Northern Australia Infrastructure Facility Act 2016

The responsible Ministers must, by legislative instrument, give directions to the Board about the performance of the Facility’s functions.

Section 42 (disallowance) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 44(2)(b) of that Act.

The directions are the Investment Mandate.

The Board must take all reasonable steps to ensure that the Facility and its subsidiaries comply with the Investment Mandate.

As soon as practicable after the Board becomes aware that the Facility or one of its subsidiaries has failed to comply with the Investment Mandate, the Board must give the responsible Ministers a written statement:

informing the responsible Ministers; and

setting out the action that the Facility proposes to take in order to ensure that the Facility or subsidiary complies with the Investment Mandate.

If the responsible Ministers are satisfied that the Facility or one of its subsidiaries has failed to comply with the Investment Mandate, the responsible Ministers may (whether or not the Board has given the responsible Ministers a statement under subsection (3A)), by written notice given to the Board, direct the Board:

to give the responsible Ministers, within a period specified in the notice, a written explanation; and

to take action specified in the notice, within a period specified in the notice, in order to ensure that the Facility or subsidiary complies with the Investment Mandate.

The Board must comply with a direction under subsection (3B).

A failure to comply with:

the Investment Mandate; or

a direction under subsection (3B);

A direction under subsection (3B) is not a legislative instrument.

The Investment Mandate must not direct, or have the effect of directing, the Facility to provide financial assistance:

for the development of particular infrastructure; or

in relation to a particular person.