Agency VA 2985
Rural Finance Corporation II
About this Agency Records Related Functions Related Agencies
Date Range: 1988 - 2014
 
Description of this AgencyDescription of this Agency
Establishment

The Rural Finance Corporation was established on 1 July 1988 under the Rural Finance Act 1988 (No.44). Its charter was to promote and support rural industries and economic growth in regional Victoria. The Corporation was the successor agency to the Rural Finance Commission (VA 1073) which operated with similar objectives between 1977 and 1988.

It should be noted that another agency operated with the title Rural Finance Corporation between 1949 and 1962. This agency also had a similar sphere of responsibility to the later body, however it has been registered separately as VA 2272 and has been titled Rural Finance Corporation I in Public Record Office Victoria's Archival Control System.


Functions

The responsibilities of the Rural Finance Corporation, as set down by its establishing Act are to:

- provide financial and other services to rural industries on the direction of the Treasurer

- administer State and Commonwealth schemes of assistance or other schemes

- administer the remaining purchase leases, mortgages, contracts of sale and other interests created under the Land Settlement Act 1959 (No.6534) and the Soldier Settlement Act 1958 (No.6373)

- co-ordinate financial resources for investment in rural industries to facilitate an increase in the availability of finance to persons engaged in or seeking to establish rural industry

- provide services and advice to government with regard to rural industries and rural affairs where appropriate to undertake promotional activities to further the objectives of the Rural Finance Act 1988 (No.44)

- acquire and dispose of property and provide or arrange loans for commercial and rural purposes

- manage administration of Closer Settlement and Soldier Settlement.

In addition, the Corporation inherited from the Rural Finance Commission (VA 1073) responsibility for administering the small number of continuing purchase leases, contracts of sale and mortgages created under the Land Settlement Act 1959 (No.6534) or the Soldier Settlement Act 1958 (No.6373). The Rural Finance Act repealed both of these Acts, but all contracts still in force at the time they were repealed remained in operation and were administered by the Corporation.

The Corporation also had responsibility for disposing of land which was reserved for soldier settlement or closer settlement and was, at 1 July 1988, not subject to any lease or purchase arrangement. The Rural Finance Act provided for all unallocated land set aside for such purposes to be vested in the Corporation and disposed of as the Corporation saw fit.

In November 1988 most of the assets and liabilities of the Victorian Economic Development Corporation (VA 1109) were transferred to the Rural Finance Corporation after the VEDC was wound down. This included administering commercial and rural loan arrangements established by the VEDC.

Other schemes administered by Rural Finance Corporation included Natural Disaster Relief Schemes and the Young Farmers' Finance Scheme which provided funds at a concessional rate to young farmers for the purchase of stock, equipment and land.


Administration

The Corporation was administered by a Board of Management appointed by the Governor-In-Council and had a Chief Executive Officer appointed by the Board.


Responsibility to Treasurer and Minister for Agriculture and Rural Affairs

The Corporation was subject to the general direction and control of the Treasurer with regard to its financial policies and practices and to that of the Minister for Agriculture and Rural Affairs with regard to its operations and overall policy. Ultimate responsibility for the administration of the Rural Finance Act 1988, however, lies with the Treasurer.


Privatisation and abolition

In 2014, the Victorian Government sold Rural Finance Corporation to Bendigo and Adelaide Bank. The Rural Finance Corporation Board of Management would operate until June 2016. The Rural Finance Act 1988 was repealed under the Rural Assistance Schemes Act 2016.


 
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Record series created by this AgencyRecord series created by this Agency
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Date Range Series Title Series Number Series Location Public Access
? 1950 - ? 1988 Soldier Settlement and Land Settlement Purchase Lease Preparation Files VPRS 16540 North Melbourne Open
1946 - Circa 1997 Soldier Settlement Estates Development Files VPRS 16290 North Melbourne Open
1947 - 2016 General Subject Correspondence Files VPRS 16760 North Melbourne Open
1947 - Circa 1988 Soldier Settlement and Land Settlement Survey Plans VPRS 16752 North Melbourne Open
1962 - 2015 Annual Reports VPRS 17753 North Melbourne Open
1962 - 2016 Minutes [Rural Finance and Soldier Settlement Commission, Rural Finance Commission and Rural Finance Corporation II] VPRS 16542 North Melbourne Closed
1986 - 2014 Audit Committee Minutes and Working Papers VPRS 16548 North Melbourne Closed
1988 - 1989 Administrative and Legal Committee Minutes VPRS 16544 North Melbourne Closed
1988 - 1989 Asset and Liabilities Committee Minutes VPRS 16545 North Melbourne Closed
1988 - 1989 Corporate Planning Committee Meeting Minutes VPRS 16546 North Melbourne Closed
1988 - 1989 Management Committee Minutes VPRS 16547 North Melbourne Closed
1988 - 2009 Loan Approval and Decline Schedules VPRS 16550 North Melbourne Closed
1988 - 2014 Credit Committee Minutes and Working Papers VPRS 16549 North Melbourne Closed
1988 - 2016 Board Papers VPRS 16543 North Melbourne Closed
1988 - cont Schedule of Documents Executed Under Power of Attorney VPRS 16551 North Melbourne Closed
Circa 1956 - 1989 Land Settlement Estates Development Files VPRS 16289 North Melbourne Open
Functions for which this Agency has or has had primary responsibilityFunctions for which this Agency has or has had primary responsibility
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Date of Responsibility Function Title Function Number
1988 - 2014 Economic development loans VF 431
1988 - 2014 Settlement schemes (soldier settlement) VF 113
1988 - 2014 Rural finance VF 112
Functions for which this Agency has or has had secondary responsibilityFunctions for which this Agency has or has had secondary responsibility
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1988 - 2014 Treasurer VRG 23