FINANCIAL MANAGEMENT ACT 2006 (NO. 76 OF 2006) - SECT 60

FINANCIAL MANAGEMENT ACT 2006 (NO. 76 OF 2006) - SECT 60

60 .         Interpretation for sections 60 and 61

        (1)         In this section and section 61 —

        “affiliated body” , of an agency, means —

            (a)         a body —

                  (i)         that is formed or incorporated by an instrument under a written law or by administrative action; and

                  (ii)         that is financially dependent on the agency; and

                  (iii)         that is not subject to the operational control of the agency as a consequence of the independent exercise of control over its operations under authority provided for in the instrument that formed or created the body or by subsequent amendment of that instrument; and

                  (iv)         that is not a subsidiary body or a related body of an agency nor itself an agency;

                or

            (b)         a body that is determined by the Treasurer, by written notice given to the agency, to be an affiliated body of the agency;

        “operational control” , of an agency in relation to a body, means that the agency has the capacity to exercise direction over the operation of the body;

        “related body” , of an agency, means —

            (a)         a body —

                  (i)         that is formed or incorporated under a written law or by administrative action taken independently of the agency; and

                  (ii)         that is financially dependent on the agency; and

                  (iii)         that is subject to the operational control of the agency; and

                  (iv)         that is not a subsidiary body of an agency nor itself an agency;

                or

            (b)         a body that is determined by the Treasurer, by written notice given to the agency, to be a related body of the agency;

        “subsidiary body” , of an agency, means —

            (a)         a body —

                  (i)         that is a company as defined in the Commonwealth Corporations Act 2001 section 9 or formed or incorporated under equivalent laws of a place other than a State or Territory; and

                  (ii)         in respect of which the agency has the capacity to dominate decision making, directly or indirectly, in relation to the financial and operating policies of the body so as to enable the body to operate with the agency in pursuing the agency’s objectives; and

                  (iii)         that is not itself an agency;

                or

            (b)         a body that is declared under an Act to be a subsidiary of the agency and is not itself an agency; or

            (c)         a body that is determined by the Treasurer, by written notice given to the agency, to be a subsidiary of the agency.

        (2)         Despite the definitions of “affiliated body” and “related body” in subsection (1), the regulations may prescribe that, for the purposes of this Part, a specified body is taken not to be an affiliated body or a related body of a specified agency.

        (3)         In subsection (2) —

        “specified” means specified in the regulations.