Contents

Part I--Preliminary                                                                                                                 1

1............ Short title [see Note 1] ....................................................................... 1

2............ Commencement [see Note 1] .............................................................. 1

4............ Interpretation ...................................................................................... 1

4A......... External Territories ............................................................................. 2

4B......... Application of Act ............................................................................. 2

4C......... Crown to be bound ............................................................................. 3

Part II--The Australian Industry Development Corporation                         4

5............ Establishment of Australian Industry Development Corporation ..... 4

5A......... Modification of the Commonwealth Authorities and Companies Act 1997--how that Act applies to subsidiaries ............................................................................................................ 4

6............ Functions of the Corporation ............................................................. 5

7............ Powers of Corporation ....................................................................... 6

8............ Matters to be taken into account by Corporation .............................. 7

8A......... Enterprises or projects in the national interest ................................... 8

9............ Ministerial directions ........................................................................ 11

Part III--The Board of Directors of the Corporation                                       13

10.......... Management of the Corporation ...................................................... 13

11.......... Membership of Board ...................................................................... 13

13.......... Appointment of Chief Executive ...................................................... 14

14.......... Chief Executive holds office during Board's pleasure etc. ................ 14

14A....... Resignation of Chief Executive ......................................................... 14

15.......... Terms and conditions of Chief Executive not provided for by Act . 14

15A....... Disclosure of interests by Chief Executive ....................................... 14

16.......... Remuneration and allowances ........................................................... 14

18.......... Resignation ....................................................................................... 15

20.......... Acting Chair ...................................................................................... 15

20A....... Acting Director ................................................................................. 15

20B....... Acting Chief Executive ..................................................................... 16

21.......... Meetings of Board ............................................................................ 16

23.......... Delegation by the Corporation ......................................................... 17

23A....... Delegation by the Chief Executive .................................................... 18

Part IIIA--Corporate plans                                                                                             19

23E........ Matters to be considered in setting financial target .......................... 19

23G....... Minister may direct certain variations of corporate plan ................. 19

Part IV--Finance                                                                                                                    20

24.......... Capital of Corporation ..................................................................... 20

24A....... Payment of amounts to the Commonwealth .................................... 20

26.......... Application of moneys ..................................................................... 21

27.......... Liability to taxation .......................................................................... 21

27A....... Corporation not subject to State or Territory laws to which the Commonwealth is not subject            22

29.......... Additional audit arrangements .......................................................... 22

Part IVA--Re‑organisation of the business of the Corporation                 23

Division 1--Interpretation                                                                                        23

29A....... Interpretation .................................................................................... 23

Division 2--Steps leading to re‑organisation                                                 27

29B....... Nomination of subsidiary to which business is to be transferred--the receiving subsidiary   27

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 ..... 28

29D....... Fixing of day on which re‑organisation is to take place--the re‑organisation day   28

29E........ Notices not to be published after re‑organisation day ...................... 28

29F........ Proof of notices ................................................................................ 29

Division 3--The re‑organisation                                                                           30

29G....... Business of Corporation becomes business of receiving subsidiary 30

29H....... Assets and liabilities of Corporation become assets and liabilities of receiving subsidiary      30

29J........ Instruments ....................................................................................... 30

29K....... Pending proceedings ......................................................................... 31

29L........ Receiving subsidiary to indemnify Corporation in relation to certain non‑transferring liabilities            31

29LA..... Corporation to pay amounts received under special non‑transferring assets to receiving subsidiary      31

29M...... Valuation of transferred business ..................................................... 31

29N....... Issue of shares in receiving subsidiary to Corporation in relation to transferred business       32

29P........ Authorised person may certify matters in relation to re‑organisation 32

29Q....... Extraterritorial operation of Division ............................................... 33

29R....... Corporation to take steps necessary to carry out re‑organisation ... 33

Division 4--Transfer of staff                                                                                    34

29S........ Determination of staff to be transferred to receiving subsidiary ...... 34

29T....... Employment of nominated staff member to continue with receiving subsidiary     34

29U....... Act not to affect certain matters relating to transferred staff members 34

29V....... Variation of terms and conditions of employment ........................... 35

Division 5--Taxation matters                                                                                 36

29X....... Exemptions relating to tax exempt matters ....................................... 36

29Y....... Authorised person may certify in relation to tax exempt matters .... 36

29Z....... Application of Income Tax Assessment Act to certain assets and liabilities           37

29ZA.... Application of Income Tax Assessment Act to partnerships .......... 38

29ZB..... Payments in relation to certain non‑transferring assets and liabilities 38

29ZC..... Conversion to accruals basis for returning interest ........................... 39

29ZD.... Treatment for capital gains tax purposes of shares issued to Corporation by receiving subsidiary        41

Division 6--Raising of share capital from public                                          45

29ZE..... Issue of shares to public ................................................................... 45

Division 7--Miscellaneous                                                                                       46

29ZF..... Certificates in relation to land and interests in land .......................... 46

29ZG.... Certificates in relation to charges ...................................................... 46

29ZH.... Certificates in relation to shares etc. ................................................. 47

29ZI...... Certificates in relation to other assets .............................................. 47

29ZJ...... Part to have effect in spite of laws and agreements prohibiting transfer etc.           48

29ZK.... Compensation for acquisition of property ....................................... 49

Part V--Staff                                                                                                                            50

30.......... Staff of the Corporation ................................................................... 50

32.......... Preservation of certain awards .......................................................... 50

33.......... Power of Corporation to provide benefits for staff and reimburse losses of expenditure        50

Part VI--Transfer of assets of AIDC bodies                                                         51

Division 1--Preliminary                                                                                             51

33A....... Simplified outline .............................................................................. 51

33B....... Interpretation .................................................................................... 53

33C....... Wholly‑owned subsidiary ................................................................ 54

33D....... Sale day for AIDC Ltd ..................................................................... 54

Division 2--Transfer of minority interests in AIDC Ltd to the Corporation      55

33E........ Transfer of minority interests in AIDC Ltd to the Corporation ...... 55

33F........ Registration of shareholder ............................................................... 55

33G....... Notification of acquisition of minority interests .............................. 56

33H....... Compensation ................................................................................... 56

Division 3--Transfers of assets, liabilities etc. of AIDC bodies          57

33J........ Minister for Finance may direct AIDC body to sell or transfer assets 57

33K....... Transfer of assets by declaration ...................................................... 57

33KA.... Special provisions relating to shares in the Australian Submarine Corporation       58

33L........ Transfer of contractual rights and obligations by declaration ........... 59

33M...... Transfer of liabilities by declaration ................................................. 60

33N....... Consideration .................................................................................... 61

Division 4--Transfers by the Commonwealth                                                62

33P........ Transfer of assets ............................................................................. 62

33Q....... Transfer of contractual rights and obligations .................................. 62

33R....... Transfer of liabilities ......................................................................... 63

33S........ Consideration .................................................................................... 64

Division 5--Transfer of Commonwealth guarantees                                  65

33T....... Transfer of Commonwealth guarantees ............................................ 65

Division 6--Proceeds of asset transfers to be paid to the Commonwealth          66

33U....... Proceeds of asset transfers to be paid to the Commonwealth .......... 66

Division 7--Adjustment of dividend franking account balances          67

33V....... Effect of Division ............................................................................. 67

33W...... Adjustment of class C franking account balances ............................. 67

Division 8--Exemption from stamp duty                                                          68

33X....... Exemption from stamp duty ............................................................ 68

Division 9--Commonwealth takeover of obligations                                 70

33Y....... Commonwealth takeover of certain obligations of AIDC bodies ..... 70

33Z....... Authorisation of payments--Commonwealth takeover of obligations 70

34.......... Appropriation--Commonwealth takeover of obligations ................ 70

34A....... Application of the Loans Securities Act 1919 .................................. 70

Division 10--Sale scheme body to assist the Commonwealth and the Corporation        71

34B....... Implementation of this Part .............................................................. 71

34C....... Assistance given by a sale scheme body or director in connection with the implementation of this Part               71

34D....... Giving of assistance--ancillary provisions ...................................... 72

34E........ Use of information by the Commonwealth or the Corporation ....... 73

34F........ Agreements relating to the protection of information ...................... 74

34G....... Sale scheme body's obligations to disclose information ................... 75

Division 11--Injunctions                                                                                           76

34H....... Injunctions ........................................................................................ 76

34J........ Interim injunctions ............................................................................ 76

34K....... Discharge etc. of injunctions ............................................................. 77

34L........ Certain limits on granting injunctions not to apply .......................... 77

34M...... Other powers of the court unaffected .............................................. 78

Division 12--Miscellaneous                                                                                    79

34N....... Transfers of land may be registered .................................................. 79

34P........ Charges may be registered ................................................................ 79

34Q....... This Part does not modify registers kept by land registration officials .. 80

34R....... Lands Acquisition Act does not apply to this Part ......................... 80

34S........ Legislative Instruments Act does not apply to this Part ................. 80

34T....... Transfer of pending proceedings ...................................................... 80

34U....... Operation of this Part does not place a person in breach of contract etc.                81

34V....... Compensation--constitutional safety‑net ....................................... 81

34W...... Designated time ................................................................................ 82

34X....... Delegation ......................................................................................... 82

34Y....... Commonwealth records .................................................................... 82

34Z....... This Part does not authorise the imposition of taxation .................. 83

Division 13--Transitional: long service leave                                               84

Subdivision A--Preliminary                                                                                    84

34ZA.... Definitions ........................................................................................ 84

34ZB..... References to Long Service Leave Act .............................................. 84

34ZC..... Division not to affect an employee's post‑sale long service leave rights                 85

Subdivision B--Long service leave for employees who attain at least 10 years service     85

34ZD.... Simplified outline .............................................................................. 85

34ZE..... Employees who attain 10 years service ........................................... 85

34ZF..... Employees reaching minimum retiring age or being retrenched ........ 86

34ZG.... Rate of salary .................................................................................... 86

Subdivision C--Payments in lieu of long service leave                                       87

34ZH.... Simplified outline .............................................................................. 87

34ZI...... Employees who attain 10 years service ........................................... 87

34ZJ...... Employees reaching minimum retiring age or being retrenched ........ 87

34ZK.... Employee stops employment because of ill‑health .......................... 88

34ZL..... Employee may request non‑payment or reduced payment ............. 88

34ZM... Rate of salary .................................................................................... 89

Subdivision D--Payments on the death of an employee                                       89

34ZN.... Simplified outline .............................................................................. 89

34ZO.... Payments on death of an employee .................................................. 89

Subdivision E--Long service leave credit                                                              90

34ZP..... Employee's long service leave credit for the purposes of Subdivisions B and C     90

Subdivision F--Saving: Long Service Leave Act                                                  91

34ZQ.... Saving--Accrued rights under the Long Service Leave Act .............. 91

Division 14--Transitional: Safety, Rehabilitation and Compensation Act 1988                92

34ZR..... Definitions ........................................................................................ 92

34ZS..... Continued application of the Safety, Rehabilitation and Compensation Act 1988    92

34ZT..... Continued application to certain employees .................................... 92

34ZU.... Transitional provisions relating to Division 4A of Part VII ............. 92

34ZV..... Relevant employer and co‑operation with the Commonwealth ....... 93

34ZW.... Notification of amount of salary paid to employees of AIDC Ltd .. 93

Division 15--Transitional: Occupational Health and Safety (Commonwealth Employment) Act 1991                                                                                                                       94

34ZX.... Refund of contribution paid under the Occupational Health and Safety (Commonwealth Employment) Act 1991 94

Part VII--Miscellaneous                                                                                                   95

35.......... Guarantee by Commonwealth .......................................................... 95

36.......... Offices of the Corporation ............................................................... 97

36A....... Ministers not taken to be directors of bodies corporate .................. 97

37.......... Extra reporting requirements ............................................................ 97

37A....... Information about the receiving subsidiary ...................................... 98

37A....... Delegation by Minister ..................................................................... 98

38.......... Regulations ....................................................................................... 99

Notes                                                                                                                                           101

  

Notes to the Australian Industry Development Corporation Act 1970

Note 1

The Australian Industry Development Corporation Act 1970 as shown in this compilation comprises Act No. 15, 1970 amended as indicated in the Tables below.

All relevant information pertaining to application, saving or transitional provisions prior to 5 June 1997 is not included in this compilation. For subsequent information see Table A.

For application, saving or transitional provisions made by the Corporations (Repeals, Consequentials and Transitionals) Act 2001, see Act No. 55, 2001.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Australian Industry Development Corporation Act 1970	15, 1970	10 June 1970	1 Oct 1970 (see Gazette 1970, p. 6709)
Statute Law Revision Act 1973	216, 1973	19 Dec 1973	31 Dec 1973	Ss. 9(1) and 10
Australian Industry Development Corporation Act 1975	4, 1975	7 Mar 1975	7 Mar 1975	S. 8(2)
Administrative Changes (Consequential Provisions) Act 1976	91, 1976	20 Sept 1976	S. 3: (a)	S. 4
Administrative Changes (Consequential Provisions) Act 1978	36, 1978	12 June 1978	12 June 1978	S. 8
Australian Industry Development Corporation Amendment Act 1980	121, 1980	13 Sept 1980	13 Sept 1980	--
Statute Law Revision Act 1981	61, 1981	12 June 1981	S. 115: Royal Assent (b)	--
Companies (Miscellaneous Amendments) Act 1981	92, 1981	18 June 1981	Ss. 1 and 2: Royal Assent S. 36: 1 July 1981 (see s. 2(2) and Gazette 1981, No. S118) Remainder: 1 July 1982 (see s. 2(3) and Gazette 1982, No. S124)	--
Conciliation and Arbitration Amendment Act (No. 2) 1983	115, 1983	16 Dec 1983	S. 41: 1 June 1984 (see Gazette 1984, No. S201) (c)	--
as amended by
Conciliation and Arbitration Amendment Act 1984	162, 1984	25 Oct 1984	S. 13: 1 June 1984 (see s. 2(2) and Gazette 1984, No. S201) S. 14: 16 Dec 1983 Remainder: Royal Assent	--
Australian Industry Development Corporation Amendment Act 1983	122, 1983	21 Dec 1983	21 Dec 1983	Ss. 8(2), 18(2) and 20(2)
Statute Law (Miscellaneous Provisions) Act (No. 1) 1985	65, 1985	5 June 1985	S. 3: 3 July 1985 (d)	--
Australian Industry Development Corporation Amendment Act 1987	11, 1987	1 Apr 1987	1 Apr 1987	S. 3(2) and (3)
Australian Industry Development Corporation Amendment Act 1988	125, 1988	14 Dec 1988	14 Dec 1988	S. 7(2)
Industry, Technology and Commerce Legislation Amendment Act 1989	91, 1989	27 June 1989	S. 15: 14 Dec 1988 Part 4 (ss. 20-25): 30 Nov 1989 (see Gazette 1989, No. S371) Part 5 (ss. 26, 27): 1 Aug 1989 (see Gazette 1989, No. S262) Remainder: Royal Assent	Ss. 5(2), 12(2)-(5) and 17 S. 16(2) (am. by 66, 1991, s. 26)
as amended by
Industry, Technology and Commerce Legislation Amendment Act 1991	66, 1991	15 June 1991	S. 26: Royal Assent (e)	--
Industry, Technology and Commerce Legislation Amendment Act (No. 2) 1989	10, 1990	17 Jan 1990	Ss. 3-10: 1 July 1989 (f) S. 11: 14 Feb 1990 (f)	--
Australian Industry Development Corporation Amendment Act 1992	169, 1992	11 Dec 1992	8 Jan 1993	S. 3(2)
Statute Law Revision Act 1996	43, 1996	25 Oct 1996	Schedule 4 (item 27): Royal Assent (g)	--
Income Tax (Consequential Amendments) Act 1997	39, 1997	17 Apr 1997	1 July 1997	--
AIDC Sale Act 1997	67, 1997	5 June 1997	Schedule 1: Royal Assent (h) Schedule 2 (items 2-4): [see (h), Note 2 and Table A]	Sch. 1 (items 48-51) and Sch. 2 (items 3, 4) [see Table A]
Tax Law Improvement Act 1997	121, 1997	8 July 1997	S. 4: Royal Assent (i) Schedule 3 (item 62): (i)	S. 4 [see Table A]
Audit (Transitional and Miscellaneous) Amendment Act 1997	152, 1997	24 Oct 1997	Schedule 2 (items 290-315): 1 Jan 1998 (see Gazette 1997, No. GN49) (j)	--
Tax Law Improvement Act (No. 1) 1998	46, 1998	22 June 1998	Schedule 2 (items 523-526): (k)	--
Statute Stocktake Act 1999	118, 1999	22 Sept 1999	22 Sept 1999	--
Public Employment (Consequential and Transitional) Amendment Act 1999	146, 1999	11 Nov 1999	Schedule 1 (items 186-191): 5 Dec 1999 (see Gazette 1999, No. S584) (l)	--
Corporations (Repeals, Consequentials and Transitionals) Act 2001	55, 2001	28 June 2001	Ss. 4-14 and Schedule 3 (items 42-53): 15 July 2001 (see Gazette 2001, No. S285) (m)	Ss. 4-14
Financial Services Reform (Consequential Provisions) Act 2001	123, 2001	27 Sept 2001	Schedule 1 (items 6, 7): 11 Mar 2002 (see Gazette 2001, No. GN42) (n)	--
Commonwealth Authorities and Companies Amendment Act 2008	20, 2008	26 May 2008	Schedule 2 (item 2): 1 July 2008	--

(a)     The Australian Industry Development Corporation Act 1970 was amended by section 3 only of the Administrative Changes (Consequential Provisions) Act 1976, subsection 2(7) of which provides as follows:

                 (7)   The amendments of each other Act specified in the Schedule made by this Act shall be deemed to have come into operation on 22 December 1975.

(b)    The Australian Industry Development Corporation Act 1970 was amended by section 115 only of the Statute Law Revision Act 1981, subsection 2(1) of which provides as follows:

                 (1)   Subject to this section, this Act shall come into operation on the day on which it receives the Royal Assent.

(c)     The Australian Industry Development Corporation Act 1970 was amended by section 41 only of the Conciliation and Arbitration Amendment Act (No. 2) 1983, subsection 2(2) of which provides as follows:

                 (2)   Sections 3, 6, 7, 8, 9, 10, 12, 14 and 16, subsection 22(3) and sections 27, 39, 40, 41 and 43 shall come into operation on a date, or respective dates, to be fixed by proclamation.

(d)     The Australian Industry Development Corporation Act 1970 was amended by section 3 only of the Statute Law (Miscellaneous Provisions) Act (No. 1) 1985, subsection 2(1) of which provides as follows:

                 (1)   Subject to this section, this Act shall come into operation on the twenty‑eighth day after the day on which it receives the Royal Assent.

(e)     The Industry, Technology and Commerce Legislation Amendment Act 1989 was amended by section 26 only of the Industry, Technology and Commerce Legislation Amendment Act 1991, subsection 2(1) of which provides as follows:

                 (1)   Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(f)      The Australian Industry Development Corporation Act 1970 was amended by sections 3-11 only of the Industry, Technology and Commerce Legislation Amendment Act (No. 2) 1989, subsections 2(2) and (7) of which provide as follows:

                 (2)   Sections 3, 4, 5, 6, 7, 8, 9 and 10, and Part 3, are to be taken to have commenced on 1 July 1989.

                 (7)   The remaining provisions of this Act commence 28 days after this Act receives the Royal Assent.

(g)     The Australian Industry Development Corporation Act 1970 was amended by Schedule 4 (item 27) only of the Statute Law Revision Act 1996, subsection 2(1) of which provides as follows:

                 (1)   Subject to subsections (2) and (3), this Act commences on the day on which it receives the Royal Assent.

(h)     The Australian Industry Development Corporation Act 1970 was amended by Schedule 1 and Schedule 2 (items 2-4) only of the AIDC Sale Act 1997, subsections 2(1) and (2) of which provide as follows:

                 (1)   Subject to this section, this Act commences on the day on which it receives the Royal Assent.

                 (2)   Schedule 2 commences on a day to be fixed by Proclamation. The day must not be earlier than the day on which the Minister gives the Governor‑General a written certificate stating that the Minister is satisfied that the Australian Industry Development Corporation has no assets and no liabilities. [see Note 2 and Table A]

(i)      The Australian Industry Development Corporation Act 1970 was amended by section 4 and Schedule 3 (item 62) only of the Tax Law Improvement Act 1997, subsections 2(1)-(3) of which provide as follows:

                 (1)   Subject to this section, this Act commences on the day on which it receives the Royal Assent.

                 (2)   Schedule 1 commences on 1 July 1997 immediately after the commencement of the Income Tax Assessment Act 1997.

                 (3)   Each of the other Schedules (except Schedule 12) commences immediately after the commencement of the immediately preceding Schedule.

(j)      The Australian Industry Development Corporation Act 1970 was amended by Schedule 2 (items 290-315) only of the Audit (Transitional and Miscellaneous) Amendment Act 1997, subsection 2(2) of which provides as follows:

                 (2)   Schedules 1, 2 and 4 commence on the same day as the Financial Management and Accountability Act 1997.

(k)     The Australian Industry Development Corporation Act 1970 was amended by Schedule 2 (items 523-526) only of the Tax Law Improvement Act (No. 1) 1998, subsection 2(2) of which provides as follows:

                 (2)   Schedule 2 (except item 3 of it) commences immediately after the commencement of Schedule 1.

         Schedule 1 commenced on 22 June 1998.

(l)      The Australian Industry Development Corporation Act 1970 was amended by Schedule 1 (items 186-191) only of the Public Employment (Consequential and Transitional) Amendment Act 1999, subsections 2(1) and (2) of which provide as follows:

                 (1)   In this Act, commencing time means the time when the Public Service Act 1999 commences.

                 (2)   Subject to this section, this Act commences at the commencing time.

(m)    The Australian Industry Development Corporation Act 1970 was amended by Schedule 3 (items 42-53) only of the Corporations (Repeals, Consequentials and Transitionals) Act 2001, subsection 2(3) of which provides as follows:

                 (3)   Subject to subsections (4) to (10), Schedule 3 commences, or is taken to have commenced, at the same time as the Corporations Act 2001.

(n)     The Australian Industry Development Corporation Act 1970 was amended by Schedule 1 (items 6 and 7) only of the Financial Services Reform (Consequential Provisions) Act 2001, subsections 2(1) and (6) of which provide as follows:

                 (1)   In this section :

                         FSR commencement means the commencement of item 1 of Schedule 1 to the Financial Services Reform Act 2001.

                 (6)   Subject to subsections (7) to (17), the other items of Schedule 1 commence on the FSR commencement.

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted
Provision affected	How affected
Part I
S. 3......................................	rep. No. 216, 1973
S. 4......................................	am. No. 216, 1973; No. 4, 1975; No. 92, 1981; No. 122, 1983; No. 125, 1988; No. 91, 1989; Nos. 67 and 152, 1997
Ss. 4A, 4B...........................	ad. No. 125, 1988
S. 4C...................................	ad. No. 67, 1997
Part II
S. 5......................................	am. No. 122, 1983
Note to s. 5(2).....................	ad. No. 152, 1997
S. 5A...................................	ad. No. 152, 1997
	am. No. 20, 2008
S. 6......................................	am. No. 4, 1975; No. 122, 1983; No. 125, 1988; No. 67, 1997
S. 7......................................	am. No. 4, 1975; No. 121, 1980; No. 122, 1983; No. 125, 1988; No. 169, 1992; No. 67, 1997
S. 8......................................	rs. No. 4, 1975
	am. No. 121, 1980; No. 61, 1981; No. 122, 1983; No. 125, 1988; No. 67, 1997
S. 8A...................................	ad. No. 4, 1975
	am. No. 91, 1976; No. 36, 1978; No. 121, 1980; No. 122,1983; No. 125, 1988; Nos. 67 and 152, 1997
S. 9......................................	rs. No. 4, 1975
	am. No. 121, 1980
	rs. No. 67, 1997
S. 10....................................	am. No. 4, 1975
	rs. No. 122, 1983
	am. No. 125, 1988
S. 10A.................................	ad. No. 122, 1983
	rep. No. 91, 1989
S. 11....................................	rs. No. 4, 1975
	am. No. 91, 1976; No. 36, 1978
	rs. No. 122, 1983
	am. No. 65, 1985; No. 125, 1988; No. 91, 1989; No. 169, 1992
	rs. No. 67, 1997
	am. No. 152, 1997
S. 12....................................	am. No. 122, 1983; No. 125, 1988; No. 91, 1989; No. 169, 1992
	rep. No. 67, 1997
S. 13....................................	am. No. 4, 1975
	rep. No. 122, 1983
	ad. No. 125, 1988
	am. No. 169, 1992; Nos. 67 and 152, 1997
S. 14....................................	am. No. 121, 1980
	rep. No. 122, 1983
	ad. No. 125, 1988
S. 14A.................................	ad. No. 67, 1997
S. 15....................................	am. No. 4, 1975; No. 121, 1980
	rs. No. 122, 1983; No. 125, 1988
S. 15A.................................	ad. No. 125, 1988
	am. No. 152, 1997
S. 16....................................	rs. No. 4, 1975
	am. No. 91, 1976; No. 36, 1978
	rs. No. 122, 1983
	am. No. 125, 1988; No. 169, 1992; No. 43, 1996
	rs. No. 67, 1997
	am. No. 152, 1997
S. 17....................................	am. No. 4, 1975
	rs. No. 122, 1983
	am. No. 169, 1992
	rep. No. 67, 1997
S. 18....................................	am. No. 4, 1975
	rs. No. 122, 1983
	am. No. 125, 1988; No. 91, 1989; No. 169, 1992
	rs. No. 67, 1997
	am. No. 152, 1997
S. 19....................................	am. No. 4, 1975; No. 91, 1976; No. 36, 1978; No. 121, 1980
	rs. No. 122, 1983
	am. No. 125, 1988; No. 91, 1989; No. 169, 1992
	rep. No. 67, 1997
S. 20....................................	am. No. 4, 1975
	rs. No. 122, 1983
	am. No. 125, 1988; Nos. 67 and 152, 1997
S. 20A.................................	ad. No. 122, 1983
	am. No. 125, 1988; No. 169, 1992; Nos. 67 and 152, 1997
S. 20B.................................	ad. No. 122, 1983
	am. No. 125, 1988
S. 21....................................	am. No. 4, 1975; No. 122, 1983; No. 125, 1988; No. 91, 1989; No. 169, 1992; No. 152, 1997
S. 21A.................................	ad. No. 4, 1975
	am. No. 91, 1976; No. 36, 1978; No. 122, 1983; No. 65, 1985
	rep. No. 125, 1988
S. 22....................................	am. No. 4, 1975; No. 121, 1980; No. 125, 1988
	rep, No. 152, 1997
S. 23....................................	am. No. 4, 1975; No. 122, 1983; No. 125, 1988; No. 10, 1990; No. 67, 1997
S. 23A.................................	ad. No. 122, 1983
	am. No. 125, 1988; No. 10, 1990; No. 67, 1997
Part IIIA
Part IIIA................................	ad. No. 91, 1989
Ss. 23B-23D.......................	ad. No. 91, 1989
	rep. No. 152, 1997
S. 23E..................................	ad. No. 91, 1989
	am. No. 152, 1997
S. 23F..................................	ad, No. 91, 1989
	rep. No. 152, 1997
S. 23G.................................	ad. No. 91, 1989
S. 23H.................................	ad. No. 91, 1989
	rep. No. 152, 1997
Part IV
S. 24....................................	am. No. 4, 1975; No. 36, 1978; No. 121, 1980; No. 122, 1983
	rs. No. 125, 1988
S. 24A.................................	ad. No. 122, 1983
	rs. No. 125, 1988; No. 67, 1997
S. 25....................................	am. No. 125, 1988
	rep, No. 152, 1997
S. 26....................................	am. No. 122, 1983; No. 125, 1988; No. 152, 1997
S. 26A.................................	ad. No. 4, 1975
	am. No. 36, 1978
	rep. No. 61, 1981
S. 27....................................	am. No. 4, 1975; No. 121, 1980; No. 122, 1983; No. 91, 1989; Nos. 67 and 121, 1997
S. 27A.................................	ad. No. 4, 1975
	am. No. 121, 1980
S. 28....................................	rep. No. 152, 1997
Heading to s. 29..................	rs. No. 152, 1997
S. 29....................................	rs. No. 122, 1983
	am. No. 125, 1988; No. 91, 1989; No. 152, 1997
Part IVA
Part IVA ..............................	ad. No. 125, 1988
Division 1
S. 29A.................................	ad. No. 125, 1988
	am. No. 91, 1989; No. 10, 1990; No. 39, 1997; No. 46, 1998
Division 2
Ss. 29B-29F.......................	ad. No. 125, 1988
Division 3
Ss. 29G-29L.......................	ad. No. 125, 1988
S. 29LA...............................	ad. No. 10, 1990
Ss. 29M, 29N.......................	ad. No. 125, 1988
Ss. 29P-29R.......................	ad. No. 125, 1988
Division 4
Ss. 29S-29V.......................	ad. No. 125, 1988
S. 29W................................	ad. No. 125, 1988
	am. No. 67, 1997
	rep. No. 146, 1999
Division 5
S. 29X.................................	ad. No. 125, 1988
	am. No. 118, 1999
S. 29Y.................................	ad. No. 125, 1988
S. 29Z.................................	ad. No. 125, 1988
	am. No. 10, 1990; No. 39, 1997
S. 29ZA...............................	ad. No. 125, 1988
	am. No. 39, 1997
S. 29ZB...............................	ad. No. 125, 1988
	am. No. 10, 1990; No. 39, 1997
S. 29ZC...............................	ad. No. 125, 1988
S. 29ZD...............................	ad. No. 125, 1988
	am. No. 91, 1989; No. 10, 1990; No. 46, 1998
Division 6
S. 29ZE...............................	ad. No. 125, 1988
Division 7
Ss. 29ZE-29ZK...................	ad. No. 125, 1988
Part V
Heading to Part V................	rs. No. 67, 1997
S. 30....................................	am. No. 4, 1975; No. 122, 1983; No. 67, 1997
S. 31....................................	am. No. 122, 1983
	rep. No. 115, 1983
S. 32....................................	am. No. 122, 1983; No. 115, 1983 (as am. by No. 162, 1984)
S. 33....................................	am. No. 4, 1975
	rs. No. 122, 1983
	am. No. 125, 1988; No. 169, 1992; Nos. 67 and 152, 1997
Part VI
Part VI.................................	ad. No. 67, 1997
Division 1
S. 33A.................................	ad. No. 67, 1997
S. 33B.................................	ad. No. 67, 1997
	am. No. 55, 2001
S. 33C.................................	ad. No. 67, 1997
Division 2
S. 33E..................................	ad. No. 67, 1997
S. 33F..................................	ad. No. 67, 1997
	am. No. 55, 2001
Ss. 33G, 33H.......................	ad. No. 67, 1997
Division 3
S. 33J..................................	ad. No. 67, 1997
S. 33K.................................	ad. No. 67, 1997
	am. No. 55, 2001
S. 33KA...............................	ad. No. 67, 1997
Ss. 33L-33N.......................	ad. No. 67, 1997
Division 4
Ss. 33P-33S.......................	ad. No. 67, 1997
Division 5	ad. No. 67, 1997
S. 33T..................................	ad. No. 67, 1997
Division 6
S. 33U.................................	ad. No. 67, 1997
Division 7
Ss. 33V, 33W......................	ad. No. 67, 1997
Division 8
S. 33X.................................	ad. No. 67, 1997
Division 9
Ss. 33Y, 33Z.......................	ad. No. 67, 1997
S. 34....................................	rep. No. 122, 1983
	ad. No. 67, 1997
S. 34A.................................	ad. No. 67, 1997
Division 10
S. 34B.................................	ad. No. 67, 1997
Ss. 34C, 34D.......................	ad. No. 67, 1997
	am. No. 55, 2001
S. 34E..................................	ad. No. 67, 1997
	am. No. 146, 1999; No. 55, 2001
S. 34F..................................	ad. No. 67, 1997
S. 34G.................................	ad. No. 67, 1997
	am. Nos. 55 and 123, 2001
Division 11
S. 34H.................................	ad. No. 67, 1997
Ss. 34J-34M.......................	ad. No. 67, 1997
Division 12
S. 34N.................................	ad. No. 67, 1997
Ss. 34P-34W......................	ad. No. 67, 1997
S. 34X.................................	ad. No. 67, 1997
	am. No. 146, 1999
Ss. 34Y, 34Z.......................	ad. No. 67, 1997
Division 13
Subdivision A
Ss. 34ZA-34ZC .................	ad. No. 67, 1997
Subdivision B
Ss. 34ZD-34ZG .................	ad. No. 67, 1997
Subdivision C
Ss. 34ZH-34ZM .................	ad. No. 67, 1997
Subdivision D
Ss. 34ZN, 34ZO .................	ad. No. 67, 1997
Subdivision E
S. 34ZP ..............................	ad. No. 67, 1997
Subdivision E
S. 34ZQ ..............................	ad. No. 67, 1997
Division 14
Ss. 34ZR-34ZW.................	ad. No. 67, 1997
Division 15
S. 34ZX...............................	ad. No. 67, 1997
Part VII
Heading to Part VII...............	ad. No. 67, 1997
S. 35....................................	am. No. 216, 1973; No. 4, 1975
	rs. No. 122, 1983
	am. No. 11, 1987; No. 10, 1990; No. 169, 1992; No. 67, 1997
S. 36....................................	rs. No. 122, 1983
	am. No. 125, 1988
S. 36A.................................	ad. No. 4, 1975
	am. No. 61, 1981
	rep. No. 122, 1983
	ad. No. 67, 1997
	am. No. 55, 2001
Heading to s. 37..................	rs. No. 152, 1997
S. 37....................................	am. No. 216, 1973; No. 4, 1975; No. 36, 1978; No. 121, 1980; No. 61, 1981; No. 122, 1983; No. 125, 1988; No. 91, 1989; Nos. 67 and 152, 1997
S. 37A.................................	ad. No. 152, 1997
S. 37A.................................	ad. No. 67, 1997
	am. No. 146, 1999
S. 38....................................	ad. No. 4, 1975

Note 2

The Australian Industry Development Corporation Act 1970 was amended by Schedule 2 (item 2) of the AIDC Sale Act 1997. The applicable provision provides as follows:

Schedule 2 

2  The whole of the Act

Repeal the Act.

Subsection 2(2) of the AIDC Sale Act 1997 provides as follows:

             (2)  Schedule 2 commences on a day to be fixed by Proclamation. The day must not be earlier than the day on which the Minister gives the Governor‑General a written certificate stating that the Minister is satisfied that the Australian Industry Development Corporation has no assets and no liabilities.

As at 1 July 2008 no date had been fixed for the commencement of Schedule 2 and the repeal has not taken effect.

Table A

Application, saving or transitional provisions

AIDC Sale Act 1997 (No. 67, 1997)

Schedule 1 

48  Transitional--appointment of Chairman

(1)        This item applies to the person who was the Chairman immediately before the commencement of this item.

(2)        The Australian Industry Development Corporation Act 1970 has effect as if the Minister had, by instrument under section 11 of that Act, appointed the person as the Chairman with effect from the commencement of this item.

49  Transitional--appointment of Chief Executive

(1)        This item applies to the person who was the Chief Executive immediately before the commencement of this item.

(2)        The Australian Industry Development Corporation Act 1970 has effect as if the Board had, by instrument under section 13 of that Act, appointed the person as the Chief Executive with effect from the commencement of this item.

50  Transitional--appointment of ordinary Directors

(1)        This item applies to a person (other than the Chairman or the Chief Executive) who was a Director immediately before the commencement of this item.

(2)        The Australian Industry Development Corporation Act 1970 has effect as if the Minister had, by instrument under section 11 of that Act, appointed the person as an ordinary Director with effect from the commencement of this item.

51  Transitional--section 9 and paragraph 19(3)(b) of the Australian Industry Development Corporation Act 1970

If Schedule 2 to the Audit (Transitional and Miscellaneous) Amendment Act 1997 does not commence before the day on which this Act receives the Royal Assent, the amendments of section 9 and paragraph 19(3)(b) of the Australian Industry Development Corporation Act 1970 made by the Audit (Transitional and Miscellaneous) Amendment Act 1997 are taken never to have commenced.

These provisions commence on proclamation:

Schedule 2--Abolition of the Australian Industry Development Corporation 

3  Transitional--taxation matters

Despite the repeal of sections 29Z, 29ZA, 29ZB and 29ZC of the Australian Industry Development Corporation Act 1970 by this Schedule, those sections continue to apply, in relation to AIDC Ltd, as if those repeals had not happened.

4  Transitional--references in instruments

Despite the repeal of sections 29J, 33E, 33K, 33L, 33M, 33P, 33Q and 33R of the Australian Industry Corporation Act 1970 by this Schedule, those sections continue to apply, in relation to references in instruments, as if those repeals had not happened.

Tax Law Improvement Act 1997 (No. 121, 1997)

4  Application of amendments

An amendment made by an item in a Schedule (except Schedule 1) applies to assessments for the 1997‑98 income year and later income years, unless otherwise indicated in that Schedule.