Financial Management and Accountability Special Instructions (Family Court of Australia) 2004 (No. 2)
I, NICK MINCHIN, Minister for Finance and Administration, issue these Special Instructions to the Family Court of Australia under subsection 16 (1) of the Financial Management and Accountability Act 1997.
Dated 9 June 2004
Nick Minchin
Minister for Finance and Administration
1 Name of Special Instructions
These Special Instructions are the Financial Management and Accountability Special Instructions (Family Court of Australia) 2004 (No. 2).
2 Commencement
These Special Instructions commence on the commencement of the Financial Management and Accountability (Determination 2004/06 — Family Court of Australia Litigants’ Fund Special Account) Establishment 2004.
3 Definitions
In these Special Instructions:
Family Court:
(a) means the Family Court of Australia; and
(b) in paragraph 4 (b) and section 5 — includes an official for that Court.
FMA Act means the Financial Management and Accountability Act 1997.
4 Application of Special Instructions
These Special Instructions apply if:
(a) the Judges of the Family Court, or a majority of them, make a Rule of Court, in accordance with subsection 123 (1) of the Family Law Act 1975, about the investment of special public money standing to the credit of the Family Court of Australia Litigants’ Fund Special Account; and
(b) the Rule of Court directs the Family Court to invest the special public money in an investment other than an authorised investment for subsection 39 (10) of the FMA Act.
5 Special Instructions
(1) The Family Court, in its capacity as a delegate of the Finance Minister under section 39 of the FMA Act, is authorised to invest the special public money in the investment, and must act in accordance with:
(a) any order made under the Rule of Court, requiring the Family Court to invest the special public money in an investment other than an authorised investment; and
(b) section 39 of the FMA Act.
(2) However, the investment must not be inconsistent with the terms of any trust that applies to the special public money.
Overview
The Financial Management and Accountability Special Instructions (Family Court of Australia) 2004 (No. 2) was enacted to address the need for specific guidelines concerning the investment of special public money in the Family Court of Australia Litigants’ Fund Special Account. This legislative instrument was issued under subsection 16(1) of the Financial Management and Accountability Act 1997 by the Minister for Finance and Administration, Nick Minchin, on 9 June 2004. These Special Instructions provide the Family Court of Australia with the authority to invest special public money in investments that are not otherwise authorised under the Financial Management and Accountability Act, provided that the investments comply with the terms of any relevant trust. The policy objective is to ensure that the Family Court can manage and invest its funds effectively while adhering to the broader financial management framework established by the Commonwealth.
Scope and Application
The Financial Management and Accountability Special Instructions (Family Court of Australia) 2004 (No. 2) applies specifically to the Family Court of Australia, including its officials, and pertains to the management and investment of the Family Court of Australia Litigants’ Fund Special Account. These instructions are applicable when the Judges of the Family Court, or a majority of them, make a Rule of Court under the Family Law Act 1975 regarding the investment of special public money in the Litigants’ Fund, provided the investment is not an authorised investment under the Financial Management and Accountability Act 1997. The Special Instructions permit the Family Court to invest in non-authorised investments as directed by the Rule of Court, as long as such investments do not contravene the terms of any relevant trust. The instructions are designed to operate within the existing framework of the FMA Act and must be exercised in accordance with the specified legal conditions, ensuring that the investments are conducted responsibly and within the bounds of the law.
Key Provisions
The Financial Management and Accountability Special Instructions (Family Court of Australia) 2004 (No. 2) detail specific provisions regarding the investment of special public money held in the Family Court of Australia Litigants’ Fund Special Account. Under section 5, the Family Court, acting as a delegate of the Finance Minister, is authorised to invest special public money in a specified investment if certain conditions are met. The Family Court must comply with any Rule of Court directing it to invest in an investment other than one authorised under the Financial Management and Accountability Act 1997 (section 39(10)) and must adhere to the provisions of section 39 of the FMA Act. However, the investment must not contravene any trust terms that apply to the special public money.
The Act imposes obligations on the Family Court to ensure that any investment of special public money complies with the Financial Management and Accountability Act 1997 and any applicable Rules of Court. The Family Court must act in accordance with the Rule of Court and section 39 of the FMA Act, while also ensuring that the investment does not conflict with the terms of any trust governing the special public money. These obligations are designed to maintain financial integrity and accountability in the management of the Litigants’ Fund Special Account.
Breaches of the provisions outlined in these Special Instructions may result in civil or criminal consequences, depending on the nature and severity of the breach. Under section 39 of the FMA Act, failure to comply with the Act's requirements may result in legal action, including fines or other penalties. The maximum penalties for breaches are determined by the relevant sections of the FMA Act, which may include substantial fines or imprisonment for serious violations. It is crucial for the Family Court to adhere strictly to the Special Instructions to avoid such repercussions.