Australian Capital Territory Repealed Acts

This legislation has been repealed.

CANBERRA INSTITUTE OF THE ARTS ORDINANCE 1988 - SECT 8

        (a)     subscribe for or purchase shares in, or debentures or other securities of, a company; or

        (b)     form, or participate in the formation of, a company that would, upon its formation, be a subsidiary of the Institute.

(2) An approval under subsection (1)—

        (a)     may be of general application or may relate to a particular company or proposed company; and

        (b)     may be given subject to specified conditions and restrictions.

(3) Subject to subsection (4), where the Institute subscribes for or purchases shares in, or debentures or other securities of, a company, the Minister shall—

        (a)     cause to be prepared a statement setting out particulars of, and the reasons for, the subscription or purchase; and

        (b)     cause a copy of the statement to be laid before each House of Parliament within 15 sitting days of that House after—

              (i)     subject to subparagraph (ii), the subscription or purchase takes place; or

              (ii)     if the Minister is of the opinion that the disclosure of the subscription or purchase would adversely affect the commercial interests of the Institute, the Minister ceases to be of that opinion.

(4) Where the Institute holds a controlling interest in a company, the Institute shall endeavour to ensure that the audit arrangements for the company are acceptable to the auditors of the Institute and that the company does not do anything that the Institute itself is not empowered to do.

(5) Without limiting the generality of subsection (4), the Institute shall endeavour to ensure that a company in which it holds a controlling interest does not—

        (a)     borrow money otherwise than from the Commonwealth; or

        (b)     raise money otherwise than by borrowing;

except—

        (c)     with the written approval of the Treasurer; and

        (d)     on terms and conditions that are specified in, or consistent with, the approval.

(6) Subsection (5) applies to a borrowing or raising of money whether the money is borrowed or raised by dealing in securities or otherwise, and whether or not the money is borrowed or raised, in whole or in part, in a currency other than Australian currency.

(7) An approval may be given under subsection (5) in relation to a particular transaction or class of transactions.

(8) For the purposes of subsection (5)—

        (a)     the issue by a company of an instrument acknowledging a debt in consideration of the payment or deposit of money or of the provision of credit; or

        (b)     the obtaining of credit by the company;

shall, to the extent of the amount of that money or of that credit, as the case may be, be deemed to be a borrowing by that company.

(9) Paragraph 5 (b) does not apply to a raising of money where that money is raised by way of donation or gift or by bona fide payment for services rendered.

Limitations on formation of partnerships