EXPLANATORY STATEMENT
Issued by Authority of the Minister for Finance and Deregulation
AIDC Sale Act 1997
Proclamation
Subsection 2(2) of the AIDC Sale Act 1997 (Sale Act) provides for Schedule 2 to that Act to commence on a day to be fixed by Proclamation, and specifies that this 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 (the Corporation) has no assets and no liabilities.
The purpose of the Proclamation is to fix 22 April 2011 as the day on which Schedule 2 to the Sale Act commences. This Schedule repeals the Australian Industry Development Corporation Act 1970 (AIDC Act).
The repeal of the AIDC Act is the culmination of a winding down process for the Corporation which commenced with the sale of the majority of the subsidiaries comprising the AIDC Ltd Group in September 1997. The sole remaining commercial financing arrangement of the Corporation was concluded with the redemption in September 2010 of private sector commercial bonds for which the Corporation had provided a fee earning guarantee. Ministerial Declarations under the AIDC Act have transferred the cash and contingent assets of the Corporation to the Commonwealth of Australia.
The Proclamation is a legislative instrument for the purposes of the Legislative Instruments Act 2003.