Commonwealth Consolidated Acts

AUSTRALIAN INDUSTRY DEVELOPMENT CORPORATION ACT 1970

TABLE OF PROVISIONS

           Long Title

   PART I--PRELIMINARY

   1.      Short title [see Note 1]  
   2.      Commencement [see Note 1]  
   4.      Interpretation  
   4A.     External Territories  
   4B.     Application of Act  
   4C.     Crown to be bound  

   PART II--THE AUSTRALIAN INDUSTRY DEVELOPMENT CORPORATION

   5.      Establishment of Australian Industry Development Corporation  
   5A.     Modification of the Commonwealth Authorities and Companies Act 1997--how that Act applies to subsidiaries  
   6.      Functions of the Corporation  
   7.      Powers of Corporation  
   8.      Matters to be taken into account by Corporation  
   8A.     Enterprises or projects in the national interest  
   9.      Ministerial directions  

   PART III--THE BOARD OF DIRECTORS OF THE CORPORATION

   10.     Management of the Corporation  
   11.     Membership of Board  
   13.     Appointment of Chief Executive  
   14.     Chief Executive holds office during Board's pleasure etc.  
   14A.    Resignation of Chief Executive  
   15.     Terms and conditions of Chief Executive not provided for by Act  
   15A.    Disclosure of interests by Chief Executive  
   16.     Remuneration and allowances  
   18.     Resignation  
   20.     Acting Chair  
   20A.    Acting Director  
   20B.    Acting Chief Executive  
   21.     Meetings of Board  
   23.     Delegation by the Corporation  
   23A.    Delegation by the Chief Executive  

   PART IIIA--CORPORATE PLANS

   23E.    Matters to be considered in setting financial target  
   23G.    Minister may direct certain variations of corporate plan  

   PART IV--FINANCE

   24.     Capital of Corporation  
   24A.    Payment of amounts to the Commonwealth  
   26.     Application of moneys  
   27.     Liability to taxation  
   27A.    Corporation not subject to State or Territory laws to which the Commonwealth is not subject  
   29.     Additional audit arrangements  

   PART IVA--RE-ORGANISATION OF THE BUSINESS OF THE CORPORATION

           Division 1--Interpretation

   29A.    Interpretation  

           Division 2--Steps leading to re-organisation

   29B.    Nomination of subsidiary to which business is to be transferred--the receiving subsidiary  
   29C.    Determination of assets, instruments and liabilities not to be transferred etc.--the non-transferring assets, instruments and liabilities, non-reimbursable liabilities and joint instruments  
   29D.    Fixing of day on which re-organisation is to take place--the re-organisation day  
   29E.    Notices not to be published after re-organisation day  
   29F.    Proof of notices  

           Division 3--The re-organisation

   29G.    Business of Corporation becomes business of receiving subsidiary  
   29H.    Assets and liabilities of Corporation become assets and liabilities of receiving subsidiary  
   29J.    Instruments  
   29K.    Pending proceedings  
   29L.    Receiving subsidiary to indemnify Corporation in relation to certain non-transferring liabilities  
   29LA.   Corporation to pay amounts received under special non-transferring assets to receiving subsidiary  
   29M.    Valuation of transferred business  
   29N.    Issue of shares in receiving subsidiary to Corporation in relation to transferred business  
   29P.    Authorised person may certify matters in relation to re-organisation  
   29Q.    Extraterritorial operation of Division  
   29R.    Corporation to take steps necessary to carry out re-organisation  

           Division 4--Transfer of staff

   29S.    Determination of staff to be transferred to receiving subsidiary  
   29T.    Employment of nominated staff member to continue with receiving subsidiary  
   29U.    Act not to affect certain matters relating to transferred staff members  
   29V.    Variation of terms and conditions of employment  

           Division 5--Taxation matters

   29X.    Exemptions relating to tax exempt matters  
   29Y.    Authorised person may certify in relation to tax exempt matters  
   29Z.    Application of Income Tax Assessment Act to certain assets and liabilities  
   29ZA.   Application of Income Tax Assessment Act to partnerships  
   29ZB.   Payments in relation to certain non-transferring assets and liabilities  
   29ZC.   Conversion to accruals basis for returning interest  
   29ZD.   Treatment for capital gains tax purposes of shares issued to Corporation by receiving subsidiary  

           Division 6--Raising of share capital from public

   29ZE.   Issue of shares to public  

           Division 7--Miscellaneous

   29ZF.   Certificates in relation to land and interests in land  
   29ZG.   Certificates in relation to charges  
   29ZH.   Certificates in relation to shares etc.  
   29ZI.   Certificates in relation to other assets  
   29ZJ.   Part to have effect in spite of laws and agreements prohibiting transfer etc.  
   29ZK.   Compensation for acquisition of property  

   PART V--STAFF

   30.     Staff of the Corporation  
   32.     Preservation of certain awards  
   33.     Power of Corporation to provide benefits for staff and reimburse losses of expenditure  

   PART VI--TRANSFER OF ASSETS OF AIDC BODIES

           Division 1--Preliminary

   33A.    Simplified outline  
   33B.    Interpretation  
   33C.    Wholly-owned subsidiary  
   33D.    Sale day for AIDC Ltd  

           Division 2--Transfer of minority interests in AIDC Ltd to the Corporation

   33E.    Transfer of minority interests in AIDC Ltd to the Corporation  
   33F.    Registration of shareholder  
   33G.    Notification of acquisition of minority interests  
   33H.    Compensation  

           Division 3--Transfers of assets, liabilities etc

   33J.    Minister for Finance may direct AIDC body to sell or transfer assets  
   33K.    Transfer of assets by declaration  
   33KA.   Special provisions relating to shares in the Australian Submarine Corporation  
   33L.    Transfer of contractual rights and obligations by declaration  
   33M.    Transfer of liabilities by declaration  
   33N.    Consideration  

           Division 4--Transfers by the Commonwealth

   33P.    Transfer of assets  
   33Q.    Transfer of contractual rights and obligations  
   33R.    Transfer of liabilities  
   33S.    Consideration  

           Division 5--Transfer of Commonwealth guarantees

   33T.    Transfer of Commonwealth guarantees  

           Division 6--Proceeds of asset transfers to be paid to the Commonwealth

   33U.    Proceeds of asset transfers to be paid to the Commonwealth  

           Division 7--Adjustment of dividend franking account balances

   33V.    Effect of Division  
   33W.    Adjustment of class C franking account balances  

           Division 8--Exemption from stamp duty

   33X.    Exemption from stamp duty  

           Division 9--Commonwealth takeover of obligations

   33Y.    Commonwealth takeover of certain obligations of AIDC bodies  
   33Z.    Authorisation of payments--Commonwealth takeover of obligations  
   34.     Appropriation--Commonwealth takeover of obligations  
   34A.    Application of the Loans Securities Act 1919  

           Division 10--Sale

   34B.    Implementation of this Part  
   34C.    Assistance given by a sale scheme body or director in connection with the implementation of this Part  
   34D.    Giving of assistance--ancillary provisions  
   34E.    Use of information by the Commonwealth or the Corporation  
   34F.    Agreements relating to the protection of information  
   34G.    Sale scheme body's obligations to disclose information  

           Division 11--Injunctions

   34H.    Injunctions  
   34J.    Interim injunctions  
   34K.    Discharge etc. of injunctions  
   34L.    Certain limits on granting injunctions not to apply  
   34M.    Other powers of the court unaffected  

           Division 12--Miscellaneous

   34N.    Transfers of land may be registered  
   34P.    Charges may be registered  
   34Q.    This Part does not modify registers kept by land registration officials  
   34R.    Lands Acquisition Act does not apply to this Part  
   34S.    Legislative Instruments Act does not apply to this Part  
   34T.    Transfer of pending proceedings  
   34U.    Operation of this Part does not place a person in breach of contract etc.  
   34V.    Compensation--constitutional safety-net  
   34W.    Designated time  
   34X.    Delegation  
   34Y.    Commonwealth records  
   34Z.    This Part does not authorise the imposition of taxation  

           Division 13--Transitional

              Subdivision A--Preliminary

   34ZA.   Definitions  
   34ZB.   References to Long Service Leave Act  
   34ZC.   Division not to affect an employee's post-sale long service leave rights  

              Subdivision B--Long service leave for employees who attain at least 10 years service

   34ZD.   Simplified outline  
   34ZE.   Employees who attain 10 years service  
   34ZF.   Employees reaching minimum retiring age or being retrenched  
   34ZG.   Rate of salary  

              Subdivision C--Payments in lieu of long service leave

   34ZH.   Simplified outline  
   34ZI.   Employees who attain 10 years service  
   34ZJ.   Employees reaching minimum retiring age or being retrenched  
   34ZK.   Employee stops employment because of ill-health  
   34ZL.   Employee may request non-payment or reduced payment  
   34ZM.   Rate of salary  

              Subdivision D--Payments on the death of an employee

   34ZN.   Simplified outline  
   34ZO.   Payments on death of an employee  

              Subdivision E--Long service leave credit

   34ZP.   Employee's long service leave credit for the purposes of Subdivisions B and C  

              Subdivision F--Saving

   34ZQ.   Saving--Accrued rights under the Long Service Leave Act  

           Division 14--Transitional

   34ZR.   Definitions  
   34ZS.   Continued application of the Safety, Rehabilitation and Compensation Act 1988  
   34ZT.   Continued application to certain employees  
   34ZU.   Transitional provisions relating to Division 4A of Part VII  
   34ZV.   Relevant employer and co-operation with the Commonwealth  
   34ZW.   Notification of amount of salary paid to employees of AIDC Ltd  

           Division 15--Transitional

   34ZX.   Refund of contribution paid under the Occupational Health and Safety (Commonwealth Employment) Act 1991  

   PART VII--MISCELLANEOUS

   35.     Guarantee by Commonwealth  
   36.     Offices of the Corporation  
   36A.    Ministers not taken to be directors of bodies corporate  
   37.     Extra reporting requirements  
   37A.    Information about the receiving subsidiary  
   37A.    Delegation by Minister  
   38.     Regulations