Commonwealth Numbered Acts

COMMONWEALTH FUNDS MANAGEMENT LIMITED ACT 1990 No. 13 of 1991 - SECT 44

44. (1) In this section:

"concluding period" means the period commencing on 1 July 1990 and ending
immediately before the transition;

"Fund" has the same meaning as in Part 7;

"relevant industrial organisation" means an organisation:

   (a)  a substantial number of whose members are eligible employees within
        the meaning of the Superannuation Act 1976; and

   (b)  whose principal purpose is to protect and promote the interest of its
        members in matters concerning their employment.

(2) The Company must, as soon as practicable after 30 June 1991, prepare and
give to the Minister:

   (a)  a report on its management of the Fund, and the provision of other
        services under the Superannuation Act 1976, during the
        concluding period; and

   (b)  financial statements in respect of that period.

(3) The financial statements referred to in paragraph (2) (b) must be in a
form approved by the Minister.

(4) Before furnishing the financial statements to the Minister, the Company
must submit them to the Auditor-General, who must report to the Minister:

   (a)  whether the statements are based on proper accounts and records; and

   (b)  whether the statements are in agreement with the accounts and records
        and show fairly the financial transactions and the state of the Fund;
        and

   (c)  whether the receipt of money into the Fund, and the payment of money
        out of the Fund and the investment of money standing to the credit of
        the Fund, during the concluding period have been in accordance with
        the Superannuation Act 1976; and

   (d)  as to such other matters arising out of the statements as the
        Auditor-General considers should be reported.

(5) The Commissioner for Superannuation must furnish to the Company such
information as he or she possesses and is necessary for the purpose of
enabling the Company to prepare the financial statements referred to in
paragraph (2) (b) in so far as they relate to the management of the Fund by
the Company.

(6) If the Company does not give, under subsection (2), a report and financial
statements in respect of the concluding period before the end of 31 December
1991, the Company must, not later than 14 days after that date, give to the
Minister an interim report and interim financial statements in respect of that
period.

(7) The financial statements given to the Minister under subsection (6) must
be in the form approved by the Minister for the purposes of paragraph (2) (b)
but need not be accompanied by a report of the Auditor-General under
subsection (4).

(8) Where the Company gives a report and financial statements to the Minister
under subsection (2) or (6), the Minister must:

   (a)  cause a copy of the report and a copy of the financial statements to
        be laid before each House of the Parliament within 15 sitting days of
        that House after their receipt by the Minister; and

   (b)  give a copy of a report and a copy of the financial statements to the
        Australian Council of Trade Unions and, upon request made by a
        relevant industrial organisation, to the
        relevant industrial organisation.

(9) A report given by the Company in respect of the concluding period must
include particulars of:

   (a)  any statement of policy given during that year by the Minister under
        subsection 29A (6) of the Superannuation Act 1976; and

   (b)  the consideration given by the Company to that policy; and

   (c)  the action (if any) taken by the Company as a result of that
        consideration.