{"id":"tas:act-2017-011","name":"TT-Line Vessel Replacement Fund Act 2017","slug":"tt-line-vessel-replacement-fund-act-2017","collection":"act","jurisdiction":"tas","status":"in_force","isInForce":true,"actNumber":"11 of 2017","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":31612,"registerId":"tas-act-2017-011-current","compilationNumber":null,"startDate":"2026-04-01","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Short title","content":"### 1 Short title\n\n> This Act may be cited as the [TT-Line Vessel Replacement Fund Act 2017](/view/html/inforce/2026-04-12/act-2017-011) .","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"### 2 Commencement\n\n> This Act commences on the day on which this Act receives the Royal Assent.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Interpretation","content":"### 3 Interpretation\n\n> In this Act –\n> \n> > ***Fund*** means the TT-Line Vessel Replacement Fund established under [section 4](#GS4@EN) ;\n> \n> > ***Portfolio Minister*** means the Minister administering the [TT-Line Arrangements Act 1993](/view/html/inforce/2026-04-12/act-1993-039) ;\n> \n> > ***TT-Line*** means the TT-Line Company Pty Ltd (ACN 061 996 174), as formed under [section 5 of the](/view/html/inforce/2026-04-12/act-1993-039#GS5@EN) [TT-Line Arrangements Act 1993](/view/html/inforce/2026-04-12/act-1993-039) and incorporated under the Corporations Law;\n> \n> > ***vessel*** means a vessel for the operation of a passenger ferry service, or a combined passenger and freight ferry service, across Bass Strait.","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"TT-Line Vessel Replacement Fund","content":"### 4 TT-Line Vessel Replacement Fund\n\n> > (1)  There is to be established in the Public Account an account to be called the \"TT-Line Vessel Replacement Fund\".\n> \n> > (2)  The purpose of the Fund is to accrue funds to assist with the funding from time to time of replacement vessels for the TT-Line.\n> \n> > (3)  There is to be paid into the Fund –\n> > \n> > > > (a) amounts advanced by the Treasurer, for the purposes of the Fund, in accordance with [subsection (4)](#GS4@Gs4@EN) ; and\n> > > \n> > > > (b) such other amounts as the Treasurer may from time to time advance for the purposes of the Fund; and\n> > > \n> > > > (c) any income derived from the investment of money standing to the credit of the Fund.\n> \n> > (4)  The Treasurer is to advance from time to time, for the purposes of the Fund, amounts equivalent to the amounts from time to time paid by TT-Line, in cash, to Ministers, as dividends, in accordance with the articles of association of TT-Line.\n> \n> > (5)  Except when approved under [subsection (6)](#GS4@Gs6@EN) to be used for the purpose specified in that subsection, money standing to the credit of the Fund from time to time is to be invested by the Tasmanian Public Finance Corporation in accordance with the [Tasmanian Public Finance Corporation Act 1985](/view/html/inforce/2026-04-12/act-1985-059) .\n> \n> > (6)  Money standing to the credit of the Fund from time to time is to be used for the purpose of assisting with the funding of replacement vessels for the TT-Line when the Treasurer, after consulting the Portfolio Minister, approves the money to be so used.","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"Reallocation of funds","content":"### 5 Reallocation of funds\n\n> > (1)  If the Treasurer, on consulting the Portfolio Minister, is satisfied that any money standing to the credit of the Fund is not required for the purpose specified in [section 4(6)](#GS4@Gs6@EN) , the Treasurer, with Parliament's approval, may transfer the money to another account in the Public Account.\n> \n> > (2)  For the purposes of [subsection (1)](#GS5@Gs1@EN)  –\n> > \n> > > > (a) the Treasurer is to cause a proposal for the money transfer to be laid before each House of Parliament; and\n> > > \n> > > > (b) the proposal is taken to have been approved by a House of Parliament if –\n> > > > \n> > > > > > (i) the House passes a motion approving the proposal within 5 sitting-days after it is laid before it (***the tabling period***); or\n> > > > > \n> > > > > > (ii) no notice of a motion to disapprove the proposal is before the House when the tabling period ends; or\n> > > > > \n> > > > > > (iii) where notice of a motion to disapprove the proposal is before the House when the tabling period ends –\n> > > > > > \n> > > > > > > > (A) the notice is withdrawn; or\n> > > > > > > \n> > > > > > > > (B) the motion is negatived; or\n> > > > > > > \n> > > > > > > > (C) a further period of 9 sitting-days of the House ends without it having passed a motion to disapprove the proposal.","sortOrder":4},{"sectionNumber":"6","sectionType":"section","heading":"Administration of Act","content":"### 6 Administration of Act\n\n> Until provision is made in relation to this Act by order under [section 4 of the](/view/html/inforce/2026-04-12/act-1990-004#GS4@EN) [Administrative Arrangements Act 1990](/view/html/inforce/2026-04-12/act-1990-004)  –\n> \n> > > (a) the administration of this Act is assigned to the Treasurer; and\n> > \n> > > (b) the department responsible to the Treasurer in relation to the administration of this Act is the Department of Treasury and Finance.","sortOrder":5}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"Based on the available text, the Act appears to have remained unchanged since its commencement on 8 May 2017 with no amendments recorded, suggesting the scope has stayed consistent with its original purpose of establishing and governing a vessel replacement fund for TT-Line."},"complexity_factors":["Very narrow and specific purpose — a single dedicated fund for a single company's asset replacement","Limited available text makes full assessment difficult, but the subject matter (a savings fund) is conceptually simple","No apparent interaction with complex regulatory frameworks or multiple agencies","Minimal ambiguity in intent or application","Has not been amended since commencement, suggesting stable and uncomplicated operation"],"plain_english_summary":"This law creates a quarantined savings fund dedicated to replacing TT-Line’s ferry vessels (the Spirit of Tasmania service). It locks money away from general spending so funds will be available when ships need replacing.\n\nThat matters to Tasmanians because it helps ensure ferry reliability, protects taxpayers from a future budget shock when replacements are needed, and supports economic continuity for an island state dependent on the Bass Strait crossing."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose of establishing and operating a dedicated fund for TT-Line vessel replacement. The parliamentary approval mechanism in section 5 for reallocation of unneeded funds is a standard accountability safeguard rather than scope creep."},"complexity_factors":["Only 4 defined terms in the interpretation section (Fund, Portfolio Minister, TT-Line, vessel)","Single-purpose legislation with straightforward mechanics: money in, money invested, money out for specific purpose","Minimal cross-referencing — only references to related Tasmanian legislation (TT-Line Arrangements Act 1993, Tasmanian Public Finance Corporation Act 1985, Administrative Arrangements Act 1990)","One procedural complexity: the parliamentary approval mechanism in section 5(2) with nested conditions (5 sitting-day period, 9 sitting-day extension, multiple pathways for approval/disapproval)","No exceptions to exceptions or heavily conditional operative provisions","Short length — 6 sections covering establishment, funding, investment, spending, reallocation and administration"],"plain_english_summary":"**What this law does:**\n\nThis Act creates a special savings account called the **TT-Line Vessel Replacement Fund**. Its purpose is to set aside money now so that TT-Line (the Tasmanian government-owned company that runs the Bass Strait ferries) can afford to buy new ships in the future.\n\n**How it works:**\n\n- **Money goes in:** Whenever TT-Line pays cash dividends to its government shareholders (the Ministers), the Treasurer must put an equivalent amount into this Fund. The Fund also keeps any investment income it earns.\n- **Money stays put:** The Tasmanian Public Finance Corporation invests the Fund's money (basically making it grow through interest) until it's needed.\n- **Money comes out:** The Treasurer can approve spending from the Fund to help pay for new ferries, but only after talking to the Portfolio Minister (the minister in charge of TT-Line).\n- **Emergency exit:** If the money isn't needed for ships anymore, the Treasurer can transfer it elsewhere — but only with Parliament's approval through a specific process involving formal notices and waiting periods.\n\n**Who it affects:**\n\n- **TT-Line** — the state-owned ferry operator\n- **Tasmanian taxpayers** — whose money is being set aside\n- **Bass Strait passengers and freight users** — who rely on TT-Line's fleet being modern and safe\n\n**Why it matters:**\n\nFerries are expensive (hundreds of millions of dollars) and last decades. This law forces the government to save for replacements gradually rather than facing a massive bill all at once or letting the fleet deteriorate. It's essentially a \"future-proofing\" mechanism for an essential transport link between Tasmania and the mainland."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The Act is narrowly focused: it establishes a public-account fund solely to accrue and invest money to assist funding replacement TT‑Line vessels, sets the sources (Treasurer advances tied to TT‑Line dividends and other advances), prescribes investment and approval rules for use, and a process for transferring surplus to other public accounts with Parliament’s approval. No broader functions or beneficiaries are authorised by this Act."},"complexity_factors":["Cross-references to other statutes and instruments: Tasmanian Public Finance Corporation Act 1985 (investment), TT-Line Arrangements Act 1993 (definitions and corporate basis) and Corporations Law (dividend mechanism)","Decision layers: Treasurer advances funds, must consult Portfolio Minister before authorising use (s4(6)), and reallocation requires parliamentary approval with a specific tabling process (s5)","Funding linkage: automatic parity of Treasurer advances with TT‑Line dividends creates an external dependency on corporate dividend payments (s4(4))","Specific administrative assignment until Administrative Arrangements order (s6) creates a temporary governance rule","Procedural detail for parliamentary approval of transfers (tabling period, motions to disapprove, further 9 sitting‑day delay) increases implementation steps (s5(2))"],"plain_english_summary":"This Act creates the TT-Line Vessel Replacement Fund to accumulate money to help pay for replacing TT-Line ferries across Bass Strait. Treasurer advances into the Fund amounts equivalent to dividends paid by TT‑Line and may add other amounts; the Fund is invested by the Tasmanian Public Finance Corporation and can be used for vessel replacement only when the Treasurer, after consulting the portfolio minister, approves release (s4). Unneeded balances may be moved to another public account but only with Parliament’s approval (s5)."},"issue_detection":{"absurdities":[],"contradictions":[]}},"importantCases":[],"_links":{"self":"/api/acts/tt-line-vessel-replacement-fund-act-2017","history":"/api/acts/tt-line-vessel-replacement-fund-act-2017/history","analysis":"/api/acts/tt-line-vessel-replacement-fund-act-2017/analysis","conflicts":"/api/acts/tt-line-vessel-replacement-fund-act-2017/conflicts","importantCases":"/api/acts/tt-line-vessel-replacement-fund-act-2017/important-cases","documents":"/api/acts/tt-line-vessel-replacement-fund-act-2017/documents"}}