Document ID: chunk:federal_register_of_legislation:C2020A00028:section:13
Version: federal_register_of_legislation:C2020A00028
Segment Type: section
Provision Reference: s 13
Character Range: 5956–7929

13  Constitutional limits
 (1) The Minister may exercise a power conferred on the Minister by section 10, 11 or 12 only if arrangements of the kind referred to in subsection (2) of this section have been made, or will be made before the Fund makes any investment.
 (2) The arrangements are arrangements requiring the Fund to apply money received from the Commonwealth only:
 (a) with respect to trade or commerce:
 (i) between Australia and places outside Australia; or
 (ii) among the States; or
 (iii) within a Territory, between a State and a Territory or between 2 Territories; or
 (b) with respect to a Territory; or
 (c) with respect to the implied power of the Parliament to make laws with respect to nationhood; or
 (d) otherwise with respect to the executive power of the Commonwealth.
Example: Arrangements could allow the Fund to apply money received from the Commonwealth, for the purpose of generating a commercial return for the Fund, in a small or medium Australian enterprise that is engaged predominantly in trade or commerce between Australia and places outside Australia.
 (3) To avoid doubt, the Minister may exercise a power conferred by section 10 or 11 for the purpose of making arrangements of the kind referred to in subsection (2) of this section.
 (4) If:
 (a) the Commonwealth holds shares in or debentures of, or is a member of, the Fund; and
 (b) either of the following applies:
 (i) arrangements of the kind referred to in subsection (2) are unlikely to be made before the Fund makes any investment;
 (ii) arrangements of the kind referred to in subsection (2) are no longer in force;
the Minister must, as soon as practicable, take such steps as are necessary to divest the Commonwealth of its investment in the Fund.
 (5) Subsection (1) applies in relation to a right, responsibility or duty conferred on the Minister by section 12 in the same way that subsection applies in relation to a power conferred on the Minister by that section.