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This is a Bill, not an Act. For current law, see the Acts databases.
1998-1999-2000
The Parliament
of the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Wool Services
Privatisation Bill 2000
No. ,
2000
(Agriculture, Fisheries and
Forestry)
A Bill for an Act to privatise
the Australian Wool Research and Promotion Organisation, and for related
purposes
ISBN: 0642 452512
Contents
Part 1—Amendments and
repeals 26
Australian Wool Research and Promotion Organisation Act
1993 26
Equal Employment Opportunity (Commonwealth Authorities) Act
1987 26
Primary Industries Levies and Charges Collection Act
1991 26
Wool Tax Act (No. 1)
1964 27
Wool Tax Act (No. 2)
1964 27
Wool Tax Act (No. 3)
1964 27
Wool Tax Act (No. 4)
1964 27
Wool Tax Act (No. 5)
1964 27
Part 2—Transitional and
savings 29
A Bill for an Act to privatise the Australian Wool
Research and Promotion Organisation, and for related
purposes
The Parliament of Australia enacts:
This Act may be cited as the Wool Services Privatisation Act
2000.
(1) Subject to this section, this Act commences on the day on which it
receives the Royal Assent.
(2) Schedule 1 commences on a day to be fixed by
Proclamation.
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this Act is amended or repealed as set out in the applicable items in the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.
This Act binds the Crown in all its capacities.
This Act extends to all the external Territories.
This Act extends to acts, omissions, matters and things outside
Australia, whether or not in a foreign country.
In this Part, unless the contrary intention appears:
1936 Tax Act means the Income Tax Assessment Act
1936.
1997 Tax Act means the Income Tax Assessment Act
1997.
ASIC means the Australian Securities and Investments
Commission.
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.
certified demerger matter means any of the following matters
that is certified under section 36:
(a) the transfer by HoldCo, to a shareholder in HoldCo, of any of
HoldCo’s shares in a subsidiary;
(b) the issue of shares by a subsidiary of HoldCo to a shareholder in
HoldCo;
(c) the cancellation of shares in HoldCo (whether by buy-back, capital
reduction or any other means).
commencing time means the beginning of the day on which this
Act receives the Royal Assent.
conversion time means the time when Schedule 1
commences.
Corporations Law company means a body registered as a company
under the Corporations Law.
HoldCo means:
(a) in relation to a time before the conversion time—the
Organisation; or
(b) in relation to a time after the conversion time—Australian Wool
Services Limited (or that company with another name).
Note: Under Division 4, the Organisation is converted
into a Corporations Law company, with the name “Australian Wool Services
Limited”.
instrument means:
(a) an Act or any instrument under an Act; or
(b) any other document.
liability means any liability, duty or obligation, whether
actual, contingent or prospective.
Organisation means the Australian Wool Research and Promotion
Organisation.
restructuring body means HoldCo or a subsidiary.
restructuring period means the period starting at the
commencing time and ending 2 years after the conversion time.
subsidiary means a wholly-owned subsidiary (within the
meaning of the Corporations Law) of HoldCo.
wool levy means levy or charge that:
(a) is collected under the Primary Industries Levies and Charges
Collection Act 1991; and
(b) is prescribed by regulations under this Act.
wool tax means tax imposed by any of the following
Acts:
(a) the Wool Tax Act (No. 1) 1964;
(b) the Wool Tax Act (No. 2) 1964;
(c) the Wool Tax Act (No. 3) 1964;
(d) the Wool Tax Act (No. 4) 1964;
(e) the Wool Tax Act (No. 5) 1964.
(1) As soon as possible after the commencing time, HoldCo must apply to
ASIC under Part 5B.1 of the Corporations Law to register HoldCo as a public
company limited by shares.
(2) HoldCo is hereby authorised to make the application.
(3) The application must be lodged with an office of ASIC in the
Australian Capital Territory.
(4) The application must be accompanied by a copy of HoldCo’s
proposed constitution. The proposed constitution must first be approved in
writing by the Minister.
(5) The following provisions of the Corporations Law do not apply in
relation to the application:
(a) paragraphs 601BC(2)(e) and (l);
(b) subsection 601BC(4);
(c) paragraphs 601BC(6)(a), (d) and (e);
(d) paragraphs 601BC(8)(a) and (f).
A declaration under this Division cannot be made, or amended, after the
conversion time.
(1) This section provides for an asset of a restructuring body (the
transferor) to become an asset of another restructuring body (the
transferee).
(2) The Minister may, in writing, make any or all of the following
declarations in relation to the asset:
(a) a declaration that the asset vests in the transferee at a specified
time without any conveyance, transfer or assignment;
(b) a declaration that a specified instrument relating to the asset
continues to have effect after the asset vests in the transferee as if a
reference in the instrument to the transferor were a reference to the
transferee;
(c) a declaration that the transferee becomes the transferor’s
successor in law in relation to the asset immediately after the asset vests in
the transferee.
Note: An asset or instrument may be specified by name, by
inclusion in a specified class or in any other way.
(3) The declaration has effect accordingly.
(4) A copy of the declaration is to be published in the Gazette
within 14 days after the declaration is made.
(5) A time specified under paragraph (2)(a) must be before the
conversion time.
(1) This section applies to a contract (other than a contract of
employment) to which a restructuring body (the transferor) is a
party. This section provides for another restructuring body (the
transferee) to be substituted for the transferor for various
purposes.
(2) The Minister may, in writing, declare that the transferor’s
rights and obligations under the contract:
(a) cease to be rights and obligations of the transferor at a specified
time; and
(b) become rights and obligations of the transferee at that
time.
(3) The Minister may, by writing, declare that the contract continues to
have effect after a specified time as if a reference in the contract to the
transferor were a reference to the transferee.
(4) The Minister may, by writing, declare that a specified instrument
relating to the contract continues to have effect, after the rights and
obligations of the transferor under the contract become rights and obligations
of the transferee, as if a reference in the instrument to the transferor were a
reference to the transferee.
(5) The Minister may, by writing, declare that the transferee becomes the
successor in law of the transferor, in relation to the transferor’s rights
and obligations under the contract, immediately after the transferor’s
rights and obligations under the contract become rights and obligations of the
transferee.
(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) A time specified under subsection (2) or (3) must be before the
conversion time.
(9) This section does not, by implication, limit section 10 or
12.
(10) In this section:
contract includes:
(a) a deed; and
(b) a deed poll.
Note: For the purposes of this section, a liability or
instrument may be specified by name, by inclusion in a specified class or in any
other way.
(1) This section provides for a liability of a restructuring body (the
transferor) to become a liability of another restructuring body
(the transferee).
(2) The Minister may, in writing, make any or all of the following
declarations in relation to the liability:
(a) a declaration that the liability vests in the transferee at a
specified time without any conveyance, transfer or assignment;
(b) a declaration that a specified instrument relating to the liability
continues to have effect after the liability vests in the transferee as if a
reference in the instrument to the transferor were a reference to the
transferee;
(c) a declaration that the transferee becomes the transferor’s
successor in law in relation to the liability immediately after the liability
vests in the transferee.
(3) The declaration has effect accordingly.
(4) A copy of the declaration is to be published in the Gazette
within 14 days after the declaration is made.
(5) A time specified under paragraph (2)(a) must be before the
conversion time.
Note: For the purposes of this section, a liability or
instrument may be specified by name, by inclusion in a specified class or in any
other way.
(1) This section applies if:
(a) any right, title or interest in particular land vests in a
restructuring body under this Division; and
(b) there is lodged with a land registration official a certificate
that:
(i) is signed by the Minister; and
(ii) identifies the land, whether by reference to a map or otherwise;
and
(iii) states that the right, title or interest has become vested in the
restructuring body under this Division.
(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) The Lands Acquisition Act 1989 does not apply in relation to
anything done under this section.
(4) In this section:
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.
(1) This section applies if:
(a) an asset other than land vests in a restructuring body under this
Division; and
(b) there is lodged with an assets official a certificate that:
(i) is signed by the Minister; and
(ii) identifies the asset; and
(iii) states that the asset has become vested in the restructuring body
under this Division.
(2) The assets official may:
(a) deal with, and give effect to, the certificate as if it were a proper
and appropriate instrument for transactions in relation to assets of that kind;
and
(b) make such entries in the register as are necessary having regard to
the effect of this Division.
(3) In this section:
assets official means the person or authority who, under a
law of the Commonwealth, a State or a Territory, under a trust instrument or
otherwise, has responsibility for keeping a register in relation to assets of
the kind concerned.
This Division does not prevent a restructuring body from transferring
assets or liabilities (including rights or obligations under contracts)
otherwise than under this Division.
(1) At the conversion time, ASIC is taken to have registered HoldCo under
section 601BD of the Corporations Law:
(a) as a public company limited by shares; and
(b) with the name “Australian Wool Services
Limited”.
(2) ASIC must issue a certificate and ACN under section 601BD of the
Corporations Law in respect of the registration. The date of registration is to
be the day on which the conversion time occurred.
(1) As soon as practicable after the conversion time, the Minister must
make a written declaration that a specified amount was the net worth of HoldCo
immediately after the conversion time.
(2) HoldCo’s share capital, immediately after the conversion time,
is taken to have been equal to the specified amount.
(3) The declaration cannot be varied or revoked.
(4) A copy of the declaration must be published in the Gazette as
soon as practicable after the declaration is made.
Nothing in this Part prevents any of the following, after the conversion
time:
(a) a variation of the share capital of HoldCo;
(b) a change in the name of HoldCo;
(c) a change in the structure, constitution or membership of
HoldCo.
For the purposes of the Corporations Law:
(a) the accounting records kept by HoldCo before the conversion time under
section 20 of the Commonwealth Authorities and Companies Act 1997,
or under section 63 of the Australian Wool Research and Promotion
Organisation Act 1993, are to be treated as financial records of HoldCo;
and
(b) an annual report and financial statements prepared in relation to a
financial year by HoldCo under section 9 of the Commonwealth Authorities
and Companies Act 1997, or under section 76 of the Australian Wool
Research and Promotion Organisation Act 1993, are to be treated as a
financial report of HoldCo for that financial year.
(1) Before the conversion time, the Minister must cause a list to be
prepared of the persons who will become the shareholders of HoldCo at the
conversion time.
(2) The list is to be known as the List of Eligible Woolgrowers.
(3) The list must show the number of shares of each class to which each
person is entitled.
(4) After the list has been prepared, the Minister must certify that the
Minister is satisfied that the list was prepared in accordance with the
procedures prescribed by the regulations.
(5) The Minister may be satisfied that the list was prepared in accordance
with those procedures even if some steps in the preparation of the list occurred
before the regulations were made.
(6) After certifying the list, the Minister must give HoldCo a copy of the
list. The Minister must certify the copy to be a true copy.
(1) At the conversion time, shares in HoldCo are taken to be issued as
fully paid, in accordance with the List of Eligible Woolgrowers, as
follows:
(a) if the list provides for shares to be issued to a person, the shares
are taken to be issued to that person;
(b) if the list provides for shares to be issued to 2 or more persons
jointly, the shares are taken to be issued to those persons jointly.
(2) A person to whom shares are taken to be issued under
subsection (1):
(a) becomes a member of HoldCo, by force of this section, and is taken to
have consented to become a member; and
(b) is entitled to the same rights, privileges and benefits in respect of
that membership as if the person had become a member under the constitution of
HoldCo; and
(c) is subject to the same duties, liabilities and obligations in respect
of that membership as if the person had become a member under the constitution
of HoldCo.
If, within 6 months after the conversion time, HoldCo determines, in
accordance with its constitution, that any of the shares issued under
section 21 should not have been issued, then those shares are taken never
to have been issued.
Note: This section could apply, for example, where too many
shares were issued to a person under section 21 because of incorrect
information about the amount of wool tax paid by the person. In this case, the
shares in excess of the proper entitlement would be taken never to have been
issued to the person.
If HoldCo determines, in accordance with its constitution, that any of
its shares should be cancelled, then those shares are cancelled by force of this
section.
(1) No stamp duty or other tax is payable under a law of a State or
Territory in respect of an exempt matter, or anything connected with an exempt
matter.
(2) The Minister may certify in writing:
(a) that a specified matter is an exempt matter; or
(b) that a specified thing was done in connection with a specified exempt
matter.
(3) In all courts, and for all purposes, a certificate under
subsection (2) is evidence of the matter stated in the
certificate.
(4) In this section:
exempt matter means any of the following:
(a) the registration of HoldCo as a Corporations Law company;
(b) the issue of shares to a person under section 21;
(c) the issue of shares to a person in accordance with HoldCo’s
constitution, where the issue is certified under section 36;
(d) any of the following things that happens during the restructuring
period and is certified by the Minister under section 36:
(i) the transfer of an asset or liability between 2 restructuring
bodies;
(ii) the operation of Division 3 in relation to particular assets,
liabilities or contracts;
(iii) the transfer by HoldCo, to a shareholder in HoldCo, of any of
HoldCo’s shares in a subsidiary;
(iv) the issue of shares by a subsidiary of HoldCo to a shareholder in
HoldCo;
(v) the cancellation of shares in HoldCo (whether by buy-back, capital
reduction or any other means).
For the purposes of section 160ARDM of the 1936 Tax Act, the
creation of share capital by section 17 of this Act is not taken to be, or
to result from, the transfer of an amount by HoldCo to its share capital account
from another account.
For the purposes of the 1936 Tax Act and the 1997 Tax Act, no amount is
to be included in the assessable income of a person because of:
(a) the issue of shares to a person under section 21; or
(b) the issue of shares to a person in accordance with HoldCo’s
constitution, where the issue is certified under section 36.
(1) For the purposes of the 1936 Tax Act and the 1997 Tax Act, if an asset
or liability of a restructuring body becomes an asset or liability of another
restructuring body as a result of an exempt transfer, then no amount is to be
included in the assessable income of the transferor or transferee because of the
transfer.
(2) To the extent that an exempt transfer involves a CGT event,
Subdivision 126-B of the 1997 Tax Act is to be applied on the basis
that:
(a) subsection 126-50(4) of that Act were omitted; and
(b) in deciding whether the condition in paragraph 126-55(1)(a) of that
Act is met, it is to be assumed that the transferor was not, at any relevant
time, exempt from income tax; and
(c) the condition in paragraph 126-55(1)(b) of that Act were taken to be
met.
Note: The broad effect of subsection (2) is that the
transfer will qualify for roll-over concessions under the rules that apply to
transactions within a wholly-owned group.
(3) To the extent that an exempt transfer involves a disposal of property
for the purposes of Subdivision 41-A of the 1997 Tax Act, that Subdivision
is to be applied on the basis that:
(a) in deciding whether the condition in paragraph 41-20(1)(a) of that Act
is met, it is to be assumed that the transferor was not, at any relevant time,
exempt from income tax; and
(b) Subdivision 126-B of that Act applies, for the purposes of
Subdivision 41-A of that Act, with the modifications set out in
subsection (2) of this section; and
(c) the transferor and transferee had made a joint election under
section 41-55 of that Act.
Note: The broad effect of subsection (3) is that the
transfer will qualify for roll-over concessions under the provisions of the 1997
Tax Act that deal with capital allowances.
(4) In this section:
exempt transfer means either of the following that is
certified under section 36:
(a) a transfer of an asset or liability between restructuring
bodies;
(b) the operation of Division 3 in respect of an asset or liability
or contract.
(1) For the purposes of the 1997 Tax Act, a certified demerger matter is
not to be treated as being a CGT event or as giving rise to a CGT
event.
(2) For the purposes of the 1936 Tax Act and the 1997 Tax Act, no amount
is to be included in the assessable income of a person because of a certified
demerger matter.
For the purposes of the 1997 Tax Act, if any of the following results in
the acquisition of a CGT asset, then the first element of the cost base of the
asset is taken to be nil:
(a) the issue of shares to a person under section 21;
(b) the issue of shares to a person in accordance with HoldCo’s
constitution, where the issue is certified under section 36;
(c) a certified demerger matter.
Note: Section 110-25 of the 1997 Tax Act defines the
elements of the cost base.
(1) The Minister may, in writing, declare a body to be the research body
for the purposes of this Division.
Note: Subsection 33(3) of the Acts Interpretation Act
1901 provides for repeal, variation etc. of instruments.
(2) The Minister must not declare a body to be the research body unless
the body is registered as a company under the Corporations Law of the Australian
Capital Territory.
(3) A declaration under this section is a disallowable instrument for the
purposes of section 46A of the Acts Interpretation Act
1901.
Funding contract
(1) The Minister, on behalf of the Commonwealth, may enter into a contract
with the research body (or with the research body and other persons) that
provides for the Commonwealth to make payments of the following kinds to the
research body:
(a) payments in relation to wool tax and wool levy (category A
payments);
(b) payments per financial year in relation to research and development
(category B payments).
(2) Before entering into the contract, the Minister must be satisfied that
the terms of the contract make adequate provision to ensure that:
(a) category A payments are spent by the research body on research and
development activities, other activities or both, for the benefit of Australian
woolgrowers; and
(b) category B payments are spent by the research body on research and
development activities for the benefit of Australian woolgrowers and the
Australian community generally.
(3) The contract does not have to oblige the Commonwealth to pay the full
amounts that could be paid out of the money appropriated by this
section.
Appropriation for payments under funding contract
(4) The Consolidated Revenue Fund is appropriated for the purposes of
payments by the Commonwealth under this section.
Overall limit on appropriation for category A payments
(5) For category A payments, the total limit on the appropriation is the
sum of:
(a) the total amount of wool tax received by the Commonwealth after
30 June 2000, less amounts that have been paid by the Commonwealth to
HoldCo before the conversion time in respect of that wool tax; and
(b) the total amount of wool levy received by the Commonwealth.
For this purpose, amounts received by the Commonwealth as penalties for
late payment of wool tax or wool levy are to be treated as amounts of wool tax
or wool levy, as the case may be.
Overall limit on appropriation for category B payments
(6) For category B payments, the total limit on the appropriation is the
sum of:
(a) the total amount of wool tax received by the Commonwealth after
30 June 2000, less amounts that have been paid by the Commonwealth to
HoldCo before the conversion time in respect of that wool tax; and
(b) the total amount of wool levy received by the Commonwealth.
For this purpose, amounts received by the Commonwealth as penalties for
late payment of wool tax or wool levy are not to be treated as amounts of wool
tax or wool levy, as the case may be.
Annual limit on appropriation for category B payments
(7) For category B payments in respect of a financial year, the limit on
the appropriation is the lesser of:
(a) 0.5% of the amount determined by the Minister to be the gross value of
eligible wool produced in Australia in that financial year; and
(b) 50% of the amount spent by the research body in that financial year on
activities that qualify, under the contract, as research and development
activities.
(8) For the purposes of subsection (7), the regulations may prescribe
the manner in which the Minister is to determine the gross value of eligible
wool produced in Australia in a financial year.
(9) In this section:
eligible wool has the meaning given by the
regulations.
(1) The research body is taken to be a designated body in relation to wool
levy for the purposes of the rate-setting clauses.
(2) Before 1 January 2004, the research body must make a single
recommendation for the purposes of the rate-setting clauses.
(3) The research body must continue to make recommendations in relation to
the rate-setting clauses so that each recommendation is made not later than the
third anniversary of the previous recommendation.
(4) Before making each recommendation, the research body must conduct a
poll in accordance with the regulations. The recommendation must be in
accordance with the results of the poll.
(5) This section does not apply in relation to the regulations that
initially impose wool levy.
(6) In this section:
rate-setting clauses means:
(a) clause 14 of Schedule 27 to the Primary Industries
(Excise) Levies Act 1999; and
(b) clause 13 of Schedule 14 to the Primary Industries
(Customs) Charges Act 1999.
(1) After the conversion time, HoldCo is not taken, for the purposes of a
law, to be:
(a) a Commonwealth authority; or
(b) established for a public purpose or for a purpose of the Commonwealth;
or
(c) a public authority or an agency or instrumentality of the
Crown;
(within the ordinary meaning of the expression concerned) unless a law
expressly provides otherwise.
(2) In this section:
law means:
(a) an Act of the Commonwealth or of a State or Territory; or
(b) regulations or any other instrument made under such an Act.
(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
National Archives of Australia has given permission under paragraph 24(2)(b) of
that Act.
(1) If:
(a) apart from this section, the operation of this Act 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 the person a reasonable amount of
compensation 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 of
Australia 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.
The Minister may, in writing, certify that a specified event, matter or
other thing occurring during the restructuring period is related to the
privatisation of HoldCo.
A document that appears to be a certificate, declaration or other
document made or issued under this Part:
(a) is taken to be such a certificate, declaration or other document;
and
(b) is taken to have been properly given;
unless the contrary is established.
(1) The Minister may delegate all or any of his or her powers and
functions under this Act to an SES employee, or acting SES employee, in the
Department.
(2) In exercising powers or functions under a delegation, the delegate
must comply with any directions of the Minister.
(1) The Governor-General may make regulations prescribing
matters:
(a) required or permitted by this Act to be prescribed; or
(b) necessary or convenient to be prescribed for carrying out or giving
effect to this Act.
(2) In particular, regulations may be made for matters of a transitional
or saving nature arising from the amendments or repeals made by this
Act.
Australian Wool Research
and Promotion Organisation Act 1993
1 The whole of the Act
Repeal the Act.
Equal Employment
Opportunity (Commonwealth Authorities) Act 1987
2 Subsection 3(1) (paragraph (e) of the
definition of authority)
Repeal the paragraph.
Primary Industries Levies
and Charges Collection Act 1991
3 At the end of
section 27
Add:
(3) An authorised person may provide the following information to an
eligible recipient:
(a) the name, address and ABN of any person who has paid, or is liable to
pay, wool levy;
(b) details of the amount of wool levy that the person has paid, or is
liable to pay.
(4) In this section:
eligible recipient means:
(a) the research body referred to in Division 7 of Part 2 of the
Wool Services Privatisation Act 2000; or
(b) any other person (other than the Commonwealth) who is a party to a
contract referred to in section 31 of the Wool Services Privatisation
Act 2000.
wool levy has the same meaning as in Part 2 of the
Wool Services Privatisation Act 2000.
4 After subsection 4(1)
Insert:
(1A) Tax is not imposed by this Act if the sale occurs after the
commencement of Schedule 1 to the Wool Services Privatisation Act
2000.
5 After subsection 4(1)
Insert:
(1A) Tax is not imposed by this Act if the purchase occurs after the
commencement of Schedule 1 to the Wool Services Privatisation Act
2000.
6 After subsection 4(1)
Insert:
(1A) Tax is not imposed by this Act if the purchase occurs after the
commencement of Schedule 1 to the Wool Services Privatisation Act
2000.
7 After subsection 4(1)
Insert:
(1A) Tax is not imposed by this Act if the process of manufacture occurs
after the commencement of Schedule 1 to the Wool Services Privatisation
Act 2000.
8 After subsection 4(1)
Insert:
(1A) Tax is not imposed by this Act if the export occurs after the
commencement of Schedule 1 to the Wool Services Privatisation Act
2000.
Part 2—Transitional
and savings
9 Continuation of agreements
etc.
(1) The repeal of the Australian Wool Research and Promotion
Organisation Act 1993 at the conversion time does not affect the operation,
after the conversion time, of agreements that were made under Part 4 of
that Act before the conversion time.
(2) This item is enacted for the avoidance of doubt.
Note: The registration of the Organisation as a company
under the Corporations Law does not create a new legal entity or affect the
Organisation’s existing property, rights or obligations (see
section 601BM of the Corporations Law).
10 Final annual report for the
Organisation
(1) For the final reporting period, the directors of HoldCo must, in
relation to the Organisation, prepare the report referred to in section 9
of the Commonwealth Authorities and Companies Act 1997.
(2) For the purposes of this item, the final reporting period is to be
treated as a financial year.
(3) In this item:
final reporting period means the period that:
(a) starts at the beginning of the financial year in which the conversion
time occurred; and
(b) ends at the conversion time.