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PARLIAMENT OF AUSTRALIA HOUSE OF REPRESENTATIVES Sensitive: Legal Contents 1 Short title .......................................... Error! Bookmark not defined. 2 Commencement .................................................................................. 1 3 Schedule(s) ......................................................................................... 1 Schedule 1— 1 The purpose of the act is to create a fund which will assist in the support and reconstruction of Australian rural and manufacturing industries in times of crisis, including drought or unfair market intervention. It will provide funds for industry and/or company restructuring and the acquisition of new technologies to make businesses more economically viable and internationally competitive. The Australia Fund will be headed by a Board of 5 including a Chairman. Three of these appointments will be made by the Government and two by the Opposition. The Board will appoint a Chief Executive Officer. The Board will report to a designated responsible Minister and will produce an Annual Report which will be tabled in Parliament. The Fund will have the ability, on the basis of an assessment of the industry and/or businesses, to loan money to businesses, act as a guarantor for loans, capitalise interest, purchase existing loans, and takeover property of the business for a specified time. If assistance to a business is denied, a statement of reasons must be public. Decisions of the fund will be subject to appeal/review on the basis of a submission by the affected party. No. , 2013 Foreign Acquisitions and Takeovers Amendment Bill 2013 i Work_In_Progress2:P Clients:Palmer United Party:175606 Palmer United Case Bound Book:supplied:USB:Private Members Bill:PMB_Palmer_Australia Fund Bill 2014 February.docx 23/6/2016 1:15 pm Sensitive: Legal The Last Sentry at the Gate: Clive Palmer & the 44th Parliament of Australia 171


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