Australian Capital Territory Bills Explanatory Statements
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TERRITORY OWNED CORPORATIONS AMENDMENT BILL 2004 (NO 2)
TED QUINLAN
MLA
TREASURER
2004
THE
LEGISLATIVE ASSEMBLY FOR
THE
AUSTRALIAN CAPTIAL
TERRITORY
TERRITORY
OWNED CORPORATIONS
AMENDMENT BILL
2004 (No 2)
EXPLANATORY
STATEMENT
Territory Owned
Corporations
Amendment Bill 2004 (No
2)
OUTLINE
The objective of this Bill is to allow the
company known as Rhodium Asset Solutions Limited to be a Territory owned
corporation by substituting it for Totalcare Industries Limited in Schedule 1 of
the Territory Owned Corporations Act
1990.
The Bill also contains consequential
amendments to the Taxation (Government Business Enterprises) Regulation
2003.
The principle functions of Rhodium
Asset Solutions Limited include:
• asset
procurement, management and disposal services;
and
• financial and other services in
connection with the supply, management and disposal of motor vehicles and other
property of any kind.
Financial
Implications
The Bill does not contain any financial
implications.
Details of the
Bill
Sections 1,2 and 3 are formal
requirements that respectively refer to the name of the Act, the commencement
provisions and declaring that it is the Territory
Owned Corporations Act 1990 that is being amended.
Section 4 provides that Schedule 1,
item 3 be amended by replacing Totalcare Industries Limited with Rhodium Asset
Solutions Limited.
Section 5 amends section 3 of
the Taxation (Government Business
Enterprises) Regulation 2003 by replacing Totalcare Industries Limited with
Rhodium Asset Solutions Limited.
Section 6 amends section 4 of
the Taxation (Government Business
Enterprises) Regulation 2003 by removing Totalcare Industries Limited and
adding Rhodium Asset Solutions Limited to the regulation in alphabetical order
(this is the reason for the reference to Stadiums Authority).
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