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This is a Bill, not an Act. For current law, see the Acts databases.
2019
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Australian Business Growth Fund Bill
2019
No. , 2019
(Treasury)
A Bill for an Act about Commonwealth investment
in the Australian Business Growth Fund, and for
related purposes
No. , 2019
Australian Business Growth Fund Bill 2019
i
Contents
Part 1--Preliminary
1
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 2
3
Object of this Act............................................................................... 2
4
Simplified outline of this Act ............................................................ 2
5
Definitions ......................................................................................... 2
6
Crown to be bound ............................................................................ 3
7
Extension to external Territories ....................................................... 3
8
Extra-territorial application ............................................................... 3
Part 2--Commonwealth investment in the Australian Business
Growth Fund
4
9
Simplified outline of this Part ............................................................ 4
10
Commonwealth investment in the Australian Business
Growth Fund...................................................................................... 4
11
Arrangements relating to the operations of the Fund ......................... 5
12
Minister has powers etc. of the Commonwealth ................................ 5
13
Constitutional limits .......................................................................... 5
14
Fund not to become a Commonwealth company ............................... 6
15
Executive power ................................................................................ 7
16
Rules about the exercise of powers etc. under this Act ...................... 7
Part 3--Miscellaneous
8
17
Simplified outline of this Part ............................................................ 8
18
Appropriation of Consolidated Revenue Fund .................................. 8
19
Delegations by the Minister ............................................................... 9
20
Annual report ..................................................................................... 9
21
Review of operation of this Act ......................................................... 9
22
Rules .................................................................................................. 9
No. , 2019
Australian Business Growth Fund Bill 2019
1
A Bill for an Act about Commonwealth investment
1
in the Australian Business Growth Fund, and for
2
related purposes
3
The Parliament of Australia enacts:
4
Part 1--Preliminary
5
6
1 Short title
7
This Act is the
Australian Business Growth Fund Act 2019
.
8
Part 1
Preliminary
Section 2
2
Australian Business Growth Fund Bill 2019
No. , 2019
2 Commencement
1
(1) Each provision of this Act specified in column 1 of the table
2
commences, or is taken to have commenced, in accordance with
3
column 2 of the table. Any other statement in column 2 has effect
4
according to its terms.
5
6
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. The whole of
this Act
The day after this Act receives the Royal
Assent.
Note:
This table relates only to the provisions of this Act as originally
7
enacted. It will not be amended to deal with any later amendments of
8
this Act.
9
(2) Any information in column 3 of the table is not part of this Act.
10
Information may be inserted in this column, or information in it
11
may be edited, in any published version of this Act.
12
3 Object of this Act
13
The object of this Act is to increase investment in small and
14
medium Australian enterprises by the Commonwealth participating
15
in, and investing in (together with other persons), the Australian
16
Business Growth Fund in accordance with this Act.
17
4 Simplified outline of this Act
18
This Act authorises investment by the Commonwealth in the
19
Australian Business Growth Fund.
20
5 Definitions
21
In this Act:
22
Australian Business Growth Fund
or
Fund
: see subsection 10(4).
23
Preliminary
Part 1
Section 6
No. , 2019
Australian Business Growth Fund Bill 2019
3
Commonwealth company
has the same meaning as in the
Public
1
Governance, Performance and Accountability Act 2013
.
2
Corporations Act company
means a body corporate that is
3
incorporated, or taken to be incorporated, under the
Corporations
4
Act 2001
.
5
debenture
has the same meaning as in the
Corporations Act 2001
.
6
rules
means rules made under section 22.
7
subsidiary
has the same meaning as in the
Corporations Act 2001
.
8
6 Crown to be bound
9
(1) This Act binds the Crown in each of its capacities.
10
(2) This Act does not make the Crown liable to be prosecuted for an
11
offence.
12
7 Extension to external Territories
13
This Act extends to every external Territory.
14
8 Extra-territorial application
15
This Act extends to acts, omissions, matters and things outside
16
Australia.
17
Part 2
Commonwealth investment in the Australian Business Growth Fund
Section 9
4
Australian Business Growth Fund Bill 2019
No. , 2019
Part 2--Commonwealth investment in the
1
Australian Business Growth Fund
2
3
9 Simplified outline of this Part
4
The Commonwealth may invest in a Corporations Act company
5
that is the Australian Business Growth Fund for the purpose of
6
providing small and medium Australian enterprises with access to
7
capital (within constitutional limits).
8
The Commonwealth may make arrangements relating to the
9
operations of the Fund, but must not control the Fund.
10
10 Commonwealth investment in the Australian Business Growth
11
Fund
12
(1) The Minister may, on behalf of the Commonwealth, do either or
13
both of the following:
14
(a) participate in forming a Corporations Act company;
15
(b) acquire shares (either by purchase or subscription) in a
16
Corporations Act company, or become a member of a
17
Corporations Act company;
18
in circumstances that would not result in the company becoming a
19
Commonwealth company.
20
(2) The Minister may, on behalf of the Commonwealth, acquire
21
debentures (either by purchase or subscription) of a Corporations
22
Act company.
23
(3) However, the Minister may not exercise the powers conferred by
24
this section in relation to more than one Corporations Act
25
company.
26
(4) For the purposes of this Act, if the Minister exercises a power
27
conferred by this section in relation to a company, that company is
28
the
Australian Business Growth Fund
(whether or not the
29
Commonwealth investment in the Australian Business Growth Fund
Part 2
Section 11
No. , 2019
Australian Business Growth Fund Bill 2019
5
company's name includes the words "Australian Business Growth
1
Fund").
2
11 Arrangements relating to the operations of the Fund
3
(1) The Minister may, on behalf of the Commonwealth, make
4
arrangements, relating to the operations of the Fund, with any of
5
the following:
6
(a) the Fund, or a Corporations Act company that is proposed to
7
become the Fund;
8
(b) a member of the Fund, or a proposed member of the Fund;
9
(c) a subsidiary of the Fund;
10
in circumstances that would not result in the Fund becoming a
11
Commonwealth company.
12
(2) An arrangement made under subsection (1) may provide for the
13
Commonwealth to make payments.
14
12 Minister has powers etc. of the Commonwealth
15
The Minister, on behalf of the Commonwealth, has all the rights,
16
responsibilities, duties and powers of the Commonwealth in
17
relation to the Commonwealth's capacity as:
18
(a) a member of the Fund; or
19
(b) a shareholder in the Fund; or
20
(c) a holder of debentures of the Fund; or
21
(d) a party to an arrangement made under section 11.
22
13 Constitutional limits
23
(1) The Minister may exercise a power conferred on the Minister by
24
section 10, 11 or 12 only if arrangements of the kind referred to in
25
subsection (2) of this section have been made, or will be made
26
before the Fund makes any investment.
27
(2) The arrangements are arrangements requiring the Fund to apply
28
money received from the Commonwealth only:
29
(a) with respect to trade or commerce:
30
(i) between Australia and places outside Australia; or
31
Part 2
Commonwealth investment in the Australian Business Growth Fund
Section 14
6
Australian Business Growth Fund Bill 2019
No. , 2019
(ii) among the States; or
1
(iii) within a Territory, between a State and a Territory or
2
between 2 Territories; or
3
(b) with respect to a Territory.
4
Example: Arrangements could allow the Fund to apply money received from the
5
Commonwealth, for the purpose of generating a commercial return for
6
the Fund, in a small or medium Australian enterprise that is engaged
7
predominantly in trade or commerce between Australia and places
8
outside Australia.
9
(3) To avoid doubt, the Minister may exercise a power conferred by
10
section 10 or 11 for the purpose of making arrangements of the
11
kind referred to in subsection (2) of this section.
12
(4) If:
13
(a) the Commonwealth holds shares in or debentures of, or is a
14
member of, the Fund; and
15
(b) either of the following applies:
16
(i) arrangements of the kind referred to in subsection (2)
17
are unlikely to be made before the Fund makes any
18
investment;
19
(ii) arrangements of the kind referred to in subsection (2)
20
are no longer in force;
21
the Minister must, as soon as practicable, take such steps as are
22
necessary to divest the Commonwealth of its investment in the
23
Fund.
24
(5) Subsection (1) applies in relation to a right, responsibility or duty
25
conferred on the Minister by section 12 in the same way that
26
subsection applies in relation to a power conferred on the Minister
27
by that section.
28
14 Fund not to become a Commonwealth company
29
The Minister must ensure that the Fund does not become a
30
Commonwealth company.
31
Commonwealth investment in the Australian Business Growth Fund
Part 2
Section 15
No. , 2019
Australian Business Growth Fund Bill 2019
7
15 Executive power
1
This Part does not, by implication, limit the executive power of the
2
Commonwealth.
3
16 Rules about the exercise of powers etc. under this Act
4
The rules may make provision for, or in relation to, the exercise of
5
rights, responsibilities, duties and powers by the Minister under
6
this Act.
7
Part 3
Miscellaneous
Section 17
8
Australian Business Growth Fund Bill 2019
No. , 2019
Part 3--Miscellaneous
1
2
17 Simplified outline of this Part
3
This Part contains miscellaneous provisions, including an
4
appropriation of the Consolidated Revenue Fund, delegation of the
5
Minister's powers under this Act, reporting on the operation of this
6
Act, and conducting a review of the operation of this Act.
7
This Part also contains the general rule-making power.
8
18 Appropriation of Consolidated Revenue Fund
9
(1) The Consolidated Revenue Fund is appropriated to the extent of
10
$100 million for the following purposes:
11
(a) paying the costs of, or incidental to, the Commonwealth's
12
participation in the formation of the Fund under section 10;
13
(b) paying the costs of, or incidental to, the acquisition by the
14
Commonwealth of shares (either by purchase or subscription)
15
in the Fund under section 10;
16
(c) paying the costs of, or incidental to, the acquisition by the
17
Commonwealth of debentures (either by purchase or
18
subscription) of the Fund under section 10;
19
(d) paying amounts payable by the Commonwealth under an
20
arrangement made under section 11;
21
(e) paying or discharging any other costs, expenses or other
22
obligations incurred by the Commonwealth exclusively in
23
connection with the Fund.
24
(2) If no amount has been debited against the appropriation set out in
25
subsection (1) by the end of the period of 2 years beginning on the
26
day this Act commences, the appropriation ceases to have effect
27
for any purpose at the end of that period.
28
Miscellaneous
Part 3
Section 19
No. , 2019
Australian Business Growth Fund Bill 2019
9
19 Delegations by the Minister
1
(1) The Minister may, by written instrument, delegate all or any of the
2
Minister's powers or functions under this Act (other than the
3
Minister's powers under section 22) to:
4
(a) the Secretary of the Department; or
5
(b) an SES employee, or an acting SES employee, in the
6
Department.
7
Note:
The expressions
SES employee
and
acting SES employee
are defined
8
in section 2B of the
Acts Interpretation Act 1901
.
9
(2) In exercising powers or functions under a delegation, the delegate
10
must comply with any directions of the Minister.
11
20 Annual report
12
The annual report prepared by the Secretary of the Department and
13
given to the Minister under section 46 of the
Public Governance,
14
Performance and Accountability Act 2013
for a period must
15
include a report on the operation of this Act during the period.
16
21 Review of operation of this Act
17
(1) The Minister must cause a review of the operation of this Act to be
18
undertaken as soon as possible after the third anniversary of the
19
commencement of this Act.
20
(2) The review must include a review of the effectiveness of this Act
21
in meeting the object of this Act.
22
(3) The persons undertaking the review must give the Minister a
23
written report of the review.
24
(4) The Minister must cause a copy of the report of the review to be
25
tabled in each House of the Parliament within 15 sitting days of
26
that House after the report is given to the Minister.
27
22 Rules
28
(1) The Minister may, by legislative instrument, make rules
29
prescribing matters:
30
Part 3
Miscellaneous
Section 22
10
Australian Business Growth Fund Bill 2019
No. , 2019
(a) required or permitted by this Act to be prescribed by the
1
rules; or
2
(b) necessary or convenient to be prescribed for carrying out or
3
giving effect to this Act.
4
(2) To avoid doubt, the rules may not do the following:
5
(a) create an offence or civil penalty;
6
(b) provide powers of:
7
(i) arrest or detention; or
8
(ii) entry, search or seizure;
9
(c) impose a tax;
10
(d) set an amount to be appropriated from the Consolidated
11
Revenue Fund under an appropriation in this Act;
12
(e) directly amend the text of this Act.
13