Commonwealth Consolidated Acts

AUSTRALIAN BROADCASTING CORPORATION ACT 1983 - SECT 25A

             (1)  In this section:

"authorized business" means a business or other activity related to or incidental to the performance of any of the functions of the Corporation.

"prescribed company" means a company that carries on, or proposes to carry on, an authorized business.

             (2)  The Corporation may:

                     (a)  form, or participate with other persons in the formation of, a company to carry on an authorized business;

                     (b)  acquire, hold and dispose of shares or stock in the capital of, or debentures or other securities of, a prescribed company;

                     (c)  enter into a partnership, or an arrangement for the sharing of profits or expenses, with a prescribed company for the purpose of carrying on an authorized business; and

                     (d) provide technical or other assistance and facilities (whether in or outside Australia) for a prescribed company or for a partnership, or for the purposes of an arrangement, referred to in paragraph (c).

Note:          Section 15 of the Commonwealth Authorities and Companies Act 1997 requires Directors to notify the Minister of significant business activities and arrangements.

             (4)  An agreement or arrangement between the Corporation and a prescribed company shall include a term empowering the Corporation to terminate the agreement or arrangement if the prescribed company ceases to be a prescribed company.

             (5)  Where:

                     (a)  the Corporation has an interest in, or is a party to an agreement or arrangement with, a prescribed company; and

                     (b)  the prescribed company ceases to be a prescribed company;

the Minister may give to the Corporation such directions as the Minister thinks appropriate with respect to:

                     (c)  the disposal of the interest of the Corporation in the company; or

                     (d)  the termination of the agreement or arrangement between the Corporation and the company;

as the case may be, and the Corporation shall comply with any such directions.

             (6)  This section does not authorize a prescribed company to carry on an authorised business otherwise than in accordance with the relevant law.