TT-Line Vessel Replacement Fund Act 2017 (Tas)

TT-Line Vessel Replacement Fund Act 2017

An Act to establish a fund in the Public Account to assist with the funding of replacement vessels for the TT-Line Company's Bass Strait ferry service [Royal Assent 8 May 2017]

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:

1. Short title This Act may be cited as the TT-Line Vessel Replacement Fund Act 2017 .

2. Commencement This Act commences on the day on which this Act receives the Royal Assent.

3. Interpretation 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.

4. TT-Line Vessel Replacement Fund (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.