A SSE T R E C YC L I N G F U N D B I L L 2014\n( Ci rc u l a t e d b y t h e a u t h o r i t y o f t he M i n i s t e r f o r F i n a n c e , S e n a t or t he H on M a t h i a s C o r m a nn)\nF u ll te r m or d e s cr ip t i on\nF u t u r e F und M a n a g e m e n t A g e n c y\nm ea ns t he A ss e t R e c y cl i n g F und\nA R F S p ec i a l A cc ount\nm ea ns t he A ss e t R e c y cl i n g F und S p ec i a l A cc ount e s t a b li sh ed und e r s ec ti on 12\nm ea ns t he B u i l d i n g A us t r a li a F und e s t a b li sh e d u nd e r t he\nN a ti on - bu il d i ng Funds A c t 2008\nC OAG R ef o r m F und\nm ea ns t he F und e s t a b li s h e d und e r t he C O A G R e f o rm Fund\nA c t 2008 f or t he pu r po s e of m a k i ng g ra n t s of f i n a n c i a l a ss i s t a n c e to t he S t a t e s a n d T err ito r i e s\nD is a b ili t y C ar e A us t r a lia F und\nm ea ns t he D i sab ilit y C are Aus t ra li a Fund A c t 2013\nm ea ns t he Ed u ca t i on I n v e st m e nt F und e s t a b li sh e d und e r t he\nF MA A c t\nF i nan c i al M anag eme nt a nd A cc oun t ab ilit y A c t 1 9 97\nF in a n c e Min i st e r\nThe Min i st e r w ho a dminis t er s t he F i nan ci al M an a g eme nt and\nA cc oun t ab ilit y A c t 1997\nF u t u r e F und Ac t\nm ea ns t he Fu t ure Fund A c t 2006\nF u t u r e F und B o ar d\nF u t u r e F und B o ar d of G u ar d i a ns\nF u t u r e F und S p ec i a l A c c ount\nm ea ns t he F u t u r e F und S p ec i a l Acc ount e s t a b li sh e d b y s ec ti on 12 of t he Fu t ure Fund A c t 2006\nI n fra st r u c tu r e Min i st e r\nm ea ns t he Min i st e r w ho a dminis t er s t he I n f ras t ru c t ure\nAus t ra li a A c t 2008\nI n c o m e T ax As s e ss me nt A c t 1997\nL e g i sl a tive I ns t r u m e n t s Ac t\nL e g i s l a ti v e I ns t ru me n t s A c t 2003\nNa tion - bu il d i ng F u n ds A c t\nm ea ns t he N a ti on - bu il d i n g Funds A c t 2008\nR e spons i b l e Min i st er s\nm ea ns t he f ollo w i n g :\n(a ) t he T rea s u rer\n( b) t he F in a n c e Min i st e r\nA ss e t Re c y c l i n g F un d Bill 20 1 4\nThe G ov er n m e nt i s d e li v er i ng a subs t a n ti a l i n fra s t r u c t u r e p ac k a g e i n t he 2 0 14 - 15\nB u d g e t t o suppo r t ec ono mi c g r o w t h a nd im p r o v e t he l o n g t er m p r odu c ti v e ca p ac i t y of t he ec ono m y .\nThe I n f r a s t r u c t ur e Gr o w t h P ac k a g e i n c l u d e s a n A s s e t R e c y c li n g I n iti a tive th a t w ill p r ov i de f i n a n c i a l i n ce n ti v e s t o S t a te a nd T e r r ito r y g o v er n m e n t s to s e ll e x is ti ng a ss e t s a nd re i nv e st t he s a l e p r o c ee ds i n t o a dd iti on a l p r odu c ti ve ec ono m i c i n f ra s t r u c t u r e a nd p r ov i de a dd i t i on a l n e w i n v e st m e nt t o e x p e d it e n a t i on a l l y s i g n i f i ca nt in fra s t r u c tu re .\nThe A ss e t R e c y c l i n g F u n d (A R F ) w ill be s e t up t o fac il it a te t he G o v er n m e n t ’ s i nv e st m e nt und e r t he I n f r a s t r u c t u r e G r o w t h P ac k a g e .\nThe B ill e st a blish e s t he A ss e t R e c y c li n g F und on1 J u l y 2014, w h i c h c ons i s t s o f :\nâ¢ t he A ss e t R e c y c li n g F u n d S p ec i a l Acc oun t ; a nd\nâ¢ t he i nv e st m e n t s of t he A s s e t R e c y c li n g F und.\nThe A R F i s a d e d i c at e d i nv e st m e nt v e h i c l e w i t h a f o c us on p r ov i d i n g f und i n g , f i n a n c i a l a ss i s t a n c e a nd i n ce n ti v e s t o t he St a t e s a n d T err it o r i e s t o crea t e n e w i n fra s t r u c t u r e t o boost ec ono mi c g r o w t h.\nThe ini ti a l s i z e of t he A ss e t R e c y c li n g F und a t c o mm e n c eme n t is $5.9 b ill i o n, c o m p r i s i ng am oun t s o f :\nâ¢ $2.4 b illi on fr om t he B u i l d i ng A us t ra lia F und ( B A F) ; a nd\nâ¢ $3.5 b illi on fr om t he Ed u ca ti on I nv e s t m e nt F und ( E I F) .\nF u r t h e r cre d it s m a y b e m a de t o t he A ss e t R e c y cli n g F und i n t he f u t u re .\nThe F in a n c e Min i st e r ca n d i rec t in wr iting t h a t sp ec i f i e d a m oun t s b e d e b it e d fr om t he\nA ss e t R e c y c li n g F und a n d cre d it e d t o:\nâ¢ t he C OA G R ef o r m F und f or m a k i n g g ra n t s o f f in a n c i a l a ssist a n c e to t he S t a t e s a nd T err it o r i e s f or e x p e n d it u r e on i n fra s t r u c t u r e u nd e r t he Na t i o n a l P a r t ne r s h i p A g r ee m e nt o n A ss e t R e c y c li n g a nd t h e Na ti on a l P ar t n er sh i p A g ree m e nt on L a nd T r a n spo r t I n fra s t r u c t u r e P r o j e c t s ;\nâ¢ t he C OA G R ef o r m F und f or m a k i n g o t h e r i n f r a s t r u c t u r e n a ti on a l p ar t n er sh i p g r a n t s; a nd\nâ¢ t he A ss e t R e c y c li n g F u n d I n fra s t r u c t u r e S p ec i a l A c c ount f or m a k i ng i n fra s t r u c t u r e p a y m e n t s.\nI n ve s t me nt of t he Fund\nThe F u t u r e F und B o ar d w il l be re spons i b l e f o r d e c i d i ng how t o i nv e st t h e A ss e t R e c y cli n g F und i n line w ith t he ob j ec tive of e nh a n c i ng t he C o m m on w ea lth ’ s a b ili t y t o m a ke g ra n t s of f i n a n c i a l a ss i s t a n c e t o t he St a t e s a nd T err it o r i e s a nd to m a ke i n fra s t r u c t u r e p a y m e n t s.\nThe re spons i b l e M i n i s t e r s ca n g i ve wr i t t e n d i r ec t i ons t o t he F u t u r e F und B o ar d r e g ar d i n g t h e p erf o r m a n c e of i nv e st m e n t s of t he A ss e t R e c y cli n g F und, i n t he f o r m of a n I nv e s tm e nt M a nd a t e .\nEarn i ngs and ex p e ns e s\nE ar n i n g s on i nv e st m e n t s of t he A ss e t R e c y cli n g F und w ill be re i nv e s t e d i n t he F und.\nE x p e ns e s a s so c i a t e d w it h i nv e st m e nt a nd a d mi n i s t ra ti on of t he A ss e t R e c y c li ng F und b y t h e F u t u r e F und B o a r d w ill be m e t fr om t he F u nd.\nThe F i n a n c e M i n i s t e r i s r e spons i b l e f or r e po r ti n g a nd g i v i n g i n f o r m a ti on on t he A ss e t\nR e c y cli n g F und a nd m a y s ee k re p o r t s a nd i n f o r m a t i on fr om t he F u t u r e F u n d B o ar d.\nThe i n i t i a l cre d i t of f unds fr om t he B A F a nd t he E I F i n t o t h e A ss e t R e c y cli n g F und w il l not h a ve a d i rec t i m p ac t on und er l y i n g ca sh a n d f i s ca l b a l a n ce s, a s t h e se ar e a l rea d y p ar t o f , a nd re m a i n w ithin, t he C onso li d a te d R e v e nue F und ( C R F) .\nThe a ss e t s of t he F und a r e w it h i n t he C R F a nd a r e t h eref o r e i n c l ud e d i n t he\nG ov er n m e n t ’ s b a l a n c e s h ee t .\nThe i n t ere st ear n i n g s of t he F und h a v e a pos i ti ve i m p ac t on t he und er l y i n g ca sh a nd f i s ca l b a l a n ce s. M a n a g em e nt fee s of t he F u t u r e F und B o ar d h a ve a n e g a t i v e im p act on t he und er l y i n g ca sh a n d f i s ca l b a l a n ce s.\nThe p a y m e n t s fr om t he F und w ill be m e t f r om t he ca pi t a l a nd n e t ear n i n g s ( i n t ere st ear n i n g s l e ss m a n a g e m e n t fee s) of t h e F und w it h p a y m e n t s t o o cc ur f r om w h e n t he F und i s e s t a b li sh e d. P a y m e n t s fr om t he F und w il l h a ve a n e g a ti ve im p ac t o n t he und er l y i n g ca sh a nd f i s c a l b a l a n ce s.\nS t a t e m e n t o f C o m p a t i b il i t y w i t h H um a n R i gh ts\nThe p r ov i s i ons i n t he B il l do no t :\nâ¢ e ng a g e a n y o f t h e a pp l i c a b l e r i g h t s or f r ee do m s ou t li n e d i n t he H u m an R i g h t s ( Par li am e n t ary S c ru ti n y ) A c t 2011, su c h a s e n c o m p a ss e d i n t he I n t er n a ti o n a l C ov e n a nt on Ci v i l a nd P o li ti ca l R i g h t s; or\nâ¢ li mi t a n y hu m a n r i g h t s, n or p r opose a n y o ffe n ce s or p e n al ti e s.\nTh i s B il l i s t h eref o r e c o m p a ti b l e w it h t he hu m a n r i g h t s a nd f r ee do m s rec o g n i s e d or d ec l a r e d i n t he i n t er n a t i o n a l i ns t r u m e n t s lis t e d in s ubs ec tion 3 ( 1) of t he H u m an R i gh t s ( Par li am e n t ary S c ru ti n y ) A c t 2011.\nA S S E T R E C Y C LI N G F U ND B I L L 2014\nN OT E S O N C L A U SE S\nP a rt 1 P r e li m i n a r y\nS ect i on 1 - Sh o r t Ti t l e\nS ect i on 1 p r ov i d e s f or t he Ac t t o be c it e d a s t he A ss e t R ecyc li ng Fund A c t 2014. N o t e : The s ec ti ons in t h e B ill w ill b ec o m e s ec t i ons of t he Ac t on R o y a l A ss e n t . S ect i on 2 - C o m m e n c e m e n t\nS ect i on 2 p r ov i d e s th a t th e B ill c om m e n ce s on 1 J u l y 2014.\nS ect i on 3 - S i m pli f i e d o u t l i n e\nS ect i on 3 i s a n i n f o r m a t i on p r ov i s i on w h i c h i s i n t e nd e d t o p r ov i de a h i g h l e v e l i n t r odu c ti on t o t he p r ov i s i ons i n t he B ill, to a id rea d a b ili t y . The ou t li ne i s n ot i n t e nd e d t o be c o m p re h e ns i ve a nd shou l d not be r e li e d on i np l ac e of t h e s ubs t a n ti ve p r ov i s i ons i n t he B ill.\nS ect i on 4 - D e f i ni t io n s\nS ect i on 4 p r ov i d e s d ef i n iti ons of t he t er m s a nd e x p re ss i ons us e d i n t he B il l .\nS ect i on 5 - Cr o w n t o b e b o un d\nS ect i on 5 p r ov i d e s t h a t t he Ac t b i nds t he C r o w n i n eac h of it s ca p a c i ti e s b ut do e s not m a ke t h e C r o w n li a b l e t o be p r os ec u t e d f or a n o f f e n ce .\nS ect i on 6 - E x te n s i on t o e x ter n al T err i t o r i es\nS ect i on 6 p r ov i d e s t h a t t he Ac t e x t e nds t o e v e r y e x t er n a l T e r r it o r y .\nS ect i on 7 - E x tr a - t err i t o r i al a ppli c a t i on\nS ect i on 7 p r ov i d e s f or t he g e o g ra ph i ca l r eac h o f t h i s Ac t t o be w i de - a pp l y i n g bo t h w it h i n a nd ou t s i de of A us t ra li a - due t o t he poss i b i li t y th a t t h e A ss e t R e c y c l i ng F und m a y b e i nv e s t e d i n ov er s ea s m ar k e t s.\nS ect i on 8 - A l ter n a t i ve c o n s t i t u t i o n al b as e s\nS ect i on 8 d e t a il s t he c o n s t it u ti on a l b a s e s upon w h i c h t he m a k i n g o f i n fra s t r u c t u r e p a y m e n t s re l i e s.\nS ect i on 9 - Ob ject\nS ect i on 9 s e t s out t he ob j ec t s of t he B i l l , n a m e l y t o e nh a n c e t h e C o mm on w ea lth ’ s a b ili t y to t ra ns f e r a m oun t s t o:\nâ¢ t he C OA G R ef o r m F und f or m a k i n g g ra n t s o f f in a n c i a l a ssist a n c e to t he S t a t e s a nd T err it o r i e s, f or e x p e n d it u r e on i n fra s t r u c t u r e u nd e r t he Na ti on a l P ar tn er sh i p A g r ee m e nt o n A ss e t R e c y c li n g a nd t h e Na tion a l P ar tn er sh i p A g ree m e nt on L a nd T r a n spo r t I n fra s t r u c t u r e P r o je c t s\nP a rt 2 - A ss et R e c y c li n g F und\nD i vis io n 1 - I n t r o d u ct i o n\nS ect i on 10 - S i m pli f i e d o u t l i n e of t h i s P a r t\nS ect i on 10 i s a n ov er v i e w of P ar t 2 t o a ssist w ith rea d a b ili t y .\nD i vis io n 2 - E s t a b lis h m ent o f the A ss et R ec y c li n g F und e t c.\nS ect i on 11 - E s t a bli s h m e n t of t h e A ss e t Rec y c l i n g F und\nS ect i on 11 e s t a b li sh e s a f i n a n c i a l a ss e t f und - t he A ss e t R e c y c li n g F und - c ons i st i ng of a m oun t s cre d it e d t o a n A ss e t R e c y c li n g F und S p ec i a l Acc ount a nd i nv e s tm e n t s of t he A ss e t R e c y c li n g F u n d.\nS ect i on 12 - E s t a b l i s h m e n t of t h e A ss e t Rec y c l i n g F un d Sp ec i al Acc o u nt\nS ect i on 12 e s t a b li sh e s t he A ss e t R e c y c li n g F und S p ec i a l Acc ount- a S p e c i a l Acc ount f or t he pu r pos e s o f s ec ti on 21 of t he F MA A c t .\nA S p ec i a l Acc ount i s a n a pp r op r i a ti on m ec h a n i sm t h a t s e t s a s i d e a n a m ou n t w it h i n t he C onso li d a t e d R e v e nue F u nd t o be e x p e nd e d f o r sp ec i f i c p u r pos e s. A n y a m oun t s cre d it e d t o t he A ss e t R e c y cli n g F und S p eci a l A c c ount ar e qu ara n ti n e d f r o m t he re st of t he C onso li d a t e d R e v e n u e F und a nd ca n on l y b e d e b it e d fr om t he A ss e t Re c y c l i n g F und f or t he p u r pos e s s e t out in t he B i l l .\nThe no t e i mm e d iat e l y f o l lo w i ng this s ec ti on i s i n c l ud e d t o a ss i st t he rea d e r b y c l ar i f y i n g th a t a m oun t s c ou l d be cre d i t e d t o t h e A ss e t R e c y c l i n g F und S p ec i a l Acc ount b y a n A p p r op r iati on Ac t .\nD i vis io n 3 - C red i t s o f a m o un t s to t h e A s s e t R ec y c l i n g F und\nS ect i on 13 - I ni t i al cred i t s t o Sp ec i al Acc o un t\nThe ini ti a l s i z e of t he A ss e t R e c y c li n g F und i s$5 . 9 billion, c o m p r isin g :\nâ¢ $2.4 b illi on fr om t he B u i l d i ng A us t ra l i a F und ( B A F) ; a nd\nS ect i on 13 e s t a b li sh e s a m ec h a n i sm f or a m oun t s t o be cre d it e d t o t h e A s s e t R e c y c l i n g F und S p ec i a l A cc ount a nd d e b it e d fr om t he B u il d i ng A us t r a li a F und S p e c i a l Acc ount a nd Edu ca ti on I n v e st m e n t F und S p ec i a l Acc ount r e sp ec ti v e l y .\nThe m ec h a n i sm is i n t e n d e d to g i ve f l e x i b i l i t y f or t he ini ti a l cre d it s t o be ma de up of ca sh a m oun t s i n t he B A F S p ec i a l Acc ount a nd E I F S p ec i a l A cc oun t , a s w e l l a s t he c u rre nt i nv e st m e n t s of t he B A F a nd E I F h e l d i n t h e n a m e of t h e F u t u r e F u n d B o ar d. I t i s not i n t e nd e d t h a t t h e F u t u r e F und B o ar d b e r e qu i re d t o rea li se i nv e s t m e n t s t o m a ke up t h e ini ti a l cre d i t s. The no t e s a t t he e nd o f s ub s ect i o n s 13 ( 1) a n d ( 2) a ssist\nrea d er s b y refe rr i n g t h e m t o s ect i on 34 in re l a tion t o t he t ra ns fe r o f i nv e st m e n t s to t he\nA ss e t R e c y c li n g F und.\nS ect i on 14 - Sub s e qu en t cre d i t s of a m o un t s\nS ect i on 14 p r ov i d e s t he m ec h a n i sm f or subs e q u e nt cre d it s t o be m a de t o t he A ss e t R e c y cli n g F und i n f u t u r e , e it h e r b y w a y o f a p ar ti c u l a r o n e- o f f a m ount or b y a s er i es of s e t i ns t a lm e n t s.\nA m oun t s ar e cre d it e d b y a wr i tt e n d e t er mi n a t i on o f t he re spons i b l e M i n i st er s or th e i r d e le g a t e s. R e f e r t o s ect i o n s 56 a n d 57 f or d e l e g a t i on po wer s of t he F i n a n c e M i n i s t e r a nd t he T rea su rer.\nSub s ect i on 14 ( 3) p r ov i d e s th a t a d e t er min a tion to cre d i t a sp ec i f i e d a m ou n t to t he A ss e t R e c y c li n g F und S p ec i a l Acc ount i s a l e g i sl a t i ve i ns t r u m e nt f or t he p u r pos e s of t he L e g i sl a tive I ns t r u me n ts Ac t a nd, a s su c h, w il l b e t a b l e d i n t he P ar l i a m e nt a nd publ i sh e d on t he Fe d era l R e g i st e r o f L e g i sl a tive I n st r u m e n t s.\nH o we v er , t he d e t er mi n a ti on, a s a mi n i s t er i a l d i rec t i on, i s not d i s a llo wa b l e . S u c h d e t er mi n a ti ons w ou l d usu a l l y b e r e g ar d e d a s a d m i n i s t ra ti v e , ra t h e r t h a n l e g i s l a ti v e , i n c h arac t er . I t i s not a p p r o p r i a t e t h a t t h e y b e d i s a ll o wa b l e a s t h e y ar e a on e- o ff i ns t r u m e nt m a de w h e n f u nds ar e a bout t o be cre di t e d. The s a m e a pp r o ac h wa s t a k en i n e qu i v a l e nt p r ov i s i ons i n t he F u t u r e F und A c t .\nD i v i s i on 4 - De b i t s of a m o un t s f r o m t h e A s s e t Rec y c l in g F un d etc . Subd iv i s i o n A - P u r p o s es\nS ect i on 15 - P u r p os e s o f t h e A ss e t Rec y c l in g F un d Sp ec i al Acc o un t - m a i n pu r p os e s\nS ect i on 15 s e t s out t he m a i n pu r pos e s of t he A s s e t R e c y cli n g F und S p ec i a l Acc oun t . Th e se pu r pos e s ar e c ons i st e nt w ith t he ob j ec ts of t he B ill, n a m e l y :\nâ¢ t he C OA G R ef o r m F und f or m a k i n g g ra n t s o f f in a n c i a l a ssist a n c e to t he S t a t e s a nd T err it o r i e s f or e x p e n d it u r e on i n fra s t r u c t u r e u nd e r t he Na ti on al\nP ar tn er sh i p A g r ee m e nt o n A ss e t R e c y c li n g a nd t h e Na tion a l P ar tn er sh i p\nA g ree m e nt on L a nd T r a n spo r t I n fra s t r u c t u r e P r o je c t s;\nâ¢ t he A ss e t R e c y c li n g F u n d I n fra s t r u c t u r e S p ec i a l Acc ount f or m a k i ng i n fra s t r u c t u r e p a y m e n t s.\nS ect i on 16 - P u r p os e s o f t h e A ss e t Rec y c l in g F un d Sp ec i al Acc o un t - pu r p os e s re l a te d e x c lu s i v e l y t o t h e in v e s t m e n t s etc . of t h e A ss e t Rec y c l in g F und\nS ect i o n s 16 re l a t e s to t he p a y m e nt of v ar i ous e x p e ns e s t h a t m a y b e i n c u r re d b y t h e F u t u r e F und B o ar d w h i c h re l a t e e x c l us i v e l y t o t h e i nv e st m e n t s of t he A s s e t R e c y c li n g F und, but w h i c h do not re l a t e t o t h e m a i n pu r pos e s of t he F und. I t s e t s out t he ra n g e of t h e se a dd iti on a l pu r p o s e s f or w h i c h t he A ss e t R e c y cli n g F und m a y b e d e b i t e d.\nS ect i on 17 - P u r p os e s o f t h e A ss e t Rec y c l in g F un d Sp e c i al Acc o un t - pu r p os e s n ot re l a te d e x c lu s i v e l y t o t h e A ss e t R ec y c l in g F un d\nS ect i on 17 re l a t e s to t he p a y m e nt of v ar i ous e x p e ns e s t h a t m a y b e i n c u r re d b y t h e F u t u r e F und B o ar d i n r e s p ec t of it s b r o a d e r f un c t i ons und e r this B ill, a s we ll a s t he F u t u r e F und Ac t , t h e Na t i on - bu il d i n g F unds A c t a nd t he D is a b ili t y C ar e A u st ra lia F und Ac t . I t s e t s out t he ra n g e of a dd iti on a l pu r p o s e s f or w h i c h t he A ss e t R e c y c li n g F und m a y b e d e b it e d i n r e sp ec t of c os t s t h a t ar e c o mm on acr oss eac h of t h e f unds f or w h i c h t he F u t u r e F und B o ar d h a s r e spons i b ili t y .\nSubd iv i s i o n B - G r a n t s c h a nn e ll in g t h r o u g h C O A G Re f o r m F und\nS ect i on 18 - C h a nn e l l i n g of S t a t e /T err i t o r y g r a n t s p ay m e n t s t h r o u gh t h e C O A G Re f o r m F und\nS ect i on 18 p r ov i d e s th a t t he F in a n c e Min i st e r m a y d i rec t th a t a s p ec i f i e d a m ount w ill be d e b it e d fr om t he A s s e t R e c y c li n g F und S p ec i a l Acc ount a nd cre d it e d t o t he C OA G R ef o r m F und f o r t he pu r pos e s of m a k i n g a g r a nt o f f i n a n c i a l a ss i s t a n c e t o a St a t e or T err it o r y i n re l a ti on t o e xp e nd it u r e i n c u r r e d un d e r t he Na ti on a l P ar t n er sh i p\nA g ree m e nt on A ss e t R e c y cli n g , t he N a ti on a l P ar t n er sh i p on L a nd T r a nsp o r t a nd\nI n fra s t r u c t u r e P r o j ec t s, or a sp ec i f i e d i n fra s t r u c t u r e n a ti on a l p ar t n er sh i p g r a n t .\nThe F in a n c e Min i st er’ s d i rec tion is a d m i n i s t r a t i ve , ra th e r th a n l e g i sl a tiv e , in c h arac t e r a nd i s t h eref o r e not a le g i s l a ti ve i ns t r u m e nt f or t he pu r pos e s of t he L e g i s l a t i ve I n s t r u m e n t s Ac t . S ub s ect i on 18 ( 4) h a s b ee n i n c l u d e d t o a ss i st rea d er s.\nSub s ect i on 18 ( 5) re qu i r e s t he F i n a n c e M i n i s te r t o g i v e a c o p y of t h e d i rec t i on t o t he\nM i n i s t e r w ho rec o mm e n d e d t he g ra n t .\nS ect i on 19 - Rec o mm e n d a t i o n s a b o u t g r a n t s p a y m e n t s\nS ect i on 19 re qu i re s t he M i n i s t e r re spons i b l e un d e r t he r e l e v a nt n a ti on a l p ar t n er sh i p a g ree m e nt t o rec o mm e nd t he sp ec i f ic a ti on of t he g ra n t . The r ec o mm e nd a ti o n b y t h e re l e v a nt M i n i s t e r to t he F in a n c e Min i st e r w il l ou tli ne t he ov e r al l p a y m e n t s f or eac h p r o j ec t a pp r o v e d b y t he G ov er n m e nt t o be f un d e d fr om t he F und. Th i s rec o mm e nd a ti on r ef l ec t s ac c o u n t a b il i t y b y t he re l e v a nt M i n i s t e r r e g ar d i n g t he p a y m e n t s f or t he p r o j ec t g i v e n t h a t t he re l e v a nt Mi n i s t e r ( not t he F in a n c e Min i st er ) i s re spons i b l e f or t he f und i ng a g ree m e n t s re l a ti n g t o t he p r o j ec t s.\nI t is i n t e nd e d th a t t he M i n i s t er’ s rec om m e n d a tion w ill be on e- o f f f or t he s p ec i f i e d p r o j ec t s (w h i c h c ou l d i n cl ude m o r e t h a n one p r o j e c t a t eac h t im e ) p r i or t o p a y m e n t s c o mm e n c i n g f o r a p r o j e c t , a nd t h a t on g o i n g m il e s t one p a y m e n t s w ill be m a n a g e d a t t he d e p ar tm e n t a l l e v e l . T he rec o mm e nd a ti on b y t h e re l e v a nt M i n i s t e r t o t he F i n a n ce Min i st e r i s t h eref o r e not r e qu i re d f o r i nd i v i du a l m il e s t one p a y m e n t s.\nS ect i on 20 - De b it f r om t h e C O A G Re f o r m F u n d\nS ect i on 20 ref l ec t s t he G ov er n m e n t ’ s i n t e n ti on t h a t t he C O A G R ef o r m F un d op era t es a s a v e h i c l e t h r o u g h w h i c h p a y m e n t s fr om t he A s s e t R e c y c li n g F und w ill be d i s t r i bu t e d to S t a t e s a nd T err ito r i e s.\nC ons i s t e nt w ith t h i s, t he T rea su r e r i s re qu i re d t o e nsu r e t h a t , a s soon a s p r ac ti ca b l e af t e r a n a m ount i s cre d it e d t o t he C OA G R ef o r m F und, t h a t t he a m ount i s d e b it e d f or t hepu r pos e s of m a k i n g t he g ra n t .\nI f f or a n y rea son t he p a y m e nt ca nnot be m a d e , s ub s ect i on 20 ( 3) p r ov i d e s t he m ec h a n i sm f or its re t u r n to t he A ss e t R e c y c li n g F u nd S p ec i a l Acc oun t . The i n t e n t i on is th a t t he m on e y is re t u r n e d t o be i nv e s t e d b y t he F u t u r e F und B o ar d un ti l su c h t im e a s t he p a y m e nt ca n b e m a d e.\nS ect i on 21 - G r a n t t o a S t a t e or Te rr i t o r y\nS ect i on 21 i s c on cer n e d w it h g ra n t s o f f i n a n c i a l a ss i s t a n c e t o a St a t e or T e r r it o r y t h r ou g h t he C O A G R ef o r m F und i n re l a ti on t o e x p e nd it u r e i n c u r r e d un d e r t he Na tion a l P ar tn e r sh i p A g r ee m e nt on A ss e t R e c y c l i ng a nd t h e Na tion a l P ar t n er sh i p\nA g ree m e nt on L a nd T r a n spo r t I n fra s t r u c t u r e P r o j e c t s a nd t he m a k i n g of I n f ra s t r u c t u r e n a ti on a l p ar t n er sh i p g r a n t s.\nThe no t e i m med i a t e l y f o l l o w i ng s ub s ect i on 21 ( 1) a ss i s t s t he rea d e r b y r efe r r i ng t o s ub s ect i on 20 ( 2 ) , w h i c h d ea l s w it h p a y m e n t s c h a n n e ll e d t h r o u g h t h e C O A G R ef o r m F und.\nThe s ec ti on p r ov i d e s t h a t t he t e r m s a nd c ond iti ons upon w h i c h a g r a nt i s ma de t o t he S t a t e s a nd T err it o r i e s ar e t o be s e t out i n a wr i tt e n a g ree m e nt b e t w ee n t h e C o mm on wea lt h a nd t he St a t e or T err it o r y , a nd t h a t su c h a n a g ree m e nt m a y be e n t e r e d i n t o b y a M i n i s t e r on b e h a l f of t he C o mm on wea l t h.\nSubd iv i s i o n C - P a y m en t s c h a nn e ll i n g t h r o u gh t h e A ss e t R ec y c l in g F u n d\nI n f r as tr u ct u r e Sp ec i al Acc o un t\nS ect i on 22 - E s t a b l i s h m e n t of t h e A ss e t Rec y c l i n g F un d I n f r as tr u ct u r e Sp ec i al\nAcc o un t\nS ect i on 22 e s t a b li sh e s t he A ss e t R e c y c li n g F und I n fra s t r u c t u r e S p ec i a l A c c ount - a\nS p ec i a l Acc ount f o r t he p u r pos e s of s ec ti on 21 of t he F MA A c t .\nA S p ec i a l Acc ount i s a n a pp r op r i a ti on m ec h a n i sm t h a t s e t s a s i d e a n a m ou n t w it h i n t he C onso li d a t e d R e v e n u e F und t obe e x p e nd e d f or sp ec i f i c p u r pos e s. A n y a m oun t s cre d it e d t o t he A ss e t R e c y cli n g F und I n f ra s t r u c t u r e S p ec i a l A cc ount a r e q u ara n ti n ed fr om t he re st of t he C on s o li d a t e d R e v e nue F und a nd ca n on l y b e d e b it e d f o r t he pu r pose s e t out i n s ect i on 23 .\nThe no t e immed i at e l y f o l lo w i ng this s ec tion is in c l ud e d to a ssist t he rea d e r b y c l ar i f y i n g t h a t a m oun t s c ou l d be cre d it e d t o t he A s s e t R e c y cli n g F und I n f r a s t r u c t u r e S p ec i a l Acc ount b y a n A pp r op r i a ti on Ac t .\nS ect i on 23 - P u r p ose of t h e A ss e t R ec y c l in g F u n d I n f r a s tr u ct u r e Sp ec i a l Acc o un t\nS ect i on 23 p r ov i d e s t h a t t he pu r pose o f t he A ss e t R e c y cli n g F und I n fra s t r u c t u r e S p ec i a l Acc ount i s t o e n a b l e t he m a k i n g o f i n fra s t r u c t u r e p a y m e n t s, w h i c h m a y e it h er be b y w a y of a g ra nt o f f i n a n c i a l a ss i s t a n c e o r o t h e rw i s e.\nThe d ef i n iti on of i n fra s t r u c t u r e p a y m e n t s w ill a ll o w p a y m e n t s to be m a d e t o bod i e s o t h e r t h a n St a t e s, i n c l ud i ng T err it o r i e s a nd l o ca l g ov er n m e n t s.\nS ect i on 24 - C h a nn e l l i n g of p ay m e n t s t h r o u gh t h e A ss e t Rec y c l in g F u n d\nS ect i on 24 p r ov i d e s t h a t t he F in a n c e Min i st e r m a y d i rec t th a t a s p ec i f i e d a m ount w ill bed e b it e d fr om t he A s s e t R e c y c li n g F und S p ec i a l Acc ount a nd cre d it e d t o t he A ss e t R e c y cli n g F und I n fra s t r u c t u r e S p ec i a l A cc ount f o r t he pu r pos e s of m a k i ng i n fra s t r u c t u r e p a y m e n t s.\nThe F i n a n c e M i n i st er’ s d i rec tion is a d m i ni s t r a t i v e , ra th e r th a n l e g i sl a tiv e , in c h arac t e r a nd i s t h eref o r e not a le g i s l a ti ve i ns t r u m e nt f or t he pu r pos e s of t he L e g i s l a t i ve I n s t r u m e n t s Ac t. D i rec t i o ns of t h i s t y pe a r e a d mi n i s t ra ti ve i n c h a r ac t e r b e c a use t h e y ar e m ere l y t h e a pp l i ca ti o n of a le g a l po w e r i n a p a r ti c u l a r ca s e ; t h e y do notd e t er mi ne or a lt e r t he c o n t e nt of t he l a w its e l f . Sub s ect i on 2 4 ( 4) h a s b ee n i n c l ud e d t o a ss i st rea d er s.\nSub s ect i on 24 ( 5) re qu i r e s t he F in a n c e M i n i s t e r t o g i v e a c o p y of t h e d i rec t i on t o t he\nI n fra s t r u c t u r e M i n i s t er .\nS ect i on 25 - Rec o mm e n d a t i o n s a b o u t p a y m en t s\nS ect i on 25 re qu i re s t he I n fra s t r u c t u r e Min i st e r t o rec om m e nd t he s p ec i f i ca tion of t he p a y m e n t . T h e r ec o mm e n d a ti on b y t h e I n fra s t r u c t u r e Min i st e r to t he F in a n c e Min i st e r w il l ou tli ne t he ov era l l p a y m e n t s f or eac h p r o j ec t a pp r ov e d b y t he G ov er n m e nt t o be f und e d fr om t he F und. T h i s rec om m e nd a t i on ref l e c ts acc o u n t a b i li t y b y t h e I n fra s t r u c t u r e Min i st e r r e g ar d i n g t h e p a y me n t s f o r t he p r o j ec t g iv e n th a t t he I n fra s t r u c t u r e Minis t e r ( n ot t he F i n a n c e M i n i s t er ) i s re spons i b l e f or t he f un d i ng a g ree m e n t s re la t i n g t o t h e p r o j ec t s.\nI t is i n t e nd e d th a t t he I n f r a s t r u c t u r e Min i st er’ s r e c o m m e n d a t i o n w ill be on e - o f f f o r t he sp ec i f i e d p r o j ec t s (w h i c h c ou l d i n c l ude m o r e t h a n one p r o j ec t a t eac h t im e ) p r i or t o p a y m e n t s c o mm e n c i n g f o r a p r o j ec t , a nd t h a t o n g o i ng m il e s t one p a y m e n t s w il l be m a n a g e d a t t h e d e p ar t me n t a l l e v e l . The rec o m m e nd a ti on b y t h e I n fr a s t r u c t u r e M i n i s t e r to t he F in a n c e Min i st e r i s t h eref o r e not re qu i re d f or i nd i v i du a l m il e s t one p a y m e n t s.\nS ect i on 26 - P a y m e n t s - d e b it f r om t h e A ss e t R e c y c l in g F un d I n f r as tr u c t u re\nSp ec i al Acc o un t\nS ect i on 26 ref l ec t s t he G ov er n m e n t ’ s i n t e nt i on th a t t he A ss e t R e c y c l i n g F u nd I n fra s t r u c t u r e S p ec i a l A c c ount op era t e s a s a v e h i c l e t h r ou g h w h i c h p a y m e n t s fr om t he A ss e t R e c y c li n g F und w i ll be d i s t r i bu t e d to rec i p i e n t s i n re sp ec t of i n f ra s t r u c t u r e p r o j ec t s.\nC ons i s t e nt w ith t h i s, t he I n fra st r u c tu r e M inis t e r i s r e qu i re d t o e ns u r e t h a t , a s soon a s p rac ti ca b l e af te r a n a m o u nt i s cre d it e d t o t he A ss e t R e c y cli n g F und I n fra s t r u c t u r e S p ec i a l Acc oun t , t h a t t he a m ount i s d e b it e d f or t he pu r pos e s of m a k i n g t he p a y m e n t .\nI f f or a n y rea son t he p a y m e nt ca nnot be m a d e , s ub s ect i on 26 ( 3) p r ov i d e s t he m ec h a n i sm f or its re t u r n to t he A ss e t R e c y c li n g F u nd S p ec i a l Acc oun t . The i n t e n t i on i s th a t t he m on e y is re t u r n e d t o be i nv e s t e d b y t he F u t u r e F und B o ar d un ti l su c h t im e a s t he p a y m e nt ca n b e m a d e.\nS ect i on 27 - G r a n t t o a p er son o t h e r t h an a S t a te\nS ect i on 27 i s c on cer n e d w it h a n i n fra s t r u c t u r e p a y m e n t , th a t is b y w a y o f a g ra nt o f f i n a n c i a l a ss i s t a n ce , t o a p er son o t h e r t h a n a St a t e .\nThe s ec ti on p r ov i d e s t h a t t he t er m s a nd c ond iti ons upon w h i c h t he g ra nt i s m a de a r e t o be s e t out i n a wr i tt e n a g ree m e nt b e t wee n t h e C o mm on wea lt h a nd t he r e c i p i e n t , a nd t h a t su c h a n a g r ee m e nt m a y b e e n t e r e d i n t o b y a M i n i s t e r on b e h al f o f t he C om m on wea lth.\nS ect i on 28 - P a y m e n t t o a p er son o t h e r t h an a St a te\nS ect i on 28 i s c on cer n e d w it h a n i n fra s t r u c t u r e p a y m e n t , th a t is o t h e r t h a n b y w a y o f a g r a nt of f i n a n c i a l a ss i s t a n ce , t o a p er son o t h e r t h a n a St a t e .\nThe s ec ti on p r ov i d e s t h a t t he t er m s a nd c ond iti ons upon w h i c h t he p a y m e nt i s m a de ar e t o be s e t out i n a wr i tt e n a g ree m e nt b e t w ee n t h e C o mm on wea lt h a nd t he rec i p i e n t , a nd t h a t su c h a n a g r ee m e nt m a y b e e n t e r e d i n t o b y a M i n i s t e r on b e h al f o f t he C om m on wea lth.\nSubd iv i s i o n D - Ob l i ga t i on t o e n s u r e s u f f i c i e n t m o n e y\nS ect i on 29 - F u t u r e F un d B oa r d m u st e n s u r e t h at t h er e i s s u f f i c i e n t m o n e y i n t he\nA ss e t Rec y c l in g F un d S p ec i al Acc o un t t o c o v e r a u t h o r i s e d d e b i t s etc .\nS ect i on 29 re qu i re s t he F u t u r e F und B o ar d t o t a ke a l l rea son a b l e s t e ps t o e n su r e t h a t t he a m ount of m on e y s t a nd i ng t o t he c r e d i t o f t h e A ss e t R e c y c li n g F und S p ec i al Acc ount i s su ff i c i e nt t o c ov e r a m oun t s t o be d e b i t e d fr om t he A ss e t R e c y c l i ng F und S p ec i a l Acc oun t .\nThe no t e immed i at e l y b e l ow this s ec tion a ss i s t s re a d er s t o und er s t a nd t he ob l i g a ti ons of t he F u t u r e F und B o ar d i n re sp ec t of t h i s re qu i r e m e n t .\nD i vis io n 5 - I nt e r- f u nd tr a n s f e r s\nTh i s s ec tion a l l o w s f or t ra ns fer s fr om t he A ss e t R e c y c li n g F und S p ec i a l A c c ount t o t he F u t u r e F und S p ec i a l Acc oun t .\nS ect i on 30 - T r a n s f er s fr o m t h e A ss e t R ec y c l i n g F u n d t o t h e F u t ur e F u nd\nS ect i o n s 30 a llo w s f or a m oun t s t o be t ra ns fer r e d b e t wee n t he A ss e t R e c y c l i ng F und a nd t he F u t u r e F und. T h epu r pose of t h i s i s t o e n a b l e re im bu r s e m e nt t o t he F u t u r e F und f or e x p e ns e s i n c u r r e d i n re l a ti on t o t he A ss e t R e c y c li n g F und t h a t h a v e b ee n d e b it e d fr om t he F u t u r e F und S p ec i a l A cc oun t .\nThe s ec ti on a llo w s t he F i n a n c e M i n i s t e r t o d i rec t o ne F und i s t o be d e b it e d a nd t he o t h e r F und cre d it e d b y a sp ec i f i e d a m oun t .\nThe F in a n c e Min i st er’ s d i rec tion is a d m i n i s t r a t i ve , ra th e r th a n l e g i sl a tiv e , in c h arac t e r a nd i s t h eref o r e not a le g i s l a ti ve i ns t r u m e nt f or t he pu r pos e s of t he L e g i s l a t i ve I n s t r u m e n t s Ac t. D i rec t i o ns of this t y p e a r e ad m i n i s t ra tiv e i n c h a r ac t e r b e c a use t h e y ar e m ere l y t he a ppl i ca tion of a l e g a l po w e r in a p a r ti c u l a r ca s e ; th e y do not d e t er mine or a lt e r t he c o n t e nt of t he l a w its e l f . Sub s ect i on 3 0 ( 3) h a s b ee n i n c l ud e d t o a ss i st rea d er s.\nP a rt 3 I n v e s t m ent o f the A ss et R ec y c l i n g F und\nS ect i on 31 - S i m pli f i e d o u t l i n e of t h i s P a r t\nS ect i on 31 i s a n i n f o r m a t i on p r ov i s i on w h i c h p r o v i d e s a n ov er v i e w of P ar t 3 t o a ssist w ith rea d a b i l i t y .\nS ect i on 32 - Ob ject s of i n v e s t m e n t of t h e A ss e t Rec y c l in g F und\nSub s ect i on 32 ( 1) i s i n t e n d e d t o re i n f o r c e t h a t a m o un t s ar e i nv e s t e d b y t he F u t u r e F und B o ar d f o r t he m a i n ob j ec t of e nh a n c i n g t he C om m on wea lth ’ s a b i l i t y to p r ov i de g r a n t s o f f i n a n c i a l a ss i s ta n c e t o t he St a t e s a nd T er r it o r i e s, a nd i n fra s t r u c t u r e p a y m e n t s. Th a t i s, t he ob j ec ti ve o f t he F u t u r e F u n d B o ar d i n i nv e st i n g t he A ss e t R e c y cli n g F und i s c ons i s t e nt w it h t he ob j ec ti v e a n d m a i n pu r pos e s of t he A ss e t R e c y c l i n g F u n d i t s e l f .\nSub s ect i on 32 ( 2) s e ts o u t th a t t he a n c i ll a r y o b j ec t s of t he i nv e st m e nt of t he A ss e t R e c y c l i n g F u n d a r e f o r e nh a n c i n g t h e a b i li t y o f t h e C o mm on wea lt h a nd t he F u t u r e F und B o ar d t o d i s c h a r g e c os t s, e x p e ns e s, ob li g a ti o ns a nd li a bili ti e s a nd m a ke p a y m e n t s f or t he a n c i ll a r y pu r po s e s a s s e t out i n s ect i o n s 16 a n d 17 .\nS ect i on 33 - I n v e s t m e n t of t h e A ss e t Rec y c l in g F und\nS ect i on 33 i s m od e ll e d o n t he i nv e st m e nt po wer s und e r s ec ti on 39 of t he F MA Ac t . H o we v er , s ub s ect i on 33 ( 1) e x p a nds t hose po wer s t o sp ec i f i ca l l y p r ov i d e f o r t he i nv e s tm e nt of t he A ss e t R e c y c l i n g F u n d i na b r o a d ra n g e of f i n a n c i a l a ss e t s, w h i ch c ou l d i n c l ude ca sh, i n t e r e s t - b ear i n g s ec u r i ti e s a nd o t h e r d e b t - like s ec u r i ti e s. S p ec i f i c c ond iti ons on t he ac qu i si t i on of d er i v a ti v e s a r e s e p ara t e l y c o v e r e d i n s ect i on 43. Th i s a pp r o ac h t o i nv e st m e nt of t he A ss e t R e c y cli n g F u nd i s c ons i s t e nt w i t h si m i l a r arra n g e m e n t s f or t he F u t u r e F und.\nI nv e st m e n t s o f t he A ss e t R e c y c l i n g F u n d w il l b e m a de i n t he n a m e of t h e F u t u r e F und B o ar d (ra t h e r t h a n t he C o mm on wea lt h) t o re i n f o r c e t he pos i ti on t h a t t h e F u t u r e F und B o ar d m a n a g e s t h e A ss e t R e c y cli n g F und a t ar m ’ s l e n g t h f r om t he G ov er n m e n t . H o we v er , b e n ef i c i a l o w n er sh i p of t he A ss e t R e c y c ling F und re m a i ns w it h t he C om m on wea lth a t a ll ti m e s.\nSub s ect i on 33 ( 3) p r ov i d e s t h a t a m oun t s i nv e s t e d i n f i n a n c i a l a ss e ts ar e i nv e st m e n t s of t he A ss e t R e c y c li n g F und a nd, a s su c h, m a y b e rea li s e d, d i spos e d of o r r e d ee m e d b y t h e F u t u r e F und B o a r d.\nS ect i on 34 - A ll o c a t i on of in v e s t m e n t s t o t h e A s s e t Rec y c l in g F un d\nS ect i on 34 re l a t e s to t he i n iti a l cre d i t s to t he A ss e t R e c y c l i n g F u n d ( al so s e e\ns ect i on 13 ) a nd a pp li e s i f t he a m ount t ra ns f erre d t o t he A ss e t R e c y c li n g F un d S p ec i al\nAcc ount und e r s ect i on 1 3 is l e ss th a n t he f u l l i n it i a l cre d i t o f :\nâ¢ $2.4 b illi on fr om t he B A F ; a nd\nâ¢ $3.5 b illi on fr om t he E I F .\nThe s ec ti on s e t s out t he m ec h a n i sm f or a t ra ns f e r of e x i st i ng i nv e st m e n t s, r a t h e r t h a n m on e y i n t h e B A F S p ec i a l Acc ount a nd E I F S p ec i a l Acc oun t . I t i s i n t e n d e d t h a t t he F u t u r e F und B o ar d w ou l d w o r k out w h a t a m oun t s h a ve b ee n t ra ns f er r e d t o t he A ss e t R e c y cli n g F und S p ec i a l Acc ountund e r s ect i on 1 3 a nd t h e n d e t er mi ne s u f f i c i e nt i nv e st m e n t s t o m a ke up t he b a l a n c e of t he i n iti a l c re d it s fr om t he B A F a nd E I F , re sp ec ti v e l y .\nTh e se i nv e st m e n t s w il l t h e n cea se t o be a s s e t s o f t h e B A F a nd E I F a nd w il l b ec o m e i nv e st m e n t s of t he A ss e t R e c y cli n g F und.\nThe pu r pose of t h e m ec h a n i sm i s t o p r ov i de f l e x i b i li t y t o t he F u t u r e F und B o ar d, so a s not t o re qu i r e t h a t i nv e s t m e n t s be rea li s e d f or t he pu r pos e s of t he i n iti a l c r e d it s of t he A ss e t R e c y c li n g F und.\nThe d e t er mi n a ti ons of t h e F u t u r e F und B o ar d a r e a dminis t ra t i v e , ra th e r th a n l e g i s l a ti v e , in c h arac t e r a nd ar e th er e f o r e not l e g i s l a tive i n s t r u m e n t s f or t he pu r po s e s of t he L e g i sl a tive I ns t r u m e n t s A c t. D i rec t i ons of this t y p e a r e a dm i n i s t r a t i v e i n c h a rac t e r b eca use t h e y a r e m ere l y t he a pp li ca ti on of a l e g a l po w e r i n a p ar t i c u la r ca s e ; th e y do\nnot d e t er mine or a lt e r t he c on t e nt o f t he l a w its e l f . Sub s ect i o n s 3 4 ( 3)\na n d 34 ( 6) h a ve b ee n i n c l ud e d t o a ss i st rea d er s.\nS ect i on 35- M a n ag e m en t of in v e s t m e n t s of t h e A ss e t Rec y c l in g F und\nSub s ect i o n s 35 ( 1) a n d ( 2) p r ov i de t h a t i n c o m e d er i v e d fr om a n i nv e st m e nt of t he A ss e t R e c y c li n g F und, i n c l ud i ng a re t u r n of ca p i t a l or a no t h e r f o r m of f i n a n c i a l d i s t r i but i on, m ust be cre d it e d t o t he A ss e t R e c y cl i n g F und S p ec i a l A cc oun t . Th i s i s c ons i s t e nt w it h t he re qu i r e m e n t s und e r s ec ti ons 81 a nd 83 of t he C ons tit u t i on (w h i c h, i n effec t , p r ov i de t h a t p u b li c m o n e y f o r m s p ar t of t he C onso li d a t e d R e v e n u e F und a nd ca non l y be sp e nt i f a u t ho r i s e d b y a n a p p r op r i a ti o n m a de b y l aw) . I n p rac t ic e , a n y m on e y t h a t h a s not b ee n i nv e s t e d m ust be h e l d i n a n o ff i c i a l b a nk a c c oun t . The re qu i re m e nt t o ho l d t he m on e y i n a n o ff i c i a l b a n k acc ount i s c ov ere d i n t he F MA A c t .\nSub s ect i o n s 35 ( 3) t o ( 5) re l a te to t he arra n g e m e n t s th a t w ill a p p l y in re l a t i o n to t he rea lis a tion of a s s e t s. W h i l e s ub s ect i o n s 35 ( 3) t o ( 4) ar e s e l f e x p l a n a t o r y , s ub s ect i on 35 ( 5) a ll o w s t he F u t u r e F und B o ar d t o a u t ho r i s e , p r i or t o a n i n v e st m e nt m a tu r in g , th a t t he p r o c e e ds of this i nv e st m e nt be a u tom a ti c al l y r e i nv e st e d w ith t he\ns a m e e n ti t y . Th i s a vo i ds t he n ee d f o r t he p r o cee ds of rea li s a ti on of t he in v e s t m e nt t o be t rea t e d a s pub li c m on e y a nd cre d it e d t o t h e C o n so li d a t e d R e v e nue F und on l y t o be t h e n rea p p r op r i a t e d a nd r e i nv e s t e d. A n y r e i nv e s t m e nt i s a n i nv e st m e nt of t he A ss e t R e c y c l i n g F u n d.\nSub s ect i on 35 ( 6) p r ov i d e s t h a t s ec ti on 39 of t he F MA Ac t d o e s not a pp l y t o a n i nv e st m e nt of t he A ss e t R e c y c l i n g F u n d. S ec ti on 3 9 of t he F MA A c t a u t h o r i s e s t he F i n a n c e M i n i s t e r t o i nv e s t pub li c m o n e y i n on l y a l im it e d ra n g e o f i nv e st m e n t s, su c h a s g o v er n m e nt bonds a nd b a nk d e pos it s. H o we v e r , s ect i on 33 ( 1) p r ov i d e s f or t he i nv e st m e nt of t he A ss e t R e c y c l i n g F u n d i na b r o a d e r ra n g e o f f i n a n c i a l a s s e t s, w h i ch c ou l d i n c l ude ca sh, i n t e r e s t - b ear i n g s ec u r i ti e s a nd o t h e r d e b t - like s ec u r i ti e s.\nS ect i on 36 - A ss e t Rec y c l in g F un d I n v e s t m e n t M a nd a t e\nI t i s a pp r op r i a t e t h a t t he G ov er n m e n t , a s o w n e r of t he A ss e t R e c y cli n g F u n d, h a sa m ec h a n i sm f or ar ti c u l a t i n g its ov e r a ll e x p e c t a t i ons f or how t he A ss e t R e c y c l i ng F und w il l be i nv e s t e d a nd m a n a g e d b y t h e F u t u r e F und B o ar d. S ect i on 36 e s t a b l i sh e s a fra m e w o r k t h a t e n a b l e s t he G ov er n m e nt t o g i v e s t ra te g i c g u i d a n c e t o t he F u t u r e F und B o ar d w h i l e p re s er v i n g t he B o ar d ’ s r o l e i n m a n a g i ng t h e i nv e st m e nt o f t he A ss e t R e c y c l i n g F u n d a t ar m ’ s l e n g t h f r om t he G ov er n m e n t . Th i s a pp r o ac h i s c o n s i s t e nt w ith th a t e x i st i ng i n re l a t i on t o t he F u t u r e F u n d.\nSub s ect i on 36 ( 1) p r ov i d e s t h a t t he re spons i b l e M i n i s t er s h a ve t h e po w e r t o g i v e t h e F u t u r e F und B o ar d w r i t t e n d i rec ti ons i n re l a ti on t o t he p erf o r m a n c e o f it s i nv e st m e nt f un c ti ons a nd t he e x erc i s e of it s po wer s. T h e re s p ons i b l e Min i st er s m ust i s sue a t l ea st onesu c h d i r ec ti on a nd t o p r ov i de c l ar i t y a nd cer t a i n t y t o t he F u t ur e F und B o ar d.\nN o t e th a t t he A ss e t R ecy c l in g Fun d in ve s t m en t f u n c ti on i s d ef i n e d i n s ect i on 4 .\nSub s ect i on 36 ( 2) p r ov i d e s t h a t a n y d i r ec ti on i ss u e d und e r s ub s ect i on 29 ( 1) h a s e f fe ct sub j ec t to t he lim it a t i ons s e t out in s ect i on 37 - L i m it a tion on A ss e t R e c y c l i ng F und I nv e st m e nt M a nd a t e.\nThe fac t t h a t a d i r e c ti on h a s a l rea d y b ee n i ssu e d d o e s not p r oh i b i t t he re sp on sible Min i st er s fr o m i ssu i ng a d dition a l d i rec t i ons. A l l o f th e se d i rec t i ons to g e t h e r c o m p r i se t he I n v e st m e nt M a nd a t e ( s e e s ub s ect i o n s 36 ( 1) a n d 36 ( 4 ) ).\nW hile t he re spons i b l e M i n i st er s ca n i ssue n e w d i r e c t i ons a t a n y t im e , t h e in t e nt i on i s th a t t he I n v e st m e nt M a nd a te w ill re f l ec t t he n a tu r e of t he G ov er n m e n t ’ s p o li c y . A n y n e wd i rec ti ons w il l t h e r e f o r e on l y b e i ssu e d i n l i g h t of s i g n i f i ca nt po li c y c h a n g e s or m a t er i a l c h a n g e s i n t he i n v e st m e nt e nv i r on m e nt f ace d b y t h e A ss e t R e c y c l i ng F und.\nSub s ect i on 36 ( 3) p r ov i d e s t h a t i n s e t ti ng a n I n v e s tm e nt M a nd a t e , t he r e sp o ns i b l e Min i st er s m u s t h a ve r e g a r d to m a x i mi s i ng t he re t u r n on A ss e t R e c y c l i n g F u nd c ons i s t e nt w i t h i n t er n a t i o n a l b e st p rac t i c e f or inst i t u ti on a l i nv e st m e n t , a nd o f t he ob j ec ti v e s of t he i nv e s t m e nt of t he A ss e t R e c y cli n g F und, a nd a n y o t h e r m att er s t he M i n i s t er s c ons i d e r t o be r e l e v a n t .\nTh i s re qu i re m e nt w il l g i v e t he F u t u r e F und B o ar d a nd t he P ar li a m e nt a ssu r a n c e t h a t t he re spons i b l e M i n i s t er s m ust c ons i d e r t he s c o p e o f t h e i r d i rec ti ons f r om a n i nv e st m e nt p er sp ec t i v e , w hile e nsu r i n g th a t th er e is f l e x i bi li t y to t a k e acc o unt of b r o a d e r po li c y i ssu e s a nd n a ti on a l i n t ere st c ons i d e r a ti ons.\nSub s ect i o n s 36 ( 5) a n d 3 6 ( 6) p r ov i de t h a t t h e I n v e st m e nt M a nd a t e m a y i n c l ud e , but i s not lim it e d t o, s t a t e m e n t s a bout po li c i e s t he F u t ur e F und B o ar d m ust pu r sue i n\nre l a ti on t o r i sk a nd re t u r n a nd t he a ll o ca ti on o f t he A ss e t R e c y c li n g F und t o p ar ti c u l a r a ss e t c l a ss e s. Th i s m a y i n c l ude re s t r i c ti ons o r t h r e sho l ds f or i nv e st i ng t he A ss e t R e c y c l i n g F u n d i n cer t a i n j u r i sd i c ti ons or a ss e t c l a ss e s a nd s t a t e m e n t s of t he G ov er n m e n t ’ s t o l e r a n c e f or l oss e s.\nSub s ect i on 36 ( 7) p r ov i d e s th a t a n y po l i c i e s a r e s u b j ec t to t he lim it a t i ons s e t out in\ns ect i on 37 .\nSub s ect i on 36 ( 8) e nsu r e s t h a t t he F u t u r e F und B o ar d i s not g i v e n c on f li c t i n g d i rec ti ons r e g ar d i n g t h e G ov er n m e n t ’ s t o l e r a n c e f or r i sk, it s e x p ec t a ti ons f or re t u r ns a nd a n y a sso c i a t e d a l l o c a ti on of t he A ss e t R e c y c l i ng F und acr oss a ss e t c l a ss e s.\nTo a vo i d doub t , s ub s ect i on 36 ( 9) m a k e s i t c l ea r t h a t t he s c ope of t h e re sp o n s i b l e M i n i s t er s’ po wer s t o i ss u e d i rec ti ons t o t he F u t u r e F und B o ar d i n r e l a ti on t o t he i nv e st m e nt of t he A ss e t R e c y c l i n g F u n d i s bound b y t he A c t . F o r e x a m p l e , t he re spons i b l e M i n i s t er s c ou l d not d i rec t t he F u t ur e F und B o ar d t o use d er i v a t i v e s i n a m a nn e r t h a t c on t r a d i c t s s ect i on 43 (w h i c h d ea l s w it h t he ac qu i si t i on of d er i v a ti v e s b y t he F u t u r e F und B o ar d ) .\nSub s ect i on 36 ( 10) p r ov i d e s t h a t t he I nv e st m e nt M a nd a t e w il l not f o r m a l l y c o mm e n ce un ti l a t l ea st 15 ca l e nd a r d a y s af t e r i t i s i ssu e d. T h i s i s t o a ll ow t he F u t u r e F und\nB o ar d t i m e t o a d j ust t o a n y r e v i s e d d i r ec ti ons i ss u e d b y t h e re spons i b l e M i n i s t er s. I m po r t a n t l y , t h e F u t u r e F und B o ar d w il l be a b l e t o know w it h cer t a i n t y w h e n t he n ew d i rec tion w ill c o m e into f o rce .\nSub s ect i on 36 ( 11) p r ov i d e s t h a t d i rec ti ons und e r s ub s ect i on 36 ( 1 ) , w h i c h s e t out cer t a i n r u l e s t h a t t he F u t u r e F und B o ar d m ust c o m p l y w i t h, a r e l e g i s l a ti v e i n c h arac t e r a nd ar e t h eref o r e l e g i sl a t i ve i ns t r u m e n t s f or t he p u r pos e s of s ec ti on 5 of t he\nL e g i s l a ti v e I ns t ru me n t s A c t 2003. H o we v er , a n y d i rec ti ons i ssu e d b y t h e r e spons i b l e Min i st er s a s p ar t of t he I n v e st m e nt M a nd a te ar e e x e m pt fr om p ar li a m e n t a r y d i s a ll o wa n c e p r ov i d e d b y s ec ti on 44 of t h e L e g i s l a ti v e I ns t ru me n t s A c t 2 0 03 a nd e x e m pt fr om su n s e t ti ng p r ov i d e d b y s ec ti on 54 of t he L e g i s l a ti v e I ns t ru me n t s A c t\nA s l e g i s l a ti ve i ns t r u m e n t s, a n y d i r ec ti ons g i v e n t o t he F u t u r e F und B o ar d u nd e r t h i s s ec ti on ar e re qu i r e d t o be re g i s t ere d on t h e Fe d e r a l Re g i s t e r o f L e g i sl a tive I ns t r u m e n t s a nd t a b l e d i n t he P ar li a m e n t .\nTh i s a pp r o ac h e n a b l e s t h e pub li c a nd P ar li a m e nt t o ho l d t he G ov er n m e nt a cc oun t a b l e f or t he d i r ec ti ons i t i ssu e s t o t he F u t u r e F und B o a r d w it hout im p e d i n g t h e G ov er n m e n t ’ s a b ili t y to m a n a g e its f in a n ce s.\nSub s ect i o n s 36 ( 12) a n d 36 ( 13) p r ov i de t h a t , sub j ec t t o t he re s t r i c ti ons s e t out i n t he Ac t a nd t he e x p ec t a ti ons of t he G ov er n m e nt a s ar t i c u l a t e d i n t he I nv e st m e nt M a nd a t e , t he F u t u r e F und B o ar d h a s a s t a t u t o r y ob l i g a t i on t o s ee k t o m a x i mi se re t u r ns, c ons i s t e nt w i t h i n t er n a t i o n a l b e st p rac t i c e f or inst i t u ti on a l i nv e st m e nt a nd e n h a n c i n g t he C om m on wea lth ’ s a b ili t y to m a k e p a y m e n t s i n r e l a tion to t he ob j ec ts of t he i nv e st m e nt of t he A ss e t R e c y c l i n g F u n d ( s e t out in s ect i on 32 ).\nTh i s p r ov i s i on ( to g e t h e r w ith s ub s ect i on 3 6 ( 8 ) ) e s t a b li sh e s a c l e a r h i era r c h y of p r i o r i ti e s f or t he F u t u r e F und B o ar d - t h e re spons i b ili t y to m a x imise re tu r n s i s subo r d i n a t e t o t he i nv e s t m e nt p ara m e t er s s e t out by t h e P ar li a m e nt a nd t he G ov er n m e n t . Th i s f r a me w o r k p r ov i d e s a p p r op r i a t e f l e x i b i l i t y w hile still e n su r i ng su it a b l e a c c o u n t a b i li t y f o r a n y d i r e c ti ons t he G ov e r n m e nt g i v e s t h e F u t u r e F und B o ar d r e g ar d i n g t h e i n v e st m e nt of t he A ss e t R e c y c li ng F und.\nI t a l so p r ov i d e s t h e F u t u r e F und B o ar d w it h c l ar i t y a s t o t he e x t e nt of it s a cc ou n t a b il i t y\n- t he F u t u r e F und B o ar d m ust be a b l e t o d e m ons t r a t e t h a t i t i s pu r su i ng pol i c i e s a nd st r a t e g i e s t h a t a r e c l ear l y d i r ec t e d a t m a x im i s i ng i n v e st m e nt r e tu r ns in a m a nn e r th a t is c ons i s t e nt w ith b e st p rac t i ce .\nI t i s e x p ec t e d t h a t t he F u t u r e F und B o ar d w il l a d o p t a b e st p rac t i c e a pp r o a c h t o a ra n g e of i ssu e s b y l ear n i n g f r om t h e e x p er i e n ce s of o t h e r i nv e s t o r s a nd f unds of n a tion a l si g n i f i ca n ce .\nThe pu r pose of s ub s ec t i o n 36 ( 13) is to c l ar i f y th a t s ub s ect i on 36 ( 12) is t he d efa ult pos iti on i n t he e v e nt t h a t a d i rec ti on un d e r s ub s ec t i on 36 ( 1) i s not i ssu e d or i s re vok e d. H o we v er , a d i r ec ti on i ssu e d b y t h e M i n i s t er s und e r s ub s ect i on 3 6 ( 1) w ill ov err i de s ub s ect i on 36 ( 1 2 ) .\nS ect i on 37 - L i m i t a t i on on A ss e t Rec y c l in g F u n d I n v e s t m e n t M a nd a t e\nSub s ect i on 37 sp ec i f i e s t h a t t he re spons i b l e M i n i s t er s ca nnotd i rec t t h e F u t u r e F und B o ar d t o u s e t h e a ss e t s of t he A ss e t R e c y cli n g F u n d t o i nv e st in a p ar ti c u l a r f in a n c i a l a ss e t , f or e x a m p l e , sh a r e s i n a p ar ti c u l a r i n f ra s t r u c t u r e c o m p a n y . I t a l so p r e v e n t s t he re spons i b l e Min i st er s fr o m i ssu i ng a Min i st er i a l d i rec tion th a t h a s t he ef f ec t of re qu i r i n g t h e F u t ur e F u n d B o ar d t o u s e t h e a ss e t s o f t he A ss e t R e c y c li n g F u nd t o suppo r t a p ar ti c u l a r bus i n e ss e n ti t y , a p ar ti c u l a r ac t i v i t y o r a p ar ti c u l a r bus i n e ss.\nTh i s s ec ti on do e s not l i m i t t he a b ili t y o f t he I nv e s t m e nt M a nd a te to s e t out t he po li c i e s a s i n t e nd e d und e r t he B i ll , su c h a s t hose t o be pu r su e d b y t h e F u t u r e F und B o ar d i n re l a ti on t o m a t t er s of r i sk a nd re t u r n.\nS ect i on 38- F u t u r e F u n d B oa r d t o b e c o n s u l te d on A ss e t Rec y c l in g F u n d\nI n v e s t m e n t M a nd a te\nC ons i s t e nt w it h t he F u t u r e F und arra n g e m e n t s, t he re spons i b l e M i n i s t er s a r e re qu i r e d t o c onsu l t t he F u t ur e F u n d B o ar d on a n y c h a n g e s or a dd iti ons t o t he I n v e s t m e nt M a nd a t e . Sub s ect i o n s 3 8 ( 1) a n d 38 ( 3) ac h i e v e t h i s b y re qu i r i n g t he re sp o ns i b l e M i n i s t er s t o s e nd a d raf t of t he n e w d i r ec ti on t o t h e F u t u r e F und B o ar d a nd i nv iti n g t he B o ar d to m a ke a su b mission w i t h in a sp ec i f i e d time lim i t.\nThe sp ec i f i e d time limit w ill be d e t er m i n e d on a ca se b y ca s e b a sis w ith re g ar d t o re l e v a nt c i rc u m s t a n ce s a nd p r io r i t i e s a t t he t im e . I t m a y b e t h e ca se th a t u r g e nt c h a n g e s ar e r e qu i re d i n t he n a ti o n a l i n t ere s t . I n t h i s si t u a ti on, i t w ou l d be r ea son a b l e f or t he F u t u r e F und B o a r d t o be a sk e d t o c ons i d e r a d raf t d i r ec ti on qu i c k l y . H o w e v er , w h er e t h e r e i s l e ss u r g e n c y , o r t he c h a n g e i n t he I nv e st m e nt M a nd a t e i s q u it e subs t a n ti a l , i t w ou l d be rea son a b l e t o p r ov i d e t he F u t u r e F und B o ar d w it h m o r e t i m e\nt o c ons i d e r a d r af t d i r e c t i on.\nSub s ect i on 38 ( 2) p r ov i d e s t h a t a n y sub mi ss i on rece i v e d b y t h e r e spons i b l e M i n i s t er s fr om t he F u t u r e F und B o ar d m ust be t a b l e d i n t he P ar li a m e nt w it h t he n e w d i rec ti on. I n t h i s w a y , t h e F u t u r e F und B o ar d w il l be a b l e t o e nsu r e t h a t t h e i r v i e ws o n t he e x p ec t e d imp a c t on t h e ir a b ili t y to m a x i m i se re tu r ns ar e pub li c l y kno w n.\nS ect i on 39 - C o m p lia nc e w i t h A ss e t Rec y c l in g F un d I n v e s t m en t M a n d a t e\nSub s ect i on 39 ( 1) p r ov i d e s t h a t i t i s t he re spons i b ili t y o f t he F u t u r e F und B o ar d t o t a ke a l l rea son a b l e s t e ps t o e nsu r e t h a t a l l po li c i e s a nd d ec i s i ons re g ar d i n g t he op era ti on a nd i nv e st m e nt of A ss e t R e c y c li n g F und ar e i n acc o r d a n c e w it h a n y d i rec ti ons ( I nv e s tm e nt M a nd a t e ) i ssu e d b y t h e re s pons i b l e M i n i s t er s. S in c e t he\nI nv e st m e nt M a nd a t e i s i n t e nd e d t o p r ov i de b r o a d g u i d a n c e t o t he F u t u r e F und B o ar d, it m a y c on t a in d i r ec t i ons t h a t re qu i r e t h e B o ar d t o a pp l y i t s j u d g em e nt on w h e t h e r or not A ss e t R e c y c l i n g F u n d i nv e st m e n t s c o m p l y w i t h t he M a nd a t e.\nSub s ect i on 39 ( 2) p r ov i d e s t h a t i f t h e F u t u r e F und B o ar d b ec o m e s awar e of a b reac h of t he I nv e st m e nt M a n d a t e , it m ust in f o r m t he re s pons i b l e Min i st er s in wr i t i ng a s soon a s i s p rac ti ca b l e , i n c l ud i ng a p r opos e d s t ra t e g y t o b r i n g t h e o p era ti o n s of t he A ss e t R e c y c li n g F und i n t o acc o r d a n c e w it h t he I n v e st m e nt M a nd a t e .\nS im il ar l y , s ub s ect i o n s 3 9 ( 3) a n d 39 ( 4) p r ov i de t h a t i f t h e G ov er n m e nt i d e n t i f i e s area s w h e r e t he F u t u r e F und B o ar d i s not c o m p l y i ng w it h t h e I n v e st m e nt M a nd a t e , t he re spons i b l e M i n i s t er s ca n i ssue wr i t t e n d i r ec t i o ns t o t he B o ar d t o t a k e a cti on t o re m e d y t he s i t u a ti on. T h e F u t u r e F und B o ar d i s r e qu i re d t o c o m p l y w it h a n y su c h d i rec t i ons, not i n g th a t t he re spons i b l e Min i st er s ar e t he f in a l ar bi t er s on w h a t i s i n t e nd e d b y t h e I nv e s t m e nt M a nd a t e .\nSub s ect i on 39 ( 5) p r ov i d e s t h a t a n y t ra ns a c ti ons u nd er t a k e n b y t h e F u t ur e F und B o ar d t h a t ar e d ee m e d l a t e r not t o h a ve c o m p li e d w it h t h e I nv e st m e nt M a nd a t e , a r e st il l\nv a li d a nd t he B o ar d i s re q u i re d t o honour a n y c o mmi tm e nt m a d e . T h i s p r o t ec t s t h i r d p ar ti e s w ho e n t e r i n t o t r a ns ac ti ons w it h t he F u t u r e F und B o ar d or it s a g e n t s i n g ood fa ith.\nSub s ect i on 39 ( 6) m a k e s i t c l ea r t h a t a d i r ec ti on u n d e r s ub s ect i on 39 ( 3) i s not a l e g i sl a tive i ns t r u m e n t . T h i s p r ov i s i on is m ere l y d e c l a r a to r y in n a tu re . D i r e c t i ons of t h i s t y p e a r e a d mi n i s t ra t i ve i n c h a r ac t e r b e ca u s e t h e y ar e m ere l y t he a pp l i ca t i on of a l e g a l po w e r i n a p ar t i c u l a r ca s e ; t h e y do not d e t e r m i ne or a lt e r t he c on t e nt of t he l a w its e l f .\nS ect i on 40 - F u t u r e F un d B oa r d m u st n ot tr i g g e r t h e t a k e o v e r p r ov i s i o n s of t he\nC orpora ti o n s A c t 2001\nS ect i on 40 a ims to m i n i mise m ar k e t d i s t o r tion a n d e limin a te t he po t e nt i a l f or c on f li c t s of i n t ere st f or t he G ov er n m e nt a s a m ar k e t r e g u l a t o r . I t p r ov i d e s t h a t t he F u t u r e F und B o ar d i s p r oh i b it e d f r om t r i g g e r i n g t h e t a k e o v e r p r ov i s i ons und e r s ec t i on 6 0 6 of t he C o r po ra ti ons Ac t .\nS ec ti on 606 of t he C o r p o ra ti ons Ac t e ss e n ti a l l y p r oh i b it s ac qu i s i ti ons i n re l e v a nt i n t ere s t s i n t he vo ti n g s h a re s of a li s t e d c o m p a n y , o r un li s t e d c o m p a n y w it h m o r e t h a n\n50 sh ar e ho l d er s, i f a p e r s on ’ s vo ti ng po w e r i n c r ea s e s fr om a f i g u r e a t or b e l ow 20% t o a f i g u r e a bo v e 20% ( o r fr om a f i g u r e a bo v e 2 0 % t o a h i g h e r f i g u r e a bo v e 20% but b e l ow 90 % ) - un l e ss t he sh are s ar e ac q u i re d i n o n e of t he c i r c u m s t a n ce s s e t out a t s ec ti on 611 of t h a t Ac t .\nH o we v er , i t i s t he G ov e r n m e n t ’ s i n t e n ti on t h a t t he t a k e ov e r t h re sho l d be a d h ere d t o qui t e st r i c t l y in re l a tion t o lis t e d c o m p a n i e s a nd un l i s t e d c o m p a n i e s w i t h m o r e th a n\n50 sh are ho l d er s. Th e r ef o re , s ub s ect i on 40 ( 1) p r o v i d e s t h a t t he e x ce p ti ons p r ov i d e d und e r s ec ti on 611 of t he C o r po ra ti ons Ac t ( t h a t i s, e x ce p ti ons t o t he p r oh i b i ti on i n s ec ti on 606) do not a pp l y i n re l a ti on t o ac qu i si t i o n s b y t he F u t u r e F und B o a r d.\nThe p r oh i b iti on on t he F u t u r e F und B o ar d i s not e x p ec t e d t o h a ve a m a t er i a l i m p a c t on t he i nv e st m e nt eff i c i e n c y o f t he A ss e t R e c y cl i n g F und a ssu c h l i mits a r e qu i t e s i mi l ar t o t hose o f t e n us e d b y o t h e r f und m a n a g er s . H o w e v er , t he F u t u r e F und B o ar d w ill n ee d to h a ve r e g ar d t o t h e e nt i re t y of its i n t ere st ( th a t i s, t h r ou g h i nv e s t m e n t of t h e A ss e t R e c y c li n g F u n d) i n a p ar ti c u la r c o m p a n y w h e n t he B o ar d i s p r o p os i ng a p ar ti c u l a r ac qu i s i ti on i n t he c on t e x t of t he A ss e t R e c y c li n g F und.\nSub s ect i on 40 ( 2) p r ov i d e s t h a t i f f or so m e r ea son t he F u t u r e F und B o ar d h a s not c o m pl i e d w ith s ec tion6 0 6 of t he C o r po ra ti ons Ac t (a s i t i s a pp li e d t o t he F u t u r e F und B o ar d un d e r s ect i on 40 ) , t he re l e v a nt t r a ns ac t i ons w ill st ill be v a lid. The a i m of this p r ov i s i on i s t o e nsu r e t h i r d p ar ti e s a r e not a dv er s e l y a ff e c t e d b y a n y no n -c o m p li a n ce of t he F u t u r e F und B o ar d .\nA no t e a t t he e nd of t h e s ec ti on a ss i s t s t he rea d e r b y r e f err i n g t o s ec ti on 39 of t he F u t u r e F und Ac t , w h i c h s e t s out t he a pp li ca ti on of t he C o r po ra ti ons Ac t t o t he F u t u r e F und B o ar d.\nS ect i on 41 - B o rr o w in g\nS ect i on 41 p r oh i b it s t he F u t u r e F und B o ar d f r om bo rr o w i n g m on e y , e x ce p t f or sho r t t er m bo rr o w i n g a ss o c i a t e d w ith t he s e t tl e m e nt of t r a ns ac t i ons, or in o t h e r c i rc u m s t a n ce s p re s c r i b e d i n t he r u l e s ( s ee s s ub s ec t i on 41 ( 3) b e l o w) .\nThe ov e r a ll a im of t h i s s e c ti on is to e nsu r e t h a t t he F u t u r e F und B o ar d i s a b l e t o op era t e ef f i c i e n t l y w it h o u t e x pos i ng t he bu d g e t t o undue r i sk.\nSub s ect i on 41 ( 3) p r ov i d e s t h a t t he r u l e s m a y be m a de t o sp ec i f y c i rc u m s t a n ce s i n w h i c h i t i s c ons i d ere d a p p r op r i a t e f o r t he F u t u r e F und B o ar d t o b e a b l e t o b o rr o w . The r u l e s m a y a l so b e u s e d t o c l ar i f y a n y un c er t a i n t y on w h e t h e r a p ar t i c u l a r ac ti v i t y c ons tit u t e s bo rr o w i n g . W h il e i t i s n o t a n ti c i p a t e d t h a t t he F u t u r e F und B o ar d w il l h a ve a n ee d t o bo rr o w , t h i s p r ov i s i on a ll o w s f or un f o r s ee n e v e n t s or c h a n g e s i n t he i nv e st m e nt e nv i r on m e nt w it hout t he n ee d t o a m e n d t he p r i m a r y l e g i s l a t i on. The r u l es w ou l d be d i s a ll o wa b l e b y e it h e r H ou s e o f t he P a r l i a m e n t .\nS ect i on 42 - A ss e t Rec y c l in g F un d in v e s t m e n t p o li c i es\nS ect i on 42 p r ov i d e s t h a t t he F u t u r e F und B o ar d i s re qu i re d t o f o r m u l a t e , p ub li sh a nd c o m p l y w ith a nu m b e r of pol i c i e s on i t s i nv e s t m e n t ac tivi ti e s.\nThe a i m of t h i s p r ov i s i o n i s t o e nsu r e r i g o u r a nd t r a nsp are n c y ar ou n d how t he F u t u r e F und B o ar d p erf o r m s it s i nv e st m e nt f un c ti on i n re l a ti on t o t he A ss e t R e c y c ling F und, i n c l ud i n g r i sk m a n a g e m e n t , p erf o r m a n c e a s s e ss m e nt a nd b e n c h m ar ks.\nSub s ect i on 42 ( 1) a n d 4 2 ( 7) re qu i r e s t he F u t u r e F u nd B o ar d t o f o r m u l a t e a n d c o m p l y w ith pol i c i e s a nd a n y a d d ition a l m a tt er s sp e c i f i e d i n t he r u l e s.\nA no t e a t t he e nd of s ub s ect i on 42 ( 1) r e mi nds t he rea d e r t h a t , un d e r su b s ec t i on 33 ( 3) of t he Ac t s I n t er p re t a t i on Ac t , t he F u t ur e F und B o ar d i s a b l e t o re p ea l , r e s c i nd, re vok e , a m e nd, or v a r y a n y su c h p o li c i e s.\nSub s ect i on 42 ( 2) p r ov i d e s t h a t t he po l i c i e s t h a t t h e F u t u r e F und B o ar d d e v e l ops m ust notbe i n c o m p a ti b l e w it h t he I n v e st m e nt M a nd a t e .\nSub s ect i on 42 ( 3) a n d 4 2 ( 4) p r ov i d e s t h a t t he F u t u r e F und B o ar d m ust pub l i sh t he f i r st s e t of po li c i e s on t he i n t er n e t .\nSub s ect i o n s 42 ( 5) a n d 4 2 ( 6) p r ov i de t h a t t h e F u t u r e F und B o ar d m ust c o nd u c t re v i e ws of t h e s e po li c i e s p er i od i ca l l y a nd w h er e t h e re spons i b l e M i n i s t er s c h a n g e t h e I nv e st m e nt M a nd a t e . I t i s not e x p ec t e d t h a t t h e se re v i e ws w ou l d be a f o r m a l p r o ce ss or t h a t t he re su lt s of t he r e v i e ws w ou l d be r e qu i r e d t o be pub li sh e d. H o we v er , i f t he re v i e w r e su lt e d i n a n y c h a n g e s t o t he po l i c i e s, i t i s i n t e nd e d t h a t t he upd a t e d po li c i e s w ou l d be pub li sh e d on t h e i n t er n e t .\nSub s ect i on 42 ( 8) p r ov i d e s t h a t i f t h e F u t u r e F und B o ar d e n t er s i n t o a t r a n s ac t i on w h i c h i s not c ons i s t e nt w it h a po l i c y t h a t i t h a s p u b li sh e d und e r t h i s s ec ti o n , t he t r a ns ac tion w i l l s t ill be v a lid. Th i s w ill e nsu r e th a t t h i r d p ar ti e s ar e not af f ec t e d b y a n y i n c ons i s t e n c y w it h t he F u t u r e F und B o ar d ’ s p o l i c i e s. H o we v er , s ub s ect i on 42 ( 7) p r ov i d e s t h a t t he F u t u r e F und B o ar d i s re qu i re d t o t a ke a l l rea son a b l e s t e p s t o c o m p l y w it h t he po li c i e s i t d e v e l ops und e r s ub s ect i on 42 ( 1 ).\nSub s ect i on 42 ( 9) m a k e s it c l ea r th a t t he pol i c i e s of t he F u t u r e F und B o ar d ar e not l e g i sl a tive i ns t r u m e n t s, b eca use t h e y a r e a d m i n i s t r a t iv e in c h a r ac t er . Th e y do not d e t er mi ne or a lt e r t he c o n t e nt of t he l a w, but a r e r a t h e r a dm in i s t ra t iv e po l i c ie s th a t t he F u t u r e F und B o ar d ar e r e qu i r e t o f o r m u l a t e a nd c o m p l y w it h t o e nsu r e r i g o ur a nd t ra nsp are n c y ar ound how t he B o ar d p e r f o r m s it s i n v e st m e nt f un c ti on.\nS ect i on 43 - Der i va t i v es\nDer iv a tiv e s a r e w id e l y u s e d b y f<


Netherlands VS Scotland, 10th warm-up match, World Twenty20, 2009 - Live Cricket Score, ball by ball Commentary\nNetherlands vs Scotland, 10th warm-up match\nMatch Status: Netherlands won by 7 wkts\nScotland Innings | Netherlands Innings |\nBatsmen Scotland (128/9 in 20 ovs) Runs Balls 4's 6's SR\nGavin Hamilton (c) c T de Grooth b E Schiferli 13 13 1 0 100.00\nFraser Watts b M Bukhari 20 26 4 0 76.92\nKyle Coetzer st J Smits b P Seelaar 39 28 5 0 139.29\nColin Smith (wk) c R Nijma b E Schiferli 11 12 0 1 91.67\nNavdeep Poonia run out (R ten Doeschate) 9 10 1 0 90.00\nNeil McCallum c D van Bunge b E Schiferli 6 11 0 0 54.55\nCraig Wright c D van Bunge b P Seelaar 8 11 0 0 72.73\nGordon Drummond b P Seelaar 2 3 0 0 66.67\nCalum MacLeod b M Bukhari 1 3 0 0 33.33\nGlenn Rogers not out 3 3 0 0 100.00\nMajid Haq not out 2 1 0 0 200.00\nExtras: b - 0, w - 3, nb - 5, lb - 6 14\nTotal: (128 for 9 in 20 overs) 128 Run Rate: 6.40\n1/21 (Gavin Hamilton, 3.3 ov.), 2/55 (Fraser Watts, 7.6 ov.), 3/79 (Colin Smith, 11.2 ov.), 4/102 (Kyle Coetzer, 14.2 ov.), 5/106 (Navdeep Poonia, 15.1 ov.), 6/115 (Neil McCallum, 17.3 ov.), 7/122 (Craig Wright, 18.4 ov.), 8/122 (Gordon Drummond, 18.5 ov.)\nDirk Nannes 4 0 13 0 0 2 3.2\nEdgar Schiferli 4 0 33 3 0 1 8.2\nMudassar Bukhari 4 0 27 2 0 0 6.8\nRyan ten Doeschate 4 0 24 0 0 0 6.0\nPieter Seelaar 4 0 25 3 0 0 6.2\nBatsmen Netherlands (130/3 in 19.3 ovs) Runs Balls 4's 6's SR\nDarron Reekers c M Haq b C MacLeod 4 3 1 0 133.33\nAlexei Kervezee c & b M Haq 62 59 6 1 105.08\nBas Zuiderent c F Watts b C Wright 46 47 3 1 97.87\nRyan ten Doeschate not out 7 8 0 0 87.50\nDaan van Bunge not out 4 1 1 0 400.00\nTotal: (130 for 3 in 19.3 overs) 130 Run Rate: 6.67\n1/6 (Darron Reekers, 0.3 ov.), 2/111 (Alexei Kervezee, 15.6 ov.), 3/125 (Bas Zuiderent, 19.1 ov.)\nCalum MacLeod 4 0 20 1 0 4 5.0\nGordon Drummond 4 0 22 0 1 0 5.5\nCraig Wright 3.3 0 35 1 0 0 10.0\nGlenn Rogers 4 0 22 0 0 1 5.5\nMajid Haq 4 0 30 1 0 0 7.5\nMandatory: (0.1 - 6) overs - 38 - Runs\nNetherlands: Jeroen Smits (c) (w) , Darron Reekers , Alexei Kervezee , Ryan ten Doeschate , Daan van Bunge , Bas Zuiderent , Tom de Grooth , Mudassar Bukhari , Dirk Nannes , Peter Borren , Maurits Jonkman , Edgar Schiferli , Pieter Seelaar , Eric Szwarczynski , Ruud Nijma\nScotland: Gavin Hamilton (c) , Richard Berrington , John Blain , Kyle Coetzer , Gordon Drummond , Colin Smith (w) , Majid Haq , Neil McCallum , Dewald Nel , Navdeep Poonia , Glenn Rogers , Ryan Watson , Fraser Watts , Craig Wright , Jan Stander , Calum MacLeod\nNetherlands VS Scotland, 10th warm-up match - Live cricket Score card between Netherlands VS Scotland, 10th warm-up match, World Twenty20, 2009. Check out All cricket schedule for all series of major cricket playing countries including Pakistan, South Africa, Australia, India, Sri Lanka, Bangladesh, New Zealand, West Indies, England, Zimbabwe and other International teams as well. Scores and updates are live with ball by ball in real-time.


13-04-2021 - AXEVALLA - Prix Spartrappa: Uitslagen en rapportages\nNiet-starters : 4 - 7 - 12\nDraf - 2140m - € 6334 - 11 Starters\n20:34 : Officiele aankomst - 1 Big top lindy - 3 Milos ganador - 11 Dontloosememate\n20:33 : Voorlopige aankomst - 1 Big top lindy - 3 Milos ganador - 11 Dontloosememate\n20:26 : N° 12 - Setauket is a non runner\n11:22 : N° 4 - One kind of art is a non runner\n09:08 : N° 7 - Bahama breeze is a non runner\n1 1 BIG TOP LINDY (R/5) Eklundh And.\n2 3 MILOS GANADOR (R/6) Andersson Mik.\n3 11 DONTLOOSEMEMATE (R/6) Oscarsson Kev.\nEklundh And. - Goop Bjorn\nR/5 - 2140 m - 1a (20) 8a Da Da 0a\nR/5 2140 m Eklundh And.\nGoop Bjorn 1a (20) 8a Da Da 0a\nR/7 - 2140 m - 4a 4a Da 6a 4a\nR/7 2140 m Widell Kaj\nJakobsson Rigmor 4a 4a Da 6a 4a\nAndersson Mik. - Elfstrand Mimmi\nR/6 - 2140 m - 5a 8a 1a Qa Da\nR/6 2140 m Andersson Mik.\nElfstrand Mimmi 5a 8a 1a Qa Da\nONE KIND OF ART NS\nR/6 - 2140 m - 1a (20) Da 1a 0a 1a\nR/6 2140 m Andersson Osk. J.\nAndersson Oskar J 1a (20) Da 1a 0a 1a\nHenriksson Jan - Bratell Lars\nR/7 - 2140 m - 4a (20) 7a 7a 7a 5a\nR/7 2140 m Henriksson Jan\nBratell Lars 4a (20) 7a 7a 7a 5a\nPersson Ste. - Forssell Anna\nM/5 - 2140 m - (20) 7a 7a 6a 4a 3a\nM/5 2140 m Persson Ste.\nForssell Anna (20) 7a 7a 6a 4a 3a\nBAHAMA BREEZE NS\nAndersson Tom. B. - Andersson Tommy B\nM/5 - 2140 m - 7a Da 2a (20) Da 8a Da Da 0a Da 0a 7a 6a\nM/5 2140 m Andersson Tom. B.\nAndersson Tommy B 7a Da 2a (20) Da 8a Da Da 0a Da 0a 7a 6a\nHedblom Seb. - Oinonen Ari\nR/9 - 2140 m - 6a 6a 1a 0a 0a\nR/9 2140 m Hedblom Seb.\nOinonen Ari 6a 6a 1a 0a 0a\nR/7 - 2140 m - 1a 3a 0a 2a 0a\nR/7 2140 m Bardun Jon.\nSvensson Claes 1a 3a 0a 2a 0a\nBerg Fre. - Andreasson Stefan\nR/10 - 2140 m - Da (20) 0a Da 6a 6a\nR/10 2140 m Berg Fre.\nAndreasson Stefan Da (20) 0a Da 6a 6a\nOscarsson Kev. - Sovik Preben\nR/6 - 2140 m - 2a 5a Dm 3a 3a\nR/6 2140 m Oscarsson Kev.\nSovik Preben 2a 5a Dm 3a 3a\nR/6 - 2140 m - (20) 4a 0a 2a 0a 1a\nR/6 2140 m Lindgren Mar.\nLindgren Marcus (20) 4a 0a 2a 0a 1a\nJepson Car. J. - Sorensen Ulrika\nR/7 - 2140 m - 2a (20) 0a Da 2a 7a\nR/7 2140 m Jepson Car. J.\nSorensen Ulrika 2a (20) 0a Da 2a 7a\nBenzon Nic. - Christiansson Jan\nR/12 - 2140 m - 5a 5a (20) 8a 6a 0a\nR/12 2140 m Benzon Nic.\nChristiansson Jan 5a 5a (20) 8a 6a 0a


Revision as of 03:06, 30 October 2013 by Jsrodgers (talk | contribs) (→List of Officers)\n1 Organization History\n2 List of Officers\nJandell Maro Patron, preceded by Phoebe Beatrix Arnaiz, Raniel Anne Marie Terania, Franco Danilo Luistro, Karina Obispo, Neil Israel Lazo, Floyd Abian, Jim Ashley Andrada, Shella Briguera, Emerson Galasyo, Ariel Navaja, Miller Perez and Pio Buenconsejo, holds the current leadership in the organization.\nExecutive Director:Reva Gonzaga\nAssociate Director: Jenich Clairvaux Felizco\nAs of 1st Semester, AY '10-'11\nRae Raphael Abenido, BS MatE\nFloyd Abian, MS MSE\nKaren Agan, BS MatE\nDiosa Marie Aguila, BS MetE\nRigor Lois Alamar, BS MatE\nJesson Allerite, BS MatE\nJean Aubrey Aquinde, MS MSE\nIreen Mae Arevalo, BS MatE\nDexter Arevalo, BS MetE\nPhoebe Beatrix Arnaiz, BS MatE\nStelle Baccay, BS MetE\nLeecel Banag, BS MatE\nJerome Bantang, BS MetE\nRenel Jose Banzon, BS EM\nArianne Gayle Basali, BS MatE\nDonamae Bautista, BS MetE\nDianne Kim Bienes, BS MatE\nKay Bormuel, BS MatE\nPearl Bulalaque, BS MatE\nRomil Cahatol, BS CE\nJason Albriggs Calayo, BS MatE\nRoy Fredrick Carreon, Non-major\nCamille Castillo, BS MetE\nLeonard Angelo Celebrado, BS MatE\nCherish dela Cruz, BS MatE\nReizel Jonamae dela Cruz, BS MatE\nIzy delos Santos, BS MatE\nJerrick Dizon, BS MetE\nIva Esnaira Domingo, BS MetE\nHassein Ebdani, BS MatE (LOA)\nJamie Edosma, BS MatE\nKriss Ann Fantilagan, BS MatE\nMiguel Ian Gabriento, Non-major\nChristian Dave Galang, BS MatE\nRuth Dyna Go, BS MatE\nReva Gonzaga, BS MatE\nRejiel Gonzales, BS EM\nKumi Marie Hirayama, BS MatE\nKrizia Katrina Ip, BS MatE\nArianne May Jabonero, BS MatE\nPrince Joseph Erneszer Javier, BS EM\nMichael Angelo Lasam, MS Egye\nAntonie Aris Lavapie, BS MatE\nWilfred Jerome Lejano, BS MatE\nMa. Lourdes Licup, BS MetE\nAlain Daniel Lopez, BS MatE\nRiska Roxanne Lopez, BS MatE\nNoemi Macasaquit, BS MatE\nKathlyne Macli-ing, BS MatE\nRodienne Meeko Malixi, BS MetE\nAlyssa Patricia Manzano, BS IE\nRiza Annieli Mariano, BS MetE\nMara Carenina Melodias, BS Geol\nMa. Samantha Mena, BS MetE\nJessa Marie Millanar, BS MatE\nMario Nistal Jr., BS ChE\nFrancis Gabriel Orduna, MS MetE\nMarkdale Olarte, BS MetE\nJon Maynard Pastoril, BS MatE\nJandell Maro Patron, BS MetE\nTrebor Perucho, BS EM\nLester Wayne Pile, BS MetE\nAbigail Polintan, Non-major\nJulianus Eymard Quejano, BS MatE\nIrene Mae Rafael, BS MatE\nJonas Regidor, MS EnE\nJustin Sy, BS MatE\nHannie Lyn Talip, BS MatE\nMichael Tan, BS MatE\nRoland Gianni Te, B LIS\nJoyce Tebelin, BS MatE\nRaniel Anne Marie Terania, BS MatE\nHazel Marie Tibule, BS MetE\nKatrina Velasco, Non-major\nChurchill Germaine Villamora, BS MatE\nMargaux Andrea Yap, BS MatE\nOlinor Deity Ysmael, BS MatE\nRetrieved from "http://iskomunidad.upd.edu.ph/index.php?title=UP_Materials_Science_Society&oldid=39058"


•        " "        n\nA-ne*p-Tu Ft—am 0\nAllon : _roc-ol       150\nStanley Savo ••/\nrhlllp schnoiderpan 3\nT-«oard ASoboll 7\n"orroll vShapiro       12\nPaul ShOBKi 072\n-- —ie   o infer\n0 -- sky\nAaron Soli ua\n—       -      -ss\nCoaler st Dor\n"felton Bt All\nC**«__ord ct ox\n* oroo Dap\ncrowoli at Dcr\nTalbot Avo   _-«.\nola St Dor\nIola r.t       _)«.\nTranscript 1 • " " n SSLS?3^ 171 A-ne*p-Tu Ft—am 0 Allon : _roc-ol 150 Stanley Savo ••/ rhlllp schnoiderpan 3 T-«oard ASoboll 7 "orroll vShapiro 12 Paul ShOBKi 072 15 15 ro c 147 27 9 7 Silver -- —ie o infer 0 -- sky Aaron Soli ua ^-"vinG Alien — - -ss\tnarvin 3_*_te_n lor_m <_■ Coaler st Dor "felton Bt All C**«__ord ct ox * oroo Dap crowoli at Dcr noonor Morton ** Do* 0:: 0:: or or * or "aloe Talbot Avo _-«. Colunbia ola St Dor Iola r.t _)«. z 3 3 3 5 0 3 3 3 3 3 0 3 9 8 12 12 12 11 11 10 12 ia 11 11 12 l: 13 14 13 rV: rantrlb»d 7.50 •00 0,00 .00 7.50 6,00 6,00 15.00 15.00 0.50 :otal 279.00 I ou_—_t'n .b'd .30 10.00 .00 10.00 .30 10.00 ►00 10.00 15.00 15.00 30. C .00 so.oo 12.50 529.00 96 *g Tota 1 ►00 looo.oo


Tradewise Gibraltar (2018) (games of Rodney Oscar Perez Garcia)\nPlayer: Rodney Oscar Perez Garcia\n1. N Grandelius vs R O Perez Garcia 1-0 20 2018 Tradewise Gibraltar D16 Queen's Gambit Declined Slav\n2. R O Perez Garcia vs J Arroyo Rodriguez 1-0 59 2018 Tradewise Gibraltar B29 Sicilian, Nimzovich-Rubinstein\n3. Kiril D Georgiev vs R O Perez Garcia ½-½ 44 2018 Tradewise Gibraltar A14 English\n4. R O Perez Garcia vs E Iturrizaga ½-½ 31 2018 Tradewise Gibraltar B31 Sicilian, Rossolimo Variation\n5. N Studer vs R O Perez Garcia ½-½ 61 2018 Tradewise Gibraltar A06 Reti Opening\n6. R O Perez Garcia vs Julio Suarez Gomez ½-½ 45 2018 Tradewise Gibraltar B40 Sicilian\n7. L Yankelevich vs R O Perez Garcia ½-½ 64 2018 Tradewise Gibraltar D11 Queen's Gambit Declined Slav\n8. R O Perez Garcia vs Tarjan ½-½ 30 2018 Tradewise Gibraltar C55 Two Knights Defense\nREFINE SEARCH: White wins (1-0) | Black wins (0-1) | Draws (1/2-1/2) | Perez Garcia wins | Perez Garcia loses


2. MLB Cliff Lee PHI NL 2011 32 32 32 3403 232.7 232.7 0.0 17 8 0 920 862 66 62 197 141 35 3 18 292 42 42 0 238 6 4 6 2.40 63.3 6.69\n4. MLB Roy Halladay PHI NL 2011 34 32 32 3466 233.7 233.7 0.0 19 6 0 933 872 65 61 208 167 27 4 10 273 35 31 4 220 4 7 15 2.35 67.1 6.96\n6. MLB Anibal Sanchez FLO NL 2011 27 32 32 3226 196.3 196.3 0.0 8 9 0 830 748 85 80 187 123 37 7 20 298 64 56 8 202 5 1 12 3.67 36.1 3.96\n9. MLB Matt Garza CHN NL 2011 27 31 31 3192 198.0 198.0 0.0 10 10 0 839 760 90 73 186 137 32 3 14 266 63 58 5 197 3 2 11 3.32 37.9 3.61\n11. MLB Chris Carpenter SLN NL 2011 36 34 34 3613 237.3 237.3 0.0 11 9 0 996 921 98 91 243 190 33 4 16 332 55 50 5 191 6 3 11 3.45 40.9 4.14\n12. MLB Madison Bumgarner SFN NL 2011 21 33 33 3202 204.7 204.7 0.0 13 13 0 844 777 82 73 202 147 40 3 12 284 46 41 5 191 5 4 12 3.21 26.1 2.51\n15. MLB Matt Cain SFN NL 2011 26 33 33 3488 221.7 221.7 0.0 12 11 0 907 816 82 71 177 117 46 5 9 260 63 58 5 179 9 6 11 2.88 42.2 4.32\n16. MLB Bud Norris HOU NL 2011 26 31 31 3147 186.0 186.0 0.0 6 11 0 795 707 93 78 177 113 38 2 24 291 70 63 7 176 5 4 9 3.77 27.7 3.26\n18. MLB Brandon Beachy ATL NL 2011 24 25 25 2417 141.7 141.7 0.0 7 3 0 591 529 62 58 125 85 21 3 16 200 46 37 9 169 5 5 6 3.68 24.4 2.49\n23. MLB Brett Myers HOU NL 2011 30 34 33 3350 216.0 214.0 2.0 7 14 0 917 845 116 107 226 149 42 4 31 369 57 52 5 160 4 6 5 4.46 14.4 1.14\n24. MLB Tim Hudson ATL NL 2011 35 33 33 3204 215.0 215.0 0.0 16 10 0 884 800 86 77 189 143 30 2 14 265 56 50 6 158 15 7 6 3.22 38.5 4.52\n28. MLB Cory Luebke SDN NL 2011 26 46 17 2357 139.7 100.7 39.0 6 10 0 1 555 502 54 51 105 67 25 1 12 168 44 41 3 154 2 4 3 3.29 33.8 3.97\n30. MLB Jhoulys Chacin COL NL 2011 23 31 31 3139 194.0 194.0 0.0 11 14 0 827 727 87 78 168 100 39 9 20 285 87 86 1 150 4 3 5 3.62 22.1 2.86\n33. MLB James Mcdonald PIT NL 2011 26 31 31 2899 171.0 171.0 0.0 9 9 0 754 657 86 80 176 118 33 1 24 283 78 74 4 142 7 5 6 4.21 -4.3 -0.46\n37. MLB J.a. Happ HOU NL 2011 28 28 28 2972 156.3 156.3 0.0 6 15 0 698 592 103 93 157 92 40 4 21 268 83 78 5 134 2 8 12 5.35 -12.9 -1.69\n39. MLB Randy Wolf MIL NL 2011 34 33 33 3377 212.3 212.3 0.0 13 10 0 903 805 95 87 214 143 45 3 23 334 66 65 1 134 13 6 13 3.69 -2.9 -0.22\n41. MLB Craig Kimbrel ATL NL 2011 23 79 0 1314 77.0 0.0 77.0 4 3 46 8 306 270 19 18 48 40 4 1 3 63 32 31 1 127 1 2 1 2.10 23.6 2.52\n42. MLB Chris Narveson MIL NL 2011 29 30 28 2640 161.7 158.7 3.0 11 8 0 699 623 82 80 160 104 34 5 17 255 65 64 1 126 1 4 6 4.45 -9.0 -0.91\n43. MLB Jordan Zimmermann WAS NL 2011 25 26 26 2464 161.3 161.3 0.0 8 11 0 662 613 62 57 154 107 29 6 12 231 31 29 2 124 7 2 8 3.18 26.2 2.64\n45. MLB Vance Worley PHI NL 2011 23 25 21 2166 131.7 125.0 6.7 11 3 0 0 553 490 47 44 116 73 31 2 10 181 46 44 2 119 3 5 9 3.01 19.2 2.07\n47. MLB Ubaldo Jimenez COL NL 2011 27 21 21 2092 123.0 123.0 0.0 6 9 0 532 470 68 61 118 74 27 7 10 189 51 46 5 118 7 2 2 4.46 15.4 1.67\n51. MLB Charlie Morton PIT NL 2011 27 29 29 2736 171.7 171.7 0.0 10 10 0 769 661 82 73 186 143 32 5 6 246 77 72 5 110 13 6 12 3.83 9.1 1.00\n52. MLB Joe Saunders ARI NL 2011 30 33 33 3217 212.0 212.0 0.0 12 13 0 874 790 94 87 210 139 35 7 29 346 67 63 4 108 3 5 9 3.69 0.5 0.05\n53. MLB Bronson Arroyo CIN NL 2011 34 32 32 3106 199.0 199.0 0.0 9 12 0 855 793 119 112 227 131 47 3 46 418 45 40 5 108 6 5 6 5.07 -41.1 -4.31\n54. MLB John Lannan WAS NL 2011 26 33 33 2939 184.7 184.7 0.0 10 13 0 808 714 90 76 194 142 35 2 15 278 76 73 3 106 7 1 10 3.70 -5.4 -0.49\n57. MLB Tyler Clippard WAS NL 2011 26 72 0 1356 88.3 0.0 88.3 3 0 0 7 329 296 18 18 48 28 8 1 11 91 26 24 2 104 0 3 4 1.83 20.2 2.17\n58. MLB Edinson Volquez CIN NL 2011 27 20 20 1952 108.7 108.7 0.0 5 7 0 489 409 72 69 106 60 24 3 19 193 65 62 3 104 4 6 5 5.71 8.7 0.61\n59. MLB Jake Westbrook SLN NL 2011 33 33 33 3058 183.3 183.3 0.0 12 9 0 809 718 103 95 208 144 40 8 16 312 73 65 8 104 2 5 11 4.66 9.6 1.44\n60. MLB Johnny Cueto CIN NL 2011 25 24 24 2394 156.0 156.0 0.0 9 5 0 631 560 51 40 123 92 23 0 8 170 47 47 0 104 10 4 10 2.31 32.3 3.25\n61. MLB Jonathan Sanchez SFN NL 2011 28 19 19 1756 101.3 101.3 0.0 4 7 0 444 364 54 48 80 50 19 2 9 130 66 64 2 102 6 4 4 4.26 8.7 0.94\n65. MLB Livan Hernandez WAS NL 2011 36 29 29 2689 175.3 175.3 0.0 8 13 0 751 684 98 87 199 141 34 8 16 297 46 40 6 99 5 6 10 4.47 -0.7 0.32\n66. MLB Paul Maholm PIT NL 2011 29 26 26 2456 162.3 162.3 0.0 6 14 0 687 611 72 66 160 108 37 4 11 238 50 44 6 97 8 10 8 3.66 19.6 2.19\n67. MLB Jeff Karstens PIT NL 2011 28 30 26 2357 162.3 154.7 7.7 9 9 0 668 620 69 61 163 110 31 0 22 260 33 27 6 96 4 5 6 3.38 12.9 1.13\n68. MLB Jonny Venters ATL NL 2011 26 85 0 1323 88.0 0.0 88.0 6 2 5 4 357 301 19 18 53 45 5 1 2 66 43 36 7 96 5 1 7 1.84 24.7 2.64\n69. MLB Tom Gorzelanny WAS NL 2011 28 30 15 1702 105.0 82.7 22.3 4 6 0 2 447 396 50 47 102 64 22 1 15 171 33 28 5 95 6 4 8 4.03 2.8 0.07\n74. MLB Jeff Samardzija CHN NL 2011 26 75 0 1530 88.0 0.0 88.0 8 4 0 3 380 320 35 29 64 44 14 1 5 95 50 47 3 87 5 2 3 2.97 11.5 1.22\n75. MLB John Axford MIL NL 2011 28 74 0 1240 73.7 0.0 73.7 2 2 46 2 305 278 19 16 59 50 3 2 4 78 25 24 1 86 0 1 1 1.95 14.5 1.55\n76. MLB Randy Wells CHN NL 2011 28 23 23 2173 135.3 135.3 0.0 7 6 0 582 525 76 75 141 99 18 1 23 230 47 43 4 82 2 6 3 4.99 -6.5 -0.91\n77. MLB Jose Veras PIT NL 2011 30 79 0 1229 71.0 0.0 71.0 2 4 1 8 305 262 32 30 54 35 11 2 6 87 34 31 3 79 4 3 2 3.80 13.6 1.39\n79. MLB Chris Resop PIT NL 2011 28 76 0 1271 69.7 0.0 69.7 5 4 1 7 309 271 34 34 73 50 15 0 8 112 30 21 9 79 3 5 0 4.39 7.2 0.76\n81. MLB David Hernandez ARI NL 2011 26 74 0 1192 69.3 0.0 69.3 5 3 11 4 291 254 27 26 49 35 10 0 4 71 30 29 1 77 2 2 3 3.38 14.3 1.52\n82. MLB Kevin Correia PIT NL 2011 30 27 26 2358 154.0 153.0 1.0 12 11 0 660 610 90 82 175 120 28 3 24 281 39 39 0 77 2 2 7 4.79 -12.3 -1.25\n83. MLB Guillermo Mota SFN NL 2011 37 52 0 1322 80.3 0.0 80.3 2 2 1 2 333 296 34 34 71 49 10 2 10 115 30 26 4 77 2 2 3 3.81 5.7 0.58\n85. MLB Kyle Mcclellan SLN NL 2011 27 43 17 2126 141.7 104.7 37.0 12 7 0 1 607 550 71 66 143 92 29 1 21 237 43 40 3 76 6 2 6 4.19 -13.0 -1.51\n87. MLB Casey Coleman CHN NL 2011 23 19 17 1513 84.3 83.0 1.3 3 9 0 398 340 62 60 102 64 26 2 10 162 46 43 3 75 4 2 6 6.40 -8.6 -0.88\n88. MLB Fernando Salas SLN NL 2011 26 68 0 1175 75.0 0.0 75.0 5 6 24 6 295 269 20 19 50 31 10 2 7 85 21 18 3 75 2 0 3 2.28 10.9 1.16\n89. MLB Drew Storen WAS NL 2011 23 73 0 1100 75.3 0.0 75.3 6 3 43 5 303 279 24 23 57 37 11 1 8 94 20 16 4 74 2 1 1 2.75 15.8 1.68\n90. MLB Sam Lecure CIN NL 2011 27 43 4 1204 77.7 20.7 57.0 2 1 0 1 307 278 33 32 57 33 11 3 10 104 21 18 3 73 4 0 4 3.71 10.8 1.28\n91. MLB Rafael Betancourt COL NL 2011 36 68 0 963 62.3 0.0 62.3 2 0 8 6 237 227 21 20 46 32 6 1 7 75 8 8 0 73 0 2 0 2.89 10.5 1.11\n92. MLB Jason Marquis WAS NL 2011 32 20 20 1844 120.7 120.7 0.0 8 5 0 524 467 58 53 132 91 33 0 8 189 39 38 1 71 4 5 8 3.95 10.6 0.76\n94. MLB Mike Dunn FLO NL 2011 26 72 0 1135 63.0 0.0 63.0 5 6 0 5 267 228 28 24 51 29 12 1 9 92 31 29 2 68 2 2 4 3.43 3.1 0.29\n97. MLB Ramon Ramirez SFN NL 2011 29 66 0 1114 68.7 0.0 68.7 3 3 4 1 282 250 24 20 54 40 10 1 3 75 26 21 5 66 3 1 2 2.62 11.8 1.19\n99. MLB Aneury Rodriguez HOU NL 2011 23 43 8 1460 85.3 40.3 45.0 1 6 0 0 369 329 57 50 83 47 19 4 13 149 32 29 3 64 2 3 3 5.27 -4.3 -0.48\n102. MLB Esmil Rogers COL NL 2011 25 18 13 1510 83.0 71.3 11.3 6 6 0 403 343 65 65 110 76 16 4 14 176 47 42 5 63 6 3 4 7.05 -14.0 -1.42\n111. MLB Juan Nicasio COL NL 2011 24 13 13 1160 71.7 71.7 0.0 4 4 0 299 279 35 33 73 45 18 2 8 119 18 15 3 58 1 0 1 4.14 9.5 1.18\n112. MLB Cristhian Martinez ATL NL 2011 29 46 0 1105 77.7 0.0 77.7 1 3 0 0 308 284 30 29 56 35 12 1 8 94 19 17 2 58 3 0 2 3.36 9.3 1.01\n113. MLB Matt Belisle COL NL 2011 31 74 0 1183 72.0 0.0 72.0 10 4 0 7 301 279 33 26 77 54 16 2 5 112 14 11 3 58 4 0 4 3.25 9.2 1.01\n114. MLB Dontrelle Willis CIN NL 2011 29 13 13 1236 75.7 75.7 0.0 1 6 0 334 288 42 42 78 58 12 2 6 112 37 35 2 57 2 3 4 5.00 1.2 0.15\n115. MLB Josh Johnson FLO NL 2011 27 9 9 941 60.3 60.3 0.0 3 1 0 234 211 13 11 39 29 8 0 2 53 20 18 2 56 1 1 1 1.64 15.2 1.63\n117. MLB Juan Oviedo FLO NL 2011 29 68 0 1039 64.3 0.0 64.3 1 4 36 6 269 243 30 29 57 36 11 2 8 96 21 19 2 55 1 2 1 4.06 7.0 0.78\n118. MLB Rodrigo Lopez CHN NL 2011 35 26 16 1556 97.7 88.0 9.7 6 6 0 431 388 56 48 116 70 27 1 18 199 29 26 3 54 5 2 6 4.42 -17.0 -1.82\n125. MLB Wade Leblanc SDN NL 2011 26 14 14 1323 79.7 79.7 0.0 5 6 0 339 304 42 41 84 54 23 0 7 128 28 27 1 51 1 3 3 4.63 -4.0 -0.38\n127. MLB Mitchell Boggs SLN NL 2011 27 51 0 971 60.7 0.0 60.7 2 3 4 4 260 233 27 24 62 45 11 2 4 89 21 19 2 48 2 2 2 3.56 7.5 0.80\n128. MLB Aaron Cook COL NL 2011 32 18 17 1476 97.0 96.0 1.0 3 10 0 441 390 67 65 127 87 25 6 9 191 37 32 5 48 5 8 1 6.03 -17.5 -1.52\n129. MLB Daniel Mccutchen PIT NL 2011 28 73 0 1319 84.7 0.0 84.7 5 3 0 2 364 320 38 35 87 62 17 1 7 127 33 28 5 47 4 3 4 3.72 -1.7 -0.38\n131. MLB Micah Owings ARI NL 2011 28 33 4 1040 63.0 20.3 42.7 8 0 0 0 263 233 27 25 56 30 15 3 8 101 23 23 0 44 2 1 4 3.57 -1.6 -0.13\n132. MLB James Russell CHN NL 2011 25 64 5 1103 67.7 18.3 49.3 1 6 0 3 292 266 37 31 76 46 17 1 12 131 14 10 4 43 2 6 4 4.12 -6.5 -0.83\n133. MLB Chad Qualls SDN NL 2011 32 77 0 1095 74.3 0.0 74.3 6 8 0 6 306 278 30 29 73 56 9 1 7 105 20 15 5 43 0 1 7 3.51 8.3 0.89\n134. MLB Francisco Cordero CIN NL 2011 36 68 0 1080 69.7 0.0 69.7 5 3 37 6 274 247 20 19 49 32 10 1 6 79 22 22 0 42 3 1 1 2.45 10.1 1.08\n138. MLB Brad Hand FLO NL 2011 21 12 12 1083 60.0 60.0 0.0 1 8 0 263 220 32 28 53 29 13 1 10 98 35 34 1 38 1 3 4 4.20 -8.3 -0.81


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Поиск ВКонтакте - Glenn Morrison feat. Islov - Goodbye : Скачать MP3 бесплатно\nСкачать mp3 бесплатно: Поиск ВКонтакте - Glenn Morrison feat. Islov - Goodbye...


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 600.00 2016-03-16 Mid Retro


A snake made a surprise appearance at a morning meeting\nPosted: Oct 15, 2018 / 09:20 PM PDT / Updated: Oct 15, 2018 / 09:20 PM PDT\nJust dropping in? A snake made a surprise appearance at a morning business meeting in China on Friday. Take a look


Lezennoù neptuegezh 1930 - Wikipedia\nLezennoù neptuegezh 1930\nJeannette Rankin, ur Suffragette peoc'hgarourez, dilennet er C'hongress. Bez e oe unan eus ar re nemeto o stourm evit derc'hel neptuegezh SUA memes goude tagadenn Pearl-Harbor\nLezennoù neptuegezh 1930, (saozneg: The Neutrality Acts) a oa bet un hollad lezennoù votet gant Kendalc'h Stadoù-Unanet Amerika er bloavezhioù 1930, pa oa Europa hag Azia o vont goustadik war-zu an Eil Brezel-bed. Diazezet e oant bet war ur c'hoant hollek gant an dud da chom hep bezañ engouestlet en ur brezel goude koust uhel ar C'hentañ Brezel-bed evit ar vro. Ar vro a faote dezhi chom he-unan, digenvezet diouzh ar riskl da vezañ engouestlet dre ret e brezelioù broioù estren.\nAr sell a-hiziv war Lezennoù neptuegezh 1930a zo unan fall: drezo ne oa graet diforc'h ebet ken etre an dagerien hag ar c'houzañverien, pep tu a oa gwelet evel "brezelourien". Dre al lezennoù-se e oa bet nac'het gant gouarnamant ar Stadoù-Unanet harpañ Bro-C'hall hag ar Rouantelezh Unanet a-enep an Alamagn Nazi. Darn eus al lezennoù-se a voe roet lamm dezhe e 1941, dre ma oa bet tagadennoù gant gant listri-spluj alaman a-enep bigi dezougen stadunanat ha dreist-holl goude tagadenn ar Japaniz war Pearl Harbor.\nAdtapet diwar « https://br.wikipedia.org/w/index.php?title=Lezennoù_neptuegezh_1930&oldid=1834490 »\nKemmoù diwezhañ degaset d'ar bajenn-mañ d'an 23 Ebr 2019, da 11:41.


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