Australian Industry Development Corporation Amendment Act 1987 (Cth)

Australian Industry Development Corporation Amendment Act 1987

No. 11 of 1987

An Act to amend the Australian Industry Development Corporation Act 1970, and for related purposes

[Assented to 1 April 1987]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title, &c.

1. (1) This Act may be cited as the Australian Industry Development Corporation Amendment Act 1987.

(2) The Australian Industry Development Corporation Act 19701is in this Act referred to as the Principal Act.

Commencement

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Guarantee by Commonwealth

3. (1) Section 35 of the Principal Act is amended—

(a) by omitting “section” and substituting “sub-section, but subject to sub-section (2)”; and

 

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

“(2) Sub-section (1) does not apply in relation to moneys payable by the Corporation in respect of a borrowing of money, or a raising of money otherwise than by borrowing, undertaken by the Corporation unless, at or before the time when the borrowing or raising is undertaken, the Chief Executive determines, in writing, that that sub-section applies in respect of the borrowing or raising.

“(3) A determination may be made pursuant to sub-section (2) in relation to a particular transaction or in relation to transactions included in a class of transactions.

“(4) For the purposes of this section, a borrowing of money, or raising of money otherwise than by borrowing, includes a borrowing of money, or raising of money otherwise than by borrowing, as the case may be—

(a) by dealing with securities; or

(b) made in whole or in part in a currency other than Australian currency.

“(5) In this section, ‘securities’ includes stocks, debentures, debenture stocks, notes, bonds, promissory notes, bills of exchange and similar instruments or documents.

“(6) A reference in this section to dealing with securities includes a reference to—

(a) creating, executing, entering into, drawing, making, accepting, endorsing, issuing, discounting, selling, purchasing or re-selling securities;

(b) creating, selling, purchasing or re-selling rights or options in respect of securities; and

(c) entering into agreements or other arrangements relating to securities.

“(7) For the purposes of this section, the taking of deposits of money by the Corporation shall, to the extent of the amount of those deposits, be deemed to be a borrowing by the Corporation.”.

(2) Section 35 of the Principal Act as amended by sub-section (1) of this section applies in respect of borrowings and raisings of money undertaken by the Corporation on or after 8 October 1986, but section 35 of the Principal Act continues to apply in respect of borrowings and raisings of money undertaken by the Corporation before that date as if the amendments made by sub-section (1) of this section had not been made.

(3) Notwithstanding anything contained in sub-section 35 (2) of the Principal Act as amended by sub-section (1) of this section, a determination made pursuant to that sub-section within one month after the day on which this Act receives the Royal Assent may be expressed to take effect from a

 

day earlier than the day on which the determination is made, not being a day earlier than 8 October 1986.

NOTE

1. No. 15, 1970, as amended. For previous amendments, see No. 216, 1973; No. 4, 1975; No. 91, 1976; No. 36, 1978; No. 121, 1980; Nos. 61 and 92, 1981; and No. 122. 1983.

[Minister’s second reading speech made in—

House of Representatives on 14 November 1986

Senate on 25 February 1987