Financial Framework Legislation Amendment Act 2010 (148 of 2010)

Schedule 8   Amendment of the Financial Management and Accountability Act 1997

4   At the end of Part 5

Add:

39A Minister must inform Parliament of involvement in a company by the Commonwealth or a prescribed body

(1) The Minister who has the responsibility for any of the following events must table a notice of the event in each House of the Parliament as soon as practicable after the event occurs:

(a) the Commonwealth or a prescribed body forms, or participates in forming, a company;

(b) the Commonwealth or a prescribed body acquires shares in a company (either by purchase or subscription) or disposes of shares in a company;

(c) the Commonwealth or a prescribed body becomes a member of a company;

(d) a variation occurs in the rights attaching to company shares held by the Commonwealth or a prescribed body;

(e) a variation occurs in rights of the Commonwealth or a prescribed body as a member of a company;

(f) the Commonwealth or a prescribed body ceases to be a member of a company.

(2) The notice must be in the form, and contain the particulars, set out in the regulations.

(3) This section does not apply to:

(a) an event mentioned in paragraphs (1)(a) to (f) that occurs in relation to:

(i) an authorised investment made under section 39; or

(ii) an investment made under the Future Fund Act 2006; or

(b) anything that results from the transfer to a Minister of any property that is to be dealt with as unclaimed property under Part 9.7 of the Corporations Act 2001; or

(c) a company that is conducted for the purposes of an intelligence or security agency (within the meaning given by section 85ZL of the Crimes Act 1914).

(4) In this section:

company includes a body of a kind prescribed by the regulations for the purposes of this section.

prescribed body means a body corporate that is, or is included in, an Agency.