer's approval may be given for subsection (1). 22
23
Example for subsection (3)--
24
The Treasurer may approve of a statutory body borrowing money even though the body
25
is not prescribed under a regulation as a body that may borrow money under part 5.'.
16 Amendment of s 70 (Approval may be general in nature)
Clause 26
(1) Section 70(4)-- 27
renumber as section 70(5). 28
s 17 9 s 20
Statutory Bodies Financial Arrangements Amendment
Bill 2002
(2) Section 70-- 1
insert-- 2
`(4) The approval may be on conditions the Treasurer considers 3
necessary or desirable.'. 4
17 Insertion of new pt 11, div 1, hdg
Clause 5
Part 11, before section 79-- 6
insert-- 7
`Division 1--Transitional provisions for Statutory Bodies Financial 8
Arrangements Amendment Act 1996'. 9
18 Amendment of s 79 (Interpretation for pt 11)
Clause 10
(1) Section 79, heading, `pt 11'-- 11
omit, insert-- 12
`div 1'. 13
(2) Section 79(1), `In this part'-- 14
omit, insert-- 15
`In this division'. 16
19 Amendment of s 80 (Existing arrangements, existing authorities
Clause 17
and guarantees under other Acts) 18
Section 80(6) and (7), `this part'-- 19
omit, insert-- 20
`this division'. 21
20 Amendment of s 85 (No automatic default for existing
Clause 22
arrangements) 23
Section 85(2), `this part'-- 24
omit, insert-- 25
`this division'. 26
s 21 10 s 21
Statutory Bodies Financial Arrangements Amendment
Bill 2002
21 Insertion of new pt 11, div 2
Clause 1
Part 11, after section 85-- 2
insert-- 3
`Division 2--Transitional provisions for Statutory Bodies Financial 4
Arrangements Amendment Act 2002 5
`86 Definitions for div 2 6
`In this division-- 7
"commencement" means the commencement of this section. 8
"pre-amended Act" means the Statutory Bodies Financial Arrangements 9
Act 1982 before the commencement. 10
`87 Approval before commencement for arrangement that is a 11
type 1 financial arrangement 12
`(1) This section applies to a Treasurer's approval for section 61 of the 13
pre-amended Act, as that approval was in force immediately before the 14
commencement, to the extent the approval authorised a statutory body to 15
enter into an arrangement that, if the statutory body were to enter into the 16
arrangement after the commencement, would be a type 1 financial 17
arrangement. 18
`(2) The approval continues to have effect, and may be dealt with, after 19
the commencement as if it were a Treasurer's approval for section 60A. 20
`(3) An arrangement entered into before the commencement under the 21
approval continues to have effect, and may be dealt with, after the 22
commencement as if it were a type 1 financial arrangement. 23
`(4) If the approval provided that a further arrangement may be entered 24
into that is a type 1 financial arrangement, the further arrangement-- 25
(a) may be entered into under the approval after the commencement; 26
and 27
(b) is to be dealt with as if it were a type 1 financial arrangement. 28
s 22 11 s 22
Statutory Bodies Financial Arrangements Amendment
Bill 2002
`88 Approval before commencement for arrangement that is a type 2 1
financial arrangement 2
`(1) This section applies to a Treasurer's approval for section 61 of the 3
pre-amended Act, as that approval was in force immediately before the 4
commencement, to the extent the approval authorised a statutory body to 5
enter into an arrangement that, if the statutory body were to enter into the 6
arrangement after the commencement, would be an arrangement that is not 7
a type 1 financial arrangement. 8
`(2) The approval continues to have effect, and may be dealt with, after 9
the commencement as if it were a Treasurer's approval for section 61A. 10
`(3) An arrangement entered into before the commencement under the 11
approval continues to have effect, and may be dealt with, after the 12
commencement as if it were a type 2 financial arrangement. 13
`(4) If the approval provided that a further arrangement may be entered 14
into, other than an arrangement that would be a type 1 financial 15
arrangement, the further arrangement-- 16
(a) may be entered into under the approval after the commencement; 17
and 18
(b) is to be dealt with as if it were a type 2 financial arrangement. 19
`(5) Subsections (3) and (4) apply even if the arrangement mentioned in 20
either of those subsections is not a financial arrangement under this Act. 21
`89 Approval on condition under s 70 before commencement 22
`An approval under, or purportedly under, section 70 that was given 23
before the commencement and stated it was subject to a condition is, and 24
always was, as valid as if it had been given after the commencement.'. 25
22 Amendment of schedule (Dictionary)
Clause 26
(1) Schedule, definition "financial arrangements"-- 27
omit. 28
(2) Schedule-- 29
insert-- 30
` "financial arrangement" means-- 31
s 22 12 s 22
Statutory Bodies Financial Arrangements Amendment
Bill 2002
(a) a type 1 financial arrangement; or 1
(b) a type 2 financial arrangement; or 2
(c) a derivative transaction; or 3
(d) the appointment of a funds manager. 4
"type 1 financial arrangement" means an arrangement that provides for, 5
relates to, is directed towards or includes 1 or more of the following-- 6
(a) entering into or performing a deferred payment arrangement if 7
the payment period is more than 3 years; 8
(b) entering into a joint venture, partnership or trust; 9
(c) forming, or participating in forming, a corporation; 10
(d) acquiring, consolidating, dealing with, disposing of, holding or 11
issuing bonds, debentures, inscribed stock, shares, stock or other 12
securities of any statutory body or corporation; 13
(e) entering into an arrangement, covenant, guarantee, promise or 14
undertaking to meet liabilities or obligations incurred by or to a 15
person, whether or not the person is a party to the arrangement, 16
covenant, guarantee, promise or undertaking; 17
(f) underwriting an issue of debentures, shares or other securities; 18
(g) entering into another arrangement prescribed under a regulation 19
as a type 1 financial arrangement. 20
"type 2 financial arrangement" means an arrangement, other than a 21
type 1 financial arrangement, that provides for, relates to, is directed 22
towards or includes 1 or more of the following-- 23
(a) borrowing an amount; 24
(b) lending an amount; 25
(c) investing an amount; 26
(d) taking land or an interest in land; 27
(e) acquiring, consolidating, dealing with, disposing of or holding 28
buildings or other structures, for providing infrastructure or other 29
facilities for the public or part of the public, including, for 30
example, entertainment centres, light rail systems, port terminals, 31
sporting stadiums, toll roads, transport infrastructure and waste 32
treatment facilities; 33
s 22 13 s 22
Statutory Bodies Financial Arrangements Amendment
Bill 2002
(f) granting or taking a lease, or letting or taking on hire for a period, 1
a building, equipment, land, machinery, plant or other property, 2
including a finance lease, as lessee, lessor, hirer, owner or tenant; 3
(g) granting financial accommodation by or to a person, whether or 4
not the person is a party to the arrangement; 5
(h) accepting, discounting, drawing, endorsing or issuing a bill of 6
exchange, promissory note, payment order or other negotiable 7
instrument, other than a cheque within the meaning of the 8
Cheques Act 1986 (Cwlth), section 5(1) or 10; 9
(i) holding property as a trustee or agent; 10
(j) acquiring, consolidating, dealing with, disposing of, holding or 11
reissuing foreign currency; 12
(k) entering into another arrangement prescribed under a regulation 13
as a type 2 financial arrangement.'. 14
© State of Queensland 2002
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