Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Section 16A of the Principal Act is repealed and the following section is substituted:
16A Authority must not form etc. companies
"The Authority must not:
(a) form, or participate in the formation of, a company; or
(b) subscribe for, or otherwise acquire, shares in a company that is not a subsidiary of the Authority.".
(2) If, immediately before the repeal of section 16A of the Principal Act, a subsidiary of the Authority was a subsidiary whose approval under subsection 16A(1) of the Principal Act was subject to terms and conditions specified in the approval, then despite the repeal of section 16A of the Principal Act:
(a) the terms and conditions that applied under section 16A of the Principal Act immediately before the repeal; and
(b) subsections 16A(3) to (6) of the Principal Act as in force immediately before the repeal;
continue to apply in relation to the subsidiary.