Australian Industry Development Corporation Amendment Act 1980
No. 121 of 1980
An Act to amend the Australian Industry Development Corporation Act 1970
[Assented to 13 September 1980]
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 1980.
(2) The Australian Industry Development Corporation Act 1970 is 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.
Powers of the Corporation
3. Section 7 of the Principal Act is amended by omitting from sub-section (3) “five” and substituting “8”.
Termination of appointment
4. Section 19 of the Principal Act is amended by inserting in sub-paragraph (ii) of paragraph (a) of sub-section (2) “, without reasonable excuse,” after “fails”.
Disclosure of pecuniary interests
5. Section 22 of the Principal Act is amended by omitting sub-sections (2) and (3) and substituting the following sub-sections:
“(2) A disclosure under sub-section (1) shall be recorded in the minutes of the meeting of the Board and the Director shall not, unless the Minister or the Board otherwise determines—
(a) be present during any deliberation of the Board with respect to that matter; or
(b) take part in any decision of the Board with respect to that matter.
“(3) For the purpose of the making of a determination by the Board under sub-section (2) in relation to a Director who has made a disclosure under sub-section (1), a Director who has a direct or indirect pecuniary interest in the matter to which the disclosure relates shall not—
(a) be present during any deliberation of the Board for the purpose of making the determination; or
(b) take part in the making by the Board of the determination.”.
Formal amendments
6. The Principal Act is amended as set out in the Schedule to this Act.
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SCHEDULE Section 6
FORMAL AMENDMENTS
Provision amended | Omit— | Substitute— |
Sub-section 8(1)......... | “Australian Government” (wherever occurring) | “Commonwealth Government” |
Sub-section 8a(1)........ | “Australian Government” | “Commonwealth Government” |
Sub-section 8a(2)........ | “Australian Government” | “Commonwealth Government” |
Sub-section 8a(4)........ | “Australian Government” | “Commonwealth Government” |
Sub-section 8a(5)........ | “Australian Government” | “Commonwealth Government” |
Sub-section 8a(6)........ | “Australian Government” | “Commonwealth Government” |
Sub-section 8a(6)........ | “Australia” | “the Commonwealth” |
Sub-section 8a(14)....... | “Australian Government” | “Commonwealth Government” |
Section 9............. | “Australian Government” | “Commonwealth Government” |
Sub-section 14(1)........ | “six” | “6” |
Sub-section 14(2)........ | “three” | “3” |
Sub-section 14(2)........ | “six” | “6” |
Section 15............. | “three” (wherever occurring) | “3” |
Section 15............. | “five” | “5” |
Paragraph 19(2)(b)....... | “fourteen” | “14” |
Paragraph 19(2)(b)....... | “twenty-eight” | “28” |
Paragraph 19(2)(b)....... | “twelve” | “12” |
Paragraph 19(2)(c)....... | “three” | “3” |
Sub-section 19(4)........ | “fifteen” | “15” |
Sub-section 24(1)........ | “One hundred million dollars” | “$100,000,000” |
Paragraph 24(2)(a)....... | “Twenty-five million dollars” | “$25,000,000” |
Sub-section 24(4)........ | “Twenty-five million dollars” | “$25,000,000” |
(wherever occurring) | ||
Sub-section 24(5)........ | “Fifty million dollars” | “$50,000,000” |
Sub-section 24(5)........ | “twelve” | “12” |
Sub-section 24(5)........ | “four” | “4” |
Section 27............. | “Australia” (wherever occurring) | “the Commonwealth” |
Section 27a............ | “Australia” | “the Commonwealth” |
Sub-section 37(5)........ | “fifteen” | “15” |
Sub-section 37(9)........ | “fifteen” | “15” |