Victorian Funds Management Corporation Amendment Act 2016

Authorised by the Chief Parliamentary Counsel Authorised Version i Victorian Funds Management Corporation Amendment Act 2016 No. 56 of 2016 TABLE OF PROVISIONS Section Page Part 1—Preliminary 1 1 Purpose 1 2 Commencement 2 Part 2—Amendments to the Victorian Funds Management Corporation Act 1994 3 3 Definitions 3 4 Functions 3 5 Powers 3 6 Appointment and powers as fund manager 4 7 Delegation 4 8 Appointment of directors 4 9 Acting chairperson or deputy chairperson 5 10 Proceedings of the Board 5 11 Resolutions without meetings 5 12 Borrowing and investment powers 5 13 Authorised investment in trusts 6 Part 3—Amendments to the Borrowing and Investment Powers Act 1987 7 14 Definitions 7 15 Schedule 1 amended 7 Part 4—Repeal of amending Act 8 16 Repeal of amending Act 8 ═══════════════ Endnotes 9 1 General information 9 -- 1 of 10 -- Authorised by the Chief Parliamentary Counsel Authorised Version 1 Victorian Funds Management Corporation Amendment Act 2016 † No. 56 of 2016 [Assented to 18 October 2016] The Parliament of Victoria enacts: Part 1—Preliminary 1 Purpose The purpose of this Act is to amend— (a) the Victorian Funds Management Act 1994; and Victoria -- 2 of 10 -- Part 1—Preliminary Victorian Funds Management Corporation Amendment Act 2016 No. 56 of 2016 2 Authorised by the Chief Parliamentary Counsel (b) the Borrowing and Investment Powers Act 1987— to make further provision as to the powers and procedures of the Victorian Funds Management Corporation. 2 Commencement (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. -- 3 of 10 -- Part 2—Amendments to the Victorian Funds Management Corporation Act 1994 Victorian Funds Management Corporation Amendment Act 2016 No. 56 of 2016 3 Authorised by the Chief Parliamentary Counsel Part 2—Amendments to the Victorian Funds Management Corporation Act 1994 3 Definitions 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;". 4 Functions (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". 5 Powers (1) In section 9(1)(a) of the Victorian Funds Management Corporation Act 1994, after "funds management" insert ", investment". -- 4 of 10 -- Part 2—Amendments to the Victorian Funds Management Corporation Act 1994 Victorian Funds Management Corporation Amendment Act 2016 No. 56 of 2016 4 Authorised by the Chief Parliamentary Counsel (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.". 6 Appointment 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.". 7 Delegation In section 11 of the Victorian Funds Management Corporation Act 1994, for "instrument under its official seal" substitute "resolution of the Board". 8 Appointment of directors In section 13(2) of the Victorian Funds Management Corporation Act 1994, after "the Corporation and" insert "may appoint". -- 5 of 10 -- Part 2—Amendments to the Victorian Funds Management Corporation Act 1994 Victorian Funds Management Corporation Amendment Act 2016 No. 56 of 2016 5 Authorised by the Chief Parliamentary Counsel 9 Acting 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,". 10 Proceedings 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.". 11 Resolutions 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)". 12 Borrowing 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. -- 6 of 10 -- Part 2—Amendments to the Victorian Funds Management Corporation Act 1994 Victorian Funds Management Corporation Amendment Act 2016 No. 56 of 2016 6 Authorised by the Chief Parliamentary Counsel (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. 13 Authorised investment in trusts Section 38 of the Victorian Funds Management Corporation Act 1994 is repealed. -- 7 of 10 -- Part 3—Amendments to the Borrowing and Investment Powers Act 1987 Victorian Funds Management Corporation Amendment Act 2016 No. 56 of 2016 7 Authorised by the Chief Parliamentary Counsel Part 3—Amendments to the Borrowing and Investment Powers Act 1987 14 Definitions 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". 15 Schedule 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". -- 8 of 10 -- Part 4—Repeal of amending Act Victorian Funds Management Corporation Amendment Act 2016 No. 56 of 2016 8 Authorised by the Chief Parliamentary Counsel Part 4—Repeal of amending Act 16 Repeal 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). ═══════════════ -- 9 of 10 -- Endnotes Victorian Funds Management Corporation Amendment Act 2016 No. 56 of 2016 9 Authorised by the Chief Parliamentary Counsel Endnotes 1 General information See www.legislation.vic.gov.au 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." -- 10 of 10 --