Part 5Funds

Part 5—Funds Division 1—Industry funds 41—Industry board to establish industry fund (1) An industry board must establish a fund (an industry fund) for the purposes of this Act. (2) The name of the industry fund must comply with any requirement prescribed by the regulations. (3) The industry fund will be administered by the industry board. (4) The industry fund will consist of— (a) levies received by the industry board from employers in its designated sector; and (b) income and accretions produced by the investment of money from the fund; and (c) money advanced to the industry board for the purposes of the fund; and (d) penalties and fines recovered by the industry board under this Act; and (e) any money required to be paid into an industry fund by the regulations; and (f) any other money payable to the industry fund under this Act. (5) There will be payable from the industry fund— (a) any long service leave benefits that the industry board is liable to pay under this Act; and (b) costs incurred by the industry board in performing its functions under this Act; and (c) any payment to another industry board required or contemplated by this Act; and (d) any payment required or authorised by the regulations; and (e) any other money required or authorised to be paid from the industry fund under this Act. 42—Exemption from taxes and charges An industry fund, and all transactions relating to an industry fund, are exempt from all taxes and other charges imposed under a law of the State. 43—Investment of industry fund (1) An industry board may invest money that is not immediately required for the purposes of its industry fund. (2) An industry board must, when investing money in an industry fund, take into account policies and guidelines (if any) determined by the Treasurer after consultation with the Minister. 44—Loans for training purposes (1) An industry board may, with the approval of the Minister and the Treasurer, lend money from its industry fund to an industrial association or organisation for the purpose of establishing or operating a group training scheme for its designated sector. (2) A loan under subsection (1) will be subject to such terms and conditions as the Minister and the Treasurer think appropriate. 45—Borrowing by industry board (1) An industry board may, for the purposes of an industry fund, borrow money from the Treasurer or, with the approval of the Treasurer, from any other person. (2) A liability incurred with the approval of the Treasurer under subsection (1) is guaranteed by the Treasurer. (3) A liability incurred by the Treasurer under a guarantee arising by virtue of subsection (2) will be satisfied out of the Consolidated Account of the State (which is appropriated to the necessary extent). 46—Investigation of industry fund (1) An industry board must ensure that an investigation into the state and sufficiency of its industry fund is carried out on a yearly basis. (2) An investigation will be carried out by an actuary appointed for the purpose by the industry board. (3) The actuary carrying out an investigation will report to the industry board on the result of the investigation and must state whether any reduction or increase is necessary in the rates of contribution to the industry fund. (4) An industry board must, on receipt of a report under subsection (3)— (a) provide a copy of the report to the Minister; and (b) include with the report an indication as to whether the industry board intends to vary, or leave unaltered, the rates of contribution to the industry fund required under section 48. (5) The Minister must cause a copy of a report provided to the Minister under this section to be laid before both Houses of Parliament within 6 sitting days after receiving the report. Division 2—Common funds 47—Treasurer may authorise investment common funds (1) The Treasurer may, after consultation with the Minister, authorise the establishment of 1 or more investment common funds for the collective investment of 2 or more industry funds (in whole or in part). (2) The collective investment of funds under this section does not affect any purposes for which a particular industry fund must be applied. (3) A common fund under this section will operate subject to any policies and guidelines (if any) determined by the Treasurer after consultation with the Minister. (4) Without limiting subsection (3), a policy or guideline may provide for 1 or more of the following: (a) the periodic distribution of income from a common investment fund to the relevant industry funds; (b) the application of income from a common investment fund to the capital of the common investment fund; (c) the payment of costs and the application of expenses related to the management, operation and investment of a common investment fund.