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.
———————
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” |
Overview
The Australian Industry Development Corporation Amendment Act 1980 was enacted to amend the Australian Industry Development Corporation Act 1970, addressing certain administrative and operational aspects of the Australian Industry Development Corporation (AIDC). This Act was passed by the Queen, with the assent of the Senate and the House of Representatives of the Commonwealth of Australia, and came into effect upon receiving Royal Assent. The primary objective of this amendment was to update and refine the powers and procedures of the AIDC, ensuring better governance and clearer operational guidelines. The Act makes several formal amendments to the Principal Act, including changes to numerical values, terminology updates to reflect Commonwealth Government references, and adjustments to various thresholds and limits that the AIDC operates under. These changes aim to enhance the efficiency and effectiveness of the AIDC in fulfilling its role in supporting Australian industry development.
Scope and Application
The Australian Industry Development Corporation Amendment Act 1980 amends the Australian Industry Development Corporation Act 1970, which establishes the Australian Industry Development Corporation (AIDC) as an instrumentality of the Commonwealth Government. This Act applies to the AIDC, its Board, and its officers, modifying certain provisions to enhance the operational framework and governance of the Corporation. The Act applies nationally, with its provisions binding across the Commonwealth of Australia, and its amendments extend to any subsidiary legislation or instruments issued under the original Act. The Act makes several specific amendments, such as adjusting numerical limits and terminology to better align with the Commonwealth Government's nomenclature. Notably, there are no exclusions or exemptions outlined in this particular amendment; however, the Act does specify thresholds and monetary limits, such as altering financial figures and numerical references throughout the original Act. These amendments are detailed in the accompanying Schedule, which formally replaces certain terms and numerical values in the Principal Act.
Key Provisions
The Australian Industry Development Corporation Amendment Act 1980 makes several significant amendments to the Australian Industry Development Corporation Act 1970. Firstly, it increases the number of members in the Corporation's board from five to eight (section 3). It also modifies the conditions under which a Director's appointment can be terminated, now requiring that a Director must fail to attend board meetings without reasonable excuse (section 4). Additionally, it revises the disclosure requirements for Directors with pecuniary interests in matters to be deliberated by the board. Specifically, such Directors must now abstain from deliberations and decisions concerning those matters, and they cannot participate in any determinations regarding their own interests (section 5).
The Act further mandates certain formal amendments to the Principal Act, primarily involving the substitution of terms such as "Australian Government" with "Commonwealth Government" and "Australia" with "the Commonwealth" (Schedule). It also updates numerical references and financial limits within the Principal Act, including the number of board members, financial caps, and other numerical references (Schedule).
Under the Act, the Australian Industry Development Corporation is now required to adhere to stricter disclosure requirements and attendance obligations for its board members, ensuring transparency and integrity in decision-making processes. These obligations extend to the necessity for Directors to abstain from deliberations and decisions where they have a pecuniary interest, thereby mitigating potential conflicts of interest.
Failure to comply with the provisions of this Act can result in civil or criminal penalties, although the specific penalties are not outlined in the text. Typically, breaches of corporate governance and disclosure requirements can lead to fines, disqualification from serving as a Director, or other civil penalties. Additionally, serious breaches may attract criminal charges, with potential penalties including imprisonment, reflecting the importance of adherence to these corporate governance standards.