Energy Security Corporation Act 2024
34Complying investments
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34 Complying investments
34 Complying investments
(1) The Board must take all reasonable steps to ensure investments for the purposes of, or purportedly for the purposes of, the Corporation’s investment function are, at all times, complying investments.
(2) If the Board becomes aware an investment of the Corporation has ceased to be, or never was, a complying investment, the Board must give the Minister written notice that—
(a) states the investment has ceased to be, or never was, a complying investment, and
(b) sets out the action the Board proposes to take to ensure current and future investments made for the investment function are complying investments.
(3) If the Minister is satisfied an investment has ceased to be, or never was, a complying investment, the Minister may, by written notice to the Board, direct the Board to—
(a) give the Minister a written explanation, within the period specified in the notice, about the investment and why it has ceased to be, or never was, a complying investment, and
(b) take the action specified in the notice, within the period specified in the notice, to ensure current and future investments made for the investment function are complying investments.
(4) The Minister may give a direction under subsection (3) whether or not the Board has given the Minister a notice under subsection (2).
(5) The Board must comply with a direction under subsection (3).
(6) The fact an investment has ceased to be, or never was, a complying investment does not affect the validity of a transaction.
(7) An investment does not cease to be an investment in clean energy technology only because the technology has, since the investment was made, ceased to qualify as clean energy technology because—
(a) the investment’s performance has not met reasonable expectations that existed at the time the investment was made, or
(b) different standards for measuring clean energy technologies are being applied than were being applied at the time the investment was made.
(8) In this section—
complying investments are investments that are—