Document ID: chunk:federal_register_of_legislation:C2023C00441:clause:1_8
Version: federal_register_of_legislation:C2023C00441
Segment Type: clause
Provision Reference: sch 1 cl 8
Character Range: 114865–116895

8  Ministerial directions about transferred financial assets
 (1) If financial assets are or have been transferred to the Board under subclause 6(1) or 7(1), the nominated Minister may give the Board written directions about the financial assets.
Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.
 (1A) A direction under subclause (1) in relation to financial assets must not direct the Board in relation to the investment of an amount credited to the Fund Account in respect of:
 (a) income derived from the financial assets; or
 (b) a return of capital, or any other financial distribution, relating to the financial assets; or
 (c) the proceeds of the realisation of the financial assets.
Note: For directions about the investment of amounts standing to the credit of the Fund Account, see section 18 (Future Fund Investment Mandate).
 (2) A direction under subclause (1) may:
 (a) require the Board not to realise the financial assets before the end of a specified period; or
 (b) relate to the exercise by the Board of specified:
 (i) rights (including voting rights); or
 (ii) powers;
  conferred on the Board in its capacity as the holder of the financial assets.
 (3) Subclause (2) does not limit subclause (1).
 (4) Paragraph (2)(a) has effect despite subclauses 6(4) and 7(4).
 (5) A direction under subclause (1) prevails over subsection 18(10) to the extent of any inconsistency.
 (6) The nominated Minister must not give a direction under subclause (1) that is inconsistent with this Act (other than subsection 18(10)).
 (7) The Board must comply with a direction under subclause (1).
 (8) A failure to comply with a direction under subclause (1) does not affect the validity of any transaction.
 (9) This clause does not limit subsection 18(1).
 (10) As soon as practicable after a direction is given under subclause (1), the Chair must cause a copy of the direction to be published on the internet.
 (11) A direction under subclause (1) is not a legislative instrument.