Future Growth Fund Act 2006 (Qld)

Queensland Future Growth Fund Act 2006 Reprinted as in force on 1 June 2006 Reprint No. 1 This reprint is prepared by the Office of the Queensland Parliamentary Counsel Warning—This reprint is not an authorised copy

Information about this reprint This Act is reprinted as at 1 June 2006. Minor editorial changes allowed under the provisions of the Reprints Act 1992 have been made to omit the enacting words (s 42A). This page is specific to this reprint. A table of reprints is included in the endnotes. Also see endnotes for information about when provisions commenced. Dates shown on reprints Reprints dated at last amendment All reprints produced on or after 1 July 2002, hard copy and electronic, are dated as at the last date of amendment. Previously reprints were dated as at the date of publication. If a hard copy reprint is dated earlier than an electronic version published before 1 July 2002, it means the legislation was not further amended and the reprint date is the commencement of the last amendment. If the date of a hard copy reprint is the same as the date shown for an electronic version previously published, it merely means that the electronic version was published before the hard copy version. Also, any revised edition of the previously published electronic version will have the same date as that version. Replacement reprint date If the date of a hard copy reprint is the same as the date shown on another hard copy reprint it means that one is the replacement of the other.

Queensland Future Growth Fund Act 2006 Contents Part 1 1 2 Part 2 3 4 5 Part 3 Division 1 6 7 8 9 10 Division 2 11 Division 3 12 Division 4 13 14 Division 5 15 16 Page Preliminary Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Queensland future growth fund Establishment of Queensland future growth fund. . . . . . . . . . . . . 3 Objects of fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Administration of fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Queensland Future Growth Corporation Establishment and capacity of corporation Establishment of Queensland Future Growth Corporation. . . . . . 5 Corporation represents the State . . . . . . . . . . . . . . . . . . . . . . . . . 5 Legal capacity of corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Corporation declared to be excluded matter . . . . . . . . . . . . . . . . 6 Corporation’s seal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Function of corporation Corporation’s function. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Financial matters Corporation is statutory body . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Directions and delegations Treasurer’s power to give directions . . . . . . . . . . . . . . . . . . . . . . . 7 Delegation by corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Miscellaneous Advisory committees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Application of Crime and Misconduct Act 2001 . . . . . . . . . . . . . . 8 Endnotes 1 Index to endnotes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

2 Future Growth Fund Act 2006 2 Date to which amendments incorporated. . . . . . . . . . . . . . . . . . . . . . 9 3 Key . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 4 Table of reprints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 5 List of legislation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

s1 3 Future Growth Fund Act 2006 Future Growth Fund Act 2006 [reprinted as in force on 1 June 2006] s3 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 Part 1 Preliminary 1 Short title This Act may be cited as the Future Growth Fund Act 2006 . 2 Definitions In this Act— corporation means the corporation established under section 6 under the name Queensland Future Growth Corporation. fund means the Queensland future growth fund established under section 3. objects , of the fund, means the objects stated in section 4(1). under- Treasurer means the chief executive of the department in which this Act is administered. Part 2 Queensland future growth fund 3 Establishment of Queensland future growth fund The Queensland future growth fund is established.

s4 4 s5 Future Growth Fund Act 2006 4 Objects of fund (1) The objects of the fund are to provide funding— (a) for initiatives or infrastructure benefiting Queensland; and Examples of initiatives or infrastructure — • developing new technologies for mitigating climate change, such as clean coal technology • infrastructure relating to water, energy supply, railways and ports (b) with the approval of the Treasurer, for things benefiting Queensland other than initiatives or infrastructure. (2) Without limiting subsection (1), initiatives, infrastructure or other things benefiting Queensland include initiatives, infrastructure or other things— (a) benefiting the sustainability and prosperity of Queensland’s economy; or (b) benefiting a part of Queensland. 5 Administration of fund (1) Proceeds related to the disposal of a State asset may be paid to the fund from the consolidated fund without further appropriation. (2) Subject to any necessary appropriation, other moneys of the State may also be paid into the fund by the State. (3) The corporation, and no-one else, may make payments from the fund. (4) A payment from the fund must be for 1 or more of the following— (a) providing funding, at the corporation’s discretion or as directed by the Treasurer under section 13, that is consistent with the objects of the fund; (b) paying fees or expenses related to administering the fund; (c) investing money from the fund under the StatutoryBodies Financial Arrangements Act 1982 .

s6 5 s8 Future Growth Fund Act 2006 Part 3 Queensland Future Growth Corporation Division 1 Establishment and capacity of corporation 6 Establishment of Queensland Future Growth Corporation (1) A corporation sole constituted by the under-Treasurer is established under the name Queensland Future Growth Corporation. (2) The corporation as established under that name— (a) has perpetual succession and a seal; and (b) may sue and be sued in its corporate name. 7 Corporation represents the State (1) The corporation represents the State. (2) Without limiting subsection (1), the corporation has the status, privileges and immunities of the State. 8 Legal capacity of corporation (1) The corporation has all the powers of an individual and may, for example— (a) enter into contracts; and (b) acquire, hold, dispose of, and deal with, property; and (c) appoint agents and attorneys; and (d) engage consultants; and (e) fix charges, and other terms, for services it supplies; and (f) do anything necessary or convenient to be done in the performance of its functions under this or another Act. (2) The corporation also has the powers conferred on it by this or another Act.

s 9 6 s 11 Future Growth Fund Act 2006 (3) The corporation may exercise its powers inside and outside Queensland. (4) Without limiting subsection (3), the corporation may exercise its powers outside Australia. 9 Corporation declared to be excluded matter The corporation is declared to be an excluded matter for the Corporations Act, section 5F, 1 in relation to the whole of the Corporations legislation. 10 Corporation’s seal (1) The corporation’s seal is to be kept in the custody of the under-Treasurer. (2) The seal may only be used by— (a) the under-Treasurer; or (b) another person authorised, in writing, by the under-Treasurer. Division 2 Function of corporation 11 Corporation’s function The function of the corporation is to administer the fund, including— (a) providing funding, at the corporation’s discretion or as directed by the Treasurer under section 13, that is consistent with the objects of the fund; and (b) investing money from the fund, at the corporation’s discretion or as directed by the Treasurer under section 13, under the Statutory Bodies Financial ArrangementsAct 1982 . 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 7 s 14 Future Growth Fund Act 2006 Division 3 Financial matters 12 Corporation is statutory body (1) The corporation is a statutory body under— (a) the Financial Administration and Audit Act 1977 ; and (b) the Statutory Bodies Financial Arrangements Act 1982 . (2) The Statutory Bodies Financial Arrangements Act 1982 , part 2B sets out the way in which the corporation’s powers under this Act are affected by the StatutoryBodiesFinancialArrangements Act 1982 , including, for example, section 8(3) and (4) of this Act. Division 4 Directions and delegations 13 Treasurer’s power to give directions (1) The Treasurer may give the corporation a written direction about— (a) providing funding from the fund; or (b) investing money from the fund under the StatutoryBodies Financial Arrangements Act 1982 . (2) The corporation must comply with the direction. (3) If the Treasurer gives the corporation a direction under subsection (1), the corporation’s annual report under the Financial Administration and Audit Act 1977 must include— (a) particulars of the direction; and (b) particulars of the corporation’s response to the direction. 14 Delegation by corporation (1) The corporation may delegate its functions under this Act to an appropriately qualified public service employee of the department. (2) In this section—

s 15 8 s 16 Future Growth Fund Act 2006 appropriately qualified includes having qualifications, experience or standing appropriate to perform the function. Example of standing for a public service employee of the department — the employee’s classification level in the department functions includes powers. Division 5 Miscellaneous 15 Advisory committees (1) The corporation may establish advisory committees to help it perform its function. (2) Appointments to an advisory committee must be made by the Treasurer. (3) The Treasurer may appoint any person who has skills or experience appropriate to the advisory committee’s terms of reference or functions. (4) An advisory committee member is not entitled to remuneration. (5) An advisory committee may decide its own procedures. 16 Application of Crime and Misconduct Act 2001 The corporation is a unit of public administration under the Crime and Misconduct Act 2001 .

9 Future Growth Fund Act 2006 Endnotes 1 Index to endnotes Page 2 Date to which amendments incorporated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 3 Key . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 4 Table of reprints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 5 List of legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 2 Date to which amendments incorporated This is the reprint date mentioned in the Reprints Act 1992, section 5(c). However, no amendments have commenced operation on or before that day. Future amendments of the Future Growth Fund Act 2006 may be made in accordance with this reprint under the Reprints Act 1992, section 49. 3 Key Key to abbreviations in list of legislation and annotations Key AIA amd amdt ch def div exp gaz hdg ins lap notfd o in c om orig p para prec pres prev Explanation = Acts Interpretation Act 1954 = amended = amendment = chapter = definition = division = expires/expired = gazette = heading = inserted = lapsed = notified = order in council = omitted = original = page = paragraph = preceding = present = previous Key (prev) proc prov pt pubd R[X] RA reloc renum rep (retro) rv s sch sdiv SIA SIR SL sub unnum Explanation = previously = proclamation = provision = part = published = Reprint No.[X] = Reprints Act 1992 = relocated = renumbered = repealed = retrospectively = revised edition = section = schedule = subdivision = Statutory Instruments Act 1992 = Statutory Instruments Regulation 2002 = subordinate legislation = substituted = unnumbered

10 Future Growth Fund Act 2006 4 Table of reprints Reprints are issued for both future and past effective dates. For the most up-to-date table of reprints, see the reprint with the latest effective date. If a reprint number includes a letter of the alphabet, the reprint was released in unauthorised, electronic form only. Reprint No. 1 Amendments included none Effective 1 June 2006 Notes 5 List of legislation Future Growth Fund Act 2006 No. 32 date of assent 1 June 2006 commenced on date of assent © State of Queensland 2006