Commonwealth Consolidated Acts

AUSTRALIAN INDUSTRY DEVELOPMENT CORPORATION ACT 1970 - SECT 29B

             (1)  Subject to subsection (2), the Minister shall, by notice published in the Gazette , nominate a subsidiary of the Corporation as the receiving subsidiary for the purposes of this Part.

             (2)  The Minister shall not nominate a subsidiary under subsection (1) unless the subsidiary is:

                     (a)  a company incorporated under the Companies Act 1981 ;

                     (b)  a wholly‑owned subsidiary;

                     (c)  a trading or financial corporation within the meaning of paragraph 51(20) of the Constitution;

                     (d)  a public company, and a company limited by shares, within the meaning of the Companies Act 1981 ; and

                     (e)  subject to a provision in its articles of association prohibiting more than 30% of its voting shares (within the meaning of the Companies Act 1981 ) being held by members of the public.

             (3)  If a subsidiary nominated under subsection (1) ceases, on or before the re‑organisation day, to be a subsidiary of the Corporation of the kind described in subsection (2), the Minister shall, by notice published in the Gazette , revoke the nomination.

             (4)  For all purposes and in all proceedings, proof of the fact that a body corporate was nominated under subsection (1) is conclusive evidence:

                     (a)  that the body corporate was, on the day of the nomination, a subsidiary of the Corporation of the kind described in subsection (2); and

                     (b)  that the body corporate did not cease, on or before the re‑organisation day, to be such a subsidiary;

unless the contrary is established.