Commonwealth Authorities and Companies Act

Australia

COMMONWEALTH AUTHORITIES AND COMPANIES ACT Act No. 153 of 1997 as amended

Commonwealth Authorities and Companies Act

Act No. 153 of 1997 as amended

This compilation was prepared on 1 September 2011

taking into account amendments up to Act No. 89 of 2011

The text of any of those amendments not in force on that date is appended in the Notes section

The operation of amendments that have been incorporated may be affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,

Attorney-General’s Department, Canberra

Abstract

An Act to provide reporting, accountability and other rules for Commonwealth authorities and Commonwealth companies, and for related purposes

Reader’s Guide

This Guide aims to give you a general overview of the matters covered by this Act. It also gives you some information about the way this Act is organised.

Overview of this Act

The rules in this Act apply to Commonwealth authorities and Commonwealth companies. Commonwealth authority is defined in section 7. Commonwealth company is defined in section 34.

This Act regulates certain aspects of the financial affairs of Commonwealth authorities. In particular, it has detailed rules about reporting and accountability. This Act also deals with other matters relating to Commonwealth authorities, such as banking and investment and the conduct of officers.

For Commonwealth companies, this Act has reporting requirements and other requirements that apply in addition to the requirements of the Corporations Act 2001.

Summary of this Act

Part 1 Preliminary: This Part deals with the commencement of this Act, its application to things outside Australia and its application to the Crown.

Part 2 General provisions about definitions, offences and civil penalties: This Part contains definitions of terms that are frequently used throughout this Act and general provisions about offences and civil penalty provisions. Schedule 2 sets out the civil and criminal consequences of contravening a civil penalty provision.

Part 3 Reporting and other obligations for Commonwealth authorities: This Part sets out reporting and accountability rules for Commonwealth authorities. It also deals with matters such as banking, investment and the conduct of officers. Schedule 1 deals with the content of the annual report, financial statements and auditor’s report.

Part 3A Interjurisdictional authorities: This Part sets out that the regulations may prescribe a Commonwealth authority to be an interjurisdictional authority. An interjurisdictional authority involves, jointly, the Commonwealth and participating State and/or Territory jurisdictions in the governance of that authority. This Part also provides that the regulations may set out the obligations of officers of an interjurisdictional authority.

Part 4 Reporting and other obligations for Commonwealth companies: This Part sets out reporting and other rules for Commonwealth companies. These requirements are additional to those that apply under the Corporations Act 2001.

Part 5 Miscellaneous: This Part deals with miscellaneous matters such as Finance Minister’s Orders, regulations and delegations.

Related legislation

The following Acts are directly relevant to the operation or interpretation of this Act.

The Annual Appropriation Acts appropriate money out of the Consolidated Revenue Fund, including monies to be paid directly to CAC Act bodies by the relevant portfolio Departments.

The Auditor-General Act 1997 establishes the Office of Auditor-General and sets out the functions of the Auditor-General.

The Acts Interpretation Act 1901 contains many general rules about the meaning or effect of many terms and provisions that are commonly used in Commonwealth Acts.

The main purpose of the Financial Management and Accountability Act 1997 is to establish a framework for the proper management of public money and public property (broadly, money or property that is owned or held by the Commonweal