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FILM LICENSED INVESTMENT COMPANY (CONSEQUENTIAL PROVISIONS) ACT 2005 NO. 58, 2005 - SCHEDULE 1

- Repeal and amendments
Part 1—Repeal of previous legislation

Film Licensed Investment Company Act 1998

1
The whole of the Act

Repeal the Act.


Part 2—Other amendments

Income Tax Assessment Act 1997

2
Section 375-850

Omit "1 July 2000", substitute "30 June 2007".

3
Section 375-850

Omit "FLICs", substitute "a FLIC".

4
Subsection 375-855(1) (note)

Omit " 1998 ", substitute " 2005 ".

5
Subsection 375-855(1) (note)

Omit "2000", substitute "2007".

6
Subsection 375-855(2)

Omit " 1998 ", substitute " 2005 ".

7
Subsection 375-855(2) (note)

Omit " 1998 ", substitute " 2005 ".

8
Subsection 375-855(2) (note)

Omit "5", substitute "6".

9
Subsection 375-860(2) (note)

Omit "15", substitute "13".

10
Subsection 375-860(2) (note)

Omit " 1998 ", substitute " 2005 ".

11
Subsection 375-865(1) (note)

Repeal the note, substitute:

Note: The Arts Minister may do this if the FLIC in which you hold shares breaches certain requirements under the FLIC's Act. See sections 32 and 34 of the Film Licensed Investment Company Act 2005 .

12
Paragraph 375-865(2)(a)

Repeal the paragraph, substitute:

(a) the * FLIC in which you hold the * shares has breached a condition under Division 7 of Part 2 of the Film Licensed Investment Company Act 2005 , or a requirement under section 34 of that Act; and

13
Paragraph 375-865(2)(c)

Omit "of conditions".

14
Subsection 375-865(2) (note)

Repeal the note, substitute:

Note: The Arts Minister's decisions about alleged breaches are made under sections 32 and 34 of the Film Licensed Investment Company Act 2005 . Subsection (2) above is only relevant in a situation where the Arts Minister has, as far as the Commissioner knows, made no decision under those sections.

15
Subsection 375-875(2) (note 1)

Omit " 1998 ", substitute " 2005 ".

16
Subsection 995-1(1) (definition of Arts Minister )

Omit " 1998 ", substitute " 2005 ".


Part 3—Savings
17
Savings

The provisions amended or repealed by this Schedule continue to apply, in relation to a company that was a film licensed investment company under the Film Licensed Investment Company Act 1998 immediately before the commencement of this Schedule, as if the amendment or repeal had not happened.



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