3Simplified outline of this Act

#### 3 Simplified outline of this Act This Act establishes the Regional Investment Corporation. The main functions of the Corporation are: (a) to administer farm business loans; and (b) to administer, on behalf of the Commonwealth, grants of financial assistance to States and Territories in relation to water infrastructure projects; and (c) to administer programs prescribed by the rules. The Corporation must perform its functions in accordance with directions given by the responsible Ministers. The main directions are known as the Operating Mandate. This Act also establishes the Board of the Corporation. The Board’s main functions are: (a) to decide, within the scope of the Operating Mandate, the strategies and policies to be followed by the Corporation; and (b) to ensure the proper, efficient and effective performance of the Corporation’s functions. There is to be a Chief Executive Officer of the Corporation. The CEO is responsible for the day‑to‑day administration of the Corporation. This Act also deals with miscellaneous matters, including recovery of costs, delegations, reviewing the operation of the Act and the power to make rules.