Division Description Changes — Bills — Future Drought Fund Bill 2019, Future Drought Fund (Consequential Amendments) Bill 2019; in Committee — 24th Jul 2019

Change	Division
senate vote 2019-07-24#7 Edited by mackay staff on 2019-08-29 15:37:47	Title Bills — Future Drought Fund Bill 2019, Future Drought Fund (Consequential Amendments) Bill 2019; in Committee Future Drought Fund Bill 2019 and another - in Committee - Use of funds Description ~~<p class="speaker">Sue Lines</p>~~ ~~<p>The question is that clauses 11, 12 and 64 stand as printed.</p>~~ The majority voted in favour of a [motion](https://www.openaustralia.org.au/senate/?id=2019-07-24.17.1) that clauses 11, 12 and 64 remain unchanged. In parliamentary jargon, they voted that the clauses stand as printed. This motion was put after the Greens moved that those clauses should be opposed. ### Text of clauses 11, 12 and 64 > 11 Transfer of balance of the Building Australia Fund Special Account > > As soon as practicable after the commencement of this section, there is to be credited to the Future Drought Fund Special Account an amount equal to the balance of the Building Australia Fund Special Account immediately before the commencement of this section. > > Note: The balance of the Building Australia Fund Special Account does not include the value of an investment of the Building Australia Fund. > 12 Transfer of investments of the Building Australia Fund > > Scope > > (1) This section applies to a financial asset if, immediately before the commencement of this section, the asset was an investment of the Building Australia Fund. > > Transfer > > (2) Immediately after the commencement of this section, the financial asset is taken to cease to be an investment of the Building Australia Fund and to become an investment of the Future Drought Fund. > 64 Transitional—receipts relating to the Building Australia Fund > > If the Future Fund Board receives an amount of money that relates to the Building Australia Fund, the amount is to be credited to the Future Drought Fund Special Account.

~~<p class="speaker">Sue Lines</p>~~
~~<p>The question is that clauses 11, 12 and 64 stand as printed.</p>~~
The majority voted in favour of a [motion](https://www.openaustralia.org.au/senate/?id=2019-07-24.17.1) that clauses 11, 12 and 64 remain unchanged. In parliamentary jargon, they voted that the clauses *stand as printed.* This motion was put after the Greens moved that those clauses should be opposed.
### Text of clauses 11, 12 and 64
> **11 Transfer of balance of the Building Australia Fund Special Account**
>
> *As soon as practicable after the commencement of this section, there is to be credited to the Future Drought Fund Special Account an amount equal to the balance of the Building Australia Fund Special Account immediately before the commencement of this section.*
>
> *Note: The balance of the Building Australia Fund Special Account does not include the value of an investment of the Building Australia Fund.*
> **12 Transfer of investments of the Building Australia Fund**
>
> *Scope*
>
> *(1) This section applies to a financial asset if, immediately before the commencement of this section, the asset was an investment of the Building Australia Fund.*
>
> *Transfer*
>
> *(2) Immediately after the commencement of this section, the financial asset is taken to cease to be an investment of the Building Australia Fund and to become an investment of the Future Drought Fund.*
> **64 Transitional—receipts relating to the Building Australia Fund**
>
> *If the Future Fund Board receives an amount of money that relates to the Building Australia Fund, the amount is to be credited to the Future Drought Fund Special Account.*