Document ID: chunk:federal_register_of_legislation:C2023C00441:clause:1_6:p1
Version: federal_register_of_legislation:C2023C00441
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 1/2)
Character Range: 110932–113681

6  Transfers to the Fund—Commonwealth‑owned financial assets

Transfer of financial assets
 (1) If a target asset level declaration is in force for a financial year, the responsible Ministers may cause one or more Commonwealth‑owned financial assets to be transferred to the Board during the financial year.
 (2) The responsible Ministers must not cause financial assets to be transferred under subclause (1) during a financial year unless the sum of:
 (a) the balance of the Fund as at the start of a day that:
 (i) is identified in a written declaration made by the responsible Ministers as the balance day for the financial assets; and
 (ii) is not earlier than 3 months before the transfer of the financial assets; and
 (b) the value, as at the start of the balance day for the financial assets, of the financial assets; and
 (c) the value, as at the start of the balance day for the first‑mentioned financial assets, of any other financial assets that have been transferred to the Board under subclause (1) since the start of the balance day for the first‑mentioned financial assets; and
 (d) any amounts that have been credited to the Fund Account under subclause 2(1) or 3(1) during the period:
 (i) beginning at the start of the balance day for the first‑mentioned financial assets; and
 (ii) ending immediately before the time when the first‑mentioned financial assets are transferred; and
 (e) if a determination was in force under subclause 2(1) or 3(1) when the first‑mentioned financial assets are transferred—so much of the amount specified in the determination as had not been credited to the Fund Account before the time when the first‑mentioned financial assets are transferred;
does not exceed the target asset level specified in the target asset level declaration that:
 (f) is in force when the first‑mentioned financial assets are transferred; and
 (g) relates to the financial year.
Note: A target asset level declaration is given by the designated actuary under Schedule 3.

Investment of the Fund
 (3) A financial asset transferred to the Board under subclause (1) is taken to be an investment of the Fund.

Realisation of financial asset etc.
 (4) To avoid doubt, if a financial asset is transferred to the Board under subclause (1), this Act does not prevent:
 (a) the realisation of the financial asset under section 17; or
 (b) the disposal of the financial asset under a securities lending arrangement entered into under section 27.

Telstra sale scheme
 (5) To avoid doubt, action taken under subclause (1) is not a Telstra sale scheme for the purposes of the Telstra Corporation Act 1991.

Publication of details of transfer of financial assets
 (6) As soon as practicable after financial assets are transferred to the