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Short title
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This Act may be cited as the TT-Line Vessel Replacement Fund Act 2017 .
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Tasmania act
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).
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Direct links to the current provisions in TT-Line Vessel Replacement Fund Act 2017.
This Act may be cited as the TT-Line Vessel Replacement Fund Act 2017 .
This Act commences on the day on which this Act receives the Royal Assent.
In this Act –
Fund means the TT-Line Vessel Replacement Fund established under section 4 ;
Portfolio Minister means the Minister administering the TT-Line Arrangements Act 1993 ;
TT-Line means the TT-Line Company Pty Ltd (ACN 061 996 174), as formed under section 5 of the TT-Line Arrangements Act 1993 and incorporated under the Corporations Law;
vessel means a vessel for the operation of a passenger ferry service, or a combined passenger and freight ferry service, across Bass Strait.
(1) There is to be established in the Public Account an account to be called the "TT-Line Vessel Replacement Fund".
(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.
(3) There is to be paid into the Fund –
(a) amounts advanced by the Treasurer, for the purposes of the Fund, in accordance with subsection (4) ; and
(b) such other amounts as the Treasurer may from time to time advance for the purposes of the Fund; and
(c) any income derived from the investment of money standing to the credit of the Fund.
(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.
(5) Except when approved under subsection (6) 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 .
(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.
(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) , the Treasurer, with Parliament's approval, may transfer the money to another account in the Public Account.
(2) For the purposes of subsection (1) –
(a) the Treasurer is to cause a proposal for the money transfer to be laid before each House of Parliament; and
(b) the proposal is taken to have been approved by a House of Parliament if –
(i) the House passes a motion approving the proposal within 5 sitting-days after it is laid before it (the tabling period); or
(ii) no notice of a motion to disapprove the proposal is before the House when the tabling period ends; or
(iii) where notice of a motion to disapprove the proposal is before the House when the tabling period ends –
(A) the notice is withdrawn; or
(B) the motion is negatived; or
(C) a further period of 9 sitting-days of the House ends without it having passed a motion to disapprove the proposal.
Until provision is made in relation to this Act by order under section 4 of the Administrative Arrangements Act 1990 –
(a) the administration of this Act is assigned to the Treasurer; and
(b) the department responsible to the Treasurer in relation to the administration of this Act is the Department of Treasury and Finance.
Sourced from Tasmanian Legislation Online (legislation.tas.gov.au), CC BY 4.0.
This Act may be cited as the TT-Line Vessel Replacement Fund Act 2017 .
This Act commences on the day on which this Act receives the Royal Assent.
In this Act –
Fund means the TT-Line Vessel Replacement Fund established under section 4 ;
Portfolio Minister means the Minister administering the TT-Line Arrangements Act 1993 ;
TT-Line means the TT-Line Company Pty Ltd (ACN 061 996 174), as formed under section 5 of the TT-Line Arrangements Act 1993 and incorporated under the Corporations Law;
vessel means a vessel for the operation of a passenger ferry service, or a combined passenger and freight ferry service, across Bass Strait.
(1) There is to be established in the Public Account an account to be called the "TT-Line Vessel Replacement Fund".
(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.
(3) There is to be paid into the Fund –
(a) amounts advanced by the Treasurer, for the purposes of the Fund, in accordance with subsection (4) ; and
(b) such other amounts as the Treasurer may from time to time advance for the purposes of the Fund; and
(c) any income derived from the investment of money standing to the credit of the Fund.
(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.
(5) Except when approved under subsection (6) 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 .
(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.
(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) , the Treasurer, with Parliament's approval, may transfer the money to another account in the Public Account.
(2) For the purposes of subsection (1) –
(a) the Treasurer is to cause a proposal for the money transfer to be laid before each House of Parliament; and
(b) the proposal is taken to have been approved by a House of Parliament if –
(i) the House passes a motion approving the proposal within 5 sitting-days after it is laid before it (the tabling period); or
(ii) no notice of a motion to disapprove the proposal is before the House when the tabling period ends; or
(iii) where notice of a motion to disapprove the proposal is before the House when the tabling period ends –
(A) the notice is withdrawn; or
(B) the motion is negatived; or
(C) a further period of 9 sitting-days of the House ends without it having passed a motion to disapprove the proposal.
Until provision is made in relation to this Act by order under section 4 of the Administrative Arrangements Act 1990 –
(a) the administration of this Act is assigned to the Treasurer; and
(b) the department responsible to the Treasurer in relation to the administration of this Act is the Department of Treasury and Finance.