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This is a Bill, not an Act. For current law, see the Acts databases.
Western Australia
Western Australian Resources Heritage Fund
Bill 2007
CONTENTS
1. Short title 2
2. Commencement 2
3. Terms used in this Act 2
4. Administration 3
5. Western Australian Resources Heritage Fund
Board 4
6. Agent of Crown 4
7. Membership 4
8. Constitution and proceedings of Board 5
9. Remuneration 5
10. Common seal, agents, attorneys and facsimiles of
Board 5
11. Staff 6
12. Use of other government staff etc. 7
13. Delegation by Board 7
14. Protection of members of Board, officers, etc. 8
15. Western Australian Resources Heritage Fund 8
16. Transfer of non-renewable resource revenue 8
17. Credits to the Fund Account 9
18. Investment of moneys in the Fund 9
19. Income of Fund 9
20. Inflation proofing 10
21. Operating expenses 10
22. Financial administration, audit and reporting 11
23. Quarterly reporting 11
24. Regulations 11
197 -- 1 page i
Western Australia
LEGISLATIVE ASSEMBLY
(Introduced by Hon. John Day, MLA)
Western Australian Resources Heritage Fund
Bill 2007
A Bill for
An Act to provide for the establishment of the Western Australian
Resources Heritage Fund to ensure that a proportion of the value of
Western Australia's non-renewable resources is retained for future
generations of Western Australians.
The Parliament of Western Australia enacts as follows:
page 1
Western Australian Resources Heritage Fund Bill 2007
s. 1
1. Short title
This is the Western Australian Resources Heritage Fund Act
2007.
2. Commencement
5 This Act comes into operation on a date to be fixed by
proclamation.
3. Terms used in this Act
In this Act unless the contrary intention appears --
"Board" means the Western Australian Resources Heritage
10 Fund Board constituted under section 5;
"Fund" means the Western Australian Resources Heritage
Fund established by this Act;
"Fund Account" means the Western Australian Resources
Heritage Fund Account established under section 11;
15 "March CPI", for a relevant financial year, means the index
number for the quarter ending on the last 31 March before
the financial year commences, as shown in the Consumer
Price Index Numbers (All Groups Index) for Perth
published by the Commonwealth Statistician under the
20 Census and Statistics Act 1905 of the Commonwealth;
"Minister" means the Treasurer of the State;
"non-renewable resource revenue" means royalties received
by the State --
(a) royalties received by the State pursuant to regulations
25 made under section 109 of the Mining Act 1978 in
respect of minerals or any class of minerals, obtained
from land that is the subject of a mining lease or
other mining tenement granted under the Mining Act
1978, or that is the subject of an application for the
30 grant of a mining lease or other mining tenement
under the Mining Act 1978;
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Western Australian Resources Heritage Fund Bill 2007
s. 4
(b) royalties received by the State pursuant to the
provisions of any agreement to which the State is a
party and under which a party to the agreement is
authorised or required to carry out any mining
5 operations, that is approved or ratified by an Act of
Parliament of the State;
(c) royalties received by the State from a permittee,
lessee or licensee in respect of petroleum recovered
in a permit area, lease area or licence area, pursuant
10 to section 143 of the Petroleum (Submerged Lands)
Act 1982;
(d) royalties received by the State from a permittee,
holder of a drilling reservation, lessee or licensee in
respect of petroleum recovered in a permit area,
15 drilling reservation, lease area or licence area,
pursuant to section 142 of the Petroleum Act 1967;
(e) royalties received by the State pursuant to the
provisions of the agreement between the State and
West Australian Petroleum Pty. Limited relating to
20 Petroleum Lease 1H granted under the Petroleum Act
1936, as ratified by the Barrow Island Royalty
Variation Agreement Act 1985; and
(f) payments received from the Commonwealth pursuant
to section 129 of the Petroleum (Submerged Lands)
25 Act 1967 of the Commonwealth, in respect of
royalties received by the Commonwealth under the
Petroleum (Submerged Lands) (Royalty) Act 1967 of
the Commonwealth.
4. Administration
30 Subject to the general direction and control of the Minister, this
Act shall be administered by the Board.
page 3
Western Australian Resources Heritage Fund Bill 2007
s. 5
5. Western Australian Resources Heritage Fund Board
(1) There is hereby established a body corporate to be called the
Western Australian Resources Heritage Fund Board.
(2) The Board is a body corporate with perpetual succession.
5 (3) Proceedings may be taken by or against the Board in its
corporate name.
6. Agent of Crown
The Board is an agent of the Crown and enjoys the status,
immunities and privileges of the Crown.
10 7. Membership
(1) The Board consists of the following members --
(a) a Chair;
(b) 4 other ordinary members.
(2) The Chair and the ordinary members of the Board are to be
15 appointed by the Governor in Council.
(3) A person is eligible for appointment as the Chair or an ordinary
member of the Board if the Minister is satisfied that the person
has --
(a) substantial experience or expertise; and
20 (b) professional credibility and significant standing;
in at least one of the following fields --
(c) investing in financial assets;
(d) the management of investments in financial assets;
(e) corporate governance.
25 (4) The members of the Board shall be appointed for such term, not
exceeding 3 years, as is specified in instrument of his or her
appointment, but may from time to time be reappointed.
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Western Australian Resources Heritage Fund Bill 2007
s. 8
8. Constitution and proceedings of Board
The constitution and proceedings of the Board shall be as
prescribed by regulations.
9. Remuneration
5 There shall be paid out of the funds of the Board to --
(a) the Chair; and
(b) an ordinary member,
of the Board, such remuneration and allowances as are
determined in his or her case by the Minister on the
10 recommendation of the Minister for Public Sector Management.
10. Common seal, agents, attorneys and facsimiles of Board
(1) The common seal of the Board shall --
(a) be kept in such custody as the Board directs; and
(b) not to be used except as authorised by the Board.
15 (2) When a document purporting to bear the common seal of the
Board is produced before any court, judge or person acting
judicially, that court, judge or person shall, unless the contrary
is provided, presume that --
(a) the document bears that common seal; and
20 (b) that common seal was duly affixed to that document.
(3) The Board may, by writing under its common seal, empower a
person, either generally or in respect of a specified matter or
specified matters, as its agent or attorney to execute deeds or
other instruments on its behalf, and a deed or other instrument
25 executed by such an agent or attorney on behalf of the Board
binds the Board and has the same effect as it if it were under the
common seal of the Board.
page 5
Western Australian Resources Heritage Fund Bill 2007
s. 11
(4) For the purposes of this Act, the Board may make use of a
facsimile of --
(a) its common seal; or
(b) the signature of an agent or attorney empowered to
5 execute deeds or other instruments on its behalf under
subsection (3),
and a deed or other instrument purporting to evidence
indebtedness on the part of the Board and to be endorsed with
such a facsimile shall, until the contrary is shown, be deemed to
10 have been sealed by it or signed by the agent or attorney, as the
case requires.
11. Staff
(1) The power to engage and manage the staff of the Board is
vested in the Board.
15 (2) The power conferred by subsection (1) --
(a) includes powers to determine remuneration and other
terms and conditions of service and to remove, suspend
and discipline members of staff; and
(b) does not preclude the delegation of any matter under
20 section 13.
(3) The remuneration of members of staff and other terms and
conditions of employment shall not be less favourable than is
provided for in --
(a) an applicable award, order or agreement under the
25 Industrial Relations Act 1979;
(b) the Minimum Conditions of Employment Act 1993.
(4) Nothing in this section affects the operation of Part VID of the
Industrial Relations Act 1979.
page 6
Western Australian Resources Heritage Fund Bill 2007
s. 12
12. Use of other government staff etc.
(1) The Board may by arrangement with the relevant employer
make use, either full-time or part-time, of the services of any
officer or employee --
5 (a) in the Public Service;
(b) in a State agency or instrumentality; or
(c) otherwise in the service of the Crown in right of the
State.
(2) The Board may by arrangement with --
10 (a) a department of the Public Service; or
(b) a State agency or instrumentality,
make use of any facilities of the department, agency or
instrumentality.
(3) An arrangement under subsection (1) or (2) shall be made on
15 such terms as are agreed by the parties.
13. Delegation by Board
(1) The Board may, either generally or as otherwise provided by the
instrument of delegation, delegate all or any of its powers and
duties under this Act, other than the power of delegation, to an
20 eligible person.
(2) In subsection (1) --
"eligible person" means --
(a) a person engaged under section 11; or
(b) a person whose services the Board is using under
25 section 12.
(3) A person purporting to exercise a power or perform a duty
under a delegation under this section is presumed to do so, in
the absence of evidence to the contrary, in accordance with the
terms of that delegation.
page 7
Western Australian Resources Heritage Fund Bill 2007
s. 14
14. Protection of members of Board, officers, etc.
No matter or thing done by any member of the Board or by any
officer or other person appointed or employed under the
provisions of this Act, if done bona fide in the exercise of
5 powers conferred by this Act, or in the performance of duties
imposed under this or any other Act, shall subject that member,
officer or other person to any personal liability.
15. Western Australian Resources Heritage Fund
(1) For the purposes of this Act there shall be established a fund, to
10 be called "The Western Australian Resources Heritage Fund",
which shall be administered by the Board.
(2) All moneys from time to time belonging to the Fund shall be
credited to an account, to be called "The Western Australian
Heritage Resources Fund Account", which shall be kept at
15 Treasury forming part of the Trust Fund constituted under
section 10 of the Financial Management Act 2006.
(3) The Fund shall consist of --
(a) non-renewable resource revenue transferred to the Fund
under section 16;
20 (b) any money appropriated by Parliament for the purposes
of this Act, which has been credited to the Fund
Account in accordance with a Ministerial determination
under section 17;
(c) income from moneys invested under section 18;
25 (d) any other money received by the Board to be used for
the purposes of Fund.
16. Transfer of non-renewable resource revenue
(1) Within 28 days after 1 July 2008, and within 28 days of 1 July
in each subsequent year, the Minister may transfer an amount
30 from the Consolidated Account to the Fund Account, being a
proportion ("relevant proportion") of the total non-renewable
page 8
Western Australian Resources Heritage Fund Bill 2007
s. 17
resource revenue received by the State for the 12 months
immediately preceding 1 July in that year.
(2) The Minister must as soon as practicable after transferring an
amount in accordance with subsection (1) prepare and cause to
5 be laid before both Houses of Parliament a report setting out the
amount transferred and the relevant proportion.
17. Credits to the Fund Account
(1) The Minister must, by writing, determine that any amount as
may be appropriated by Parliament from time to time for the
10 purpose of being credited to the Fund Account, be credited to
the Fund Account on a specified day.
(2) A determination under subclause (1) is irrevocable.
18. Investment of moneys in the Fund
(1) Subject to this section, the Board may invest amounts standing
15 to the credit of the Fund in any financial assets.
(2) Investments under subsection (1) are to be made in the name of
the Board.
(3) Investments under subsection (1) are taken to be investments of
the Fund.
20 (4) Investments made by the Board must be made with the
objective of maximizing long-term financial returns.
(5) Subject to the regulations, when making investments the Board
must adhere to investment and lending policies, standards and
procedures that a reasonable and prudent person would apply in
25 respect of a portfolio of investments to avoid undue risk of loss
and obtain a reasonable return that will enable the Fund to meet
the objective set out in subsection (4).
19. Income of Fund
(1) The income of the Fund accrues to and forms part of the Fund.
page 9
Western Australian Resources Heritage Fund Bill 2007
s. 20
(2) Subject to section 20, no income or capital amount forming part
of the Fund may be transferred or otherwise expended from the
Fund before 1 July 2012.
(3) Within 28 days after 1 July 2012, and within 28 days of 1 July
5 in each subsequent year, the Minister may transfer the net
income of the Fund for the 12 months immediately preceding
1 July in that year less the amount to be retained in the Fund
under section 20, from the Fund to the Consolidated Account, to
be used by the State for the development of the State or
10 otherwise for the benefit of the people of the State.
(4) Any expenditure by the State from the Consolidated Account of
any amount transferred from the Fund under subsection (3) must
first be approved by a resolution passed by each House of
Parliament.
15 20. Inflation proofing
(1) Subject to subsection (3), for the financial year 2012-2013 and
each subsequent financial year ("relevant year"), the Board
must retain in the Fund a proportion of the income of the Fund
for the immediately preceding 12 months calculated in
20 accordance with subsection (2).
(2) The amount for the purpose of subsection (1) is an amount equal
to equal to the value of the total equity of the Fund as recorded
in the financial statements of the Fund as at 31 March of the
financial year immediately preceding the relevant year (the
25 "relevant date") multiplied by the percentage variation, if any,
in the March CPI for the year ending on the relevant date.
(3) If the percentage variation in the March CPI for the purposes of
subsection (2) is a negative number, that negative number shall
be treated as if it were zero.
30 21. Operating expenses
The Board may pay any operating expenses of the Fund from
time to time if, in the opinion of the Board, the expense is
page 10
Western Australian Resources Heritage Fund Bill 2007
s. 22
reasonably necessary for the proper administration and
management of the Fund.
22. Financial administration, audit and reporting
The provisions of the Financial Management Act 2006
5 regulating the financial administration, audit and reporting of
statutory authorities apply to and in respect of the Fund and its
operations.
23. Quarterly reporting
The Minister must, as soon as practicable after the end of each
10 of the first 3 quarters of every financial year, prepare and cause
to be laid before both Houses of Parliament a report on the
activities of the Fund and financial statements for the preceding
quarter.
24. Regulations
15 The Governor may make regulations prescribing all matters that
are required or permitted by this Act to be prescribed, or are
necessary or convenient to be prescribed, for giving effect to the
purposes of this Act.
20
page 11
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