Queensland Industry Development Corporation Act 1985 (Qld)

1675 027011:40 ANNO TRICESIMO QUARTO ELIZABETHAE SECUNDAE REGINAE No. 108 of 1985 An Act to provide for the constitution, objectives , functions and powers of the Queensland Industry Development Corporation , and for related purposes [ASSENTED TO 20TH DECEMBER, 1985]

1676 Queensland Industry Development Corporation Act 1985, No. 108 BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- PART I-PRELIMINARY PROVISIONS 1. Short title. This Act may be cited as the Queensland Industry Development Corporation Act 1985. 2. Commencement . (1) Section 1 and this section shall commence on the day on which this Act is assented to for and on behalf of Her Majesty. (2) Except as provided by subsection (1) the provisions of this Act or such of them as are specified by Proclamation shall commence on a date or dates appointed in respect of those provisions by Proclamation. 3. Arrangement . This Act is arranged as follows:- PART I-PRELIMINARY PROVISIONS ( ss. 1-8); PART II-QUEENSLAND INDUSTRY DEVELOPMENT CORPORATION (ss. 9-22); Division 1-Constitution, Objectives, Functions and Powers; Division 2-Officers; PART III-QUEENSLAND INDUSTRY DEVELOPMENT CORPORATION BOARD (ss. 23-40); Division 1-Constitution and Membership; Division 2-Functions; Division 3-Powers and Functions of Chairman; Division 4-Proceedings and Business; PART IV-FINANCIAL PROVISIONS (ss. 41-52); PART V-MISCELLANEOUS PROVISIONS (ss. 53-57). 4. Interpretation . In this Act, except where a contrary intention appears- " bank " means- (a) a bank authorised under the authority of an Act of the Commonwealth or an Act of any State of the Commonwealth to carry on banking business; and (b) a bank, other than a bank within the meaning of paragraph (a), which carries on banking business outside the Commonwealth and is approved by the Treasurer; "Board" means the Board of Directors of the Corporation provided for by section 23; "business undertaking " includes any person , company, trust, joint venture, government agency or other entity engaging or intending to engage in economic activity;

Queensland Industry Development Corporation Act 1985, No. 108 1677 "Chairman" means the person appointed under section 25 to be the Chairman of the Board and includes a person acting in his place; "Chief Executive Officer" means the Chief Executive Officer of the Corporation appointed under section 16 and includes a person acting in his place; "Corporation " means the Queensland Industry Development Corporation constituted under this Act; "Deputy Chairman" means the Deputy Chairman of the Board as specified' in section 25; "Director" means a member of the Board appointed under section 25; "economic activity" means any activity carried on with a view to making a profit or producing revenue and, without limiting the generality of the foregoing, includes- (a) any primary industry or mining activity, including an activity relating to petroleum or gas; (b) processing and manufacturing; (c) technological development; (d) tourism; and (e) trade and commerce, including financial, marketing, transport and other services of any kind whatsoever but does not include the activities of political parties or trade unions; "equity of the Corporation" means the sum of- (a) the issued capital of the Corporation; and (b) any amount set aside as reserves of the Corporation; "financial arrangements" means arrangements that provide for, relate to or are directed towards- (a) the borrowing of money, the raising of money or the obtaining of all forms of financial accommodation in Australia or elsewhere, including by the issue of debentures, bonds, inscribed stock or other securities; (b) the acceptance of money on deposit; (c) the lending of money; (d) the issuance, drawing, making, acceptance, endorsement

1678 Queensland Industry Development Corporation Act 1985, No. 108 or discounting of bills of exchange , promissory notes or other negotiable instruments; (e) the entering into and performance of deferred payment arrangements as debtor or creditor; (f) the undertaking of leases of any term whatsoever of land, buildings , plant, machinery , equipment and any other property as lessee , lessor , owner or tenant; (g) the formation or establishment of, participation in the formation or establishment of, or participation in a business undertaking; ( h) the underwriting of issues of shares in, or debentures or other securities of, a business undertaking; (i) the acquisition , holding , dealing with and disposal of- (i) shares in any body corporate , company debentures, bonds, stock and other securities including debentures, bonds, inscribed stock and other securities issued by the Corporation itself; (ii) land , buildings, plant, machinery , equipment and any other property and any interest thereon or charge in respect thereof; and (iii) foreign currency, and the incurring and performance of obligations concerning foreign currency; 0) the entering into of covenants , undertakings , arrangements, promises , guarantees and indemnities to meet obligations or liabilities incurred by or to a business undertaking, whether or not the business undertaking is a party to the covenants , undertakings , arrangements , promises, guarantees and indemnities; (k) the entering into of arrangements directed to the granting of financial accommodation by or to a business undertaking whether or not the business undertaking is a party to the arrangements; (1) the entering into of purchase obligations as purchaser or sale obligations as seller , to purchase or sell, as the case may be, any output or other product or commodity of any kind whatsoever; (m) the investment of moneys; "former board" means- (a) The Agricultural Bank Board constituted pursuant to The Co-ordination of Rural Advances and Agricultural Bank Act of 1938; (b) the Industries Assistance Board preserved continued in existence and constituted under The Industrial Development Act of 1963; (c) the Rural Reconstruction Board constituted under The Farmers' Assistance (Debts Adjustment ) Act of 1967; and (d) The Corporation of the Land Administration Commission constituted under The Brigalow and Other Lands

Queensland Industry Development Corporation Act 1985, No. 108 1679 Development Act of 1962, but only to the extent that the corporation has functions, duties and powers under the Primary Producers' Assistance Act 1972-1985 and acts in discharge or exercise of those functions, duties and powers; "Fund" means one of the Trust and Special Funds preserved, continued in existence and established by the FinancialAdministration and Audit Act 1977-1985; "Minister" means the Premier of the State and includes a person who at the material time is performing the duties of the Premier; "officer of the Corporation" means a person appointed under section 18; "Public Service" means the Public Service of Queensland; "relevant department" in relation to an officer of the Public Service means the department of government in which he holds an appointment immediately before the appointed day; "State Service Superannuation Fund" means the fund maintained in that name under the State Service Superannuation Act 1922-1985; "Treasurer" means the Minister of the Crown charged with the administration of the Treasury Department and includes a person who at the material time is performing the duties of the Treasurer. 5. Appointed day. The Governor in Council may, by Order in Council, appoint a date, which in this Act is referred to as the "appointed day". 6. Dissolution of certain Corporations and Boards . On the appointed day, by virtue of the operation of this section- (a) each of the following corporate entities shall cease to exist:- (i) The Corporation of the Agricultural Bank constituted under The Co-ordination of Rural Advances and Agricultural Bank Act of 1938; (ii) The Minister for Industrial Development of Queensland preserved, continued in existence and constituted under The Industrial Development Act of 1963; (iii) the Rural Reconstruction Board constituted under The Farmers' Assistance (Debts Adjustment) Act of 1967; (b) the offices of members of the following boards shall terminate and the boards shall be dissolved:- (i) The Agricultural Bank Board constituted pursuant to The Co-ordination of Rural Advances and Agricultural Bank Act of 1938; (ii) the Industries Assistance Board preserved continued in existence and constituted under The Industrial Development Act of 1963; (iii) the Rural Reconstruction Board constituted under The Farmers' Assistance (Debts Adjustment) Act of 1967.

1680 Queensland Industry Development Corporation Act 1985, No. 108 7. Transfer of assets and liabilities . (1) All moneys that, immediately before the appointed day, are standing at credit in a Fund or account administered by a former board together with interest accrued and due thereon shall, on and from the appointed day become and be vested in the Corporation. (2) All moneys and liquidated or unliquidated claims that immediately before the appointed day are payable to or recoverable by a corporate entity referred to in section 6 or the former board referred to in paragraph (d) of the definition of that expression shall on and from the appointed day be payable to and be recoverable by the Corporation as its property and the Corporation may pursue such remedies to recover those moneys and claims as might have been pursued, if this Act had not been passed. (3) All property, real or personal, of a corporate entity referred to in section 6 or of the former board referred to in paragraph (d) of the definition of that expression shall, on and from the appointed day by virtue of the operation of this subsection, be divested from the person whose property it then is and be vested in the Corporation. (4) On and after the appointed day- (a) all contracts and agreements entered into by or on behalf of a corporate entity referred to in section 6 or the former board referred to in paragraph (d) of the definition of that expression; and (b) all guarantees, undertakings and securities given by or on behalf of or to a corporate entity referred to in section 6 or the former board referred to in paragraph (d) of the definition of that expression, and in force immediately before the appointed day shall be deemed to have been entered into or, as the case may be, given by or to the Corporation and may be enforced against or by the Corporation accordingly. (5) All actions , suits and proceedings pending immediately before the appointed day at the suit of a corporate entity referred to in section 6 or the former board referred to in paragraph (d) of the definition of that expression may, on and after the appointed day, be continued or discontinued by the Corporation, which shall be substituted as a party thereto in place of the corporate entity or former board. (6) All debts due and owing and moneys payable by and liquidated or unliquidated claims recoverable against a corporate entity referred to in section 6 or the former board referred to in paragraph (d) of the definition of that expression and subsisting immediately before the appointed day shall , on and from the appointed day, become and be debts due and owing or moneys payable by or, as the case may be, claims recoverable against the Corporation. (7) On and after the appointed day a reference, in any'provision of an Act or enactment or of a Proclamation, Order in Council,

Queensland Industry Development Corporation Act 1985, No. 108 1681 regulation , rule, by-law or ordinance made under an Act or enactment or of a document or writing, to a corporate entity referred to in section 6 or the former board referred to in paragraph (d) of the definition of that expression (other than a provision that relates to the constitution or membership or regulation of the procedures of such corporate entity or former board) shall be construed as a reference to the Corporation. 8. Duty to facilitate transfer of property etc. (1) Between the passing of this Act and the appointed day each former board and all persons connected with the operations of the former board shall do all acts and things necessary or desirable to facilitate- (a) the transfer to the Corporation of the property and liabilities provided for by this Part; and (b) the delivery to the Corporation or its nominee on the appointed day of- (i) all contracts, agreements, guarantees, undertakings and securities entered into by or given by or to the former board or the corporate entity with which the former board is concerned; and (ii) all documents, writings and other records pertaining to the operations of the former board. (2) The Registrar of Titles, the Registrar of Dealings and all other persons charged with keeping registers with respect to dealings with property transferred to the Corporation by section 7 shall, upon request made by or on behalf of the Corporation, make in the registers all endorsements necessary to record the transfer to the Corporation of the property in question pursuant to that section. Notwithstanding any enactment to the contrary, a request made for the purposes of this subsection shall not be liable to stamp duty and no fees or charges shall be payable in respect thereof. PART II-THE QUEENSLAND INDUSTRY DEVELOPMENT CORPORATION Division 1-Constitution, Objectives, Functions and Poivers of the Corporation 9. Constitution of Corporation . (1) There is hereby established a body to be called the Queensland Industry Development Corporation. (2) The Queensland Industry Development Corporation, by that name and style- (a) shall be a body corporate; (b) shall have a common seal; (c) shall be capable in law of suing and being sued and of acquiring. holding and disposing of land and other property,

1682 Queensland Industry Development Corporation Act 1985, No. 108 of granting and taking leases of land and other property, in any case whether situated in or outside Queensland, and of doing and suffering all such other acts and things as bodies corporate may in law do and suffer. (3) All courts, judges, justices and persons acting judicially shall take judicial notice of the common seal of the Corporation affixed to a document or writing and, until the contrary is proved, shall presume that the seal was duly affixed. (4) In pursuit of its objectives and in the discharge of its functions and duties or the exercise of its powers and authorities for the purposes of this Act the Corporation- (a) represents the Crown in right of Queensland; (b) has all the immunities, rights and privileges of the Crown in right of Queensland, except where this Act provides to the contrary: and (c) is an agency of the Government of Queensland. (5) Notwithstanding the provisions of subsection (4) the Corporation shall be deemed to be a statutory body within the meaning of the Financial Administration and Audit Act 1977-1985. 10. Objectives. The objectives of the Corporation shall be to facilitate, encourage and promote the development and expansion of economic activity in Queensland, with a view to enhancing economic growth and employment opportunities in the State and for the public benefit. 11. Functions . In the pursuit of the Corporation's objectives, the functions of the Corporation shall be as follows:- (a) to provide or assist in the provision of financial resources or other services to business undertakings; (b) to administer such schemes of structural adjustment, debt reconstruction or other financial support for any business undertaking or class of business undertaking as may be approved from time to time by the Governor in Council;, (c) to make recommendations in relation to the granting of guarantees to business undertakings on behalf of the Government of Queensland; (d) to engage or participate in the establishment or expansion of economic activity either alone or with any other business undertaking; (e) to bring together or co-ordinate financial resources for private investment and to increase the availability of capital and export finance to business undertakings; (f) to promote ownership of business undertakings by persons resident or incorporated in Queensland; (g) to increase the opportunities for persons resident or incorporated in Queensland to invest and participate in the development of business undertakings; and (h) to operate as a commercial. business undertaking and to generate profits for the public benefit.

Queensland Industry Development Corporation Act 1985, No. 108 1683 12. Powers. (1) The Corporation has the power to do, in Queensland or elsewhere, all things necessary or convenient to be done for or in connexion with the discharge of its functions or the attainment of its objectives. (2) Without limiting the generality of subsection (1), the powers of the Corporation referred to in that subsection include the following powers:- (a) to borrow money, raise money or obtain all forms of financial accommodation in Australia or elsewhere, including by the issue of debentures, bonds, inscribed stock and other securities; (b) to accept money on deposit; (c) to lend moneys on such terms and conditions and upon such security as it thinks fit; (d) to issue, draw, make, accept, endorse or discount bills of exchange, promissory notes or other negotiable instruments; (e) to enter into and perform deferred payment arrangements as debtor or creditor; (f) to undertake leases of any term whatsoever of land, buildings, plant, machinery, equipment and any other property as lessee, lessor, owner or tenant; (g) to form or establish, participate in the formation or establishment of, or participate in a business undertaking; (h) to underwrite issues of shares in, or debentures or other securities of, a business undertaking; (i) to acquire, hold, deal with and dispose of- (i) shares in any body corporate, company debentures, bonds, stock and other securities including debentures, bonds, inscribed stock and other securities issued by the Corporation itself; (ii) land, buildings, plant, machinery, equipment and any other property and any interest therein or charge in respect thereof; and (iii) foreign currency, and incur and perform obligations concerning foreign currency; (j) to enter into covenants, undertakings, arrangements, promises, guarantees and indemnities to meet obligations or liabilities incurred by or to a business undertaking, whether or not the business undertaking is a party to the covenants, undertakings, arrangements, promises, guarantees and indemnities; (k) to enter into arrangements directed to the granting of financial accommodation by or to a business undertaking, whether or not the business undertaking is a party to the arrangements; (I) to enter into purchase obligations as purchaser or sale obligations as seller, to purchase or sell, as the case may

1684 Queensland Industry Development Corporation Act 1985, No. 108 be, any output or other product or commodity of any kind whatsoever; (m) to invest moneys; (n) to maintain an account or accounts with any bank, whether within Australia or elsewhere. 13. Branches and agencies . (1) The Corporation may establish and maintain branches or agencies at any place in or outside Queensland and may discontinue a branch or agency maintained at any place by it. (2) The Corporation may employ as its agents persons who are in or outside Queensland. 14. Mode of making contracts . (1) Contracts by or on behalf of the Corporation may be made, varied or discharged as follows- (a) a contract that, if made by or between private persons, would by law be required to be in writing under seal may be made, varied or discharged, in the name and on behalf of the Corporation, in writing under the common seal of the Corporation; (b) a contract that, if made by or between private persons, would by law be required to be in writing signed by the parties to be charged therewith may be made, varied or discharged, in the name and on behalf of the Corporation, in writing signed by a person acting under the express or implied authority of the Board; (c) a contract that, if made by or between private persons, would be valid although made by parol only and not reduced into writing, may be made, varied and discharged by parol, in the name and on behalf of the Corporation, by a person acting under the express or implied authority of the Board. (2) Subsection (1) shall not be construed to invalidate a contract made and executed on behalf of the Corporation by a duly appointed attorney if that contract would be valid if executed by the attorney on his own behalf. 15. Common Seal; authentication of documents . (1) The common seal of the Corporation shall be in custody of the Chairman or other person appointed by the Board. (2) The common seal shall be used only by the authority of the Board or of an attorney or attorneys appointed by the Board and empowered to authorise the use of the common seal. (3) Every document to which the common seal is affixed shall be signed by the Chairman, or by the Chief Executive Officer, or by an attorney duly appointed by the Board or other person appointed by the Board for the purpose of signing documents to which the common seal is affixed.

Queensland Industry Development Corporation Act 1985, No. 108 1685 (4) The fact that a document or writing has affixed thereto the common seal of the Corporation and has been attested is evidence and, in the absence of evidence to the contrary, conclusive evidence that the document or writing is one to which the common seal has been duly affixed. (5) Save where it is by this Act otherwise prescribed, a document or writing made or issued by the Corporation for the purposes of this Act shall be sufficiently authenticated if it is made or, as the case may be, signed by the Chairman, or by the Chief Executive Officer, an attorney duly appointed by the Board, or other person authorised by the Board in that behalf. Division 2-Officers 16. Appointment of Chief Executive Officer . (1) The Governor in Council shall appoint a person to be the Chief Executive Officer of the Corporation. (2) The Chief Executive Officer shall be paid such salary and allowances and shall be employed on such terms and conditions as the Governor in Council determines from time to time. (3) The term of appointment of the Chief Executive Officer shall, subject to the terms and conditions of an agreement entered into in a particular case , be at the pleasure of the Governor in Council. 17. Functions of Chief Executive Officer . Subject to this Act, to the control and direction of the Board and to the policy, if any, from time to time determined by the Board, the Chief Executive Officer shall administer, conduct the business of and manage and control the Corporation. 18. Other Officers of Corporation . (1) The Corporation may appoint and employ on salary or wages or engage and employ pursuant to contracts such persons as are necessary for the effectual administration of this Act and to facilitate the exercise of its powers and authorities and the discharge of its functions and duties. (2) Subject to any applicable award of an industrial court, tribunal or authority or an industrial agreement persons employed by the Corporation shall be paid salaries, wages and allowances at such rates and shall be employed under such conditions of employment (including conditions as to leave entitlements) as the Corporation determines. (3) Subject to this Act, all officers of the Public Service who immediately before the appointed day are employed in the service of a former board shall be deemed to be appointed or seconded to perform the duties of an officer of the Corporation in accordance with the PublicService Act 1922-1978 and they and all other officers of the Public Service who before the expiration of six months after the appointed day are appointed or seconded to perform the duties of an Officer of the Corporation in accordance with that Act shall continue to be officers

1686 Queensland Industry Development Corporation Act 1985, No. 108 of the Public Service and shall be deemed to be officers of the relevant department. Each of those officers shall be paid initially salary at a rate not less than that appropriate to the salary classification on which he is employed within the Public Service immediately before the appointed day and he shall be employed in all other respects subject to such conditions of employment as are applicable in respect of officers of the Public Service performing similar duties until, in respect of each of those officers who has not elected pursuant to section 19 to continue to be an officer of the Public Service, such salary is or conditions are determined by the Corporation pursuant to this section or by an applicable industrial award for an officer of the Corporation performing similar duties. Salaries, wages, allowances and emoluments payable in respect of those officers shall be paid out of the funds of the Corporation. For so long as an officer referred to in this subsection continues to be an officer of the Public Service appointed or seconded to perform the duties of an officer of the Corporation, he- (a) shall, for the purposes of a provision of the Public ServiceAct 1922-1978 that confers or regulates a right of appeal against promotion, be deemed to continue to be an officer of the relevant department for the period of his service with the Corporation upon the classification that he held immediately before the appointed day; (b) shall, notwithstanding paragraph (a), be subject to the control and direction of the Chief Executive Officer as if he were an officer of the Corporation. (4) Upon the expiration of six months commencing on the appointed day, officers referred to in subsection (3) who have been performing continuously the duties of officers of the Corporation since that day, other than officers who elect to continue to be officers of the Public Service pursuant to section 19, shall cease to be officers of the Public Service and shall become and be officers employed by the Corporation. (5) (a) An officer of the Corporation aggrieved by a decision of the Board resulting in disciplinary action against him or a denial to him of promotion may by writing signed by him furnish to the Board a submission disputing the decision and requesting that there be carried out a review of the process by which the decision was made. A submission under this paragraph shall not raise or be directed to raising a comparison of the submittor or his seniority or efficiency with another officer of the Corporation or his seniority or efficiency. (b) Upon receipt of a submission in accordance with paragraph (a) the Board may by writing request the Chief Executive Officer to select a person who was not, or a panel consisting of at least 2 persons who were not, involved in the making of the decision out of which the submission arose. A person or panel may be or, as the case may be, may consist of officers of the Corporation.

Queensland Industry Development Corporation Act 1985, No. 108 1687 (c) The person or, as the case may be, panel of persons so selected shall review the decision in question in such manner as he or it thinks fit and thereupon shall furnish to the Board his or its recommendations. The Board may take upon the recommendations such action as it thinks fit. The practice and procedure upon a review in accordance with this paragraph shall be as prescribed or, so far as not prescribed, as the person or panel determines from time to time. 19. Rights of officers previously employed in the Public Service. (1) Subject to this section, a person who pursuant to section 18 (3) and 18 (4) was deemed to be appointed or seconded to perform the duties of an officer of the Corporation but has become an officer of the Corporation, shall nevertheless for as long as he continues in the employment of the Corporation in a permanent capacity retain and may claim against the Corporation in respect of all leave entitlements that have accrued to him as an officer of the Public Service and for the purpose of the accrual of long service leave his service with the Corporation and as an officer of the Public Service shall be deemed to be continuous service as an officer of the Corporation. The Corporation shall be paid from the Consolidated Revenue Fund a sum calculated on an actuarial basis representing a fair value for long service leave, sick leave and recreation leave entitlements of such persons as at the appointed day. (2) During a period of six months commencing on the appointed day, an officer of the Public Service who has continuously performed the duties of an officer of the Corporation since that day and who, immediately before that day was an officer of the Public Service employed in the service of a former board by writing signed by him addressed to the Assistant Commissioner to the Public Service Board and Chief Executive Officer, Department of the Public Service Board or other prescribed officer thereof may elect to continue to be an officer of the Public Service and such officer shall as soon as can practicably be arranged. be transferred to another position in the Public Service and be accorded a classification and emoluments at least equal to those that he held as an officer of the Public Service at the date of his election. An officer who, pursuant to this subsection, elects to continue to be an officer of the Public Service and who has not been transferred to another position in the Public Service shall, pending the transfer, continue to perform the duties of an officer of the Corporation and all emoluments to which that officer is entitled shall be paid out of the funds of the Corporation. In respect of an officer who elects to continue as an officer of the Public Service the Corporation shall, at the time of his transfer to a position in the Public Service, pay to the Consolidated Revenue Fund a sum calculated on an actuarial basis representing a fair value for his long service leave, sick leave and recreation leave entitlements.

1688 Queensland Industry Development Corporation Act 1985, No. 108 (3) The provisions of the Public Service Act 1922-1978 shall, with all necessary adaptations, apply in relation to the dismissal or suspension from duty of any person who pursuant to section 18 (4) has ceased to be an officer of the Public Service and has become an officer of the Corporation, if he is so employed in a permanent capacity, and in respect of any appeal against such dismissal or suspension and in particular- a reference therein to the board shall be construed as a reference to the Board within the meaning of this Act; and a reference therein to the permanent head shall be construed as a reference to the Chief Executive Officer. 20. Provisions concerning superannuation for persons previously officers of the Public Service. (1) This section applies in respect of every person who immediately before the appointed day was an officer of the Public Service and a contributor to the State Service Superannuation Fund and who pursuant to section 18 (4) has ceased to be such an officer and has become an officer of the Corporation employed in a permanent capacity. (2) If the Corporation does not maintain or participate in a superannuation scheme for the benefit of its officers a person to whom this section applies shall continue to be a contributor to the State Service Superannuation Fund and for that purpose shall be deemed to be an officer within the meaning of the Act or Acts under which he contributed to that fund immediately before the appointed day. (3) If the Corporation maintains or participates in a superannuation scheme for the benefit of its officers a person to whom this section applies may, within 30 days from the day when he becomes an officer of the Corporation or when the Corporation commences to maintain or participate in the scheme, whichever is the later, elect- (a) to continue as a contributor to the State Service Superannuation Fund under the Act or Acts under which he contributed to that fund immediately before the appointed day; or (b) to cease as a contributor to the State Service Superannuation Fund and to become a contributor to the scheme maintained or participated in by the Corporation; An election under this subsection shall be made by giving notice thereof in writing to the Manager of the State Service Superannuation Fund and to the Chief Executive Officer.

Queensland Industry Development Corporation Act 1985, No. 108 1689 (4) Where a person to whom this Act applies has made an election referred to in paragraph (a) of subsection (3)- he shall be deemed to be an officer, and shall continue to be a contributor, within the meaning of the Act or Acts under which he contributed to the State Service Superannuation Fund immediately before the appointed day; he shall not be required to participate in any superannuation scheme maintained or participated in by the Corporation; and the Corporation shall comply with the Act or Acts under which he continues to be a contributor to the State Service Superannuation Fund in respect of payment of contributions to that fund on his behalf. (5) The Corporation shall furnish to the State Service Superannuation Board the names of persons who make an election referred to in paragraph (b) of subsection (3) and thereupon the State Service Superannuation Board shall pay, in accordance with section 7 of the Superannuation (Public Employees Portability and Acts Amendment) Act1985 in respect of each officer concerned, from the State Service Superannuation Fund to the superannuation scheme established and maintained, or participated in, by the Corporation an amount determined by the actuary appointed under the State Service Superannuation Act1972-1985 as a transfer value in respect of the entitlements under that Act and, if appropriate, the Public Service Superannuation Act 1958- 1985 of that officer at the time of his ceasing to be a contributor to the State Service Superannuation Fund. A payment made on behalf of any officer in accordance with this subsection discharges the State Service Superannuation Board from liability to pay to or on behalf of that officer from the State Service Superannuation Fund any further amount by way of refund of contributions, benefits or other entitlements arising out of his being a contributor to that fund. (6) Sections 7 to 11 both inclusive of the Superannuation (PublicEmployees Portability and Acts Amendment) Act 1985 apply in respect of a transfer value paid from the State Service Superannuation Fund under subsection (5) as if the officer in question had duly elected as prescribed by section 6 of that Act and the superannuation scheme established and maintained, or participated in, by the Corporation had been declared, in terms of that Act, to be an approved superannuation scheme or an eligible superannuation scheme. 21. Superannuation scheme. Subject to the approval of the Governor in Council, the Corporation- (a) may establish and maintain or participate in any scheme or schemes; (b) may amend any scheme or schemes established and maintained by it,

1690 Queensland Industry Development Corporation Act 1985, No. 108 for the provision of superannuation benefits to its officers, and to that end may provide in such manner as it thinks fit for the establishment and maintenance of such funds as it considers necessary or desirable and may contribute thereto. 22. Superannuation Contributions by Corporation . In respect of a person who- (a) is an officer of the Public Service appointed or seconded to perform the duties of an officer of the Corporation in accordance with the Public Service Act 192-7-1978, or is deemed to be so appointed or seconded; or (b) is an officer of the Corporation, and in either case is a contributor to the State Service Superannuation Fund the Corporation shall. until, in the case referred to in paragraph (a), that person is transferred to another position in the Public Service, pay to the State Service Superannuation Additional Benefits Fund such sums as are payable by way of contribution to the lastmentioned fund in respect of that person by- the Treasurer, in the case of an officer referred to in paragraph (a); or the employer, in the case of an officer referred to in paragraph (b). Moneys payable by the Corporation to the State Service Superannuation Additional Benefits Fund and remaining unpaid may be recovered by action in a court of competent jurisdiction by the Treasurer as a debt due and owing to him. PART III-QUEENSLAND INDUSTRY DEVELOPMENT CORPORATION BOARD Division 1-Constitution and Membership 23. Queensland Industry Development Corporation Board . (1) There shall be constituted and thereafter maintained a Queensland Industry Development Corporation Board. (2) Management of the affairs of the Corporation shall be with the Board. 24. First constitution of Board . (1) Persons may be appointed as members of the Board and directors of the Corporation at any time after the passing of this Act. (2) The Board shall be first constituted upon the commencement of the date appointed under section 2 (2) for the commencement of this section.

Queensland Industry Development Corporation Act 1985, No. 108 1691 25. Membership of Board . (1) The Board shall consist of the following Directors- (a) an officer of the Treasury Department nominated by the Premier of the State; (b) no less than six nor more than eight other persons with experience in industry, trade or commerce. (2) A Director of the Board- (a) shall be appointed by the Governor in Council by notification published in the Gazette; (b) except for the person nominated under paragraph (a) of subsection (1), shall be a person other than an officer of the Public Service of Queensland; (c) shall be appointed for a term of office not exceeding five years and be eligible for re-appointment; (d) may be appointed for a term of office different from that for which another Director is appointed; (e) shall hold office subject to his continuing to be qualified for appointment as a Director; (f) shall hold office at the pleasure of the Governor in Council. (3) The Chief Executive Officer may be one of the persons referred to in paragraph (b) of subsection (1) to be appointed Directors. The officer of the `Treasury Department appointed a Director shall be Deputy Chairman. (4) The Governor in Council shall, by Order in Council, appoint one of the persons referred to in paragraph (b) of subsection (1) and appointed as Directors to be Chairman. The appointment of Chairman may be made by the same Order in Council whereby the person in question is appointed a Director or by a later Order in Council. 26. Deputy for Board member . (1) The Director who is the officer referred to at (a) in section 25 (1) may appoint an officer of the Treasury Department to be his deputy for the purposes of this Act. (2) Whenever the Director referred to in subsection (1) is unable, by reason of absence or incapacity, to attend meetings of the Board or otherwise to discharge his duties as a Director, the officer so appointed is authorized to attend meetings of the Board and to participate in the business of the Board and otherwise to exercise or discharge the powers, authorities, functions and duties of the Director. 27. Payments to Directors. The Corporation shall pay to each Director such remuneration as the Governor in Council determines and reimburse him for all travel and other expenses incurred by him in the course of carrying out his duties as a Director.

1692 Queensland Industry Development Corporation Act 1985, No. 108 28. Vacation of office. (1) A Director may resign his office as Director at any time by writing signed by him and given to the Minister. (2) Where a Director- (a) becomes permanently incapable, in the opinion of the Governor in Council, of performing his duties; (b) is an undischarged bankrupt or is taking advantage of the laws relating to bankruptcy; (c) has been convicted in Queensland of an indictable offence (whether on indictment or by summary proceeding) or elsewhere than in Queensland in respect of an act or omission that, if it had occurred in Queensland, would have constituted an indictable offence; (d) is absent, save on leave granted by the Board, from all meetings of the Board held during 3 consecutive months or during any 4 months in a period of 12 months; (e) ceases to hold office as a Director by becoming disqualified under section 31; (f) is guilty of misconduct such as to warrant, in the opinion of the Governor in Council, removal from office; or (g) becomes unsuitable, in the opinion of the Governor in Council, to hold office as a Director, the Governor in Council shall terminate his appointment by notice in writing signed by the Minister. 29. Casual Vacancy in office of Director. (1) A Director shall be taken to have vacated his office- (a) if he dies; (b) in the event of his resignation, upon receipt by the Minister of his notice of resignation; (c) in the event of termination of his appointment by the Governor in Council, upon issue by the Minister of notice of the termination. (2) Where a vacancy occurs in the office of a Director during his term of office as a Director, the Governor in Council may appoint as prescribed another qualified person to fill the vacant office. (3) A person appointed to fill a casual vacancy in the office of a Director shall be appointed for the balance of the term of office of his predecessor's term of office and shall hold office accordingly or until he sooner vacates the office -and, subject to his remaining qualified for appointment, shall be eligible for re-appointment. 30. Declaration by Directors . A Director shall, before entering upon his duties or exercising or performing any power, authority, function

Queensland Industry Development Corporation Act 1985, No. 108 1693 or duty, make a declaration of secrecy in the form determined by the Board. 31. Disqualification from Directorship . Subject to this Act, a person who is a director, officer or an employee of a corporation the business of which is wholly or mainly that of finance and competitive with the Corporation is not qualified for appointment as a Director and a Director who becomes so disqualified for appointment shall thereupon cease to hold office as a Director. Division 2-Functions 32. Functions of Board . (1) The Board shall be responsible for the discharge and exercise by the Corporation, subject to this Act, of the functions, duties, powers and authorities entrusted to or conferred upon the Corporation by this Act. (2) Without limiting the generality of subsection (1) the Board- (a) shall make general determinations as to the policy of the Corporation and its operations; (b) may determine policy in relation to the administration, management and control of the Corporation; (c) may give such directions to and exercise such control over the Chief Executive Officer and other officers of the Corporation as it thinks fit; (d) shall have and may exercise such other powers and authorities and discharge such other functions and duties as are prescribed by this Act or any other Act or enactment. (3) The Board shall consult with the Minister on matters of policy of or affecting the Corporation and shall keep the Minister informed of policy determinations to be made by the Board. Should any difference arise between the Minister and the Board- the Minister and the Board shall, by consultation, endeavour to resolve the difference by agreement; and where agreement cannot be attained the matter on which the difference exists shall be submitted to the Governor in Council for his determination, which shall be final and binding on the Minister and the Board. 33. Validity of acts. Any act, proceeding, decision or determination of the Board is not invalid or unlawful by reason only of any defect in the qualification, directorship or appointment of a Director or a vacancy in the office of a director at the time of that act, proceeding, decision or determination. 34. Authentication of documents . Save where it is by this Act otherwise prescribed, a document or writing made or issued by the 58

1694 Queensland Industry Development Corporation Act 1985, No. 108 Board for the purposes of this Act shall be sufficiently authenticated if it is made or, as the case may be, signed by the Chairman or other person at the Chairman's direction. Division 3-Powers and Functions of Chairman 35. Powers etc. of Chairman . (1) The Chairman shall discharge such functions and duties and may exercise such powers and authorities as are entrusted to or conferred on the Board by or under this Act and as the Board thinks fit to authorize him to discharge or exercise. (2) Authority conferred by the Board on the Chairman may be withdrawn or varied as the Board thinks fit from time to time. 36. Chairman' s absence etc. If at any time the Chairman is absent or unable to act in the office of Chairman the Deputy Chairman shall act as Chairman and while so acting shall discharge the functions and duties and may exercise the powers and authorities of Chairman. Division 4-Proceedings and Business 37. Procedure at meetings of Board . (1) Subject to this Act, the Board shall meet at such times and places as the Board determines and conduct its business in such manner as it thinks fit. (2) The Chairman shall preside at all meetings of the Board at which he is present and, in the absence of the Chairman, the Deputy Chairman, if present, shall preside. If both the Chairman and the Deputy Chairman are absent from a meeting, a Director, other than the Chief Executive Officer, elected by Directors present at that meeting from amongst those present (if they constitute a quorum) shall preside. A Director elected to preside at a meeting, while so presiding, shall have and may exercise the powers and authorities and shall discharge the functions and duties of the Chairman. (3) A majority of the number of Directors for the time being holding office, of whom the Chairman, Deputy Chairman or Director elected under subsection (2) shall be one, shall constitute a quorum of the Board and business shall not be conducted at a meeting thereof unless a quorum is present. 38. Conduct of affairs . (1) The Board shall exercise a power or authority or discharge a function or duty by the majority vote of its Directors present at a meeting and voting on the business in question. (2) In the event of an equality of votes on a question, it shall be deemed that the question is decided in the negative. 39. Minutes. (1) The Board shall cause to be kept minutes of the proceedings at meetings of the Board and a record of all decisions of the Board taken other than at a duly constituted meeting thereof or by

Queensland Industry Development Corporation Act 1985, No. 108 1695 reference in writing and that record shall be presented to a subsequent meeting of the Board for confirmation as to its correctness and shall be signed by the Chairman and thereupon shall form part of the minutes of that meeting. 40. Declaration of interest by Director. A Director shall declare to the Board the interest held by him in any body corporate other than the Corporation in accordance with section 232 of the Companies (Queensland) Code 1981. PART IV-FINANCIAL PROVISIONS 41. Capital of Corporation . (1) The authorized capital of the Corporation is $50 million or such greater sum as is from time to time authorized by Order in Council. (2) An amount of $25 million of the authorized capital shall be paid to the Corporation on the appointed day and shall constitute the issued capital of the Corporation. (3) The remainder of the authorized capital from time to time, which shall constitute the unissued capital of the Corporation. shall be available upon request in writing by the Board to the Treasurer at a rate not exceeding $10 million each 12 months and, subject thereto, shall be issued to the Corporation within 12 months of the date of such request. 42. Corporation to act on prudent commercial principles . (1) Subject to subsection (3), the Corporation- (a) shall discharge its functions and duties and exercise its powers and authorities in accordance with prudent commercial principles; and (b) shall use its best endeavours to ensure that its revenue is sufficient to meet its expenditure properly chargeable against revenue and to earn a commercial rate of return. (2) At the end of each financial year of the Corporation it shall pay out of profits derived from its operations to the Consolidated Revenue Fund a sum considered by the Treasurer, in consultation with the Board, to be appropriate as a return on account of the capital issued to the Corporation by the Treasurer. (3) Subject to subsection (4), the Corporation shall, as directed by the Treasurer from time to time, administer such schemes of- structural adjustment; debt reconstruction; or other financial assistance, in respect of such industry or business undertakings as are approved by the Governor in Council and on such terms and conditions as are approved by the Governor in Council.

1696 Queensland Industry Dev elopment Corporation Act 1985, No. 108 (4) In respect of the administration of schemes, such as are referred to in subsection (3), appropriate arrangements shall be made between the Corporation and the Treasurer to ensure that the Corporation is adequately compensated for'the financial risk involved and for its administrative costs associated with the schemes. (5) In respect of any of the schemes referred to in subsection (3) the Corporation shall act as an agent for the Government of Queensland or as a principal in its own right, as determined by the Governor in Council. (6) The Board shall maintain separate accounts in respect of its administration of each scheme, such as is referred to in subsection (3). 43. Borrowing by the Corporation. (1) The Corporation, for the purpose of exercising any of its powers and authorities or discharging any of its functions and duties under this Act, may and is hereby authorized to borrow or raise money from, or to enter into other financial arrangements as a borrower with the Treasurer, or any bank or other person or institution upon and subject to such terms and conditions and at such rate of interest as the Board thinks fit. (2) The Corporation may for the purposes of this section create and execute all such mortgages, bills of sale, charges, liens and other securities or encumbrances upon or over the property of the Corporation or any part or parts thereof, or the revenues of the Corporation, as the Board thinks fit. (3) Unless otherwise approved by the Governor in Council on the recommendation of the Treasurer, the borrowings of the Corporation for commercial purposes shall not exceed 15 times the equity of the Corporation. Borrowings for commercial purposes do not include moneys raised in respect of schemes referred to in Section 42 (3) or moneys obtained from the Treasurer of the Commonwealth or the State. 44. Guarantee of Corporation Borrowings . (1) Subject to the prior approval of the Governor in Council, the Treasurer may, on behalf of the Crown in right of the State, guarantee the payment of any moneys payable by, or the discharge of any indebtedness or liability of, the Corporation. (2) The Treasurer is hereby authorized, without further appropriation, to pay out of the Consolidated Revenue Fund any amount required to satisfy a liability under a guarantee or indemnity under subsection (1) and any sums received or recovered by the Treasurer from the Corporation or otherwise in respect of any sums so paid by the Treasurer shall be paid into the Consolidated Revenue Fund. 45. Loans by the Corporation. (1) Except as prescribed by section 42 (3), the Corporation for the purposes of exercising any of its powers and authorities or discharging any of its functions and duties under this Act, may and is hereby authorized to make loans or advances to, or

Queensland Industry Development Corporation Act 1985, No. 108 1697 enter into any other financial arrangements with, a business undertaking where the Corporation assumes the risks of a lender, on such terms and conditions as the Board thinks fit. (2) Unless otherwise approved by the Governor in Council on the recommendation of the Treasurer, the Corporation is not authorized to enter into financial arrangements , such as are referred to in subsection (1), with a business undertaking for a sum or sums greater in the aggregate than 10 per centum of the equity of the Corporation. 46. Guarantees by the Corporation . (1) The Corporation, for the purposes of exercising any of its powers and authorities or discharging any of its functions and duties under this Act, may- (a) guarantee the payment of any moneys payable by, or the discharge of any indebtedness or liability of, any business undertaking; (b) give an indemnity against the failure of a business undertaking to pay moneys or discharge any indebtedness or liability; or (c) enter into any other financial arrangement with a business undertaking whereby the Corporation assumes a contingent risk. (2) Unless otherwise approved by the Governor in Council on the recommendation of the Treasurer, the Corporation is not authorized to provide a guarantee or an indemnity to or enter into any other financial arrangement, such as is referred to in subsection (1), with a business undertaking for a sum or sums greater in the aggregate than 20 per centum of the equity of the Corporation. (3) Unless otherwise approved by the Governor in Council on the recommendation of the Treasurer, the Corporation shall not execute a guarantee or indemnity or any other financial arrangement, such as is referred to in subsection (1), if the total actual or contingent liability of the Corporation under all such financial arrangements at any time exceeds an amount 15 times the equity of the Corporation. (4) The execution by the Corporation either alone or jointly with some other person of a financial arrangement under subsection (1) in favour of the creditor shall be conclusive evidence that the requirements of this Act with respect to the financial arrangement have been complied with. (5) It shall be a condition of the Corporation agreeing to enter into a financial arrangement under subsection (1) that the business undertaking with whom the arrangement is made shall pay to the Corporation such fee as the Board may determine. 47. Guarantees by the Treasurer . (1) Where the Treasurer receives a request from a business undertaking to provide a guarantee or an indemnity, the Treasurer shall refer the matter to the Board for its consideration. If the Corporation does not provide a guarantee or

1698 Queensland Industn` Development Corporation Act 1985, No. 108 indemnity to the business undertaking , the Board shall provide a report and recommendation to the Treasurer . After considering the recommendation from the Board , the Treasurer may, with the prior approval of the Governor in Council, and consistently with the objectives and functions of the Corporation- (a) guarantee the payment of any moneys payable by, or the discharge of any indebtedness or liability of, the business undertaking; or (b) give an indemnity against the failure of the business undertaking to pay moneys or discharge any liability. (2) The guarantee or indemnity may be made either alone or jointly by the Treasurer and on such terms and conditions as the Treasurer thinks fit. (3) The following provisions shall apply to and in respect of any guarantee or indemnity under subsection (1):- (a) the guarantee or indemnity may include any interest charges and expenses chargeable by the creditor against the debtor and the expenses of enforcing or obtaining or endeavouring to enforce or obtain payment of the debt guaranteed and those interest charges and expenses: (b) the creditor shall, if required to do so by the Treasurer, obtain, take and hold or retain and hold securities of such nature as the Treasurer may require for the payment of the debt or the discharge of the liability guaranteed; (c) the guarantee or indemnity shall not be enforceable against the Treasurer unless and until the creditor has exercised to the, satisfaction of the Treasurer his rights and remedies under all securities (if any) held by or for him in respect of the debt or liability guaranteed , other than the guarantee; (d) the creditor shall not, without the consent in writing of the Treasurer, assign or encumber the benefit of the guarantee or indemnity. (4) Such sums as may from time to time become due and payable by the Treasurer under guarantee or indemnity executed by him under the powers conferred by this section shall be paid out of the Consolidated Revenue Fund, which is hereby to the necessary extent appropriated accordingly. 48. Investments by the Corporation . (1) The Corporation, for the purpose of exercising any of its powers and authorities and discharging any of its functions and duties under this Act, is hereby authorized to invest in, or undertake any other financial arrangement with, a business undertaking whereby the Corporation assumes the risk of ownership, on such terms and conditions as the Board thinks fit. (2) Unless otherwise approved by the Governor in Council on the recommendation of the Treasurer, the Corporation is not authorized to

Queensland Industry Development Corporation Act 1985, No. 108 1699 make any investments or other financial arrangements as prescribed in subsection (1) with a business undertaking for a sum or sums greater in the aggregate than five per centum of the equity of the Corporation. (3) Unless otherwise approved by the Governor in Council on the recommendation of the Treasurer, the total amount of any such investments or other financial arrangements undertaken by the Corporation pursuant to this . 2ction shall not exceed the equity of the Corporation. 49. Temporary Investment of funds. Any moneys of the Corporation may, until required for the purposes of carrying out its functions under this Act, be temporarily invested or dealt with by the Corporation in such manner as the Board thinks fit. 50. Accounts . The Board shall cause to be kept proper accounts and records of the transactions and affairs of the Corporation in accordance with the accounting principles generally applied in commercial practice and shall do all things necessary to ensure that all payments out of the moneys of the Corporation are correctly made and properly authorised and that adequate control is maintained over the assets of, or in the custody of, the Corporation and over the incurring of liabilities by the Corporation. 51. Annual balance sheet and statements of account . As soon as practicable after the completion of each financial year of the Corporation, the Board shall prepare and furnish to the Minister a balance sheet and statements of account and therein shall set forth a true statement of the financial position of each fund maintained by the Corporation under this Act and of the transactions of the Corporation throughout that year, certified by the Auditor-General. 52. Audit of accounts . (1) The accounts of the Corporation shall be audited by the Auditor-General or by an authorised auditor directed by him each of whom shall have with respect to the audit and accounts all the powers and authorities conferred on him by the FinancialAdministration and Audit Act 1977-1985. The fee payable by the Corporation in respect of the audit shall be fixed by the Auditor-General. (2) The Auditor-General shall certify whether the statement of account and balance sheet prepared on behalf of the Corporation- (a) are , where applicable, prepared in the form required by law; (b) are in agreement with the accounts; and (c) in his opinion fairly set out the financial transactions for the period to which they relate and show a true and fair view of the state of affairs at the close of that period. (3) The Auditor-General shall, at least once in each year, report to the Minister and to the Board the results of each audit carried out

1700 Queensland Industry Development Corporation Act 1985, No. 108 under this section and shall, if he thinks fit, include with the report recommendations to the Minister or to the Board with respect to the financial statements and the manner of operating and maintaining the accounts in question. PART V-MISCELLANEOUS PROVISIONS 53. Power of delegation . (1) Subject to this Act, the Corporation or the Board- (a) in the case of the Corporation, by writing under its seal; (b) in the case of the Board, by writing signed by the Chairman, may delegate either generally or otherwise as provided by the instrument of delegation- (c) in the case of the Corporation, to any of its officers; (d) in the case of the Board, to any of its Directors, all or any of its powers, authorities, functions and duties, save this power of delegation. The Corporation or Board may make such and so many delegations of the same power. authority, function or duty and to such number of persons as it considers necessary or desirable. (2) A delegation in either case may be made subject to such terms, conditions or limitations as the Board thinks fit including a requirement that the delegate shall report to it on the exercise or performance of the delegated power, authority, function or duty. (3) A power, authority, function or duty so delegated, if exercised or performed by the delegate, shall be so exercised or performed in accordance with the instrument of delegation. (4) A delegation does not prevent or prejudice- (a) the exercise of a delegated power or authority or the discharge of a delegated function or duty by the Corporation or Board; or (b) the exercise by the Board of supervision of the carrying out by the delegate of the terms, conditions or limitations of the delegation to the extent of countermanding the delegate's exercise of a power or authority or the discharge of a function or duty under the delegation. (5) A delegation is revocable at the will of the Board. 54. Taxation . (1) Notwithstanding any immunity, right or privilege that but for this subsection would attach to it, the Corporation shall be liable for and shall pay- all rates, charges and fees made and levied or imposed by Local Authorities within the meaning of the Local Government Act 1936-1985 or Brisbane City Council; and

Queensland Industry Development Corporation Act 1985, No. 108 1701 all stamp duties, land tax, payroll tax and other taxes, charges and fees imposed by or under any Act. (2) The Corporation shall pay to the Treasurer on account of each financial year's results a sum of money determined by him in lieu of the liability of a business undertaking, other than the Corporation, to pay taxes under any Act of the Commonwealth. In determining that sum the Treasurer shall have regard to the amount that the Corporation would have paid if it had been liable for payment of taxes under any Act of the Commonwealth. 55. Indemnity . The Corporation shall indemnify and hold harmless every Director and every officer or agent of the Corporation against all actions, proceedings, suits, claims or demands arising out of any act, matter or thing done or made by him for the purpose of carrying out or giving effect to this Act or done or made without negligence and in good faith by him purporting to act for the purposes of this Act. 56. Regulations . The Governor in Council may make regulations, not inconsistent with this Act providing with respect to- (a) all matters that are required or permitted by this Act to be prescribed; (b) all matters that in his opinion are necessary or convenient for the proper administration of this Act or the proper exercise or discharge by the Corporation or the Board of its powers, authorities, functions and duties; (c) all matters that in his opinion are necessary or convenient to be prescribed to achieve the objects and purposes of this Act. 57. Review of Act. (1) The Minister shall carry out a review of the operation of this Act 10 years after the commencement of this section, and in the course of the review the Minister shall consider and have regard to- (a) the effectiveness of the operations of the Corporation; (b) the need for the continuation of the Corporation; and (c) such other matters as appear to him to be relevant to the operation and effectiveness of this Act. (2) The Minister shall prepare a report based on his review of the Act and shall, as soon as practicable after the preparation thereof, cause the report to be laid before Parliament.