Financial Management and Accountability Special Instructions (Federal Magistrates Court) 2004 (No. 1)
I, NICK MINCHIN, Minister for Finance and Administration, issue these Special Instructions to the Federal Magistrates Court 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 (Federal Magistrates Court) 2004 (No. 1).
2 Commencement
These Special Instructions commence on the commencement of the Financial Management and Accountability (Determination 2004/05 — Federal Magistrates Court of Australia Litigants’ Fund Special Account) Establishment 2004.
3 Definitions
In these Special Instructions:
Federal Magistrates Court:
(a) means the Federal Magistrates Court; 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 Federal Magistrates, or a majority of them, make a Rule of Court, in accordance with subsection 81 (1) of the Federal Magistrates Act 1999, about the investment of special public money standing to the credit of the Federal Magistrates Court Litigants’ Fund Special Account; and
(b) the Rule of Court directs the Federal Magistrates 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 Federal Magistrates 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 Federal Magistrates 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 (Federal Magistrates Court) 2004 (No. 1) were introduced to address the specific financial management requirements of the Federal Magistrates Court, ensuring that any investment decisions regarding the Litigants’ Fund Special Account comply with the Financial Management and Accountability Act 1997. These Special Instructions were issued by Nick Minchin, the Minister for Finance and Administration, under the authority of subsection 16(1) of the FMA Act. The primary objective of these Instructions is to provide clarity and guidance on the investment of special public money held in the Litigants’ Fund, ensuring that any investments are consistent with the legislative framework and the terms of any applicable trusts. This legislative instrument aims to facilitate the prudent management of court funds while adhering to the statutory requirements set out in the FMA Act.
Scope and Application
The Financial Management and Accountability Special Instructions (Federal Magistrates Court) 2004 (No. 1) apply to the Federal Magistrates Court and its officials, specifically in relation to the investment of special public money held in the Federal Magistrates Court Litigants’ Fund Special Account. These Special Instructions are triggered when the Federal Magistrates, or a majority of them, establish a Rule of Court regarding the investment of such funds, and the Rule directs the investment in a non-authorised investment as per the Financial Management and Accountability Act 1997. However, these instructions do not apply if the investment aligns with authorised investments under the Act. The Special Instructions empower the Federal Magistrates Court, acting as a delegate of the Finance Minister, to invest the special public money in specified investments, provided they adhere to the Rule of Court and the provisions of the FMA Act, and do not contravene any applicable trust terms. These Special Instructions are applicable nationally, serving as a legislative instrument under the Financial Management and Accountability Act 1997.
Key Provisions
The Financial Management and Accountability Special Instructions (Federal Magistrates Court) 2004 (No. 1) are designed to provide specific guidelines for the management and investment of the special public money in the Federal Magistrates Court Litigants’ Fund Special Account. These instructions, issued under the authority of the Financial Management and Accountability Act 1997, come into effect upon the commencement of the related determination. Essentially, they apply when the Federal Magistrates, or a majority of them, create a Rule of Court regarding the investment of special public money in an investment that does not fall under the authorised investments defined in the FMA Act (section 4).
Under these Special Instructions, the Federal Magistrates Court is authorised to invest the special public money in an investment as directed by a Rule of Court, provided it complies with the FMA Act and does not contravene the terms of any applicable trust (section 5(1)). The Court must act as a delegate of the Finance Minister, adhering strictly to section 39 of the FMA Act (section 5(1)(b)). The primary obligation here is to ensure that any investment made is consistent with the legal and fiduciary responsibilities governing the special public money.
Failure to comply with these Special Instructions could result in legal consequences. The precise nature of these consequences is not detailed in the legislative instrument itself but would likely involve breaches of the Financial Management and Accountability Act 1997. Such breaches could result in civil or criminal penalties, including fines and imprisonment, depending on the severity and intent behind the non-compliance. The exact penalties would be determined by the courts based on the specifics of the breach and applicable laws.