Australian Industry Development Corporation Amendment Act 1992 (Cth)

Australian Industry Development Corporation Amendment Act 1992

No. 169 of 1992

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

[Assented to 11 December 1992]

[Date of commencement 8 January 1993]

The Parliament of Australia enacts:

Short title etc.

1.(1) This Act may be cited as the Australian Industry Development Corporation Amendment Act 1992.

(2) In this Act, “Principal Act” means the Australian Industry Development Corporation Act 19701.

Powers of Corporation

2. Section 7 of the Principal Act is amended by inserting after paragraph (2)(ba) the following paragraph:

“(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;”.

Membership of Board

3.(1) Section 11 of the Principal Act is amended by omitting paragraph (1)(e) and substituting the following paragraph:

“(e) one other member.”.

(2) If, immediately before the commencement of this Act. only one person held office as a Director referred to in paragraph 11(1)(e) of the Principal Act. that person continues to hold office as a member referred to in paragraph 11(1)(e) of the Principal Act. as amended by this Act. as if:

1. (a)

   this Act had been in operation when the person was appointed; and

2. (b)

   the person had been appointed under the Principal Act as amended by this Act.

Meetings of Board

4. Section 21 of the Principal Act is amended by omitting subsection (5) and substituting the following subsection:

“(5) At a meeting of the Board a quorum is constituted by 2 Directors, of whom one is the Chairman or the Chief Executive and the other is neither the Chairman nor the Chief Executive.”.

Guarantee by Commonwealth

5. Section 35 of the Principal Act is amended:

1. (a)

   by omitting from subsection (1) “1994” and substituting “1998”;

2. (b)

   by adding at the end the following subsections:

   “(8) If, under an agreement entered into by the Corporation before 1 July 1998. money is taken on deposit by the Corporation on or after that date, subsection (1) does not apply to money payable by the Corporation under the agreement so far as the agreement relates to rights and liabilities arising out of the taking of money on deposit on or after 1 July 1998.

   “(9) For the purpose of subsection (8). the leaving of money on deposit with the Corporation at the end of the term of a deposit is to be regarded as a fresh taking of the money on deposit by the Corporation at the end of that term.

   “(10) Where:

   (a) under an agreement entered into by the Corporation

before 1 July 1998, money is taken on deposit by the Corporation before 1 July 1998 for a term ending on or after that date: and

(b) the agreement provides that at the end of that term the money may be left on deposit with the Corporation:

nothing in subsection (8) or (9) affects the operation of subsection (1) in relation to money payable under the agreement in respect of the deposit taken before 1 July 1998.”.

Consequential amendments

6. The Principal Act is further amended as set out in the Schedule.

SCHEDULE Section 6

CONSEQUENTIAL AMENDMENTS

Subsection 11(2):

Omit “Directors”, substitute “Director”.

Subsections 11(3) and (4):

Omit “a Director” (wherever occurring), substitute “the Director”.

Subsection 11(5):

Omit all words after “by reason”, substitute “of there being a vacancy in the membership of the Board.”.

Subsection 12(1):

Omit “a Director”, substitute “the Director”.

Subsection 13(2):

Omit “a Director”, substitute “the Director”.

Section 16:

Omit “the Directors” (wherever occurring), substitute “the Director”.

Section 17:

Omit “a Director”, substitute “the Director”.

Section 18:

Omit “a Director”, substitute “the Director”.

Subsection 19(1):

Omit “a Director”, substitute “the Director”.

Paragraph 19(3)(d):

Omit “a Director”, substitute “the Director”.

Subsection 20A(1):

Omit “a Director”, substitute “the Director”.

Subsection 20A(2):

Omit “a Director”, substitute “the Director”.

Subsection 33(2):

Omit “any Director”, substitute “the Director”.

NOTE

1. No. 15, 1970, as amended. For previous amendments, see No. 216, 1973; No. 4, 1975; Nos. 37 and 91, 1976; No. 36, 1978; No. 121, 1980; Nos. 61 and 92, 1981; Nos. 115 and 122, 1983; No. 65, 1985; No. 11, 1987; No. 125, 1988; No. 91, 1989 (as amended by No. 66, 1991); and No. 10, 1990.

[Minister’s second reading speech made in—

Senate on 10 September 1992

House of Representatives on 13 October 1992