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This is a Bill, not an Act. For current law, see the Acts databases.
1996-97
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
AIDC Sale Bill
1997
No. ,
1997
(Finance)
A Bill
for an Act to amend the Australian Industry Development Corporation Act
1970, and for other purposes
9701421—975/25.2.1997—(14/97) Cat.
No. 96 7220 6 ISBN 0644 497246
Contents
Australian Industry Development Corporation Act
1970 7aidcsh1.html
Administrative Decisions (Judicial Review) Act
1977 7aidcsh1.html
Australian Industry Development Corporation Act
1970 7aidcsh1.html
Freedom of Information Act
1982 7aidcsh1.html
Legislative Instruments Act
1997 7aidcsh1.html
Loans (Australian Industry Development Corporation) Act
1974 7aidcsh1.html
National Crime Authority Act
1984 7aidcsh1.html
Occupational Health and Safety (Commonwealth Employment) Act
1991 7aidcsh1.html
A Bill for an Act to amend the Australian Industry
Development Corporation Act 1970, and for other
purposes
The Parliament of Australia enacts:
This Act may be cited as the AIDC Sale Act 1997.
(1) Subject
to this section, this Act commences on the day on which it receives the Royal
Assent.
(2) Schedule 2 commences on a day to be fixed by Proclamation. The day
must not be earlier than the day on which the Minister gives the
Governor-General a written certificate stating that the Minister is satisfied
that the Australian Industry Development Corporation has no assets and no
liabilities.
Subject to section 2, each Act that is specified in a Schedule to this
Act is amended or repealed as set out in the applicable items in the Schedule
concerned, and any other item in a Schedule to this Act has effect according to
its terms.
Australian
Industry Development Corporation Act 1970
1 Subsection 4(1)
Insert:
core functions, in relation to the Corporation, means the
functions referred to in paragraphs 6(1)(a) and (b).
designated time has the meaning given by section
34W.
ordinary Director means a Director referred to in paragraph
11(1)(c).
2 Subsection 4(1) (definition of receiving
subsidiary)
Omit “subsidiary of the Corporation”, substitute
“company”.
3 After section 4B
Insert:
(1) This Act binds the Crown in right of the Commonwealth, of each of the
States, of the Australian Capital Territory, of the Northern Territory and of
Norfolk Island.
(2) This Act does not make the Crown liable to be prosecuted for an
offence.
(3) The protection in subsection (2) does not apply to an authority of the
Crown.
4 At the end of subparagraph
6(1)(a)(ii)
Add “and”.
5 At the end of subsection
6(1)
Add:
; and (c) such other functions as are conferred on the Corporation by Part
VI.
6 After subsection 6(1)
Insert:
(1AA) Paragraphs (1)(a) and (b) have effect subject to section 9 (which
deals with directions to the Corporation).
7 Subsections 6(1A), (2), (3) and
(4)
Omit “functions” (wherever occurring), substitute “core
functions”.
8 Subsection 6(1A)
Omit “The Corporation”, substitute “Before the designated
time, the Corporation”.
9 Subsection 6(2)
Omit “The Corporation”, substitute “Before the designated
time, the Corporation”.
10 After subsection 7(2)
Insert:
(2A) Subsections (1) and (2) have effect subject to section 9 (which deals
with directions to the Corporation).
11 Subsection 7(3)
Omit “The consolidated”, substitute “Before the
designated time, the consolidated”.
12 Before subsection 8(1)
Insert:
(1A) This section does not apply to the Corporation after the designated
time.
13 Section 8
Omit “functions” (wherever occurring), substitute “core
functions”.
14 Before subsection 8A(1)
Insert:
(1A) This section does not apply to the Corporation after the designated
time.
15 Paragraph 8A(2)(a)
Omit “functions”, substitute “core
functions”.
16 Section 9
Repeal the section, substitute:
(1) The Minister may, by written notice given to the Board, give
directions to the Corporation about the performance of the Corporation’s
functions or the exercise of the Corporation’s powers.
(2) A direction under subsection (1) may be given for the purposes of
winding down the various activities of the Corporation and, in particular, a
direction may:
(a) require the Corporation to:
(i) cease to perform a specified function; or
(ii) cease to exercise a specified power; or
(b) impose restrictions or conditions on:
(i) the performance by the Corporation of a specified function;
or
(ii) the exercise by the Corporation of a specified power.
Note: For specification by class, see section 46 of the
Acts Interpretation Act 1901.
(3) A direction under subsection (1) may make provision for or in relation
to a matter by conferring a power on the Minister.
(4) Subsections (2) and (3) do not, by implication, limit subsection
(1).
(5) The Corporation must comply with a direction under subsection
(1).
(6) A copy of a direction under subsection (1) is to be published in the
Gazette within 14 days after the giving of the direction.
17 Section 11
Repeal the section, substitute:
(1) The Board consists of the following members:
(a) the Chairman of the Board;
(b) the Chief Executive of the Corporation;
(c) such number of other members as the Minister appoints.
(2) The Chairman and the ordinary Directors are to be appointed by the
Minister by written instrument. The appointment takes effect from the day
specified in the instrument.
(3) The Chairman and the ordinary Directors hold office during the
Minister’s pleasure.
(4) The Chairman and the ordinary Directors hold office on a part-time
basis.
(5) The performance of the functions, or the exercise of the powers, of
the Board is not affected only because of there being a vacancy or vacancies in
the membership of the Board.
18 Section 12
Repeal the section.
19 Subsections 13(1) and
(2)
Repeal the subsections, substitute:
(1) The Chief Executive is to be appointed by the Board.
(2) The Board must not appoint the Chairman or an ordinary Director as the
Chief Executive.
20 After section 14
Insert:
The Chief Executive may resign by writing signed by him or her and sent
to the Board.
21 Section 16
Repeal the section, substitute:
(1) The Chairman and the ordinary Directors are to be paid such
remuneration as is determined by the Remuneration Tribunal.
(2) If no determination of that remuneration is in operation, the Chairman
and the ordinary Directors are to be paid such remuneration as is
prescribed.
(3) The Chairman and the ordinary Directors are to be paid such allowances
as are prescribed.
(4) This section has effect subject to the Remuneration Tribunal Act
1973.
22 Section 17
Repeal the section.
23 Section 18
Repeal the section, substitute:
The Chairman or an ordinary Director may resign by writing signed by him
or her and sent to the Minister.
24 Section 19
Repeal the section.
25 Subsection 20(2)
Repeal the subsection, substitute:
(2) The Chief Executive must not be appointed to act as the
Chairman.
26 Subsection 20A(1)
Omit “the Director referred to in paragraph 11(1)(e)”,
substitute “an ordinary Director”.
27 Paragraph 20A(1)(a)
Omit “the office of the”, substitute “an office of
ordinary”.
28 Paragraph 20A(1)(b)
Omit “that Director”, substitute “an ordinary
Director”.
29 Subsection 20A(2)
Omit “the Director referred to in paragraph 11(1)(e)”,
substitute “a Director under subsection (1)”.
30 At the end of section 23
Add:
(2) Subsection (1) does not apply to an officer or employee of the
receiving subsidiary unless the receiving subsidiary is a subsidiary of the
Corporation.
31 At the end of section
23A
Add:
(2) Subsection (1) does not apply to an officer or employee of the
receiving subsidiary unless the receiving subsidiary is a subsidiary of the
Corporation.
32 Section 24A
Repeal the section, substitute:
(1) The Minister may give the Corporation a written direction requiring
the Corporation to pay a specified amount to the Commonwealth before a specified
time.
(2) The Corporation must comply with a direction under subsection
(1).
33 Subsection 27(1B)
Omit “The Corporation”, substitute “Subject to section
33X, the Corporation”.
34 Section 29W
Omit all the words after “subsidiary”, substitute:
“is taken to be a Commonwealth authority for the purposes of that
Part throughout the period:
(a) beginning at the start of the transfer day of the transferred staff
member; and
(b) ending when the receiving subsidiary ceases to be a subsidiary of the
Corporation.
35 At the end of section
29W
Add:
(2) Subsection (1) does not prevent the receiving subsidiary from being a
Commonwealth authority for the purposes of Part IV of the Public Service Act
1922 if paragraph (b) of the definition of Commonwealth
authority in section 87 of that Act applies to the receiving
subsidiary.
36 Part V (heading)
Repeal the heading, substitute:
37 Subsection 30(3)
Repeal the subsection.
38 Subsection 33(2)
Omit “the Director referred to in paragraph 11(1)(e),”,
substitute “an ordinary Director,”.
39 After section 33
Insert:
The following is a simplified outline of this Part:
• This Part sets up a scheme under which assets
of AIDC bodies may be transferred to other persons.
• An AIDC body is defined to
mean:
(a) the Corporation; or
(b) a wholly-owned subsidiary of the Corporation.
• AIDC Ltd is the principal subsidiary of the
Corporation as at the commencement of this section. If a minority of shares in
AIDC Ltd are owned by persons other than the Corporation, provision is made for
the compulsory acquisition of those shares by the Corporation.
• An AIDC body may be directed to sell or
transfer any of its assets.
• The assets, contracts and liabilities of an
AIDC body may be transferred by declaration.
• If assets, contracts or liabilities of an
AIDC body have been transferred to the Commonwealth, the assets, contracts or
liabilities may be transferred by the Commonwealth to other persons.
• Commonwealth guarantees relating to the
Corporation’s liabilities will continue even if the liabilities are
transferred.
• An AIDC body may be required to pay to the
Commonwealth an amount equal to any consideration received for the sale or
transfer of any of the body’s assets or contracts.
• Provision is made for the adjustment of the
dividend franking account balances of companies that cease to be wholly-owned
subsidiaries of the Corporation.
• Certain transactions under this Part are
exempt from stamp duty and similar taxes.
• The Commonwealth may take over obligations of
AIDC bodies.
• AIDC bodies, directors of AIDC bodies, and
certain other persons, may be required to assist the Commonwealth or the
Corporation in connection with the implementation of this Part.
• The Federal Court may grant injunctions
relating to the enforcement of this Part.
• Provision is made for compensation for
acquisition of property.
• Provision is made for transitional
arrangements relating to:
(a) long service leave; and
(b) the Safety, Rehabilitation and Compensation Act 1988;
and
(c) the Occupational Health and Safety (Commonwealth Employment) Act
1991.
In this Part, unless the contrary intention appears:
AIDC body means:
(a) the Corporation; or
(b) a wholly-owned subsidiary of the Corporation.
asset means:
(a) any legal or equitable estate or interest in real or personal
property, whether actual, contingent or prospective; and
(b) any right, power, privilege or immunity, whether actual, contingent or
prospective.
contract includes:
(a) a deed; and
(b) a deed poll.
Federal Court means the Federal Court of Australia.
instrument includes a document.
land registration official, in relation to land, means the
Registrar of Titles or other proper officer of the State or Territory in which
the land is situated.
liability means any liability, duty or obligation, whether
actual, contingent or prospective.
sale day, in relation to AIDC Ltd, has the meaning given by
section 33D.
sale scheme body means:
(a) an AIDC body; or
(b) if all the shares in a particular company have vested in the
Commonwealth under section 33K:
(i) that company; or
(ii) a wholly-owned subsidiary of that company.
voting
share has the same meaning as in the Corporations Law.
wholly-owned subsidiary has the meaning given by section
33C.
For the purposes of this Part, a body corporate (the first
body) is a wholly-owned subsidiary of another body
corporate (the second body) if, and only if:
(a) the first body has a share capital; and
(b) there is no share in the first body that is not beneficially owned
by:
(i) the second body; or
(ii) a company that is a wholly-owned subsidiary of the second body
because of any other application or applications of this section.
(1) If, in the opinion of the Minister for Finance, a particular day is
the first day after the commencement of this Part on which a majority of the
voting shares in AIDC Ltd are or were acquired by a person, or persons, other
than:
(a) the Corporation; or
(b) a nominee of the Corporation;
(c) the Commonwealth; or
(d) a nominee of the Commonwealth;
the Minister for Finance must, by notice in the Gazette, declare the
day to be the sale day for AIDC Ltd.
(2) The declaration has effect accordingly.
(3) The notice must be published within 21 days after the sale
day.
(1) This section applies to a person (other than the Corporation) if the
person legally owns one or more shares in AIDC Ltd.
(2) The Minister for Finance must, before 1 July 1998, by writing, make
any or all of the following declarations:
(a) a declaration that the legal and beneficial interests in all of those
shares vest in the Corporation at a specified time without any conveyance,
transfer or assignment;
(b) a declaration that a specified instrument relating to any or all of
those shares continues to have effect after the legal and beneficial interests
in those shares vest in the Corporation as if a reference in the instrument to
the person were a reference to the Corporation;
(c) a declaration that the Corporation becomes the person’s
successor in law in relation to those shares immediately after the legal and
beneficial interests in those shares vest in the Corporation.
(3) A declaration under subsection (2) has effect accordingly.
(4) A copy of a declaration under subsection (2) is to be published in the
Gazette within 14 days after the making of the declaration.
(5) A time specified under paragraph (2)(a) must be a time when the
percentage of the total paid-up share capital of AIDC Ltd in which the
Corporation holds a beneficial interest is at least 90%.
(1) If the legal and beneficial interest in a share vests in the
Corporation under section 33E, AIDC Ltd must register the Corporation as the
holder of the share.
(2) Subsection (1) has effect despite anything in the Corporations
Law.
If a declaration
is made under subsection 33E(2) in relation to one or more shares legally owned
by a person, the Minister for Finance must give a copy of the declaration to the
person as soon as practicable after the legal and beneficial interests in the
shares vest in the Corporation.
(1) If the operation of section 33E results in the acquisition of property
from a person, the Corporation is liable to pay compensation of a reasonable
amount to the person in respect of the acquisition.
(2) If the Corporation and the person cannot agree on the amount of the
compensation, the person may institute proceedings in the Federal Court for the
recovery from the Corporation of such reasonable amount of compensation as the
court determines.
(1) The Minister for Finance may, by written notice given to an AIDC body,
direct the body to sell or transfer a specified asset of the body.
Note: An asset may be specified by name, by inclusion in a
specified class or in any other way.
(2) The direction may impose on the body requirements that are ancillary
or incidental to the sale or transfer, including (but not limited to) any of the
following requirements:
(a) a requirement that the sale or transfer must be to a specified
person;
(b) a requirement that the sale or transfer must be completed before a
specified time;
(c) a requirement that the sale or transfer must be undertaken in a
specified manner;
(d) in the case of a sale—a requirement that the asset must be sold
for a price that is within a specified range;
(e) in the case of a sale—a requirement that the asset must be
marketed, and that the sale must be undertaken, through a specified
agent.
Note: For specification by class, see section 46 of the
Acts Interpretation Act 1901.
(3) The body must comply with the direction.
(4) This section does not limit section 33K or 33L.
(1) This section applies to an asset of an AIDC body.
(2) The Minister for Finance may, by writing, make any or all of the
following declarations:
(a) a declaration that a specified asset vests in a specified person at a
specified time without any conveyance, transfer or assignment;
(b) a declaration that a specified instrument relating to a specified
asset continues to have effect after the asset vests in a specified person as if
a reference in the instrument to the body were a reference to the
person;
(c) a declaration that a specified person becomes the body’s
successor in law in relation to a specified asset immediately after the asset
vests in the person.
Note: An asset or instrument may be specified by name, by
inclusion in a specified class or in any other way.
(3) A declaration under subsection (2) has effect accordingly.
(4) A copy of a declaration under subsection (2) is to be published in the
Gazette within 14 days after the making of the declaration.
(5) Subsection (2) does not prevent the body from transferring an asset to
a person otherwise than under that subsection.
(1) This section applies to a contract to which an AIDC body is a
party.
(2) The Minister for Finance may, by writing, declare that the
body’s rights and obligations under a specified contract:
(a) cease to be rights and obligations of the body at a specified time;
and
(b) become rights and obligations of a specified person at that
time.
(3) The Minister for Finance may, by writing, declare that a specified
contract continues to have effect after a specified time as if a reference in
the contract to the body were a reference to a specified person.
(4) The Minister for Finance may, by writing, declare that a specified
instrument relating to a specified contract continues to have effect after the
body’s rights and obligations under the contract become rights and
obligations of a specified person, as if a reference in the instrument to the
body were a reference to the person.
(5) The Minister for Finance may, by writing, declare that a specified
person becomes the body’s successor in law, in relation to the
body’s rights and obligations under a specified contract, immediately
after the body’s rights and obligations under the contract become rights
and obligations of the person.
(6) A declaration under this section has effect
accordingly.
(7) A copy of a declaration under this section is to be published in the
Gazette within 14 days after the making of the declaration.
(8) This section does not, by implication, limit section 33K.
Note: For
specification by class, see section 46 of the Acts
Interpretation Act 1901.
(1) This section applies to a liability of an AIDC body.
(2) The Minister for Finance may, by writing, make any or all of the
following declarations:
(a) a declaration that a specified liability ceases to be a liability of
the body and becomes a liability of a specified person at a specified
time;
(b) a declaration that a specified instrument relating to a specified
liability continues to have effect after the liability becomes a liability of a
specified person as if a reference in the instrument to the body were a
reference to the person;
(c) a declaration that a specified person becomes the body’s
successor in law in relation to a specified liability immediately after the
liability becomes a liability of the person.
(3) A declaration under subsection (2) has effect accordingly.
(4) A copy of a declaration under subsection (2) is to be published in the
Gazette within 14 days after the making of the declaration.
Note: A
liability or instrument may be specified by name, by inclusion in a specified
class or in any other way.
(1) A declaration may be made under this Division, whether or not the
declaration is associated with the giving of consideration.
(2) This section is enacted for the avoidance of doubt.
(1) This section applies to an asset that has vested in the Commonwealth
under section 33K.
(2) The Minister for Finance may, by writing, make any or all of the
following declarations:
(a) a declaration that a specified asset vests in a specified person at a
specified time without any conveyance, transfer or assignment;
(b) a declaration that a specified instrument relating to a specified
asset continues to have effect after the asset vests in a specified person as if
a reference in the instrument to the Commonwealth were a reference to the
person;
(c) a declaration that a specified person becomes the Commonwealth’s
successor in law in relation to a specified asset immediately after the asset
vests in the person.
Note: An asset or instrument may be specified by name, by
inclusion in a specified class or in any other way.
(3) A declaration under subsection (2) has effect accordingly.
(4) A copy of a declaration under subsection (2) is to be published in the
Gazette within 14 days after the making of the declaration.
(5) Subsection (2) does not prevent the Commonwealth from transferring an
asset to a person otherwise than under that subsection.
(1) This section applies to a contract where rights and obligations under
the contract became rights and obligations of the Commonwealth under section
33L.
(2) The Minister for Finance may, by writing, declare that the
Commonwealth’s rights and obligations under a specified
contract:
(a) cease to be rights and obligations of the Commonwealth at a specified
time; and
(b) become rights and obligations of a specified person at that
time.
(3) The Minister for Finance may, by writing, declare that a specified
contract continues to have effect after a specified time as if a reference in
the contract to the Commonwealth were a reference to a specified
person.
(4) The Minister for Finance may, by writing, declare that a specified
instrument relating to a specified contract continues to have effect, after the
Commonwealth’s rights and obligations under the contract become rights and
obligations of a specified person, as if a reference in the instrument to the
Commonwealth were a reference to the person.
(5) The Minister for Finance may, by writing, declare that a specified
person becomes the Commonwealth’s successor in law, in relation to the
Commonwealth’s rights and obligations under a specified contract,
immediately after the Commonwealth’s rights and obligations under the
contract become rights and obligations of the person.
(6) A declaration under this section has effect
accordingly.
(7) A copy of a declaration under this section is to be published in the
Gazette within 14 days after the making of the declaration.
(8) This section does not, by implication, limit section 33P.
Note: A contract or instrument may be specified by name, by
inclusion in a specified class or in any other way.
(1) This section applies to a liability that became a liability of the
Commonwealth under section 33M.
(2) The Minister for Finance may, by writing, make any or all of the
following declarations:
(a) a declaration that a specified liability ceases to be a liability of
the Commonwealth and becomes a liability of a specified person at a specified
time;
(b) a declaration that a specified instrument relating to a specified
liability continues to have effect after the liability becomes a liability of a
specified person as if a reference in the instrument to the Commonwealth were a
reference to the person;
(c) a declaration that a specified person becomes the Commonwealth’s
successor in law in relation to a specified liability immediately after the
liability becomes a liability of the person.
(3) A declaration under subsection (2) has effect accordingly.
(4) A copy of a declaration under subsection (2) is to be published in the
Gazette within 14 days after the making of the declaration.
Note: A liability or instrument may be specified by name, by
inclusion in a specified class or in any other way.
(1) A declaration may be made under this Division, whether or not the
declaration is associated with the giving of consideration.
(2) This section is enacted for the avoidance of doubt.
(1) This section applies to a liability or obligation of the Corporation
if:
(a) the liability or obligation is transferred to a person (the
transferee) under this Part (whether directly or indirectly
through an interposed transfer to the Commonwealth); and
(b) assuming that the liability or obligation had not been transferred,
the payment by the Corporation of money in accordance with the liability or
obligation would have been guaranteed by the Commonwealth under section
35.
(2) By force of this subsection, the Commonwealth guarantees the due
payment by the transferee of all money that is, or may at any time become,
payable by the transferee to any person other than the Commonwealth in
accordance with the liability or obligation, so long as the liability or
obligation is not varied.
(1) The Minister for Finance may, by written notice given to an AIDC body,
direct that, if the body receives any consideration in respect of:
(a) the sale or transfer by the body of a specified asset in accordance
with a direction under section 33J; or
(b) the transfer of a specified asset of the body under section 33K;
or
(c) the transfer, under section 33L, of the body’s rights and
obligations under a specified contract;
the body must pay to the Commonwealth an amount equal to the
consideration.
Note: For specification by class, see section 46 of the
Acts Interpretation Act 1901.
(2) The body must comply with the direction.
(3) This section does not, by implication, limit section 24A.
This Division has effect for the purposes of Part IIIAA of the Income
Tax Assessment Act 1936.
(1) If a company ceases to be a wholly-owned subsidiary of the
Corporation, there arises, on the day of the cessation, a class C franking debit
of the company.
(2) The amount of the franking debit is equal to the class C franking
surplus of the company immediately before the cessation.
(3) In this section:
class C franking surplus, in relation to a company, has the
same meaning as in Part IIIAA of the Income Tax Assessment Act
1936.
(1) In this section:
designated matter means:
(a) a transfer under section 33E; or
(b) an agreement relating to a transfer covered by paragraph (a);
or
(c) the receipt of money by a person in respect of a transfer covered by
paragraph (a); or
(d) the sale or transfer by an AIDC body of an asset in accordance with a
direction under section 33J; or
(e) an agreement relating to a sale or transfer covered by paragraph (d);
or
(f) the receipt of money by an AIDC body, or by a person acting on behalf
of an AIDC body, in respect of a sale or transfer covered by paragraph (d);
or
(g) a transfer under section 33K, 33L or 33M; or
(h) an agreement relating to a transfer covered by paragraph (g);
or
(i) the receipt of money by an AIDC body, or by a person acting on behalf
of an AIDC body, in respect of a transfer covered by paragraph (g); or
(j) a transfer under section 33P, 33Q or 33R; or
(k) an agreement relating to a transfer covered by paragraph (j);
or
(l) the receipt of money by the Commonwealth, or by a person acting on
behalf of the Commonwealth, in respect of a transfer covered by paragraph (j);
or
(m) the sale or transfer by the Commonwealth of an asset that has vested
in the Commonwealth under section 33K; or
(n) an agreement relating to a sale or transfer covered by paragraph (m);
or
(o) the receipt of money by the Commonwealth, or by a person acting on
behalf of the Commonwealth, in respect of a sale or transfer covered by
paragraph (m).
(2) Stamp duty or other tax is not payable under a law of a State or
Territory in respect of:
(a) a designated matter; or
(b) anything done (including a transaction entered into or an instrument
or document made, executed, lodged or given) because of, or for a purpose
connected with or arising out of, a designated matter.
(1) This section applies to an obligation (whether contingent or
otherwise) of an AIDC body.
(2) The Treasurer may, on the Commonwealth’s behalf, enter into an
agreement to take over an obligation.
If the Treasurer enters into an agreement under subsection 33Y(2), the
Treasurer may authorise the payment of money to discharge the
Commonwealth’s obligations under the agreement, whether by terminating
those obligations or otherwise.
A payment under section 33Z is to be made out of the Consolidated Revenue
Fund, which is appropriated accordingly.
Sections 5A, 5B, 5C and 5D (other than paragraphs (1)(c) and (2)(c)) of
the Loans Securities Act 1919 apply in relation to an obligation that is
taken over by the Commonwealth under section 33Y as if that obligation were a
borrowing of money outside Australia:
(a) that the Treasurer was authorised to make on behalf of the
Commonwealth; and
(b) that the Treasurer made accordingly.
(1) A reference in this Division to the implementation of this
Part includes a reference to:
(a) the sale or transfer by the Commonwealth of an asset that has vested
in the Commonwealth under section 33K; and
(b) the formulation of the policies and approaches to be adopted by the
Minister for Finance in connection with:
(i) the implementation of this Part; and
(ii) the sale or transfer by the Commonwealth of an asset that has vested
in the Commonwealth under section 33K.
(2) For the purposes of this Division, this Part does not
include Division 13, 14 or 15.
(1) A sale scheme body may, on the body’s own initiative, assist the
Commonwealth or the Corporation in connection with the implementation of this
Part.
(2) A director of a sale scheme body may, on the director’s own
initiative, assist the Commonwealth or the Corporation in connection with the
implementation of this Part.
(3) A sale scheme body must, when requested in writing by the Minister for
Finance to do so, assist the Commonwealth or the Corporation in connection with
the implementation of this Part. The assistance is to be given within the
period, and in the form and manner, specified in the request.
(4) A director of a sale scheme body must, when requested in writing by
the Minister for Finance to do so, assist the Commonwealth or the Corporation in
connection with the implementation of this Part. The assistance is to be given
within the period, and in the form and manner, specified in the
request.
(5) The
Minister for Finance may, by written notice given to a sale scheme body, give
directions to the body about the exercise of the body’s powers under
subsection (1). The body must comply with the direction.
(6) The Minister may, by written notice given to a director of a sale
scheme body, give directions to the director about the exercise of the
director’s powers under subsection (2). The director must comply with the
direction.
(7) To avoid doubt, the giving of assistance as mentioned in subsection
(1), (2), (3) or (4), the making of a request under subsection (3) or (4), or
the giving of a direction under subsection (5) or (6), does not result in a
contravention of, or give rise to a liability or remedy under:
(a) a provision of the Corporations Law; or
(b) a rule of common law or equity (other than a rule of administrative
law).
Note: The expression sale scheme body includes
the Corporation—see section 33B.
(1) The assistance mentioned in subsection 34C(1), (2), (3) or (4) may
take the form of:
(a) the giving of information; or
(b) the giving of financial assistance (within the meaning of section 205
of the Corporations Law); or
(c) the giving of a financial benefit to a related party (within the
meaning of Part 3.2A of the Corporations Law); or
(d) the provision, by the directors or employees of a sale scheme body, of
facilities, information and other assistance in connection with the conduct
of:
(i) a due diligence procedure or a similar process; or
(ii) a market briefing or a similar process; or
(e) the entering into of an agreement with the Commonwealth or the
Corporation.
(2) For the purposes of paragraph (1)(b), if section 205 of the
Corporations Law is repealed and replaced by another provision of the
Corporations Law that deals with the giving of financial assistance by
companies, the reference in that paragraph to section 205 is to be read as a
reference to the replacement provision.
(3) For the purposes of paragraph (1)(c), if Part 3.2A of the Corporations
Law is repealed and replaced by another provision of the Corporations Law that
deals with the giving of financial benefits to related parties, the reference in
that paragraph to Part 3.2A is to be read as a reference to the replacement
provision.
(4) Subsection (1) does not, by implication, limit the forms in which
assistance may be given.
(5) Section 34C does not, by implication, limit any rights that are
conferred on shareholders by other laws.
(6) Section 34C does not, by implication, limit:
(a) the executive power of the Commonwealth to enter into an agreement;
or
(b) the power of the Corporation to enter into an agreement; or
(c) the capacity of a sale scheme body, or a director of a sale scheme
body, to enter into an agreement with the Commonwealth or the
Corporation.
(7) Section
34C extends to the giving of assistance outside Australia, whether or not in a
foreign country.
(1) This section applies to information obtained under section
34C.
(2) The Commonwealth, the Corporation, or an associated person, may use
the information for a purpose in connection with the implementation of this
Part.
(3) The Commonwealth, the Corporation, or an associated person, may
disclose the information for a purpose in connection with the implementation of
this Part.
(4) The Commonwealth, the Corporation, or an associated person, may use or
disclose the information for a purpose in connection with:
(a) the Commonwealth’s capacity as a shareholder in a sale scheme
body; or
(b) the Corporation’s capacity as a shareholder in a sale scheme
body;
so long as the use or disclosure does not involve giving the information to
a person who is not an associated person.
(5) To avoid doubt, the use or disclosure of information as mentioned in
subsection (2), (3) or (4) does not result in a contravention of, or give rise
to a liability or remedy under:
(a) a provision of the Corporations Law; or
(b) a rule of common law or equity (other than a rule of administrative
law).
(6) In this section:
associated person means:
(a) a Minister; or
(b) an individual who holds an office under, or is employed by, the
Commonwealth; or
(c) an officer or employee within the meaning of the Public Service Act
1922; or
(d) a person who performs services for or on behalf of the Commonwealth in
connection with:
(i) the implementation of this Part; or
(ii) the Commonwealth’s capacity as a shareholder in a sale scheme
body; or
(e) a Director of the Corporation; or
(f) an officer or employee of the Corporation; or
(g) a person who performs services for or on behalf of the Corporation in
connection with:
(i) the implementation of this Part; or
(ii) the Corporation’s capacity as a shareholder in a sale scheme
body.
(1) The Minister for Finance may, on behalf of the Commonwealth, enter
into an agreement with a person relating to the protection of
information:
(a) that is obtained under section 34C; and
(b) the publication of which might be expected to prejudice substantially
a sale scheme body’s commercial interests.
(2) An agreement under subsection (1) may be enforced as if it were a
contract.
(3) Subsection (1) does not, by implication, limit the executive power of
the Commonwealth to enter into agreements.
(4) The
Corporation may enter into an agreement with a person relating to the protection
of information:
(a) that is obtained under section 34C; and
(b) the publication of which might be expected to prejudice substantially
a sale scheme body’s commercial interests.
(5) An agreement under subsection (4) may be enforced as if it were a
contract.
(6) Subsection (4) does not, by implication, limit the power of the
Corporation to enter into agreements.
(1) To avoid doubt, the mere fact that particular information was
requested, required or given under section 34C is not a ground on which a sale
scheme body can be required to disclose or notify that, or any other,
information under:
(a) a provision of the Corporations Law; or
(b) a provision of the listing rules of a securities exchange.
(2) In this section:
listing rules has the same meaning as in section 1001A of the
Corporations Law.
securities exchange has the same meaning as in section 1001A
of the Corporations Law.
(3) For the purposes of subsection (2), if section 1001A of the
Corporations Law is repealed and replaced by another provision of the
Corporations Law that deals with continuous disclosure by listed companies, a
reference in that subsection to section 1001A is to be read as a reference to
the replacement provision.
Restraining injunctions
(1) If a person has engaged, is engaging or is proposing to engage in any
conduct in contravention of this Part, the Federal Court may, on the application
of the Minister for Finance, grant an injunction:
(a) restraining the person from engaging in the conduct; and
(b) if, in the court’s opinion, it is desirable to do
so—requiring the person to do something.
Performance injunctions
(2) If:
(a) a person has refused or failed, or is refusing or failing, or is
proposing to refuse or fail, to do an act or thing; and
(b) the refusal or failure was, is or would be a contravention of this
Part;
the Federal Court may, on the application of the Minister for Finance,
grant an injunction requiring the person to do that act or thing.
Grant of interim injunction
(1) If an application is made to the court for an injunction under section
34H, the court may, before considering the application, grant an interim
injunction restraining a person from engaging in conduct of a kind referred to
in that section.
No undertakings as to damages
(2) The court is not to require an applicant for an injunction under
section 34H, as a condition of granting an interim injunction, to give any
undertakings as to damages.
The court may discharge or vary an injunction granted under this
Division.
Restraining injunctions
(1) The power of the court under this Division to grant an injunction
restraining a person from engaging in conduct of a particular kind may be
exercised:
(a) if the court is satisfied that the person has engaged in conduct of
that kind—whether or not it appears to the court that the person intends
to engage again, or to continue to engage, in conduct of that kind; or
(b) if it appears to the court that, if an injunction is not granted, it
is likely that the person will engage in conduct of that kind—whether or
not the person has previously engaged in conduct of that kind and whether or not
there is an imminent danger of substantial damage to any person if the person
engages in conduct of that kind.
Performance injunctions
(2) The power of the court under this Division to grant an injunction
requiring a person to do an act or thing may be exercised:
(a) if the court is satisfied that the person has refused or failed to do
that act or thing—whether or not it appears to the court that the person
intends to refuse or fail again, or to continue to refuse or fail, to do that
act or thing; or
(b) if it appears to the court that, if an injunction is not granted, it
is likely that the person will refuse or fail to do that act or
thing—whether or not the person has previously refused or failed to do
that act or thing and whether or not there is an imminent danger of substantial
damage to any person if the person refuses or fails to do that act or
thing.
The powers conferred on the court under this Division are in addition to,
and not instead of, any other powers of the court, whether conferred by this Act
or otherwise.
(1) This section applies if:
(a) any right, title or interest in particular land vests in a person
under section 33K or 33P; and
(b) there is lodged with a land registration official a certificate
that:
(i) is signed by the Minister for Finance; and
(ii) identifies the land; and
(iii) states that the right, title or interest has become vested in the
person under section 33K or 33P, as the case requires.
(2) The land registration official may:
(a) register the matter in a way that is the same as, or similar to, the
way in which dealings in land of that kind are registered; and
(b) deal with, and give effect to, the certificate.
(3) A document that appears to be a certificate under subsection (1) is to
be taken to be such a certificate, and to have been properly given, unless the
contrary is established.
(1) This section applies if:
(a) a person becomes, under this Part, the holder of a charge;
and
(b) there is lodged with the Australian Securities Commission a
certificate that:
(i) is signed by the Minister for Finance; and
(ii) identifies the charge; and
(iii) states that the person has, under this Part, become the holder of
the charge.
(2) The Australian Securities Commission may, subject to the payment of
any applicable fee:
(a) register the matter in a way that is the same is, or similar to, the
way in which assignments of charges are registered; and
(b) deal with, and give effect to, the certificate;
as if the certificate were a notice of assignment of the charge that had
been properly lodged with the Commission.
(3) In this section:
charge means a charge created in any way, and includes a
mortgage and an agreement to give or execute a charge or mortgage (whether on
demand or otherwise).
holder, in relation to a charge, includes a person in whose
favour a charge is to be given or executed (whether on demand or otherwise)
under an agreement.
This Part, in so far as it provides for the interpretation of references
in other instruments, does not modify any register kept by a land registration
official under a law of a State or Territory.
The Lands Acquisition Act 1989 does not apply in relation to
anything done under this Part.
To avoid doubt, an instrument made under this Part is not taken to be a
legislative instrument for the purposes of the Legislative Instruments Act
1997.
(1) This section applies if, as a result of a declaration made by the
Minister for Finance under this Part, a person (the successor)
becomes the successor in law of another person (the original
person) at a particular time in relation to a particular asset,
liability, right, benefit or obligation.
(2) If any proceedings to which the original person was a party:
(a) were pending in any court or tribunal immediately before that time;
and
(b) related, in whole or in part, to the asset, liability, right, benefit
or obligation, as the case may be;
then, unless the Minister for Finance otherwise determines in writing in
relation to the proceedings, the successor is, by force of this subsection,
substituted for the original person as a party to the proceedings to the extent
to which the proceedings relate to the asset, liability, right, benefit or
obligation, as the case requires.
To avoid doubt, the operation of this Part is not to be regarded
as:
(a) placing a person in breach of contract or confidence; or
(b) otherwise making a person guilty of a civil wrong; or
(c) placing a person in breach of any contractual provision prohibiting,
restricting or regulating:
(i) the assignment or transfer of any asset, liability, right or
obligation; or
(ii) the disclosure of any information; or
(d) releasing any surety from any of the surety’s obligations in
relation to a liability or obligation that is transferred under this
Part.
(1) If:
(a) apart from this section, the operation of this Part would result in
the acquisition of property from a person otherwise than on just terms;
and
(b) the acquisition would be invalid because of paragraph 51(xxxi) of the
Constitution;
the Commonwealth is liable to pay compensation of a reasonable amount to
the person in respect of the acquisition.
(2) If the Commonwealth and the person do not agree on the amount of the
compensation, the person may institute proceedings in the Federal Court for the
recovery from the Commonwealth of such reasonable amount of compensation as the
court determines.
(3) In this section:
acquisition of property has the same meaning as in paragraph
51(xxxi) of the Constitution.
just terms has the same meaning as in paragraph 51(xxxi) of
the Constitution.
(1) The Minister for Finance may, by writing, determine that a specified
time is the designated time for the purposes of this Act. The time
must be after the commencement of this section.
(2) A determination under subsection (1) has effect accordingly.
(3) A copy of a determination under subsection (1) is to be published in
the Gazette within 14 days after the making of the
determination.
(1) The Minister for Finance may, by writing, delegate to:
(a) the Secretary to the Department of Finance; or
(b) the Chief Executive of the Office of Asset Sales; or
(c) a person holding or performing the duties of a Senior Executive
Service office (whether or not in the Department of Finance);
all or any of the functions and powers conferred on the Minister for
Finance by this Part.
Senior Executive Service office has the same meaning
as in the Public Service Act 1922.
(1) This Part does not authorise a Commonwealth record (within the meaning
of the Archives Act 1983) to be transferred or otherwise dealt with
except in accordance with the provisions of that Act.
(2) A Commonwealth record (within the meaning of the Archives Act
1983) must not be transferred to a person under this Part unless the
Australian Archives has given permission under paragraph 24(2)(b) of the
Archives Act 1983.
This Part does not authorise the imposition of taxation within the
meaning of section 55 of the Constitution.
(1) Unless the contrary intention appears, expressions used in this
Division that are also used in the Long Service Leave Act have the same meanings
as in that Act.
(2) In this Division:
combined service period, in relation to an employee of AIDC
Ltd, means the total of:
(a) the period that was, immediately before AIDC Ltd’s sale day, the
employee’s period of service for the purposes of the Long Service Leave
Act; and
(b) the period starting on AIDC Ltd’s sale day during which the
employee continues to be an employee of AIDC Ltd.
law means:
(a) a law of the Commonwealth, a State or a Territory; or
(b) regulations or any other instrument (other than an award,
determination or industrial agreement) made under such a law.
post-sale long service leave rights, in relation to an
employee of AIDC Ltd, means any long service leave rights that the employee
acquires under an award, determination, industrial agreement or law (other than
this Part) on or after AIDC Ltd’s sale day.
For the purposes of the application of this Part to a particular employee
of AIDC Ltd, a reference in this Division to the Long Service Leave
Act is a reference to the Long Service Leave (Commonwealth Employees)
Act 1976 as in force immediately before AIDC Ltd’s sale day.
To avoid doubt, it is declared that this Division does not affect an
employee’s post-sale long service leave rights.
The following is a simplified outline of this Subdivision:
• This Subdivision is about the long service
leave that may be granted to an employee of AIDC Ltd who attains at least 10
years service. It also deals with employees who reach minimum retiring age or
are retrenched.
(1) AIDC Ltd may grant an employee long service leave on full salary for a
period up to the employee’s long service leave credit under subsection
34ZP(1) if:
(a) the employee was an employee of AIDC Ltd immediately before AIDC
Ltd’s sale day; and
(b) at that time, the employee’s period of service for the purposes
of the Long Service Leave Act was less than 10 years; and
(c) from and after AIDC Ltd’s sale day, the employee continued to be
employed by AIDC Ltd until his or her combined service period was at least 10
years.
(2) AIDC Ltd may, if the employee asks in writing, grant the employee long
service leave on half salary for a period not exceeding twice the period that
could have been granted to the employee on full salary.
(1) AIDC Ltd may grant an employee long service leave on full salary for a
period up to the employee’s long service leave credit under subsection
34ZP(1) if:
(a) the employee was an employee of AIDC Ltd immediately before AIDC
Ltd’s sale day; and
(b) at that time, the employee’s period of service for the purposes
of the Long Service Leave Act was less than 10 years; and
(c) from and after AIDC Ltd’s sale day, the employee continued to be
employed by AIDC Ltd; and
(d) the employee stopped being an employee of AIDC Ltd, on or after
reaching the minimum retiring age, or because of retrenchment; and
(e) the employee’s combined service period at the time when he or
she stopped being an employee of AIDC Ltd was at least one year.
(2) Long service leave granted under this section is to be taken so as to
end immediately before the employee stopped being an employee.
(3) AIDC Ltd may, if the employee asks in writing, grant the employee long
service leave on half salary for a period not exceeding twice the period that
could have been granted to the employee on full salary.
For the purposes of sections 34ZE and 34ZF, the rate of salary to be used
in working out the full salary of an employee is the rate that would be
applicable to the employee under section 20 of the Long Service Leave Act
if:
(a) that section applied to the employee; and
(b) for the expression “section 16 or 17” in that section
there were substituted the expression “section 34ZE or 34ZF of the
Australian Industry Development Corporation Act 1970”.
The following is a simplified outline of this Subdivision:
• This Subdivision is about payments in respect
of long service leave to an employee of AIDC Ltd who has not used all of his or
her long service leave credit by taking long service leave under Subdivision
B.
Subject to section 34ZL, AIDC Ltd must pay an employee an amount equal to
full salary in respect of his or her long service leave credit under subsection
34ZP(2) if:
(a) the employee was an employee of AIDC Ltd immediately before AIDC
Ltd’s sale day; and
(b) at that time, the employee’s period of service for the purposes
of the Long Service Leave Act was less than 10 years; and
(c) from and after AIDC Ltd’s sale day, the employee continued to be
employed by AIDC Ltd; and
(d) the employee stopped being an employee of AIDC Ltd on or after the day
on which his or her combined service period reached 10 years.
Subject to section 34ZL, AIDC Ltd must pay an employee an amount equal to
full salary in respect of his or her long service leave credit under subsection
34ZP(2) if:
(a) the employee was an employee of AIDC Ltd immediately before AIDC
Ltd’s sale day; and
(b) at that time, the employee’s period of service for the purposes
of the Long Service Leave Act was less than 10 years; and
(c) from and after AIDC Ltd’s sale day, the employee continued to be
employed by AIDC Ltd; and
(d) the employee stopped being an employee of AIDC Ltd, on or after
reaching the minimum retiring age, or because of retrenchment; and
(e) the employee’s combined service period at the time when he or
she stopped being an employee of AIDC Ltd was at least one year.
Subject to section 34ZL, AIDC Ltd must pay an employee an amount equal to
full salary in respect of his or her long service leave credit under subsection
34ZP(2) if:
(a) the employee was an employee of AIDC Ltd immediately before AIDC
Ltd’s sale day; and
(b) at that time, the employee’s period of service for the purposes
of the Long Service Leave Act was less than 10 years; and
(c) from and after AIDC Ltd’s sale day, the employee continued to be
employed by AIDC Ltd; and
(d) the employee stopped being an employee of AIDC Ltd because of
ill-health; and
(e) AIDC Ltd was satisfied that the employee left AIDC Ltd because of
ill-health that justified his or her so leaving; and
(f) when the employee left, his or her combined service period was at
least one year.
(1) An employee may, by written notice given to AIDC Ltd before the
employee stops being an employee of AIDC Ltd:
(a) request AIDC Ltd not to make a payment to the employee under section
34ZI, 34ZJ or 34ZK; or
(b) request AIDC Ltd to make a payment under that section of a specified
amount that is less than the amount that would otherwise be payable under that
section.
(2) AIDC Ltd must comply with the request.
For the purposes of this Subdivision, the rate of salary to be used in
working out the full salary of an employee is the rate that would be applicable
to the employee under section 21 of the Long Service Leave Act if:
(a) that section applied to the employee; and
(b) for the expression “sections 16 and 17” in that section
there were substituted the expression “sections 34ZI, 34ZJ and 34ZK of the
Australian Industry Development Corporation Act 1970”.
The following is a simplified outline of this Subdivision:
• This Subdivision is about payments in respect
of long service leave to the dependants or the legal personal representative of
an employee of AIDC Ltd who has died.
(1) AIDC Ltd must make a payment to a dependant or to 2 or more dependants
of an employee if:
(a) the employee was an employee of AIDC Ltd immediately before AIDC
Ltd’s sale day; and
(b) at that time, the employee’s period of service for the purposes
of the Long Service Leave Act was less than 10 years; and
(c) from and after AIDC Ltd’s sale day, the employee continued to be
employed by AIDC Ltd; and
(d) on or after AIDC Ltd’s sale day, the employee died and
immediately before his or her death:
(i) the employee was an employee of AIDC Ltd; and
(ii) the employee’s combined service period was at least one year;
and
(iii) the employee had one or more dependants.
(2) AIDC Ltd must make a payment to the legal personal representative of
an employee if:
(a) the employee was an employee of AIDC Ltd immediately before AIDC
Ltd’s sale day; and
(b) at that time, the employee’s period of service for the purposes
of the Long Service Leave Act was less than 10 years; and
(c) from and after AIDC Ltd’s sale day, the employee continued to be
employed by AIDC Ltd; and
(d) on or after AIDC Ltd’s sale day, the employee died and
immediately before his or her death:
(i) the employee was an employee of AIDC Ltd; and
(ii) the employee’s combined service period was at least one year;
and
(iii) the employee did not have any dependants.
(3) The total amount of the payment or payments is the amount that would
have been payable to the employee under section 34ZJ if, on the day of his or
her death, the employee had stopped being an employee of AIDC Ltd on or after
reaching the minimum retiring age.
(4) If subsection (1) or (2) applies, section 23 of the Long Service Leave
Act has effect as if:
(a) that section applied to the employee; and
(b) a reference in that section to the approving authority were a
reference to AIDC Ltd; and
(c) for the expression “this Act” in that section there were
substituted the expression “section 34ZO of the Australian Industry
Development Corporation Act 1970”; and
(d) for the expression “subsection 16(7) or 17(5)” in that
section there were substituted the expression “section 34ZO of the
Australian Industry Development Corporation Act 1970”.
(1) For the purposes of sections 34ZE and 34ZF, the long service leave
credit of an employee is equal to the long service leave credit that the
employee would have under the Long Service Leave Act for the period:
(a) starting when the employee started his or her period of service;
and
(b) ending on AIDC Ltd’s sale day;
if the employee had been retrenched on that sale day.
(2) For the purposes of sections 34ZI, 34ZJ and 34ZK, an employee’s
long service leave credit is the employee’s long service leave credit
worked out under subsection (1), reduced by any long service leave credit used
under section 34ZE or 34ZF.
(1) Even though an employee of AIDC Ltd ceases to be employed in
Government Service for the purposes of the Long Service Leave Act, the
employee’s accrued rights under that Act continue while the employee
continues to be employed by AIDC Ltd if:
(a) the employee was an employee of AIDC Ltd immediately before AIDC
Ltd’s sale day; and
(b) at that time, the employee’s period of service for the purposes
of the Long Service Leave Act was at least 10 years.
However, the employee is not entitled to receive any payment because he or
she ceases to be in Government Service.
(2) If the employee continues to be employed by AIDC Ltd, the Long Service
Leave Act has effect after AIDC Ltd’s sale day as if AIDC Ltd were an
approving authority for the purposes of that Act.
Unless the contrary intention appears, expressions used in this Division
that are also used in the Safety, Rehabilitation and Compensation Act
1988 have the same meanings as in that Act.
If AIDC Ltd ceases to be a Commonwealth authority for the purposes of the
Safety, Rehabilitation and Compensation Act 1988, that Act continues to
apply in relation to AIDC Ltd to the extent, and in the manner, set out in this
Division.
(1) The Safety, Rehabilitation and Compensation Act 1988 continues
to apply, on and after AIDC Ltd’s sale day, in relation to:
(a) injuries suffered by an employee of AIDC Ltd before its sale day;
and
(b) loss of, or damage to, property incurred by the employee before AIDC
Ltd’s sale day;
if the employee was an employee of AIDC Ltd immediately before its sale
day.
(2) For
the purposes of subsection (1), the Safety, Rehabilitation and Compensation
Act 1988 continues to apply as if:
(a) AIDC Ltd continued to be a Commonwealth authority; and
(b) the Chief Executive Officer of AIDC Ltd (however described) continued
to be the Principal Officer of a Commonwealth authority.
(1) On and after the sale day of AIDC Ltd, Division 4A of Part VII of the
Safety, Rehabilitation and Compensation Act 1988 applies to AIDC Ltd as
if:
(a) AIDC Ltd continues to be a Commonwealth authority; and
(b) AIDC Ltd is not required to pay a premium under that Division in
respect of the part of a financial year that occurs after AIDC Ltd’s sale
day; and
(c) the following word and paragraph were added at the end of subsection
96H(1):
; or (f) in the case of an authority—the authority is not required
to pay a premium under this Division in respect of part of a financial
year.
(2) If, 60 days after AIDC Ltd’s sale day, an amount of premium
payable by AIDC Ltd to Comcare in respect of the period before the sale day
remains unpaid, the amount is a debt due to the Commonwealth by AIDC Ltd and
payable to Comcare.
(1) On and after the sale day of AIDC Ltd, AIDC Ltd is taken to be the
relevant employer of the employee for the purposes of section 40 of the
Safety, Rehabilitation and Compensation Act 1988.
(2) On and after the sale day of AIDC Ltd, AIDC Ltd must provide such
reasonable co-operation and assistance as the Commonwealth requires to enable
the Commonwealth to fulfil its obligations under sections 36, 37, 38, 39, 41 and
41A of the Safety, Rehabilitation and Compensation Act 1988.
(1) The Chief Executive Officer (however described) of AIDC Ltd must
notify Comcare, within 28 days after AIDC Ltd’s sale day, of the amount of
salary, wages or pay paid to employees of AIDC Ltd in the pre-sale day
period.
(2) In this section:
pre-sale day period means the period starting on 1 July in
the financial year in which AIDC Ltd’s sale day occurs and ending on the
day before that sale day.
(1) AIDC Ltd is entitled to be paid the amount worked out using the
formula set out below if AIDC Ltd has paid a contribution to the cost of the
administration of the Occupational Health and Safety (Commonwealth
Employment) Act 1991 under section 67H of that Act in respect of the
financial year in which AIDC Ltd’s sale day occurs:
contribution means the contribution paid by AIDC Ltd in
respect of that financial year.
no. of refund days means the total number of days in the
period beginning on that sale day and ending on the last day of the financial
year in which that sale day occurs.
(2) An amount to which AIDC Ltd is entitled under subsection (1) must be
paid out of the Consolidated Revenue Fund, which is appropriated
accordingly.
40 Subsection 35(1)
Omit “1 July 1998”, substitute “the declared date in
relation to the agreement or arrangement”.
41 Subsection 35(8)
Omit “1 July 1998” (wherever occurring), substitute “the
declared date in relation to the agreement”.
42 After subsection 35(9)
Insert:
(9A) For the purposes of subsection (9), the leaving of money on deposit
with the Corporation on an “on call” basis is to be regarded as the
leaving of money on deposit for a term of 24 hours.
43 Subsection 35(10)
Omit “1 July 1998” (wherever occurring), substitute “the
declared date in relation to the agreement”.
44 At the end of section 35
Add:
(11) The Minister for Finance may, by writing, determine that a specified
date is the declared date in relation to a specified agreement or
a specified arrangement for the purposes of this section. The date must be after
the date of commencement of this subsection and before 1 July 1998.
Note: For specification by class, see section 46 of the
Acts Interpretation Act 1901.
(12) A determination under subsection (11) has effect
accordingly.
(13) A copy of a determination under subsection (11) is to be published in
the Gazette within 14 days after the making of the
determination.
(14) To avoid doubt, an instrument made under subsection (11) is not taken
to be a legislative instrument for the purposes of the
Legislative Instruments Act 1997.
(15) If no determination is in force under subsection (11) in relation to
an agreement or arrangement, then, for the purposes of this section, the
declared date in relation to the agreement or arrangement is 1
July 1998.
45 After section 36
Insert:
A Minister is not taken to be a director of a body corporate for the
purposes of the Corporations Law because of the powers that are conferred on the
Minister concerned by this Act.
46 Paragraph 37(2C)(f)
Repeal the paragraph, substitute:
(f) specify the total of the amounts that became payable to the
Commonwealth during the year under section 24A.
47 After section 37
Insert:
(1) The Minister may, by writing, delegate to:
(a) the Secretary to the Department; or
(b) the Chief Executive of the Office of Asset Sales; or
(c) a person holding or performing the duties of a Senior Executive
Service office (whether or not in the Department);
all or any of the functions and powers conferred on the Minister by this
Act.
(2) In this section:
Senior Executive Service office has the same meaning
as in the Public Service Act 1922.
48 Transitional—appointment of
Chairman
(1) This item applies to the person who was the Chairman immediately before
the commencement of this item.
(2) The Australian Industry Development Corporation Act 1970 has
effect as if the Minister had, by instrument under section 11 of that Act,
appointed the person as the Chairman with effect from the commencement of this
item.
49 Transitional—appointment of Chief
Executive
(1) This item applies to the person who was the Chief Executive immediately
before the commencement of this item.
(2) The Australian Industry Development Corporation Act 1970 has
effect as if the Board had, by instrument under section 13 of that Act,
appointed the person as the Chief Executive with effect from the commencement of
this item.
50 Transitional—appointment of ordinary
Directors
(1) This item applies to a person (other than the Chairman or the Chief
Executive) who was a Director immediately before the commencement of this
item.
(2) The Australian Industry Development Corporation Act 1970 has
effect as if the Minister had, by instrument under section 11 of that Act,
appointed the person as an ordinary Director with effect from the commencement
of this item.
51 Transitional—section 9 and paragraph
19(3)(b) of the Australian Industry Development Corporation Act
1970
If Schedule 2 to the Audit (Transitional and Miscellaneous) Amendment
Act 1997 does not commence before the day on which this Act receives the
Royal Assent, the amendments of section 9 and paragraph 19(3)(b) of the
Australian Industry Development Corporation Act 1970 made by the Audit
(Transitional and Miscellaneous) Amendment Act 1997 are taken never to have
commenced.
Administrative
Decisions (Judicial Review) Act 1977
1 Paragraph (k) of Schedule
2
Omit “Australian Industry Development Corporation”.
Australian
Industry Development Corporation Act 1970
2 The whole of the Act
Repeal the Act.
3 Transitional—taxation
matters
Despite the repeal of sections 29Z, 29ZA, 29ZB and 29ZC of the
Australian Industry Development Corporation Act 1970 by this Schedule,
those sections continue to apply, in relation to AIDC Ltd, as if those repeals
had not happened.
4 Transitional—references in
instruments
Despite the repeal of sections 29J, 33E, 33K, 33L, 33M, 33P, 33Q and 33R of
the Australian Industry Corporation Act 1970 by this Schedule, those
sections continue to apply, in relation to references in instruments, as if
those repeals had not happened.
Freedom
of Information Act 1982
5 Part I of Schedule 2
Omit “Australian Industry Development Corporation”.
Legislative
Instruments Act 1997
6 Schedule 2
Omit “Australian Industry Development Corporation Act
1970”.
7 Schedule 3
Omit “Australian Industry Development Corporation”.
Loans
(Australian Industry Development Corporation) Act 1974
8 The whole of the Act
Repeal the Act.
National
Crime Authority Act 1984
9 Schedule 2
Omit “Australian Industry Development Corporation”.
Occupational
Health and Safety (Commonwealth Employment) Act 1991
10 Schedule
Omit “Australian Industry Development Corporation”.