Tasmanian Public Finance Corporation Amendment Bill 2023

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8 of 2023

2023

[Bill 8]-VI

TASMANIA

__________

TASMANIAN PUBLIC FINANCE CORPORATION

AMENDMENT BILL 2023

__________

CONTENTS

PART 1 – PRELIMINARY

1. Short title

2. Commencement

3. Repeal of Act

PART 2 – TASMANIAN PUBLIC FINANCE CORPORATION ACT

1985 AMENDED

4. Principal Act

5. Section 15A inserted

15A. Government guarantee of certain borrowings

6. Section 24 and Schedule 1 inserted

24. Amendment of Schedule 1

SCHEDULE 1 – RELEVANT ORGANISATION

PART 3 – ELECTRICITY COMPANIES ACT 1997 AMENDED

7. Principal Act

8. Section 11 amended (Status of company)

9. Section 12 amended (Guarantee or indemnity)

PART 4 – FIRE SERVICE ACT 1979 AMENDED

10. Principal Act

11. Section 102 amended (Borrowing debentures or inscribed stock)

PART 5 – FOREST PRACTICES ACT 1985 AMENDED

12. Principal Act

13. Section 4S amended (Borrowing from person other than

Treasurer)

PART 6 – GOVERNMENT BUSINESS ENTERPRISES ACT 1995

AMENDED

14. Principal Act

15. Section 47 amended (Borrowing from person other than

Treasurer)

16. Section 118 amended (Delegation by Portfolio Minister or

Treasurer)

PART 7 – HOMES TASMANIA ACT 2022 AMENDED

17. Principal Act

18. Section 30 amended (Borrowing from person other than

Treasurer)

PART 8 – IRRIGATION COMPANY ACT 2011 AMENDED

19. Principal Act

20. Section 12 amended (Status of Company)

21. Section 16 amended (Guarantee or indemnity)

PART 9 – MACQUARIE POINT DEVELOPMENT CORPORATION

ACT 2012 AMENDED

22. Principal Act

23. Section 47 amended (Borrowing from person other than

Treasurer)

PART 10 – METRO TASMANIA ACT 1997 AMENDED

24. Principal Act

25. Section 10 amended (Status of Company)

26. Section 13 amended (Guarantee or indemnity)

PART 11 – PRIVATE FORESTS ACT 1994 AMENDED

27. Principal Act

28. Section 25 amended (Borrowing from person other than

Treasurer)

PART 12 – RACING (TASRACING PTY LTD) ACT 2009 AMENDED

29. Principal Act

30. Section 7 amended (Status of Company)

31. Section 17 amended (Guarantee or indemnity)

PART 13 – RAIL COMPANY ACT 2009 AMENDED

32. Principal Act

33. Section 11 amended (Status of Company)

34. Section 14 amended (Guarantee or indemnity)

PART 14 – STADIUMS TASMANIA ACT 2022 AMENDED

35. Principal Act

36. Section 30 amended (Borrowing from person other than

Treasurer)

PART 15 – TT-LINE ARRANGEMENTS ACT 1993 AMENDED

37. Principal Act

38. Section 17 amended (Guarantee or indemnity)

39. Section 20 repealed

PART 16 – TASMANIAN DEVELOPMENT ACT 1983 AMENDED

40. Principal Act

41. Section 25 repealed

PART 17 – TASMANIAN PORTS CORPORATION ACT 2005

AMENDED

42. Principal Act

43. Section 13 amended (Status of Corporation)

44. Section 16 amended (Guarantee or indemnity)

[Bill 8] 5

TASMANIAN PUBLIC FINANCE CORPORATION

AMENDMENT BILL 2023

(Brought in by the Treasurer, the Honourable Michael Darrel

Joseph Ferguson)

A BILL FOR

An Act to amend the Tasmanian Public Finance

Corporation Act 1985 and to consequentially amend certain

other Acts for related purposes

Be it enacted by Her Excellency the Governor of Tasmania, by

and with the advice and consent of the Legislative Council and

House of Assembly, in Parliament assembled, as follows:

PART 1 – PRELIMINARY

1. Short title

This Act may be cited as the Tasmanian Public

Finance Corporation Amendment Act 2023.

2. Commencement

This Act commences on 1 July 2023 but, if this

Act does not receive the Royal Assent by

1 July 2023, this Act is taken to have

commenced on 1 July 2023.

3. Repeal of Act

This Act is repealed on 1 July 2024.

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

s. 4 Part 2 – Tasmanian Public Finance Corporation Act 1985 Amended

PART 2 – TASMANIAN PUBLIC FINANCE

CORPORATION ACT 1985 AMENDED

4. Principal Act

In this Part, the Tasmanian Public Finance

Corporation Act 1985* is referred to as the

Principal Act.

5. Section 15A inserted

After section 15 of the Principal Act, the

following section is inserted in Part III:

15A. Government guarantee of certain

borrowings

(1) In this section –

relevant organisation means an

organisation or entity referred to

in Schedule 1.

(2) One or more amounts borrowed by a

relevant organisation from the

Corporation is guaranteed by the State up

to, and not in excess of, such amount, in

total, as is determined by the Treasurer as

the maximum amount guaranteed under

this section in respect of the relevant

organisation.

_______________________________________________________________ *No. 59 of 1985

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

Part 2 – Tasmanian Public Finance Corporation Act 1985 Amended s. 5

(3) For the purposes of subsection (2), an

amount borrowed by a relevant

organisation from the Corporation

includes each of the following:

(a) the amount borrowed by the

relevant organisation from the

Corporation;

(b) the interest payable by the

Corporation in respect of the

amount borrowed by the relevant

organisation;

Corporation, by the relevant

organisation, in respect of the

amount borrowed;

(d) any expenses that are incurred by

the Corporation in relation to the

amount borrowed by the relevant

organisation.

(4) This section only applies in respect of an

amount borrowed by a relevant

organisation from the Corporation if the

Corporation has exercised all of its rights

and remedies under all securities held in

respect of the amount borrowed by the

relevant organisation.

(5) A payment by the State to the

Corporation under this section –

(a) is a charge on the Public Account;

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

s. 6 Part 2 – Tasmanian Public Finance Corporation Act 1985 Amended

and

(b) is payable out of the Public

Account without further

appropriation than this section.

(6) If the State is required to make a

payment to the Corporation under this

section in respect of an amount borrowed

by a relevant organisation –

(a) the amount so paid by the State

under this section is a debt due

and owing, by the relevant

organisation, to the State; and

(b) in addition to any other action

that may be taken by the State in

respect of that debt, the Treasurer

may enter into an agreement with

the relevant organisation for the

repayment of the debt, on such

terms and conditions, and in such

manner, as may be determined by

the Treasurer.

6. Section 24 and Schedule 1 inserted

After section 23 of the Principal Act, the

following section and Schedule are inserted in

Part IV:

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

Part 2 – Tasmanian Public Finance Corporation Act 1985 Amended s. 6

24. Amendment of Schedule 1

(1) The Treasurer, by order, may amend

Schedule 1 by doing any one or more of

the following:

(a) inserting a new organisation or

entity;

(b) omitting an organisation or entity;

entity, and substituting another

organisation or entity.

(2) The provisions of section 47(3), (3A),

(4), (5), (6) and (7) of the Acts

Interpretation Act 1931 apply to an order

under this section as if the order were

regulations within the meaning of that

Act.

(3) For the avoidance of doubt, an order

under this section –

(a) is a statutory rule within the

meaning of the Rules Publication

Act 1953; and

(b) is not subordinate legislation

within the meaning of the

Subordinate Legislation Act

1992.

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

s. 6 Part 2 – Tasmanian Public Finance Corporation Act 1985 Amended

SCHEDULE 1 – RELEVANT ORGANISATION

Section 15A(1)

1. A Government Business Enterprise

within the meaning of the Government

Business Enterprises Act 1995.

2. A company formed under the Electricity

Companies Act 1997.

3. The Company as defined in the

Irrigation Company Act 2011.

4. The Company as defined in the Metro

Tasmania Act 1997.

5. The Company as defined in the Racing

(Tasracing Pty Ltd) Act 2009.

6. The Company formed under the Rail

Company Act 2009.

7. The Company formed under the TT-Line

Arrangements Act 1993.

8. The Corporation as defined in the

Tasmanian Ports Corporation Act 2005.

9. A subsidiary, within the meaning of the

Corporations Act, that is wholly owned

by one of the entities specified in item 1,

2, 3, 4, 5, 6, 7 or 8.

10. The Forest Practices Authority continued

under the Forest Practices Act 1985.

11. Homes Tasmania, as established by the

Homes Tasmania Act 2022.

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

Part 2 – Tasmanian Public Finance Corporation Act 1985 Amended s. 6

12. Macquarie Point Development

Corporation, as established by the

Macquarie Point Development

Corporation Act 2012.

13. Private Forests Tasmania, as established

by the Private Forests Act 1994.

14. Stadiums Tasmania, as established by the

Stadiums Tasmania Act 2022.

15. The State Fire Commission, as

established by the Fire Service Act 1979.

16. Tasmania Development and Resources,

as continued by the Tasmanian

Development Act 1983.

17. TasTAFE, as continued under the

TasTAFE (Skills and Training Business)

Act 2021.

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

s. 7 Part 3 – Electricity Companies Act 1997 Amended

PART 3 – ELECTRICITY COMPANIES ACT 1997

AMENDED

7. Principal Act

In this Part, the Electricity Companies Act 1997*

is referred to as the Principal Act.

8. Section 11 amended (Status of company)

Section 11 of the Principal Act is amended by

omitting subsection (2) and substituting the

following subsection:

(2) The Crown is not liable for any liability

or obligation of a company or subsidiary

of a company unless –

(a) the Treasurer gives a guarantee or

indemnity under section 12; or

(b) a guarantee is given under the

Tasmanian Public Finance

Corporation Act 1985 in respect

of the company or subsidiary.

9. Section 12 amended (Guarantee or indemnity)

Section 12 of the Principal Act is amended as

follows:

(a) by omitting paragraph (a) from

subsection (1);

_______________________________________________________________ *No. 69 of 1997

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

Part 3 – Electricity Companies Act 1997 Amended s. 9

(b) by omitting paragraph (a) from

subsection (2);

or”;

(d) by omitting from subsection (4) “repaid

or”.

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

s. 10 Part 4 – Fire Service Act 1979 Amended

PART 4 – FIRE SERVICE ACT 1979 AMENDED

10. Principal Act

In this Part, the Fire Service Act 1979* is

referred to as the Principal Act.

11. Section 102 amended (Borrowing debentures or

inscribed stock)

Section 102 of the Principal Act is amended by

omitting subsection (8).

_______________________________________________________________ *No. 35 of 1979

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

Part 5 – Forest Practices Act 1985 Amended s. 12

PART 5 – FOREST PRACTICES ACT 1985 AMENDED

12. Principal Act

In this Part, the Forest Practices Act 1985* is

referred to as the Principal Act.

13. Section 4S amended (Borrowing from person other

than Treasurer)

Section 4S of the Principal Act is amended by

omitting subsections (4), (5), (6) and (7).

_______________________________________________________________ *No. 48 of 1985

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

s. 14 Part 6 – Government Business Enterprises Act 1995 Amended

PART 6 – GOVERNMENT BUSINESS ENTERPRISES

ACT 1995 AMENDED

14. Principal Act

In this Part, the Government Business

Enterprises Act 1995* is referred to as the

Principal Act.

15. Section 47 amended (Borrowing from person other

than Treasurer)

Section 47 of the Principal Act is amended by

omitting subsections (3), (4), (5), (6) and (7).

16. Section 118 amended (Delegation by Portfolio

Minister or Treasurer)

Section 118(2) of the Principal Act is amended

by omitting paragraph (f).

_______________________________________________________________ *No. 22 of 1995

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

Part 7 – Homes Tasmania Act 2022 Amended s. 17

PART 7 – HOMES TASMANIA ACT 2022 AMENDED

17. Principal Act

In this Part, the Homes Tasmania Act 2022* is

referred to as the Principal Act.

18. Section 30 amended (Borrowing from person other

than Treasurer)

Section 30 of the Principal Act is amended by

omitting subsections (4), (5) and (6).

_______________________________________________________________ *No. 25 of 2022

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

s. 19 Part 8 – Irrigation Company Act 2011 Amended

PART 8 – IRRIGATION COMPANY ACT 2011

AMENDED

19. Principal Act

In this Part, the Irrigation Company Act 2011* is

referred to as the Principal Act.

20. Section 12 amended (Status of Company)

Section 12 of the Principal Act is amended by

omitting subsection (2) and substituting the

following subsection:

(2) The Crown is not liable for any liability

or obligation of the Company or

subsidiary of the Company unless –

(a) the Treasurer gives a guarantee or

indemnity under section 16 in

relation to that liability or

obligation; or

(b) a guarantee is given under the

Tasmanian Public Finance

Corporation Act 1985 in respect

of the Company or subsidiary.

21. Section 16 amended (Guarantee or indemnity)

Section 16 of the Principal Act is amended as

follows:

_______________________________________________________________ *No. 12 of 2011

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

Part 8 – Irrigation Company Act 2011 Amended s. 21

(a) by omitting paragraph (a) from

subsection (1);

(b) by omitting paragraph (a) from

subsection (2);

or”;

(d) by omitting from subsection (4) “repaid

or”.

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

s. 22 Part 9 – Macquarie Point Development Corporation Act 2012 Amended

PART 9 – MACQUARIE POINT DEVELOPMENT

CORPORATION ACT 2012 AMENDED

22. Principal Act

In this Part, the Macquarie Point Development

Corporation Act 2012* is referred to as the

Principal Act.

23. Section 47 amended (Borrowing from person other

than Treasurer)

Section 47 of the Principal Act is amended by

omitting subsections (4), (5), (6) and (7).

_______________________________________________________________ *No. 50 of 2012

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

Part 10 – Metro Tasmania Act 1997 Amended s. 24

PART 10 – METRO TASMANIA ACT 1997 AMENDED

24. Principal Act

In this Part, the Metro Tasmania Act 1997* is

referred to as the Principal Act.

25. Section 10 amended (Status of Company)

Section 10 of the Principal Act is amended by

omitting subsection (2) and substituting the

following subsection:

(2) The Crown in right of Tasmania is not

liable for any liability or obligation of the

Company unless –

(a) the Treasurer gives a guarantee or

indemnity under section 13; or

(b) a guarantee is given under the

Tasmanian Public Finance

Corporation Act 1985 in respect

of the Company.

26. Section 13 amended (Guarantee or indemnity)

Section 13 of the Principal Act is amended as

follows:

(a) by omitting paragraph (a) from

subsection (1);

_______________________________________________________________ *No. 78 of 1997

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

s. 26 Part 10 – Metro Tasmania Act 1997 Amended

(b) by omitting paragraph (a) from

subsection (2);

or”;

(d) by omitting from subsection (4) “repaid

or”.

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

Part 11 – Private Forests Act 1994 Amended s. 27

PART 11 – PRIVATE FORESTS ACT 1994 AMENDED

27. Principal Act

In this Part, the Private Forests Act 1994* is

referred to as the Principal Act.

28. Section 25 amended (Borrowing from person other

than Treasurer)

Section 25 of the Principal Act is amended by

omitting subsections (4), (5), (6) and (7).

_______________________________________________________________ *No. 28 of 1994

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

s. 29 Part 12 – Racing (Tasracing Pty Ltd) Act 2009 Amended

PART 12 – RACING (TASRACING PTY LTD) ACT 2009

AMENDED

29. Principal Act

In this Part, the Racing (Tasracing Pty Ltd) Act

2009* is referred to as the Principal Act.

30. Section 7 amended (Status of Company)

Section 7 of the Principal Act is amended by

omitting subsection (2) and substituting the

following subsection:

(2) The Crown in right of Tasmania is not

liable for any liability or obligation of the

Company unless –

(a) the Treasurer gives a guarantee or

an indemnity under section 17; or

(b) a guarantee is given under the

Tasmanian Public Finance

Corporation Act 1985 in respect

of the Company.

31. Section 17 amended (Guarantee or indemnity)

Section 17 of the Principal Act is amended as

follows:

(a) by omitting paragraph (a) from

subsection (1);

_______________________________________________________________ *No. 30 of 2009

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

Part 12 – Racing (Tasracing Pty Ltd) Act 2009 Amended s. 31

(b) by omitting paragraph (a) from

subsection (2);

or”;

(d) by omitting from subsection (4) “repaid

or”.

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

s. 32 Part 13 – Rail Company Act 2009 Amended

PART 13 – RAIL COMPANY ACT 2009 AMENDED

32. Principal Act

In this Part, the Rail Company Act 2009* is

referred to as the Principal Act.

33. Section 11 amended (Status of Company)

Section 11 of the Principal Act is amended by

omitting subsection (2) and substituting the

following subsection:

(2) The Crown is not liable for any liability

or obligation of the Company or

subsidiary of the Company unless –

(a) the Treasurer gives a guarantee or

indemnity under section 14 in

relation to that liability or

obligation; or

(b) a guarantee is given under the

Tasmanian Public Finance

Corporation Act 1985 in respect

of the Company or subsidiary.

34. Section 14 amended (Guarantee or indemnity)

Section 14 of the Principal Act is amended as

follows:

(a) by omitting paragraph (a) from

subsection (1);

_______________________________________________________________ *No. 46 of 2009

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

Part 13 – Rail Company Act 2009 Amended s. 34

(b) by omitting paragraph (a) from

subsection (2);

or”;

(d) by omitting from subsection (4) “repaid

or”.

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

s. 35 Part 14 – Stadiums Tasmania Act 2022 Amended

PART 14 – STADIUMS TASMANIA ACT 2022

AMENDED

35. Principal Act

In this Part, the Stadiums Tasmania Act 2022* is

referred to as the Principal Act.

36. Section 30 amended (Borrowing from person other

than Treasurer)

Section 30 of the Principal Act is amended by

omitting subsections (4), (5), (6) and (7).

_______________________________________________________________ *No. 7 of 2022

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

Part 15 – TT-Line Arrangements Act 1993 Amended s. 37

PART 15 – TT-LINE ARRANGEMENTS ACT 1993

AMENDED

37. Principal Act

In this Part, the TT-Line Arrangements Act

1993* is referred to as the Principal Act.

38. Section 17 amended (Guarantee or indemnity)

Section 17 of the Principal Act is amended as

follows:

(a) by omitting paragraph (a) from

subsection (1);

(b) by omitting paragraph (a) from

subsection (2);

or”;

(d) by omitting from subsection (4) “repaid

or”.

39. Section 20 repealed

Section 20 of the Principal Act is repealed.

_______________________________________________________________ *No. 39 of 1993

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

s. 40 Part 16 – Tasmanian Development Act 1983 Amended

PART 16 – TASMANIAN DEVELOPMENT ACT 1983

AMENDED

40. Principal Act

In this Part, the Tasmanian Development Act

1983* is referred to as the Principal Act.

41. Section 25 repealed

Section 25 of the Principal Act is repealed.

_______________________________________________________________ *No. 84 of 1983

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

Part 17 – Tasmanian Ports Corporation Act 2005 Amended s. 42

PART 17 – TASMANIAN PORTS CORPORATION ACT

2005 AMENDED

42. Principal Act

In this Part, the Tasmanian Ports Corporation

Act 2005* is referred to as the Principal Act.

43. Section 13 amended (Status of Corporation)

Section 13 of the Principal Act is amended by

omitting subsection (2) and substituting the

following subsection:

(2) The Crown is not liable for any liability

or obligation of the Corporation or

subsidiary of the Corporation unless –

(a) the Treasurer gives a guarantee or

indemnity under section 16 in

relation to that liability or

obligation; or

(b) a guarantee is given under the

Tasmanian Public Finance

Corporation Act 1985 in respect

of the Corporation or subsidiary.

44. Section 16 amended (Guarantee or indemnity)

Section 16 of the Principal Act is amended as

follows:

_______________________________________________________________ *No. 41 of 2005

Tasmanian Public Finance Corporation Amendment Act 2023

Act No. of 2023

s. 44 Part 17 – Tasmanian Ports Corporation Act 2005 Amended

(a) by omitting paragraph (a) from

subsection (1);

(b) by omitting paragraph (a) from

subsection (2);

or”;

(d) by omitting from subsection (4) “repaid

or”.

Government Printer, Tasmania