Green Industries SA Act 2004

The Waste to Resources Fund continues as the Green Industry Fund.

The Fund must be kept as directed by the Treasurer.

The Fund is to consist of the following money:

50 per cent, or such greater percentage as may be prescribed, of the amount paid by waste depot licence holders by way of levy under section 113 of the Environment Protection Act 1993 in respect of solid waste received at the depots;

any money appropriated by Parliament for the purposes of the Fund;

any money paid into the Fund at the direction or with the approval of the Minister and the Treasurer;

any money received by way of grant, gift or bequest for the purposes of the Fund;

any income from investment of money belonging to the Fund;

any money paid into the Fund under any other Act.

The Minister must, at least annually, review the adequacy of the amount paid into the Fund under subsection (3)(a).

Subject to this section, the Fund may be applied (without further appropriation than this subsection)—

by Green Industries SA—

in accordance with the business plan; or

in any other manner authorised by the Minister for the purposes of this Act; or

by the Minister—

towards the payment of costs of climate change initiatives, including research and development, education, innovation or business activity, in relation to initiatives for mitigating the effects of climate change, minimising carbon emissions and adapting to climate change; or

towards the payment of costs of managing waste or debris, or harm to the environment, following an identified major incident, a major emergency or a disaster, declared under Part 4 Division 3 of the Emergency Management Act 2004.

Without limiting the form that payment of amounts from the Fund may take for the purposes of subsection (5), such payments may take the form of—

a grant of an amount to a person or body; or

with the approval of the Treasurer—

forming, or acquiring, holding, dealing with or disposing of, shares, units in a unit trust, interests in such shares or units or other interests in or securities issued by, bodies corporate; or

entering into a partnership, joint venture or other profit sharing agreement.

Green Industries SA may, with the approval of the Treasurer, invest in a manner approved by the Treasurer any of the money belonging to the Fund that is not immediately required for the purposes of the Fund.

An approval given by the Treasurer under this section may be—

specific or general; and

conditional or unconditional.

An approval given by the Treasurer may be varied or revoked by the Treasurer at any time.