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This is a Bill, not an Act. For current law, see the Acts databases.
Victorian Future Fund Act 2023 No. of 2023 TABLE OF PROVISIONS Clause Page Part 1--Preliminary 1 1 Purposes 1 2 Commencement 1 3 Definitions 2 4 Act binds the Crown 3 Part 2--Victorian Future Fund 4 5 Establishment and purpose of Fund 4 6 Administration of Fund 4 7 Application of Financial Management and Victorian Funds Management Corporation Acts 4 8 Payments into the Fund 4 9 Payments from the Fund 5 Part 3--Management, reporting and auditing 6 10 Appointment of fund manager 6 11 Reporting 6 12 Audit of Fund 7 Part 4--General 8 13 Regulations 8 Part 5--Amendment of Duties Act 2000 9 14 Section 89PA inserted 9 15 Repeal of this Part 10 ═════════════ Endnotes 11 1 General information 11 i Victorian Future Fund Act 2023 No. of 2023 [Assented to ] The Parliament of Victoria enacts: Part 1--Preliminary 1 Purposes The purposes of this Act are-- (a) to establish the Victorian Future Fund and set out the purposes for which money in the Victorian Future Fund may be used; and (b) to amend the Duties Act 2000. 2 Commencement (1) Subject to subsection (2), this Act comes into operation on a day or days to be proclaimed. 1 Victorian Future Fund Act 2023 No. of 2023 Part 1--Preliminary (2) If a provision of this Act does not come into operation before 23 May 2024, it comes into operation on that day. 3 Definitions In this Act-- fund manager means-- (a) the Victorian Funds Management Corporation, if an appointment under section 9A(3) of the Victorian Funds Management Corporation Act 1994 is in effect in respect of the Victorian Future Fund; or (b) a person appointed under section 10, if an appointment referred to in paragraph (a) is not in effect; public entity means any of the following-- (a) a public entity within the meaning of the Public Administration Act 2004; (b) a public body within the meaning of the Financial Management Act 1994; (c) an entity prescribed by the regulations; Secretary means Secretary to the Department of Treasury and Finance; VicRoads Modernisation means the transfer of shares in R&L Services Victoria Pty Ltd (A.C.N. 657 005 493) and CP Services Victoria Pty Ltd (A.C.N. 657 005 439) and units in the Victorian R&L Services Trust and Victorian CP Services Trust, and related arrangements; 2 Victorian Future Fund Act 2023 No. of 2023 Part 1--Preliminary Victorian Funds Management Corporation means the body established by section 5(1) of the Victorian Funds Management Corporation Act 1994. 4 Act binds the Crown This Act binds the Crown in right of Victoria and, so far as the legislative power of the Parliament permits, the Crown in all its other capacities. 3 Victorian Future Fund Act 2023 No. of 2023 Part 2--Victorian Future Fund Part 2--Victorian Future Fund 5 Establishment and purpose of Fund (1) There is established in the Public Account as part of the Trust Fund an account to be known as the Victorian Future Fund. (2) The purpose of the Victorian Future Fund is to provide funding for reducing the State's debt. 6 Administration of Fund The Treasurer is responsible for administering the Victorian Future Fund. 7 Application of Financial Management and Victorian Funds Management Corporation Acts (1) Section 19(4) and (5) of the Financial Management Act 1994 do not apply to the Victorian Future Fund. (2) The Victorian Future Fund is a fund administered by the State for the purposes of section 9A(3) of the Victorian Funds Management Corporation Act 1994. 8 Payments into the Fund (1) The following are to be credited to the Victorian Future Fund-- (a) amounts of money as determined by the Treasurer from the following-- (i) money received by the State in connection with the VicRoads Modernisation, whether before, on or after the commencement of this section, including interest received on that money; (ii) money received by the State, whether before, on or after the commencement of this section, in relation to the sale of 4 Victorian Future Fund Act 2023 No. of 2023 Part 2--Victorian Future Fund land by or on behalf of the State or a public entity, including the sale of land under the Land Act 1958 or the Sale of Land Act 1962, and whether, in the case of the sale of land by or on behalf of a public entity, the money is paid to the State by way of dividend, capital distribution or otherwise; (b) any other amount of money determined by the Treasurer; (c) all money required or authorised to be paid into the Victorian Future Fund by any other Act; (d) all money received from the investment of money in the Victorian Future Fund. (2) An amount of money determined to be credited to the Victorian Future Fund by the Treasurer under subsection (1)(a) or (b) may be money paid out of the Consolidated Fund, which is appropriated to the necessary extent. 9 Payments from the Fund Money in the Victorian Future Fund may be applied only for the following purposes-- (a) paying amounts determined by the Treasurer to reduce the State's debt; (b) paying amounts approved by the Treasurer for the costs and expenses incurred in-- (i) administering the Victorian Future Fund, including costs and expenses associated with the appointment of a fund manager; and (ii) monitoring, auditing and reporting on the financial operations and financial position of the Victorian Future Fund. 5 Victorian Future Fund Act 2023 No. of 2023 Part 3--Management, reporting and auditing Part 3--Management, reporting and auditing 10 Appointment of fund manager (1) The Treasurer may appoint a person to manage the Victorian Future Fund. (2) The Treasurer may appoint a person under subsection (1) only if the Treasurer considers that the person has the necessary skills and experience to manage the Victorian Future Fund. (3) The terms of appointment of a person under this section are as determined by the Treasurer. (4) In addition to any other functions conferred by law, a person appointed under this section may, in accordance with the terms of the appointment, invest money in the Victorian Future Fund in any manner in which the State is authorised to invest that money. (5) Nothing in this section affects or takes away from section 9A(3) of the Victorian Funds Management Corporation Act 1994. 11 Reporting (1) The following information must be included in the report of operations and financial statements of the Department of Treasury and Finance for a financial year under Part 7 of the Financial Management Act 1994-- (a) the opening and closing balances of the Victorian Future Fund in the financial year; (b) details of contributions made to the Victorian Future Fund in the financial year; (c) details of payments made from the Victorian Future Fund in the financial year. 6 Victorian Future Fund Act 2023 No. of 2023 Part 3--Management, reporting and auditing (2) The fund manager must give the Minister or the Secretary any information that the Minister or the Secretary reasonably requires to comply with reporting obligations in respect of the Victorian Future Fund. 12 Audit of Fund (1) The Treasurer may carry out, or appoint a person to carry out, an audit of the Victorian Future Fund. (2) The fund manager must give the Treasurer or the person carrying out an audit any information that the Treasurer or person reasonably requires in carrying out the audit. (3) Nothing in this section affects or takes away from the requirements of, or the powers of the Auditor-General under, the Audit Act 1994. 7 Victorian Future Fund Act 2023 No. of 2023 Part 4--General Part 4--General 13 Regulations (1) The Governor in Council may make regulations prescribing any matter or thing that is required or permitted to be prescribed by this Act or necessary to be prescribed to give effect to this Act. (2) The regulations-- (a) may be of a general or limited application; and (b) may differ according to differences in time, place or circumstances. 8 Victorian Future Fund Act 2023 No. of 2023 Part 5--Amendment of Duties Act 2000 Part 5--Amendment of Duties Act 2000 14 Section 89PA inserted After section 89P of the Duties Act 2000 insert-- "89PA Fund manager of Victorian Future Fund is qualified investor (1) The fund manager is taken to be a qualified investor under section 89P in its capacity as trustee of a unit trust scheme in which, either directly or through other unit trust schemes of which the fund manager is trustee, money in the Victorian Future Fund is invested. (2) A person appointed as agent, nominee or custodian for the fund manager in its capacity as trustee of a unit trust scheme referred to in subsection (1) is taken to be a qualified investor under section 89P in the capacity as such an agent, nominee or custodian and in accordance with the terms of appointment of the agent, nominee or custodian. (3) Section 89P(3) applies for the purposes of this section as if a reference in that subsection-- (a) to paragraph (j) of the definition of qualified investor under subsection (1) were a reference to subsection (2) of this section; and (b) to one or more of the persons or entities referred to in subsection (1)(a) to (i) were a reference to the persons or entities referred to in subsection (1)(a) to (i) and the fund manager. 9 Victorian Future Fund Act 2023 No. of 2023 Part 5--Amendment of Duties Act 2000 (4) In this section-- fund manager has the meaning given by section 3 of the Victorian Future Fund Act 2023; Victorian Future Fund means the Fund established by section 5(1) of the Victorian Future Fund Act 2023.". 15 Repeal of this Part This Part is repealed on 23 May 2025. Note The repeal of this Part does not affect the continuing operation of the amendments made by it (see section 15(1) of the Interpretation of Legislation Act 1984). ═════════════ 10 Victorian Future Fund Act 2023 No. of 2023 Endnotes 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: Legislative Council: The long title for the Bill for this Act was "A Bill for an Act to establish the Victorian Future Fund and set out the purposes for which money in the Victorian Future Fund may be used and to amend the Duties Act 2000 and for other purposes." By Authority. Government Printer for the State of Victoria. 11
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