Australian Industry Development Corporation Act 1970 (Cth)
This compilation was prepared on 1 July 2008
taking into account amendments up to Act No. 20 of 2008
The text of any of those amendments not in force
on that date is appended in the Notes section
The operation of amendments that have been incorporated may be affected by applications provisions that are set out in the Notes section
Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General’s Department, Canberra
Contents
This Act may be cited as the
Australian Industry Development Corporation Act 1970 .
This Act shall come into operation on a date to be fixed by Proclamation.
(1) In this Act, unless the contrary intention appears:
Australia includes the external Territories.
Australian company means a company incorporated or formed in Australia.
Chair means the Chair of the Board.
Chief Executive means the Chief Executive of the Corporation.
company includes any corporation and any unincorporated body or association of persons.
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.
Director means a member of the Board.
eligible subsidiary , in relation to the Corporation, means a subsidiary of the Corporation other than:
(a) the receiving subsidiary; or
(b) a subsidiary of the receiving subsidiary.
goods includes:
(a) minerals, whether under or attached to land or not;
(b) water; and
(c) gas and electricity.
minerals includes petroleum and natural gas.
ordinary Director means a Director referred to in paragraph 11(1)(c).
receiving subsidiary means the company that is nominated under subsection 29B(1).
shares , in relation to a company, means shares in the capital of the company and includes stock.
subsidiary has the meaning given by subsection (3).
the Board means the Board of Directors of the Corporation.
the Corporation means the Australian Industry Development Corporation established by this Act.
(2) A reference in this Act, in relation to any time, to the amount of the capital of the Corporation shall be read as a reference to the total of the amounts paid to the Corporation before that time under section 24.
(3) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate shall be determined in the same manner as the question whether a corporation is a subsidiary of another corporation is determined under the
Companies Act 1981 .
This Act extends to each of the external Territories.
This Act applies both within and outside Australia.
(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.
(1) For the purposes of this Act, there is hereby established a body by the name of the Australian Industry Development Corporation.
(2) The Corporation:
(a) is a body corporate;
(b) shall have a seal;
(c) may acquire, hold and dispose of real and personal property; and
(d) may sue and be sued.
Note: Subject to section 5A, the
Commonwealth Authorities and Companies Act 1997 applies to the Corporation. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment and conduct of officers.(3) All courts, judges and persons acting judicially shall take judicial notice of the imprint of the seal of the Corporation appearing on a document and shall presume that the document was duly sealed.
(1) Sections 15, 16 and 17, subsection 28(2) and section 29 of the
Commonwealth Authorities and Companies Act 1997 have effect, as they apply to the Corporation, as if a reference in any of those provisions to a subsidiary were instead a reference to an eligible subsidiary in relation to the Corporation as defined in section 4 of this Act.(2) Finance Minister’s Orders referred to in subsection 13(2) of the
Commonwealth Authorities and Companies Act 1997 cannot require the Corporation to include, in reports under section 13 of that Act, information about a subsidiary of the Corporation that is not an eligible subsidiary (as defined in section 4 of this Act).
(1) The functions of the Corporation are:
(a) to facilitate and encourage, and to facilitate participation by Australian residents and enterprises in, the establishment, development and advancement of Australian industries by:
(i) providing, or assisting in the provision of, the financial resources required by persons engaging, or proposing to engage, in any such industries or in activities that are connected with, or incidental to, those industries; and
(ii) engaging or participating in enterprises or developmental projects in relation to any such industries or activities; and
(b) to secure, to the greatest extent that is practicable, participation by Australian residents in the ownership and control of businesses engaging in any such industries or activities; and
(c) such other functions as are conferred on the Corporation by Part VI.
(1AA) Paragraphs (1)(a) and (b) have effect subject to section 9 (which deals with directions to the Corporation).
(1A) Before the designated time, the Corporation shall:
(a) give priority in the performance of its core functions to serving the financial needs of industries concerned with, or activities connected with or incidental to:
(i) the manufacture, assembly, construction, processing, treatment, transportation or distribution of goods;
(ii) the provision of services (including services in the tourist industry) of a kind that are or may become subject to competition in markets within or outside Australia from industries outside Australia; and
(iii) the development, marketing or use of new or improved technology, including research leading to such development, marketing or use; and
(b) perform its core functions in such a manner as will:
(i) promote greater efficiency in and competitiveness of Australian industry;
(ii) facilitate reconstruction of Australian industry to achieve long‑term viability and competitiveness; and
(iii) promote new industries or enterprises that have good growth prospects.
(2) Before the designated time, the Corporation shall, so far as it is reasonably practicable for it to do so, perform its core functions with a view to securing an improvement in the balance of Australia’s external trading operations.
(3) The Corporation shall perform its core functions in such manner as will:
(a) promote trade and commerce between Australia and places outside Australia;
(b) promote trade and commerce among the States, between the States and Territories and within the Territories;
(c) promote the economic development of the Territories; and
(d) further the development of Australian resources necessary for the defence of the Commonwealth.
(4) Without limiting the generality of subsection (1), the core functions of the Corporation may be performed:
(a) in the capacity of, and to the extent that they are appropriate to be performed by, a trading or financial corporation formed within the limits of Australia; or
(b) for the purpose of assisting Australian companies, being trading or financial corporations formed within the limits of Australia, in their trading or financial operations;
and subsection (3) does not restrict the performance by the Corporation of its core functions in accordance with this subsection.
(1) Subject to subsection (3), the Corporation has power to do all things necessary or convenient to be done for or in connexion with the performance of its functions.
(2) Without limiting the generality of subsection (1) but subject to subsection (3), the powers of the Corporation include power:
(a) to borrow moneys;
(b) to lend moneys;
(ba) to draw, make, accept, indorse and discount bills of exchange and promissory notes;
(bb) to enter into:
(i) arrangements known as swaps, foreign exchange agreements, forward rate agreements, option agreements, futures agreements or hedge agreements; or
(ii) arrangements having a similar purpose or effect;
(c) to form, or participate in the formation of, a company;
(d) to subscribe for or otherwise acquire, and to dispose of, shares in, or debentures or other securities of, a company;
(e) to enter into a partnership or an arrangement for sharing of profits;
(f) to give guarantees and indemnities;
(g) to underwrite issues of shares in, or debentures or other securities of, a company;
(h) to appoint agents and attorneys;
(ha) to act as trustee;
(j) to act as agent for other persons; and
(k) to do anything incidental to any of its powers.
(2A) Subsections (1) and (2) have effect subject to section 9 (which deals with directions to the Corporation).
(3) Before the designated time, the consolidated borrowings of the Corporation and its subsidiaries (other than borrowings for temporary purposes) shall not exceed 15 times the consolidated capital, and retained profits, accumulated losses and other reserves, of the Corporation and its subsidiaries.
(1A) This section does not apply to the Corporation after the designated time.
(1) In the performance of its core functions the Corporation shall have regard to the current monetary policy of the Commonwealth Government and to the policies of the Commonwealth Government in relation to trade practices, the environment, industrial relations, urban and regional development and the efficiency of industry.
(2) The Corporation shall act in accordance with sound business principles in the performance of its core functions.
(3) The Corporation shall, in deciding whether to provide finance to a particular person or to engage or participate in a particular enterprise or project, have regard to:
(a) the importance of the industry concerned to the Australian economy; and
(b) the extent to which the provision of that finance, or the engaging or participating by the Corporation in that enterprise or project, would contribute to the effective performance of the core functions of the Corporation.
(1A) This section does not apply to the Corporation after the designated time.
(1) The Minister may, from time to time, by notice in writing to the Corporation, inform the Corporation of the policy of the Commonwealth Government in relation to the establishment, development and advancement of an industry referred to in the notice or in relation to the participation by Australian residents in such an industry or in an activity that is connected with or incidental to such an industry.
(2) Where:
(a) the provision of finance by the Corporation in relation to an enterprise or project, or the engaging or participation by the Corporation in an enterprise or project, would be within the core functions of the Corporation;
(b) the Board decides for any reason not to provide finance for, or not to engage or participate in, the enterprise or project; and
(c) it is in accordance with the policy of the Commonwealth Government as notified to the Corporation under subsection (1) that:
(i) the enterprise or project should be carried out; and
(ii) the Corporation should provide finance in relation to, or engage or participate in, the enterprise or project;
the Corporation shall furnish to the Minister a report in writing in relation to the enterprise or project.
(3) The Corporation shall not furnish a report under subsection (2) in relation to the provision of finance by the Corporation to a person in relation to an enterprise or project, or the engaging or participation by the Corporation in an enterprise or project in association with a person, except with the consent of that person.
(4) If the Minister considers that:
(a) the carrying out of an enterprise or project in connexion with an industry or activity referred to in subsection 6(1); and
(b) the provision of finance by the Corporation in relation to the enterprise or project or the engaging or participation of the Corporation in the enterprise or project;
would be in accordance with the policy of the Commonwealth Government in relation to the establishment, development or advancement of the industry or in relation to the participation by Australian residents in the industry or activity, the Minister may direct the Corporation to furnish a report in writing in relation to the enterprise or project.
(5) Where the Corporation is required by subsection (2), or by a direction given by the Minister under subsection (4), to furnish a report to the Minister in relation to an enterprise or project, the Corporation shall conduct such inquiries, investigations, studies or negotiations in connection with the enterprise or project as are necessary to determine whether, and by what means, the Commonwealth Government could enable the Corporation to provide finance for, or to engage or participate in, the enterprise or project and shall include the results of the inquiries, investigations, studies or negotiations in the report.
(6) Where, after having received a report in pursuance of subsection (2) or subsection (4) in relation to an enterprise or project, the Minister is of the opinion that it is in the national interest that the Commonwealth Government should:
(a) facilitate the provision of finance by the Corporation in relation to the enterprise or project; or
(b) assist the Corporation to engage or participate in the enterprise or project;
the Minister may:
(c) give such guarantees as will enable the Corporation to provide finance for, or engage or participate in, the enterprise or project;
(d) out of moneys appropriated by the Parliament for the purpose, make payments to the Corporation (whether by way of loan or otherwise) for use by the Corporation in providing finance for, or engaging or participating in, the enterprise or project on such terms and conditions as the Minister determines; and
(e) authorize the Corporation to borrow moneys to provide finance for, or engage or participate in, the enterprise or project.
(7) The Minister shall not give a guarantee under subsection (6) unless each House of the Parliament has passed a resolution approving the giving of the guarantee.
(8) Where any moneys are lent to the Corporation in accordance with paragraph (6)(d) in relation to an enterprise or project:
(a) the Corporation shall apply those moneys for the purpose for which they were lent to the Corporation;
(b) those moneys shall not be taken into account for the purposes of subsection 7(3); and
(c) the Corporation shall not repay those moneys, or pay interest on those moneys, out of moneys of the Corporation other than moneys, or the proceeds of the sale of assets, acquired by the Corporation as a result of the application of the first‑mentioned moneys in providing finance in relation to, or engaging or participating in, the enterprise or project.
(9) Where any moneys are paid (otherwise than by way of loan) to the Corporation in accordance with paragraph (6)(d) in relation to an enterprise or project, the Corporation shall apply those moneys for the purpose for which they were paid to the Corporation.
(9A) Where, in pursuance of an authorization by the Minister under paragraph (6)(e) the Corporation borrows moneys:
(a) the Corporation shall apply those moneys for the purpose for which the Corporation was authorized to borrow the moneys; and
(b) those moneys shall not be taken into account for the purposes of subsection 7(3).
(10) The Corporation shall keep separate accounts and records in its books of account in respect of operations of the Corporation involving the application of moneys paid to or borrowed by the Corporation under this section and shall include in the annual report on the Corporation under section 9 of the
Commonwealth Authorities and Companies Act 1997 a separate report on each such operation carried on during the year to which the report relates.(13) Where moneys are paid to or borrowed by the Corporation in pursuance of paragraph (6)(d) or (e), the Treasurer is liable to reimburse the Corporation for any expenses (including expenses of management or administration), charges, obligations or liabilities incurred or undertaken by the Corporation in applying those moneys to the extent, if any, to which the Corporation is not able to pay or discharge those expenses, charges, obligations or liabilities out of those moneys or out of income or profits derived by the Corporation from the application of those moneys.
(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.
(1) There shall be a Board of Directors of the Corporation, which shall be constituted as provided by this Part.
(2) There shall be a Chief Executive of the Corporation, who shall be appointed and hold office as provided by this Part.
(3) It is the function of the Board to determine the policies to be pursued by the Corporation in the performance of its functions.
(4) The affairs of the Corporation shall be managed by the Chief Executive but, in managing any of the affairs of the Corporation, the Chief Executive shall act in accordance with any policies determined, and any directions given, by the Board.
(1) The Board consists of the following members:
(a) the Chair of the Board;
(b) the Chief Executive of the Corporation;
(c) such number of other members as the Minister appoints.
(2) The Chair 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 Chair and the ordinary Directors hold office during the Minister’s pleasure.
(4) The Chair 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.
(1) The Chief Executive is to be appointed by the Board.
(2) The Board must not appoint the Chair or an ordinary Director as the Chief Executive.
(3) The appointment of a person as Chief Executive is not invalid merely because of a defect or irregularity in relation to the appointment.
The Chief Executive:
(a) shall be appointed with effect from the day specified in the instrument of appointment; and
(b) holds office during the Board’s pleasure.
The Chief Executive may resign by writing signed by him or her and sent to the Board.
The Chief Executive holds office on such terms and conditions (including terms and conditions relating to remuneration and allowances) in relation to matters not provided for by this Act as are determined by the Board.
The Chief Executive shall give written notice to the Chair of all direct and indirect pecuniary interests that the Chief Executive has or acquires in any business or in any body corporate carrying on any business.
(1) The Chair 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 Chair and the ordinary Directors are to be paid such remuneration as is prescribed.
(3) The Chair 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 .
The Chair or an ordinary Director may resign by writing signed by him or her and sent to the Minister.
(1) Subject to subsection (2), the Minister may appoint a Director or another person to act as Chair:
(a) during a vacancy in the office of Chair; or
(b) during any period, or during all periods, when the Chair is absent from duty or from Australia or is, for any other reason, unable to perform the duties of the office.
(2) The Chief Executive must not be appointed to act as the Chair.
(3) Anything done by or in relation to a person purporting to act as Chair is not invalid merely because:
(a) the occasion for the appointment had not arisen;
(b) there was a defect or irregularity in relation to the appointment;
(c) the appointment had ceased to have effect; or
(d) the occasion to act had not arisen or had ceased.
(1) The Minister may appoint a person to act as an ordinary Director:
(a) during a vacancy in an office of ordinary Director; or
(b) during any period, or during all periods, when an ordinary Director is acting as Chair, is absent from duty or from Australia or is, for any other reason, unable to perform the duties of the office.
(2) Anything done by or in relation to a person purporting to act as a Director under subsection (1) is not invalid merely because:
(a) the occasion for the appointment had not arisen;
(b) there was a defect or irregularity in relation to the appointment;
(c) the appointment had ceased to have effect; or
(d) the occasion to act had not arisen or had ceased.
(1) The Board may appoint a person to act as Chief Executive:
(a) during a vacancy in the office of Chief Executive, whether or not an appointment has previously been made to the office; or
(b) during any period, or during all periods, when the Chief Executive is absent from duty or from Australia or is, for any other reason, unable to perform the duties of the office;
but a person appointed to act during a vacancy shall not continue so to act for more than 12 months.
(2) Anything done by or in relation to a person purporting to act as Chief Executive is not invalid merely because:
(a) the occasion for the appointment had not arisen;
(b) there was a defect or irregularity in relation to the appointment;
(c) the appointment had ceased to have effect; or
(d) the occasion to act had not arisen or had ceased.
(1) Subject to this section, the Chair shall convene such meetings of the Board as the Chair thinks necessary for the efficient conduct of the affairs of the Corporation.
(2) The Chair shall convene a meeting of the Board upon being requested in writing to do so by not less than 2 Directors.
(3) Meetings of the Board shall be held at such places as the Chair determines.
(4) The Chair shall preside at all meetings of the Board at which the Chair is present and, in the Chairman’s absence from a meeting, the Directors present shall appoint one of their number to preside at that meeting.
(5) At a meeting of the Board, a quorum is constituted by 2 Directors, of whom one is the Chair or the Chief Executive and the other is neither the Chair nor the Chief Executive.
(6) Subject to this Act, questions arising at a meeting of the Board shall be decided by a majority of the votes of the Directors present and voting.
(7) The Director presiding at a meeting of the Board has a deliberative vote and, in the event of an equality of votes, also has a casting vote.
(8) If a majority of the Directors (being Directors who, if they were present at a meeting of the Board, would constitute a quorum) sign a document containing a statement that they are in favour of a resolution of the Board in terms set out in the document, a resolution in those terms shall be deemed to have been passed at a duly constituted meeting of the Board held on the day on which the document was signed or, if the Directors sign the document on different days, on the day on which the document was last signed by a Director.
(9) For the purposes of subsection (8), 2 or more separate documents containing statements in identical terms each of which is signed by one or more Directors shall together be deemed to constitute one document containing a statement in those terms signed by those Directors on the respective days on which they signed the separate documents.
(1) The Corporation may, by instrument in writing or resolution of the Board, delegate to a Director, to a committee of the Board consisting of 2 or more Directors or to an officer or employee of the Corporation or the receiving subsidiary all or any of its powers under this Act.
(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.
(1) The Chief Executive may, by signed writing, delegate to an officer or employee of the Corporation or the receiving subsidiary all or any of the Chief Executive’s powers under this Act.
(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.
In preparing or revising a financial target for a corporate plan under section 17 of the
Commonwealth Authorities and Companies Act 1997 , the Board shall have regard to:
(a) the need to earn a reasonable rate of return on the Corporation’s capital and reserves;
(b) the need to maintain the Corporation’s financial viability; and
(c) any other commercial considerations the Board considers appropriate.
(1) When the Board prepares or revises a corporate plan and gives a copy of the plan to the Minister, the Minister may, within 30 days after receiving the copy of the plan and after consultation with the Board, direct the Board to vary the financial target under the plan.
(2) In exercising powers under subsection (1), the Minister shall have regard to:
(a) the matters referred to in paragraphs 23E(a) and (b); and
(b) any other considerations the Minister considers appropriate.
(3) A direction under subsection (1) shall be in writing and shall set out the Minister’s reasons for the direction.
(4) The Minister shall cause a copy of any direction given to the Board under subsection (1) to be laid before each House of the Parliament within 10 sitting days of that House after the giving of the direction.
(1) The amount of $200,000,000 (in this section called the
capital amount ) is payable to the Corporation as its capital.(2) Amounts paid to the Corporation before the commencement of this section as capital of the Corporation form part of the capital amount.
(3) The amount that would, but for this subsection, have been payable by the Corporation to the Commonwealth as dividend for the financial year that commenced on 1 July 1987 shall be retained by the Corporation and shall be taken to have been paid to the Corporation as part of the capital amount.
(4) The remainder of the capital amount is payable to the Corporation, out of money appropriated by the Parliament for the purpose, in such instalments as the Minister for Finance, subject to subsection (5), determines, in writing.
(5) The part of the remainder of the capital amount that has not, at any time, been paid to the Corporation is to be available for the purpose of enabling the Corporation to discharge its obligations.
(6) The Board may, at any time, request the Minister for Finance to arrange for payment to it of any part of the remainder of the capital amount that has not been paid.
(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).
(1) Money of the Corporation shall be applied only:
(a) in payment or discharge of the expenses, charges and obligations incurred or undertaken by the Corporation in the exercise of its powers under this Act;
(b) in payment of the remuneration and allowances of the Directors; and
(c) in making any other payments that the Corporation is authorized or required to make under this Act.
(2) Subsection (1) does not prevent the investment of surplus money of the Corporation under section 19 of the
Commonwealth Authorities and Companies Act 1997.
(1) The Corporation is subject to taxation under the laws of the Commonwealth.
(1A) Except as prescribed, the Corporation is not subject to taxation under a law of a State or Territory.
(1B) Subject to section 33X, the Corporation is subject to stamp duty or any similar tax under a law of a State or Territory in respect of transactions entered into by, and documents executed by or on behalf of, the Corporation.
(1C) Nothing in subsection (1B) limits the regulations that may be made for the purposes of subsection (1A).
(2) The Corporation is not a public authority for the purposes of paragraph 23(d) of the
Income Tax Assessment Act 1936 or section 50‑25 of theIncome Tax Assessment Act 1997 .(3) Securities issued by the Corporation are not public securities or Commonwealth securities for the purposes of the
Income Tax Assessment Act 1936 .
Subject to section 27, the Corporation is not subject to any requirement, obligation, liability, penalty or disability under a law of a State or Territory to which the Commonwealth is not subject.
(7A) The Auditor‑General is to be appointed auditor of each Australian subsidiary of the Corporation where any law of the Commonwealth, a State or a Territory relating to companies requires the appointment of an auditor for such a subsidiary.
(7B) When the Auditor‑General is appointed auditor under subsection (7A), he or she may appoint an agent to conduct the audit on his or her behalf.
(8) Nothing in this section:
(a) prevents the Board from arranging for the accounts and records of financial transactions of the Corporation, and records relating to assets of, or in the custody of, the Corporation to be audited by a person registered as a company auditor under a law in force in a State or Territory in addition to the audit of those accounts and records conducted by the Auditor‑General; or
(b) affects the application to an Australian subsidiary of the Corporation of any other law in force in a State or Territory relating to:
(i) the appointment of an auditor or auditors of the subsidiary; or
(ii) the powers and duties of an auditor or auditors of the subsidiary appointed under such a law.
(9) A reference in this section to an Australian subsidiary of the Corporation is a reference to a body corporate that is a subsidiary of the Corporation and is incorporated in Australia.
In this Part, unless the contrary intention appears:
asset means property of any kind, and includes:
(a) any legal or equitable estate or interest (whether present or future, vested or contingent, tangible or intangible) in real or personal property of any description; and
(b) any chose in action; and
(c) any right, interest or claim of any kind in or in relation to property (whether arising under an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing); and
(d) any asset within the meaning of Part IIIA of the
Income Tax Assessment Act 1936 ; and(e) a CGT asset within the meaning of the
Income Tax Assessment Act 1997.
authorised person means the Minister or a person authorised, in writing, by the Minister for the purposes of this definition.
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).
debenture has the same meaning as in Division 7 of Part IV of theCompanies Act 1981 .
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.
income tax means tax the liability to which arises under theIncome Tax Assessment Act 1936 or theIncome Tax Assessment Act 1997 .
instrument means an instrument of any kind, and includes:
(a) any contract, deed, undertaking or agreement;
(b) any mandate, instruction, notice, authority or order;
(c) any lease, licence, transfer, conveyance or other assurance;
(d) any guarantee, bond, power of attorney, bill of lading, negotiable instrument or order for the payment of money; and
(e) any mortgage, charge, lien or security;
whether express or implied and whether made or given orally or in writing.
instrument to which this Part applies means an instrument:
(a) to which the Corporation is a party;
(b) that was given to, by or in favour of the Corporation;
(c) in which a reference is made to the Corporation; or
(d) under which any money is or may become payable, or any other property is to be, or may become liable to be, transferred, conveyed or assigned, to or by the Corporation.
interest , in relation to land, means:
(a) a legal or equitable estate or interest in the land; or
(b) a right, power or privilege over, or in relation to, the land.
joint instrument means an instrument to which a determination under paragraph 29C(1)(e) applies.
liability means a liability of any kind, and includes an obligation of any kind (whether arising under an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing).
nominated staff member means a person to whom a determination under section 29S applies.
non‑reimbursable liability means a liability to which a determination under paragraph 29C(1)(c) applies.
non‑transferring asset means an asset to which a determination under paragraph 29C(1)(a) applies.
non‑transferring instrument means an instrument to which a determination under paragraph 29C(1)(d) applies.
non‑transferring liability means a liability to which a determination under paragraph 29C(1)(b) applies.
proceeding to which this Part applies means a proceeding to which the Corporation is a party, other than a proceeding that does not relate to the transferred business.
re‑organisation day means the day fixed under section 29D.
share means a share in the share capital of a company, and includes stock.
special non‑transferring asset means a non‑transferring asset arising under an instrument that relates to or evidences a non‑transferring liability (other than a non‑reimbursable liability).
staff member means a person who is an officer or employee of the Corporation.
tax exempt matter means:
(a) the nomination of the receiving subsidiary under section 29B;
(b) the making of determinations under section 29C;
(c) business of the Corporation ceasing, under this Part, to be business of the Corporation and becoming business of the receiving subsidiary;
(d) the making of payments, and the entering into of agreements, for the purposes of section 29L;
(e) the issue of shares under section 29N;
(f) the operation of this Part (other than Division 6) in any other respect; and
(g) giving effect to a matter referred to in another paragraph of this definition or otherwise giving effect to this Part (other than Division 6).
transfer day , in relation to a nominated staff member, means the day applicable to the staff member in the determination under section 29S that is applicable to the staff member.
transferred asset means an asset that becomes, under this Part, an asset of the receiving subsidiary.
transferred business means the business that becomes, under this Part, business of the receiving subsidiary, and includes the transferred assets and transferred liabilities.
transferred liability means a liability that becomes, under this Part, a liability of the receiving subsidiary.
transferred staff member means a staff member who, under this Part, becomes employed by the receiving subsidiary.
wholly‑owned subsidiary , in relation to the Corporation, means a body corporate:
(a) that is a subsidiary of the Corporation;
(b) none of whose members is a person other than:
(i) the Corporation;
(ii) a body corporate that is, under any other applications of this definition, a wholly‑owned subsidiary of the Corporation; or
(iii) a nominee of the Corporation or of a body of the kind referred to in subparagraph (ii); and
(c) no share in which is beneficially owned by a person other than:
(i) the Corporation; or
(ii) a body of the kind referred to in subparagraph (b)(ii).
(1) Subject to subsection (2), the Minister shall, by notice published in the
Gazette , nominate a subsidiary of the Corporation as the receiving subsidiary for the purposes of this Part.(2) The Minister shall not nominate a subsidiary under subsection (1) unless the subsidiary is:
(a) a company incorporated under the
Companies Act 1981 ;(b) a wholly‑owned subsidiary;
(c) a trading or financial corporation within the meaning of paragraph 51(20) of the Constitution;
(d) a public company, and a company limited by shares, within the meaning of the
Companies Act 1981 ; and(e) subject to a provision in its articles of association prohibiting more than 30% of its voting shares (within the meaning of the
Companies Act 1981 ) being held by members of the public.(3) If a subsidiary nominated under subsection (1) ceases, on or before the re‑organisation day, to be a subsidiary of the Corporation of the kind described in subsection (2), the Minister shall, by notice published in the
Gazette , revoke the nomination.(4) For all purposes and in all proceedings, proof of the fact that a body corporate was nominated under subsection (1) is conclusive evidence:
(a) that the body corporate was, on the day of the nomination, a subsidiary of the Corporation of the kind described in subsection (2); and
(b) that the body corporate did not cease, on or before the re‑organisation day, to be such a subsidiary;
unless the contrary is established.
(1) The Minister may, by notice published in the
Gazette , determine:
(a) that specified assets of the Corporation are non‑transferring assets;
(b) that specified liabilities of the Corporation are non‑transferring liabilities;
(c) that specified non‑transferring liabilities are non‑reimbursable liabilities;
(d) that specified instruments to which this Part applies are non‑transferring instruments; or
(e) that specified instruments to which this Part applies are joint instruments.
(2) Where the Minister determines that specified instruments to which this Part applies are joint instruments, the Minister shall, in the same
Gazette notice, determine in relation to each of those instruments:
(a) which references (if any) in the instrument to the Corporation are to have effect as if they were references to the receiving subsidiary; and
(b) which references (if any) in the instrument to the Corporation are to have effect as if they included references to the receiving subsidiary.
The Minister shall, by notice published in the
Gazette , fix a day as the day on which the re‑organisation under this Part is to take place.
The Minister shall not publish a notice under this Division after the re‑organisation day.
For all purposes and in all courts, evidence of any notice under this Division may be given by the production of a copy of the
Gazette purporting to contain it.
(1) On the re‑organisation day, the business of the Corporation ceases, by force of this subsection, to be business of the Corporation and becomes business of the receiving subsidiary.
(2) Subsection (1) does not apply in relation to the non‑transferring assets and non‑transferring liabilities.
(1) Without limiting subsection 29G(1), on the re‑organisation day, all assets and liabilities of the Corporation (other than the non‑transferring assets and non‑transferring liabilities) cease to be assets and liabilities of the Corporation and become assets and liabilities of the receiving subsidiary.
(2) For all purposes and in all proceedings, an asset or liability of the Corporation existing immediately before the re‑organisation day shall be taken to have become an asset or liability of the receiving subsidiary on the re‑organisation day, unless the contrary is established.
(1) Without limiting subsection 29G(1), an instrument to which this Part applies continues, subject to subsections (2) and (3), in full force and effect on and after the re‑organisation day.
(2) An instrument to which this Part applies (other than a non‑transferring instrument or a joint instrument) has effect, in relation to acts, transactions and matters done, entered into or occurring on or after the re‑organisation day, as if a reference in the instrument to the Corporation were a reference to the receiving subsidiary.
(3) An instrument to which this Part applies that is a joint instrument has effect, in relation to acts, transactions or matters done, entered into or occurring on or after the re‑organisation day, in accordance with the determination under subsection 29C(2) that is applicable to the instrument.
Without limiting subsection 29G(1), where a proceeding to which this Part applies is, immediately before the re‑organisation day, pending in a court, the receiving subsidiary is, on that day, substituted for the Corporation as a party.
(1) The receiving subsidiary shall, in relation to each non‑transferring liability (other than a non‑reimbursable liability):
(a) reimburse the Corporation for any amount paid under the liability on or after the re‑organisation day; and
(b) indemnify the Corporation against all expenses and costs incurred in relation to the liability on or after that day.
(2) Subsection (1) has effect subject to any agreement between the receiving subsidiary and the Corporation.
(1) The Corporation must, in relation to each special non‑ transferring asset, pay to the receiving subsidiary each amount paid to it under the asset on or after the re‑organisation day.
(2) Subsection (1) has effect subject to any agreement between the receiving subsidiary and the Corporation.
(1) The Minister shall, by written notice given to the receiving subsidiary not later than 7 days after the re‑organisation day, determine the net value of the transferred business.
(2) In determining the net value of the transferred business, the Minister shall take into account the operation of section 29L.
(3) For all purposes and in all proceedings, the net value of the transferred business shall be taken to be the net value determined under subsection (1), unless the contrary is established.
(1) On the day on which the receiving subsidiary is given the notice under subsection 29M(1), the receiving subsidiary shall, subject to subsection (2), issue shares in the receiving subsidiary to the Corporation.
(2) The Minister shall determine, in writing, the total nominal value of the shares to be issued to the Corporation.
(3) The shares issued to the Corporation shall be taken to have been fully paid up and to have been issued for valuable consideration other than cash.
(1) An authorised person may, by signed writing, certify any matter in relation to the operation of this Division and, in particular, may certify:
(a) whether a specified body corporate is the receiving subsidiary;
(b) whether specified assets are or are not transferred assets or non‑transferring assets;
(c) whether specified liabilities are or are not transferred liabilities, non‑transferring liabilities or non‑reimbursable liabilities; and
(d) whether specified instruments are or are not joint instruments, non‑transferring instruments or other instruments to which this Part applies.
(2) For all purposes and in all proceedings, a certificate under subsection (1) is conclusive evidence of the matters certified, except so far as the contrary is established.
(3) A document purporting to be a certificate under subsection (1) shall, unless the contrary is established, be taken to be such a certificate and to have been properly given.
It is the intention of the Parliament that this Division should apply, to the greatest extent possible, in relation to:
(a) things situated outside Australia;
(b) acts, transactions and matters done, entered into or occurring outside Australia; and
(c) things, acts, transactions and matters (wherever situated, done, entered into or occurring) that would, apart from this Act, be governed or otherwise affected by the law of a foreign country.
The Corporation shall take such steps as are necessary to ensure that this Division is fully effective, particularly in relation to its operation outside Australia.
The Chief Executive may, in writing, determine that the employment of specified staff members is to be transferred to the receiving subsidiary on and from such respective days as are specified in the determination.
Subject to sections 29U and 29V, each nominated staff member who is a staff member immediately before his or her transfer day shall, on and from the transfer day, be taken to be employed by the receiving subsidiary on the terms and conditions on which he or she was employed by the Corporation immediately before the transfer day.
(1) This section has effect for the purposes of the application, at any time on or after the transfer day of a transferred staff member, of a law, award, determination or agreement in relation to the employment of the transferred staff member.
(2) Neither the transferred staff member’s contract of employment, nor his or her period of employment, shall be taken to have been broken by the operation of this Part.
(3) Without limiting section 29T or subsection (2) of this section, this Part does not affect any accrued rights that the transferred staff member had immediately before the transfer day in relation to any kind of leave.
(4) Where:
(a) if the transferred staff member had, immediately before the transfer day, ceased to be employed by the Corporation, it would have been necessary to take into account a period during which the transferred staff member was employed by the Corporation or any other person to determine:
(i) an amount payable to the transferred staff member; or
(ii) a benefit to which the transferred staff member would have been entitled;
because of his or her so ceasing; and
(b) but for this subsection, some or all of that period would not have to be taken into account as a period during which the staff member was employed by the receiving subsidiary;
the receiving subsidiary shall treat the whole of the first‑mentioned period as a period during which the transferred staff member was employed by it.
(1) It is a term of each transferred staff member’s employment after his or her transfer day that the terms and conditions of that employment may be varied to the extent to which, and the manner in which, the terms and conditions of his or her employment could be varied under this Act immediately before the transfer day.
(2) Nothing in this Part prevents the terms and conditions of a transferred staff member’s employment after his or her transfer day from being varied:
(a) in accordance with those terms and conditions; or
(b) by or under a law, award, determination or agreement.
(3) In this section:
terms and conditions includes a term or condition existing because of subsection (1).
vary , in relation to terms and conditions, includes vary by way of:
(a) omitting any of those terms and conditions;
(b) adding to those terms and conditions; or
(c) substituting new terms or conditions for any of those terms and conditions.
(1) Tax under a law of the Commonwealth or a State or Territory is not payable in relation to:
(a) a tax exempt matter; or
(b) anything done (including, for example, a transaction entered into or an instrument made, executed, lodged or given) because of, or for a purpose connected with or arising out of, a tax exempt matter.
(2) In subsection (1):
tax includes:
(a) sales tax;
(b) tax imposed by the
Debits Tax Act 1982 ;(d) stamp duty; and
(e) any other tax, fee, duty, levy or charge;
but does not include income tax.
(1) An authorised person may, by signed writing, certify that:
(a) a specified matter or thing is a tax exempt matter; or
(b) a specified thing was done (including, for example, a transaction entered into or an instrument made, executed, lodged or given) because of, or for a purpose connected with or arising out of, a specified tax exempt matter.
(2) For all purposes and in all proceedings, a certificate under subsection (1) is conclusive evidence of the matters certified, except so far as the contrary is established.
(3) A document purporting to be a certificate under subsection (1) shall, unless the contrary is established, be taken to be such a certificate and to have been properly given.
(1) This section applies to:
(a) the transferred assets;
(b) the transferred liabilities;
(c) the non‑transferring liabilities (other than the non‑reimbursable liabilities); and
(d) the special non‑transferring assets.
(2) It is the intention of the Parliament:
(a) that, on and after the re‑organisation day, the receiving subsidiary should, for income tax purposes, be placed in the same position in relation to the assets and liabilities to which this section applies as the Corporation would have been but for the enactment and operation of this Part; and
(b) that, in relation to the financial year in which the re‑organisation day occurs, the operation of this Part in relation to the assets and liabilities to which this section applies should, for income tax purposes, be revenue neutral, that is to say, that no assessable income, deduction, capital gain or capital loss should be derived, allowed or incurred, or should accrue, by or to the Corporation or the receiving subsidiary in relation to those assets and liabilities in relation to that year merely because of the enactment and operation of this Part.
(3) So far as it is necessary to achieve that intention:
(a) this Part (other than this section) shall be taken not to have been enacted and the operation of this Part (other than this section) shall be disregarded;
(b) the receiving subsidiary shall be taken to be, and always to have been, the Corporation;
(c) deductions that would have been allowable to the Corporation but for the enactment and operation of this Part shall be taken to be allowable to the receiving subsidiary, and not to the Corporation; and
(d) the
Income Tax Assessment Act 1936 and theIncome Tax Assessment Act 1997 shall be applied as if any necessary modifications had been made by this Act.(4) Nothing in any other provision of this Part is to be taken by implication to limit the operation of this section.
Where the receiving subsidiary becomes, under this Part, a member of a partnership, the constitution of the partnership shall, for the purposes of the
Income Tax Assessment Act 1936 (other than section 92 of that Act) and theIncome Tax Assessment Act 1997 , be taken not to have been varied merely because of the receiving subsidiary becoming, under this Part, a member of the partnership.
(1) A deduction shall be allowable to the receiving subsidiary under the
Income Tax Assessment Act 1936 or theIncome Tax Assessment Act 1997 (as appropriate)in relation to a payment made, or required to be made, by it under section 29L of this Act (whether or not the payment is made, or required to be made, to the Corporation) in relation to an outgoing incurred by the Corporation, or that would have been incurred by the Corporation but for the enactment and operation of this Part, to the extent to which, and at the time at which, a deduction would have been allowable to the Corporation under either of those Acts in relation to the outgoing but for the enactment and operation of this Part.(2) A deduction shall not be allowable to the Corporation under the
Income Tax Assessment Act 1936 or theIncome Tax Assessment Act 1997 in relation to an outgoing incurred by it, or that would have been incurred by it but for the enactment and operation of this Part, to the extent to which a deduction is, under subsection (1), allowable to the receiving subsidiary under either of those Acts in relation to the outgoing.(3) The assessable income of the Corporation for the purposes of the
Income Tax Assessment Act 1936 or theIncome Tax Assessment Act 1997 (as appropriate) is not to include:
(a) any payment made by the receiving subsidiary under section 29L of this Act (whether or not the payment is made, or required to be made, to the Corporation); or
(b) any payment made to the Corporation in relation to which section 29LA of this Act applies.
(1) The provisions of this section apply in relation to the Corporation and the receiving subsidiary if the Corporation has converted, for income tax purposes, to an accruals basis for returning interest payable and interest receivable in the financial year commencing on 1 July 1987.
(2) The Corporation shall not be entitled, or required, to convert, for income tax purposes, to an accruals basis for returning interest payable and interest receivable in a financial year commencing before 1 July 1987.
(3) Subject to subsections (5) and (6), a deduction of an amount equal to one‑fifth of the amount (if any) by which the
Undeducted Interest exceeds theDeducted Interest shall be allowed to the Corporation under theIncome Tax Assessment Act 1936 in relation to the financial year commencing on 1 July 1987 and each of the four immediately following financial years:where:
Undeducted Interest is the total of amounts of interest payable by the Corporation that accrued before 1 July 1987 in relation to which, and to the extent to which, a deduction is allowable, or would have been allowable but for the conversion, to the Corporation under subsection 51(1) of that Act, but has not been allowed to the Corporation in relation to a financial year commencing before that day; and
Deducted Interest is the total of amounts of interest payable by the Corporation that accrue on or after 1 July 1987 in relation to which, and to the extent to which, a deduction has been allowed to the Corporation under subsection 51(1) of that Act in relation to a financial year commencing before that day.
(4) Subject to subsections (5) and (6), an amount equal to one‑fifth of the amount (if any) by which the
Unassessed Interest exceeds theAssessed Interest shall, for the purposes of theIncome Tax Assessment Act 1936 , be included in the assessable income of the Corporation in relation to the financial year commencing on 1 July 1987 and each of the four immediately following financial years:where:
Unassessed Interest is the total of amounts of interest receivable by the Corporation that accrued before 1 July 1987 to the extent to which those amounts are assessable income of the Corporation, or would have been assessable income of the Corporation but for the conversion, but had not been included in the assessable income of the Corporation in relation to a financial year commencing before that day; and
Assessed Interest is the total of amounts of interest receivable by the Corporation that accrue on or after 1 July 1987 to the extent to which those amounts have been included in the assessable income of the Corporation in relation to a financial year commencing before that day.
(5) If the re‑organisation day is a day other than 1 July, the following provisions apply, for the purposes of the
Income Tax Assessment Act 1936 , in relation to the Corporation and the receiving subsidiary in relation to the financial year in which the re‑organisation day occurs:
(a) the amount (in this paragraph called the
net undeducted interest amount ) of the deduction that would, but for this paragraph, have been allowable to the Corporation under subsection (3) in relation to the financial year shall be reduced by an amount (in paragraph (b) called thereceiving subsidiary deduction amount ) calculated in accordance with the formula:where:
days in remainder of yea r is the number of days in the financial year that occur on and after the re‑organisation day; and
days in year is the number of days in the financial year;
(b) a deduction of an amount equal to the receiving subsidiary deduction amount shall be allowed to the receiving subsidiary in relation to the financial year;
(c) the amount (in this paragraph called the
net assessable income amount ) that would, but for this paragraph, have been included in the assessable income of the Corporation under subsection (4) in relation to the financial year shall be reduced by an amount (in paragraph (d) called thereceiving subsidiary assessable income amount ) calculated in accordance with the formula:where:
days in remainder of year is the number of days in the financial year that occur on and after the re‑organisation day; and
days in year is the number of days in the financial year;
(d) an amount equal to the receiving subsidiary assessable income amount shall be included in the assessable income of the receiving subsidiary in relation to the financial year.
(6) Subsections (3) and (4) have effect in relation to a financial year commencing on or after the re‑organisation day as if the first reference in each of those subsections to the Corporation were a reference to the receiving subsidiary.
(1) This section has effect for the purposes of Parts 3‑1 and 3‑3 of the
Income Tax Assessment Act 1997 if:
(a) transferred assets (in this section called the
pre‑CGT assets ) were acquired by the Corporation before 20 September 1985;(b) the Corporation, by written notice given to the Commissioner of Taxation on or before the day on which it lodges its return of income for the year of income in which the re‑organisation day occurs, or within such further period as the Commissioner allows, nominates as pre‑CGT shares such of the shares issued to the Corporation under section 29N as are specified in the notice; and
(c) the number of shares nominated does not exceed the number calculated in accordance with the formula:
where:
Shares is the number of shares issued to the Corporation under section 29N.
Net Value of Pre‑CGT Assets is the number of dollars in the market value, on the re‑organisation day, of the pre‑CGT assets reduced by the number of dollars in the total, on the re‑organisation day, of the transferring liabilities and the non‑transferring liabilities, to the extent to which those liabilities are attributable to the pre‑CGT assets; and
Net Value of Total Assets is the number of dollars in the market value, on the re‑organisation day, of the transferred assets reduced by the number of dollars in the total, on the re‑organisation day, of the transferring liabilities and the non‑transferring liabilities, to the extent to which those liabilities are attributable to the transferred assets.(2) The Corporation shall be taken to have acquired, before 20 September 1985, the shares nominated under paragraph (1)(b).
(3) The rest of the issued shares are post‑CGT shares for the purposes of subsection (4).
(4) For the purpose of:
(a) working out whether the Corporation made a capital gain; or
(b) working out whether the Corporation made a capital loss; or
in the event of a later disposal of a post‑CGT share by the Corporation, the Corporation shall be taken to have acquired the shares for a consideration equal to the amount calculated in accordance with the formula:
where:
Relevant Cost Bases is the sum of the respective amounts that would have been, for the purposes of Part IIIA of theIncome Tax Assessment Act 1936 :
(a) if the later disposal occurs within 12 months after the re‑organisation day—the cost bases or the reduced cost bases, as the case may be; or
(b) in any other case—the indexed cost bases, or the reduced cost bases, as the case may be;
to the Corporation of the transferred assets (other than the pre‑CGT assets) if the Corporation had disposed of those assets on the re‑organisation day;
Attributable Liabilities is the total amount, on the re‑organisation day, of the transferred liabilities and the non‑transferring liabilities, to the extent that they are attributable to the transferred assets (other than pre‑CGT assets); and
Post‑CGT Shares is the number of post‑CGT shares.
(5) For the purposes of this section, to the extent that, apart from this subsection, they are not attributable to the transferred assets, the transferred liabilities and the non‑transferring liabilities (other than the non‑reimbursable liabilities) shall be taken to be attributable to a particular transferred asset to the extent of the amount calculated in accordance with the formula:
where:
General Liabilities is the total amount of those liabilities, to the extent that, apart from this subsection, they are not attributable to the transferred assets;
Market Value of Particular Asset is the number of dollars in the market value, on the re‑organisation day, of the particular transferred asset; and
Market Value of Total Assets is the number of dollars in the market value, on the re‑organisation day, of the transferred assets.
(6) In this section:
transferred assets includes the special non‑transferring assets.
(1) The receiving subsidiary may issue shares to members of the public after the day on which shares in the receiving subsidiary are issued to the Corporation under section 29N, and not earlier.
(2) The Minister may give written directions to the receiving subsidiary in relation to the first invitation to the public to purchase shares in the receiving subsidiary, and the receiving subsidiary shall comply with any such directions.
(3) Subsection (1) does not prevent the allocation of shares to members of the public on or before the day referred to in that subsection.
Where:
(a) land or an interest in land becomes, under this Part, land or an interest in land of the receiving subsidiary; and
(b) a certificate that:
(i) is signed by an authorised person;
(ii) identifies the land or interest, whether by reference to a map or otherwise; and
(iii) states that the land or interest has, under this Part, become land or an interest in land of the receiving subsidiary;
is lodged with the Registrar‑General, Registrar of Titles or other proper officer of the State or Territory in which the land is situated;
the officer with whom the certificate is lodged may:
(c) register the matter in like manner to the manner in which dealings in land or interests in land of that kind are registered; and
(d) deal with, and give effect to, the certificate;
as if it were a grant, conveyance, memorandum or instrument of transfer of the land (including all rights, title and interest in the land) or the interest in the land, as the case may be, to the receiving subsidiary that had been properly executed under the laws in force in the State or Territory.
Where:
(a) the receiving subsidiary becomes, under this Part, the holder of a charge; and
(b) a certificate that:
(i) is signed by an authorised person;
(ii) identifies the charge; and
(iii) states that the receiving subsidiary has, under this Part, become the holder of the charge;
is lodged with the National Companies and Securities Commission;
the Commission may:
(c) register the matter in like manner to the manner in which assignments of charges are registered; and
(d) deal with, and give effect to, the certificate;
as if it were a notice of assignment of the charge that had been properly lodged with the Commission.
Where:
(a) the receiving subsidiary becomes, under this Part, the holder of a share, debenture or interest in a company; and
(b) a certificate that:
(i) is signed by an authorised person;
(ii) identifies the share, debenture or interest; and
(iii) states that the receiving subsidiary has become, under this Part, the holder of the share, debenture or interest;
is delivered to the company;
the company shall:
(c) register the matter in like manner to the manner in which transfers of shares, debentures or interests, as the case may be, in the company are registered;
(d) complete all the appropriate certificates, debentures or other documents in relation to the matter; and
(e) deliver the completed certificates, debentures or other documents to the receiving subsidiary;
as if the certificate were a proper instrument of transfer.
Where:
(a) an asset (other than an asset in relation to which section 29ZF, 29ZG or 29ZH applies) becomes, under this Part, an asset of the receiving subsidiary; and
(b) a certificate that:
(i) is signed by an authorised person;
(ii) identifies the asset; and
(iii) states that the asset has, under this Part, become an asset of the receiving subsidiary;
is given to the person or authority who has, under the law of the Commonwealth or of a State or Territory, responsibility for keeping a register in relation to assets of that kind;
the person or authority may:
(c) register the matter in like manner to the manner in which transactions in relation to assets of that kind are registered; and
(d) deal with, and give effect to, the certificate;
as if the certificate were a proper and appropriate instrument for transactions in relation to assets of that kind.
(1) This Part has effect, and shall be given effect to, in spite of anything in:
(a) any other law of the Commonwealth or any law of a State or Territory; or
(b) any contract, deed, undertaking, agreement or other instrument.
(2) Nothing done by this Part, and nothing done by a person because of, or for a purpose connected with or arising out of this Part:
(a) shall be regarded as:
(i) placing the Corporation, a subsidiary of the Corporation or another person in breach of contract or confidence; or
(ii) otherwise making the Corporation, a subsidiary of the Corporation or another person guilty of a civil wrong;
(b) shall be regarded as placing the Corporation, a subsidiary of the Corporation or another person in breach of:
(i) any law of the Commonwealth or of a State or Territory; or
(ii) any contractual provision prohibiting, restricting or regulating the assignment or transfer of any asset or liability or the disclosure of any information; or
(c) shall be taken to release any surety, wholly or in part, from all or any of the surety’s obligations.
(3) Without limiting subsection (1), where, but for this section, the consent of a person would be necessary in order to give effect to this Part in a particular respect, the consent shall be taken to have been given.
(1) Where, but for this section, the operation of this Part would result in the acquisition of property from a person otherwise than on just terms, there is payable to the person by the Corporation such reasonable amount of compensation as is agreed on between the person and the Corporation or, failing agreement, as is determined by a court of competent jurisdiction.
(2) Any damages or compensation recovered or other remedy given in a proceeding that is instituted otherwise than under this section shall be taken into account in assessing compensation payable in a proceeding that is instituted under this section and that arises out of the same event or transaction.
(3) In this section,
acquisition of property andjust terms have the same respective meanings as in paragraph 51(31) of the Constitution.
(1) Subject to this section, the Corporation may appoint such officers and engage such employees as it thinks necessary for the purposes of this Act.
(2) The terms and conditions of employment of persons appointed or engaged under subsection (1) shall be as determined by the Corporation.
Nothing in this Act prevents the making of an industrial award, order, determination or agreement under any Act in relation to officers or employees of the Corporation or affects the operation of any such award, order, determination or agreement in relation to those officers or employees.
(1) The Corporation may pay any allowances, and provide any other benefits (including benefits by way of financial or other assistance in connection with housing, transport, insurance, long service leave and superannuation), for an officer or employee of the Corporation that in the opinion of the Board are necessary or desirable to assist the officer or employee in, or place the officer or employee in a position that may facilitate, the performance of his or her duties.
(2) The Corporation may reimburse the Chair, an ordinary Director, the Chief Executive or any officer or employee of the Corporation for any loss or expenditure incurred by reason of, or in the course of, the performance of his or her duties.
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 theCorporations Act 2001 .
wholly‑owned subsidiary has the meaning given by section 33C.
For the purposes of this Part, a body corporate (the
first body ) is awholly‑owned subsidiary of another body corporate (thesecond 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 thesale 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 Act 2001 .
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.
169, 1992 | 11 Dec 1992 | 8 Jan 1993 | S. 3(2) | |
43, 1996 | 25 Oct 1996 | Schedule 4 (item 27): Royal Assent | — | |
39, 1997 | 17 Apr 1997 | 1 July 1997 | — | |
67, 1997 | 5 June 1997 | Schedule 1: Royal Assent
Schedule 2 (items 2–4): [ | Sch. 1 (items
48–51) and Sch. 2 (items 3, 4) [ | |
121, 1997 | 8 July 1997 | S. 4: Royal Assent (
Schedule 3 (item 62): | S. 4 [ | |
152, 1997 | 24 Oct 1997 | Schedule 2 (items 290–315): 1 Jan 1998 ( | — | |
46, 1998 | 22 June 1998 | Schedule 2 (items 523–526): | — | |
118, 1999 | 22 Sept 1999 | 22 Sept 1999 | — | |
146, 1999 | 11 Nov 1999 | Schedule 1 (items 186–191): 5 Dec 1999 ( | — | |
55, 2001 | 28 June 2001 | Ss. 4–14 and Schedule 3 (items 42–53): 15 July 2001 ( | Ss. 4–14 | |
123, 2001 | 27 Sept 2001 | Schedule 1 (items 6, 7): 11 Mar 2002 ( | — | |
20, 2008 | 26 May 2008 | Schedule 2 (item 2): 1 July 2008 | — |
(a) TheAustralian Industry Development Corporation Act 1970 was amended by section 3 only of theAdministrative Changes (Consequential Provisions) Act 1976 , subsection 2(7) of which provides as follows:
(7) The amendments of each other Act specified in the Schedule made by this Act shall be deemed to have come into operation on 22 December 1975.
(b) TheAustralian Industry Development Corporation Act 1970 was amended by section 115 only of theStatute Law Revision Act 1981 , subsection 2(1) of which provides as follows:
(1) Subject to this section, this Act shall come into operation on the day on which it receives the Royal Assent.
(c) TheAustralian Industry Development Corporation Act 1970 was amended by section 41 only of theConciliation and Arbitration Amendment Act (No. 2) 1983 , subsection 2(2) of which provides as follows:
(2) Sections 3, 6, 7, 8, 9, 10, 12, 14 and 16, subsection 22(3) and sections 27, 39, 40, 41 and 43 shall come into operation on a date, or respective dates, to be fixed by proclamation.
(d) TheAustralian Industry Development Corporation Act 1970 was amended by section 3 only of theStatute Law (Miscellaneous Provisions) Act (No. 1) 1985 , subsection 2(1) of which provides as follows:
(1) Subject to this section, this Act shall come into operation on the twenty‑eighth day after the day on which it receives the Royal Assent.
(e) TheIndustry, Technology and Commerce Legislation Amendment Act 1989 was amended by section 26 only of theIndustry, Technology and Commerce Legislation Amendment Act 1991 , subsection 2(1) of which provides as follows:
(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(f) TheAustralian Industry Development Corporation Act 1970 was amended by sections 3–11 only of theIndustry, Technology and Commerce Legislation Amendment Act (No. 2) 1989 , subsections 2(2) and (7) of which provide as follows:
(2) Sections 3, 4, 5, 6, 7, 8, 9 and 10, and Part 3, are to be taken to have commenced on 1 July 1989.
(7) The remaining provisions of this Act commence 28 days after this Act receives the Royal Assent.
(g) TheAustralian Industry Development Corporation Act 1970 was amended by Schedule 4 (item 27) only of theStatute Law Revision Act 1996 , subsection 2(1) of which provides as follows:
(1) Subject to subsections (2) and (3), this Act commences on the day on which it receives the Royal Assent.
(h) TheAustralian Industry Development Corporation Act 1970 was amended by Schedule 1 and Schedule 2 (items 2–4) only of theAIDC Sale Act 1997 , subsections 2(1) and (2) of which provide as follows:
(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. [
see Note 2 and Table A]
(i) TheAustralian Industry Development Corporation Act 1970 was amended by section 4 and Schedule 3 (item 62) only of theTax Law Improvement Act 1997 , subsections 2(1)–(3) of which provide as follows:
(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(2) Schedule 1 commences on 1 July 1997 immediately after the commencement of the
Income Tax Assessment Act 1997 .(3) Each of the other Schedules (except Schedule 12) commences immediately after the commencement of the immediately preceding Schedule.
(j) TheAustralian Industry Development Corporation Act 1970 was amended by Schedule 2 (items 290–315) only of theAudit (Transitional and Miscellaneous) Amendment Act 1997 , subsection 2(2) of which provides as follows:
(2) Schedules 1, 2 and 4 commence on the same day as the
Financial Management and Accountability Act 1997 .
(k) TheAustralian Industry Development Corporation Act 1970 was amended by Schedule 2 (items 523–526) only of theTax Law Improvement Act (No. 1) 1998 , subsection 2(2) of which provides as follows:
(2) Schedule 2 (except item 3 of it) commences immediately after the commencement of Schedule 1.
Schedule 1 commenced on 22 June 1998.
(l) TheAustralian Industry Development Corporation Act 1970 was amended by Schedule 1 (items 186–191) only of thePublic Employment (Consequential and Transitional) Amendment Act 1999 , subsections 2(1) and (2) of which provide as follows:
(1) In this Act,
commencing time means the time when thePublic Service Act 1999 commences.(2) Subject to this section, this Act commences at the commencing time.
(m) TheAustralian Industry Development Corporation Act 1970 was amended by Schedule 3 (items 42–53) only of theCorporations (Repeals, Consequentials and Transitionals) Act 2001 , subsection 2(3) of which provides as follows:
(3) Subject to subsections (4) to (10), Schedule 3 commences, or is taken to have commenced, at the same time as the
Corporations Act 2001 .
(n) TheAustralian Industry Development Corporation Act 1970 was amended by Schedule 1 (items 6 and 7) only of theFinancial Services Reform (Consequential Provisions) Act 2001 , subsections 2(1) and (6) of which provide as follows:
(1) In this section:
FSR commencement means the commencement of item 1 of Schedule 1 to theFinancial Services Reform Act 2001 .
(6) Subject to subsections (7) to (17), the other items of Schedule 1 commence on the FSR commencement.
| |
Provision affected | How affected |
S. 3......................................... | rep. No. 216, 1973 |
S. 4......................................... |
|
Ss. 4A, 4B.............................. | ad. No. 125, 1988 |
S. 4C...................................... | ad. No. 67, 1997 |
S. 5......................................... | am. No. 122, 1983 |
Note to s. 5(2)......................... | ad. No. 152, 1997 |
S. 5A...................................... | ad. No. 152, 1997 |
am. No. 20, 2008 | |
S. 6......................................... |
|
S. 7......................................... |
|
S. 8......................................... | rs. No. 4, 1975 |
| |
S. 8A...................................... | ad. No. 4, 1975 |
| |
S. 9......................................... | rs. No. 4, 1975 |
am. No. 121, 1980 | |
rs. No. 67, 1997 | |
S. 10....................................... | am. No. 4, 1975 |
rs. No. 122, 1983 | |
am. No. 125, 1988 | |
S. 10A.................................... | ad. No. 122, 1983 |
rep. No. 91, 1989 | |
S. 11....................................... | rs. No. 4, 1975 |
am. No. 91, 1976; No. 36, 1978 | |
rs. No. 122, 1983 | |
| |
rs. No. 67, 1997 | |
am. No. 152, 1997 | |
S. 12....................................... |
|
rep. No. 67, 1997 | |
S. 13....................................... | am. No. 4, 1975 |
rep. No. 122, 1983 | |
ad. No. 125, 1988 | |
am. No. 169, 1992; Nos. 67 and 152, 1997 | |
S. 14....................................... | am. No. 121, 1980 |
rep. No. 122, 1983 | |
ad. No. 125, 1988 | |
S. 14A.................................... | ad. No. 67, 1997 |
S. 15....................................... | am. No. 4, 1975; No. 121, 1980 |
rs. No. 122, 1983; No. 125, 1988 | |
S. 15A.................................... | ad. No. 125, 1988 |
am. No. 152, 1997 | |
S. 16....................................... | rs. No. 4, 1975 |
am. No. 91, 1976; No. 36, 1978 | |
rs. No. 122, 1983 | |
am. No. 125, 1988; No. 169, 1992; No. 43, 1996 | |
rs. No. 67, 1997 | |
am. No. 152, 1997 | |
S. 17....................................... | am. No. 4, 1975 |
rs. No. 122, 1983 | |
am. No. 169, 1992 | |
rep. No. 67, 1997 | |
S. 18....................................... | am. No. 4, 1975 |
rs. No. 122, 1983 | |
am. No. 125, 1988; No. 91, 1989; No. 169, 1992 | |
rs. No. 67, 1997 | |
am. No. 152, 1997 | |
S. 19....................................... |
|
rs. No. 122, 1983 | |
am. No. 125, 1988; No. 91, 1989; No. 169, 1992 | |
rep. No. 67, 1997 | |
S. 20....................................... | am. No. 4, 1975 |
rs. No. 122, 1983 | |
am. No. 125, 1988; Nos. 67 and 152, 1997 | |
S. 20A.................................... | ad. No. 122, 1983 |
| |
S. 20B.................................... | ad. No. 122, 1983 |
am. No. 125, 1988 | |
S. 21....................................... |
|
S. 21A.................................... | ad. No. 4, 1975 |
| |
rep. No. 125, 1988 | |
S. 22....................................... | am. No. 4, 1975; No. 121, 1980; No. 125, 1988 |
rep, No. 152, 1997 | |
S. 23....................................... |
|
S. 23A.................................... | ad. No. 122, 1983 |
am. No. 125, 1988; No. 10, 1990; No. 67, 1997 | |
Part IIIA.................................. | ad. No. 91, 1989 |
Ss. 23B–23D.......................... | ad. No. 91, 1989 |
rep. No. 152, 1997 | |
S. 23E.................................... | ad. No. 91, 1989 |
am. No. 152, 1997 | |
S. 23F..................................... | ad, No. 91, 1989 |
rep. No. 152, 1997 | |
S. 23G.................................... | ad. No. 91, 1989 |
S. 23H.................................... | ad. No. 91, 1989 |
rep. No. 152, 1997 | |
S. 24....................................... |
|
rs. No. 125, 1988 | |
S. 24A.................................... | ad. No. 122, 1983 |
rs. No. 125, 1988; No. 67, 1997 | |
S. 25....................................... | am. No. 125, 1988 |
rep, No. 152, 1997 | |
S. 26....................................... | am. No. 122, 1983; No. 125, 1988; No. 152, 1997 |
S. 26A.................................... | ad. No. 4, 1975 |
am. No. 36, 1978 | |
rep. No. 61, 1981 | |
S. 27....................................... |
|
S. 27A.................................... | ad. No. 4, 1975 |
am. No. 121, 1980 | |
S. 28....................................... | rep. No. 152, 1997 |
Heading to s. 29..................... | rs. No. 152, 1997 |
S. 29....................................... | rs. No. 122, 1983 |
am. No. 125, 1988; No. 91, 1989; No. 152, 1997 | |
Part IVA ................................. | ad. No. 125, 1988 |
S. 29A.................................... | ad. No. 125, 1988 |
| |
Ss. 29B–29F.......................... | ad. No. 125, 1988 |
Ss. 29G–29L.......................... | ad. No. 125, 1988 |
S. 29LA.................................. | ad. No. 10, 1990 |
Ss. 29M, 29N......................... | ad. No. 125, 1988 |
Ss. 29P–29R.......................... | ad. No. 125, 1988 |
Ss. 29S–29V.......................... | ad. No. 125, 1988 |
S. 29W................................... | ad. No. 125, 1988 |
am. No. 67, 1997 | |
rep. No. 146, 1999 | |
S. 29X.................................... | ad. No. 125, 1988 |
am. No. 118, 1999 | |
S. 29Y.................................... | ad. No. 125, 1988 |
S. 29Z..................................... | ad. No. 125, 1988 |
am. No. 10, 1990; No. 39, 1997 | |
S. 29ZA.................................. | ad. No. 125, 1988 |
am. No. 39, 1997 | |
S. 29ZB.................................. | ad. No. 125, 1988 |
am. No. 10, 1990; No. 39, 1997 | |
S. 29ZC.................................. | ad. No. 125, 1988 |
S. 29ZD.................................. | ad. No. 125, 1988 |
am. No. 91, 1989; No. 10, 1990; No. 46, 1998 | |
S. 29ZE.................................. | ad. No. 125, 1988 |
Ss. 29ZE–29ZK...................... | ad. No. 125, 1988 |
Heading to Part V................... | rs. No. 67, 1997 |
S. 30....................................... | am. No. 4, 1975; No. 122, 1983; No. 67, 1997 |
S. 31....................................... | am. No. 122, 1983 |
rep. No. 115, 1983 | |
S. 32....................................... |
|
S. 33....................................... | am. No. 4, 1975 |
rs. No. 122, 1983 | |
| |
Part VI.................................... | ad. No. 67, 1997 |
S. 33A.................................... | ad. No. 67, 1997 |
S. 33B.................................... | ad. No. 67, 1997 |
am. No. 55, 2001 | |
S. 33C.................................... | ad. No. 67, 1997 |
S. 33E.................................... | ad. No. 67, 1997 |
S. 33F..................................... | ad. No. 67, 1997 |
am. No. 55, 2001 | |
Ss. 33G, 33H.......................... | ad. No. 67, 1997 |
S. 33J..................................... | ad. No. 67, 1997 |
S. 33K.................................... | ad. No. 67, 1997 |
am. No. 55, 2001 | |
S. 33KA.................................. | ad. No. 67, 1997 |
Ss. 33L–33N.......................... | ad. No. 67, 1997 |
Ss. 33P–33S.......................... | ad. No. 67, 1997 |
ad. No. 67, 1997 | |
S. 33T..................................... | ad. No. 67, 1997 |
S. 33U.................................... | ad. No. 67, 1997 |
Ss. 33V, 33W......................... | ad. No. 67, 1997 |
S. 33X.................................... | ad. No. 67, 1997 |
Ss. 33Y, 33Z.......................... | ad. No. 67, 1997 |
S. 34....................................... | rep. No. 122, 1983 |
ad. No. 67, 1997 | |
S. 34A.................................... | ad. No. 67, 1997 |
S. 34B.................................... | ad. No. 67, 1997 |
Ss. 34C, 34D.......................... | ad. No. 67, 1997 |
am. No. 55, 2001 | |
S. 34E.................................... | ad. No. 67, 1997 |
am. No. 146, 1999; No. 55, 2001 | |
S. 34F..................................... | ad. No. 67, 1997 |
S. 34G.................................... | ad. No. 67, 1997 |
am. Nos. 55 and 123, 2001 | |
S. 34H.................................... | ad. No. 67, 1997 |
Ss. 34J–34M.......................... | ad. No. 67, 1997 |
S. 34N.................................... | ad. No. 67, 1997 |
Ss. 34P–34W......................... | ad. No. 67, 1997 |
S. 34X.................................... | ad. No. 67, 1997 |
am. No. 146, 1999 | |
Ss. 34Y, 34Z.......................... | ad. No. 67, 1997 |
Ss. 34ZA–34ZC ..................... | ad. No. 67, 1997 |
Ss. 34ZD–34ZG .................... | ad. No. 67, 1997 |
Ss. 34ZH–34ZM .................... | ad. No. 67, 1997 |
Ss. 34ZN, 34ZO .................... | ad. No. 67, 1997 |
S. 34ZP ................................. | ad. No. 67, 1997 |
S. 34ZQ ................................. | ad. No. 67, 1997 |
Ss. 34ZR–34ZW..................... | ad. No. 67, 1997 |
S. 34ZX.................................. | ad. No. 67, 1997 |
Heading to Part VII................. | ad. No. 67, 1997 |
S. 35....................................... | am. No. 216, 1973; No. 4, 1975 |
rs. No. 122, 1983 | |
| |
S. 36....................................... | rs. No. 122, 1983 |
am. No. 125, 1988 | |
S. 36A.................................... | ad. No. 4, 1975 |
am. No. 61, 1981 | |
rep. No. 122, 1983 | |
ad. No. 67, 1997 | |
am. No. 55, 2001 | |
Heading to s. 37..................... | rs. No. 152, 1997 |
S. 37....................................... |
|
S. 37A.................................... | ad. No. 152, 1997 |
S. 37A.................................... | ad. No. 67, 1997 |
am. No. 146, 1999 | |
S. 38....................................... | ad. No. 4, 1975 |
The
Repeal the Act.
Subsection 2(2) of the
(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.
As at 1 July 2008 no date had been fixed for the commencement of Schedule 2 and the repeal has not taken effect.
(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.
(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.
(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.
These provisions commence on proclamation:
Schedule 2—Abolition of the Australian Industry Development Corporation
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.
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.
An amendment made by an item in a Schedule (except Schedule 1) applies to assessments for the 1997‑98 income year and later income years, unless otherwise indicated in that Schedule.
0
0
0