Untitled document

Victorian Funds Management Corporation Amendment Act 2016

No. 56 of 2016

table of provisions

Section  Page

Part 1—Preliminary

1Purpose

2Commencement

Part 2—Amendments to the Victorian Funds Management Corporation Act 1994

3Definitions

4Functions

5Powers

6Appointment and powers as fund manager

7Delegation

8Appointment of directors

9Acting chairperson or deputy chairperson

10Proceedings of the Board

11Resolutions without meetings

12Borrowing and investment powers

13Authorised investment in trusts

Part 3—Amendments to the Borrowing and Investment Powers Act 1987

14Definitions

15Schedule 1 amended

Part 4—Repeal of amending Act

16Repeal of amending Act

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Endnotes

1      General information

Victorian Funds Management Corporation Amendment Act 2016

No. 56 of 2016

[Assented to 18 October 2016]

The Parliament of Victoria enacts:

Part 1—Preliminary

1Purpose

The purpose of this Act is to amend—

(a)the Victorian Funds Management Act 1994; and

(b)the Borrowing and Investment Powers Act 1987—

to make further provision as to the powers and procedures of the Victorian Funds Management Corporation.

2Commencement

(1)Subject to subsection (2), this Act comes into operation on a day to be proclaimed.

(2)If this Act does not come into operation before 30 June 2017, it comes into operation on that day.

Part 2—Amendments to the Victorian Funds Management Corporation Act 1994

3Definitions

In section 3 of the Victorian Funds Management Corporation Act 1994 insert the following definition—

"invest has the same meaning as it has in the Borrowing and Investment Powers Act 1987;".

4Functions

(1)In section 8(1)(a) of the Victorian Funds Management Corporation Act 1994, after "to manage" insert "or invest".

(2)In section 8(1)(b) of the Victorian Funds Management Corporation Act 1994—

(a)after "funds management" insert
", investment services";

(b)after "and financial" insert "or investment".

(3)In section 8(1)(e) of the Victorian Funds Management Corporation Act 1994, after "such financial" insert ", investment".

(4)In section 8(1)(f) of the Victorian Funds Management Corporation Act 1994, after "other functions" insert "and exercise such powers".

5Powers

(1)In section 9(1)(a) of the Victorian Funds Management Corporation Act 1994, after "funds management" insert ", investment".

(2)For section 9(1)(c), (d) and (e) of the Victorian Funds Management Corporation Act 1994 substitute—

"(c)has the powers conferred on it by this and any other Act.".

6Appointment and powers as fund manager

(1)In section 9A(1)(a) of the Victorian Funds Management Corporation Act 1994, after "authorised by this" insert "or any other".

(2)After section 9A(2) of the Victorian Funds Management Corporation Act 1994 insert—

"(3)The Treasurer may appoint the Corporation to carry out, subject to the terms of the appointment, in respect of the funds of, or assets of a fund administered by the State, any or all of the functions and powers that the Corporation is authorised by this or any other Act to carry out.

(4)If the Corporation is appointed by the Treasurer under subsection (3), the Corporation, in accordance with the terms of the appointment, may invest funds of, or assets of a fund administered by, the State in any manner in which the State is authorised to invest those funds or assets.".

7Delegation

In section 11 of the Victorian Funds Management Corporation Act 1994, for "instrument under its official seal" substitute "resolution of the Board".

8Appointment of directors

In section 13(2) of the Victorian Funds Management Corporation Act 1994, after "the Corporation and" insert "may appoint".

9Acting chairperson or deputy chairperson

In section 15(1) of the Victorian Funds Management Corporation Act 1994—

(a)in paragraph (b) omit "absent from Victoria or is, for any reason,";

(b)before "the deputy chairperson" insert "if a deputy chairperson has been appointed,".

10Proceedings of the Board

After section 18(2) of the Victorian Funds Management Corporation Act 1994 insert—

"(2A)A meeting of the Board may be called or held using any technology consented to by all of the directors for the time being.

(2B)A consent given under subsection (2A) may be a standing consent.

(2C)If a director withdraws a consent given under subsection (2A), the director must give reasonable notice to the Board of the withdrawal before the next meeting of the Board.".

11Resolutions without meetings

In section 19(1) of the Victorian Funds Management Corporation Act 1994 omit "(other than a director who is absent from Australia when the other directors sign)".

12Borrowing and investment powers

(1)For section 35(1) of the Victorian Funds Management Corporation Act 1994 substitute—

"(1)The Corporation has the powers conferred on it by the Borrowing and Investment Powers Act 1987.

(1A)Without limiting subsection (1), the Corporation—

(a)may acquire real or personal property for use by the Corporation; and

(b)may sell, mortgage or grant a lease of property held by the Corporation; and

(c)may, subject to and in accordance with the powers conferred on it by the Borrowing and Investment Powers Act 1987—

(i)obtain financial accommodation for the Corporation; and

(ii)invest money of the Corporation.".

(2)Section 35(4) of the Victorian Funds Management Corporation Act 1994 is repealed.

13Authorised investment in trusts

Section 38 of the Victorian Funds Management Corporation Act 1994 is repealed.

Part 3—Amendments to the Borrowing and Investment Powers Act 1987

14Definitions

In section 3(1) of the Borrowing and Investment Powers Act 1987, in the definition of invest, for "enter" substitute "acquisition, sale or divestment of an investment and entering".

15Schedule 1 amended

In Schedule 1 to the Borrowing and Investment Powers Act 1987—

(a)in column 2 of item 21A, after "21" insert
", 22";

(b)in column 2 of item 30, after "21" insert
", 22".

Part 4—Repeal of amending Act

16Repeal of amending Act

This Act is repealed on 30 June 2018.

Note

The repeal of this Act does not affect the continuing operation of the amendments made by it (see section 15(1) of the Interpretation of Legislation Act 1984).

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Endnotes

1   General information

See for Victorian Bills, Acts and current authorised versions of legislation and up-to-date legislative information.

Minister's second reading speech—

Legislative Assembly: 13 April 2016

Legislative Council: 23 June 2016

The long title for the Bill for this Act was "A Bill for an Act to amend the Victorian Funds Management Act 1994 and the Borrowing and Investment Powers Act 1987 to make further provision as to the powers and procedures of the Victorian Funds Management Corporation and for other purposes."