Skip to main
Australian Government
Federal Register of Legislation
Site navigation
Help and resources
Register
for My Account
Sign in
to My Account
Search
Home
Constitution
Acts
Legislative instruments
Notifiable instruments
Gazettes
Administrative Arrangements
Prerogative instruments
Norfolk Island
Home
Acts
In force
Text
Details
Authorises
Downloads
All versions
Interactions
Future Fund Act 2006
No. 12, 2006
In force
Administered by
Department of Finance
Superseded version
View latest version
Order print copy
Save this title to My Account
Set up an alert
C2006A00012
23 March 2006
-
13 September 2006
Legislation text
View document
Select value
Act
Filter active
Table of contents
Enter text to search the table of contents
Collapse
Part 1—Introduction
1 Short title
2 Commencement
3 Object
4 Simplified outline
5 Definitions
6 Financial assets
7 Crown to be bound
8 Extension to external Territories
9 Extra-territorial application
Collapse
Part 2—The Future Fund
10 Simplified outline
11 Establishment of the Future Fund
12 Establishment of the Future Fund Special Account
13 Operation of the Future Fund
Collapse
Part 3—Investment of the Future Fund
14 Simplified outline
15 Objects of investment of the Fund
16 Investment of the Fund
17 Management of investments of the Fund
18 Investment Mandate
19 Board to be consulted on Investment Mandate
20 Compliance with Investment Mandate
21 Board must not trigger the takeover provisions of the Corporations Act 2001
22 Board must not have a significant stake in a foreign listed company
23 Borrowing
24 Investment policies
25 Derivatives
26 Additional financial assets
27 Securities lending arrangements
28 Investment managers
29 Custody of securities
30 Exemption from taxation
31 Franking credits
32 Realisation of non-financial assets
Collapse
Part 4—The Future Fund Board of Guardians
Collapse
Division 1—Introduction
33 Simplified outline
Collapse
Division 2—Establishment and functions of the Future Fund Board of Guardians
34 Establishment of the Future Fund Board of Guardians
35 Board’s functions
36 Board’s ordinary powers
37 Board is a body corporate
38 Membership
39 Application of the Corporations Act 2001
Collapse
Division 3—Terms and conditions for Board members
40 Term of appointment and related matters for Board members
41 Remuneration and allowances of Board members
42 Leave of absence of Board members
43 Resignation of Board members
44 Termination of appointment of Board members
45 Other terms and conditions of Board members
46 Acting Board members
Collapse
Division 4—Meetings
47 Holding of meetings
48 Who is to preside at a meeting
49 Quorum
50 Voting
51 Records of meetings
Collapse
Division 5—Resolutions without meetings
52 Resolutions without meetings
53 Record of resolutions
Collapse
Division 6—Reporting obligations
54 Nominated Minister may require Board to prepare reports or give information
55 Keeping the responsible Ministers informed etc.
Collapse
Division 7—Duties of Board members etc.
56 Care and diligence—civil obligation
57 Good faith—civil obligation
58 Use of position—civil obligation
59 Use of information—civil obligation
60 Good faith—criminal offence
61 Use of position—criminal offence
62 Use of information—criminal offence
63 Compliance with statutory duties
64 Interaction of sections 56 to 62 with other laws etc.
65 Reliance on information or advice provided by others
66 Consequences of breach of duty—additional effect of the Commonwealth Authorities and Companies Act 1997
67 Insurance for certain liabilities of Board members
Collapse
Division 8—Conflict of interests
68 Material personal interest—Board member’s duty to disclose
69 Board member may give other Board members standing notice about an interest
70 Interaction of sections 68 and 69 with other laws etc.
71 Restrictions on voting
72 Ministerial power to make declarations and class orders
Collapse
Part 5—The Future Fund Management Agency
Collapse
Division 1—Introduction
73 Simplified outline
Collapse
Division 2—Establishment and functions of the Future Fund Management Agency
74 Establishment of the Future Fund Management Agency
75 Functions of the Agency
Collapse
Division 3—Management and staff of the Future Fund Management Agency
76 Duties of the Chair
77 Staff of the Agency
78 Consultants and persons seconded to the Agency
79 Chair not subject to direction by the Board on certain matters
Collapse
Division 4—Other provisions
80 Application of the Financial Management and Accountability Act 1997
81 Annual report
82 Consultants and advisers to the Board
Collapse
Part 6—Miscellaneous
83 Nominated Minister
84 Miscellaneous receipts to be credited to the Fund Account
85 Regulations
Collapse
Schedule 1—Credits of amounts, and transfers of financial assets, to the Future Fund
Collapse
Part 1—Introduction
1 Simplified outline
Collapse
Part 2—Credits of amounts to the Future Fund
2 Credit of $18 billion to the Fund Account
3 Credit of additional amounts to the Fund Account—Ministerial determinations
4 Duration of subclause 3(1) determinations
5 Credit of amounts to the Fund Account—gifts
Collapse
Part 3—Transfers of financial assets to the Future Fund
6 Transfers to the Fund—Commonwealth-owned financial assets
7 Transfers of financial assets to the Fund—gifts
8 Ministerial directions about transferred financial assets
9 Continuing effect of instruments relating to transferred financial assets
Collapse
Schedule 2—Debits of amounts from the Future Fund
1 Simplified outline
2 Purposes of the Fund Account
3 Board must ensure that there is sufficient money to cover the main purposes of the Fund Account
Collapse
Schedule 3—Target asset level declarations
1 Simplified outline
2 Designated actuary
3 Target asset level declarations
4 Reliance on projections when making target asset level declarations etc.
