Commonwealth Consolidated Acts

AUSTRALIAN INDUSTRY DEVELOPMENT CORPORATION ACT 1970 - SECT 8A

          (1A)  This section does not apply to the Corporation after the designated time.

             (1)  The Minister may, from time to time, by notice in writing to the Corporation, inform the Corporation of the policy of the Commonwealth Government in relation to the establishment, development and advancement of an industry referred to in the notice or in relation to the participation by Australian residents in such an industry or in an activity that is connected with or incidental to such an industry.

             (2)  Where:

                     (a)  the provision of finance by the Corporation in relation to an enterprise or project, or the engaging or participation by the Corporation in an enterprise or project, would be within the core functions of the Corporation;

                     (b)  the Board decides for any reason not to provide finance for, or not to engage or participate in, the enterprise or project; and

                     (c)  it is in accordance with the policy of the Commonwealth Government as notified to the Corporation under subsection (1) that:

                              (i)  the enterprise or project should be carried out; and

                             (ii)  the Corporation should provide finance in relation to, or engage or participate in, the enterprise or project;

the Corporation shall furnish to the Minister a report in writing in relation to the enterprise or project.

             (3)  The Corporation shall not furnish a report under subsection (2) in relation to the provision of finance by the Corporation to a person in relation to an enterprise or project, or the engaging or participation by the Corporation in an enterprise or project in association with a person, except with the consent of that person.

             (4)  If the Minister considers that:

                     (a)  the carrying out of an enterprise or project in connexion with an industry or activity referred to in subsection 6(1); and

                     (b)  the provision of finance by the Corporation in relation to the enterprise or project or the engaging or participation of the Corporation in the enterprise or project;

would be in accordance with the policy of the Commonwealth Government in relation to the establishment, development or advancement of the industry or in relation to the participation by Australian residents in the industry or activity, the Minister may direct the Corporation to furnish a report in writing in relation to the enterprise or project.

             (5)  Where the Corporation is required by subsection (2), or by a direction given by the Minister under subsection (4), to furnish a report to the Minister in relation to an enterprise or project, the Corporation shall conduct such inquiries, investigations, studies or negotiations in connection with the enterprise or project as are necessary to determine whether, and by what means, the Commonwealth Government could enable the Corporation to provide finance for, or to engage or participate in, the enterprise or project and shall include the results of the inquiries, investigations, studies or negotiations in the report.

             (6)  Where, after having received a report in pursuance of subsection (2) or subsection (4) in relation to an enterprise or project, the Minister is of the opinion that it is in the national interest that the Commonwealth Government should:

                     (a)  facilitate the provision of finance by the Corporation in relation to the enterprise or project; or

                     (b)  assist the Corporation to engage or participate in the enterprise or project;

the Minister may:

                     (c)  give such guarantees as will enable the Corporation to provide finance for, or engage or participate in, the enterprise or project;

                     (d)  out of moneys appropriated by the Parliament for the purpose, make payments to the Corporation (whether by way of loan or otherwise) for use by the Corporation in providing finance for, or engaging or participating in, the enterprise or project on such terms and conditions as the Minister determines; and

                     (e)  authorize the Corporation to borrow moneys to provide finance for, or engage or participate in, the enterprise or project.

             (7)  The Minister shall not give a guarantee under subsection (6) unless each House of the Parliament has passed a resolution approving the giving of the guarantee.

             (8)  Where any moneys are lent to the Corporation in accordance with paragraph (6)(d) in relation to an enterprise or project:

                     (a)  the Corporation shall apply those moneys for the purpose for which they were lent to the Corporation;

                     (b)  those moneys shall not be taken into account for the purposes of subsection 7(3); and

                     (c)  the Corporation shall not repay those moneys, or pay interest on those moneys, out of moneys of the Corporation other than moneys, or the proceeds of the sale of assets, acquired by the Corporation as a result of the application of the first‑mentioned moneys in providing finance in relation to, or engaging or participating in, the enterprise or project.

             (9)  Where any moneys are paid (otherwise than by way of loan) to the Corporation in accordance with paragraph (6)(d) in relation to an enterprise or project, the Corporation shall apply those moneys for the purpose for which they were paid to the Corporation.

          (9A)  Where, in pursuance of an authorization by the Minister under paragraph (6)(e) the Corporation borrows moneys:

                     (a)  the Corporation shall apply those moneys for the purpose for which the Corporation was authorized to borrow the moneys; and

                     (b)  those moneys shall not be taken into account for the purposes of subsection 7(3).

           (10)  The Corporation shall keep separate accounts and records in its books of account in respect of operations of the Corporation involving the application of moneys paid to or borrowed by the Corporation under this section and shall include in the annual report on the Corporation under section 9 of the Commonwealth Authorities and Companies Act 1997 a separate report on each such operation carried on during the year to which the report relates.

           (13)  Where moneys are paid to or borrowed by the Corporation in pursuance of paragraph (6)(d) or (e), the Treasurer is liable to reimburse the Corporation for any expenses (including expenses of management or administration), charges, obligations or liabilities incurred or undertaken by the Corporation in applying those moneys to the extent, if any, to which the Corporation is not able to pay or discharge those expenses, charges, obligations or liabilities out of those moneys or out of income or profits derived by the Corporation from the application of those moneys.