Commonwealth Numbered Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

SCIENCE AND INDUSTRY RESEARCH LEGISLATION AMENDMENT ACT 1986 No. 121, 1986 - SECT 8

Powers of the Organisation
8. (1) Section 9AA of the Principal Act is amended -
(a) by omitting from paragraph (b) all the words after "company";
(b) by omitting from paragraphs (c) and (d) "Executive" and substituting

"Chief Executive";
(c) by omitting from paragraph (e) "Executive thinks fit" and substituting

"Chief Executive determines";

   (d)  by inserting in paragraph (e) ", or facilities made available," after

"carried out"; and

   (e)  by adding at the end the following sub-sections:

"(2) The Organisation shall not, without the written approval of the Minister,
hold a controlling interest in a company.

"(3) An approval under sub-section (2) -

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

   (b)  may be given subject to conditions or restrictions set out in the
        instrument of approval.

"(4) Where the Organisation commences to hold a controlling interest in a
company, the Minister shall -

   (a)  cause to be prepared a statement setting out particulars of, and the
        reasons for, the holding of that controlling interest; and

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

        (i)    the Organisation commenced to hold that controlling interest;
               or

        (ii)   if the Minister is of the opinion that the disclosure of the
               holding of the controlling interest would affect adversely the
               commercial interests of the Organisation, the Minister ceases
               to be of that opinion.

"(5) Nothing is invalid on the ground that the Organisation has failed to
comply with sub-section (2).

"(6) Where the Organisation holds a controlling interest in a company, the
Organisation shall ensure that the company does not do any act or thing that,
if done by the Organisation, would not be within the functions of the
Organisation.".

(2) Sub-section 9AA (2) of the Principal Act as amended by this Act does not
apply to a controlling interest that commenced to be held before the
commencement of this section. 


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback