Contents

Part 1—Preliminary                                                                                                               1

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

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

3............ Definitions.......................................................................................... 1

4............ Schedule(s).......................................................................................... 3

Part 2—Transfer of CFM subsidiaries to the Commonwealth                      4

5............ What this Part is about....................................................................... 4

Division 1—Subsidiaries                                                                                             4

6............ Subsidiaries to be established............................................................. 4

7............ CFM to transfer shares in subsidiaries to the Commonwealth.......... 4

8............ Exemption from stamp duty and other taxes..................................... 4

Division 2—Staff                                                                                                              5

9............ Transfer of staff from CFM............................................................... 5

10.......... Terms and conditions of transferred employees................................ 5

11.......... Variation of terms and conditions of employment............................. 6

12.......... Statement of accrued benefits............................................................. 6

Division 3—Application of the Commonwealth Funds Management Limited Act 1990              7

13.......... Application of the Commonwealth Funds Management Limited Act 1990             7

14.......... Application of section 4..................................................................... 7

15.......... Application of section 15................................................................... 7

16.......... Application of Part 4.......................................................................... 7

17.......... Application of section 33................................................................... 8

18.......... Application of section 34................................................................... 8

19.......... Application of Part 8.......................................................................... 8

Division 4—Application of other legislation                                                   10

20.......... Approved authority—Superannuation Act 1976............................. 10

21.......... Approved authority—Superannuation Act 1990............................. 10

22.......... Commonwealth authority—Safety, Rehabilitation and Compensation Act 1988     10

23.......... Public authority of the Commonwealth—Long Service Leave (Commonwealth Employees) Act 1976 10

Part 3—Sale of CFM bodies                                                                                           11

24.......... What this Part is about..................................................................... 11

Division 1—Preliminary                                                                                            11

25.......... Sale day for CFM............................................................................. 11

26.......... Sale day for transferred body........................................................... 11

Division 2—Long service leave                                                                            13

27.......... What this Division is about.............................................................. 13

Subdivision 2A—Preliminary                                                                                 13

28.......... Definitions........................................................................................ 13

29.......... References to Long Service Leave Act.............................................. 14

30.......... Division not to affect an employee’s post‑sale long service leave rights                14

Subdivision 2B—Long service leave for employees who attain at least 10 years service  14

31.......... What this Subdivision is about......................................................... 14

32.......... Employees who attain 10 years service........................................... 14

33.......... Employees reaching minimum retiring age or being retrenched........ 15

34.......... Rate of salary.................................................................................... 15

Subdivision 2C—Payments in lieu of long service leave                                   16

35.......... What this Subdivision is about......................................................... 16

36.......... Employees who attain 10 years service........................................... 16

37.......... Employees reaching minimum retiring age or being retrenched........ 16

38.......... Employee stops employment because of ill‑health.......................... 17

39.......... Employee may request non‑payment or reduced payment............. 17

40.......... Rate of salary.................................................................................... 18

Subdivision 2D—Payments on the death of an employee                                   18

41.......... What this Subdivision is about......................................................... 18

42.......... Payments on death of an employee.................................................. 18

Subdivision 2E—Long service leave credit                                                           20

43.......... Employee’s long service leave credit for the purposes of Subdivisions 2B and 2C                20

Subdivision 2F—Saving: Long Service Leave Act                                              20

44.......... Saving—Accrued rights under the Long Service Leave Act.............. 20

Division 3—Superannuation                                                                                    22

45.......... What this Division is about.............................................................. 22

46.......... Deferred benefits under the Defence Force Retirement and Death Benefits Act 1973              22

47.......... Period of eligible employment for the purposes of Division 3 of Part IX of the Defence Force Retirement and Death Benefits Act 1973............................................................................... 22

48.......... Continuing application of the Crimes (Superannuation Benefits) Act 1989            23

Division 4—Safety, Rehabilitation and Compensation Act 1988         25

49.......... What this Division is about.............................................................. 25

50.......... Definitions........................................................................................ 25

51.......... Continued application of the Safety, Rehabilitation and Compensation Act 1988   25

52.......... Continued application to certain employees.................................... 25

53.......... Transitional provisions relating to Division 4A of Part VII............. 26

54.......... Relevant employer and co‑operation with the Commonwealth....... 26

55.......... Notification of amount of salary paid to employees of a CFM body 27

Division 5—Occupational Health and Safety (Commonwealth Employment) Act 1991                28

56.......... Refund of contribution paid under the Occupational Health and Safety (Commonwealth Employment) Act 1991 28

Division 6—Mobility rights                                                                                     29

57.......... Cessation of mobility rights............................................................. 29

Division 7—Prosecutions                                                                                         30

58.......... Continuing application of the Director of Public Prosecutions Act 1983                30

Division 8—Imputation                                                                                              31

59.......... Franking account surpluses reduced to nil........................................ 31

Division 9—Miscellaneous                                                                                      33

60.......... CFM body not to be an agency of the Commonwealth etc............. 33

61.......... Regulations connected with the sale of a CFM body....................... 33

62.......... Certain provisions of the Commonwealth Funds Management Limited Act 1990 cease to apply to CFM bodies 33

Part 4—Transfer of assets, liabilities, rights and obligations of CFM bodies          35

63.......... What this Part is about..................................................................... 35

Division 1—Preliminary                                                                                            35

64.......... Definitions........................................................................................ 35

Division 2—Transfer of assets                                                                              37

65.......... Transfer of assets............................................................................. 37

66.......... References to CFM body in instruments relating to transferred assets  37

67.......... Transferees are successors in law of CFM body............................. 37

Division 3—Transfer of rights and obligations                                             38

68.......... Transfer of rights and obligations..................................................... 38

69.......... References to CFM body in instruments relating to transferred rights and obligations          38

70.......... Transferees are successors in law of CFM body............................. 38

Division 4—Transfer of liabilities                                                                        39

71.......... Transfer of liabilities......................................................................... 39

72.......... References to CFM body in instruments relating to transferred liabilities              39

73.......... Transferees are successors in law of CFM body............................. 39

Division 5—Tax exemption and income tax treatment                            40

74.......... Exemption from stamp duty and other taxes................................... 40

75.......... Application of the Income Tax Assessment Act 1936 in relation to certain transfers              40

Division 6—Miscellaneous                                                                                      42

76.......... Transfers of CFM land may be registered........................................ 42

77.......... Lands Acquisition Act 1989 does not apply to this Part.................. 42

78.......... Certificates in relation to assets other than land............................... 43

Part 5—Miscellaneous                                                                                                       44

79.......... Compensation—constitutional safety net........................................ 44

80.......... Operation of this Act does not place a person in breach of contract etc.                44

81.......... Commonwealth records.................................................................... 45

82.......... Regulations....................................................................................... 45

Schedule 1—Amendment of the Commonwealth Funds Management Limited Act 1990  46

Schedule 2—Amendment of other Acts                                                                    47

Legislative Instruments Act 1996                                                                           47

Notes                                                                                                                                            49

An Act relating to the sale of Commonwealth Funds Management Limited, and for related purposes

  

Notes to the CFM Sale Act 1996

Note 1

The CFM Sale Act 1996 as shown in this compilation comprises Act No. 58, 1996 amended as indicated in the Tables below.

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

For all other relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
CFM Sale Act 1996	58, 1996	20 Nov 1996	Ss. 1–82, Schedule 1 (item 10), Schedule 2 (items 2–6): Royal Assent Schedule 1 (items 1, 2, 5–9, 11): 23 Dec 1996 (see Gazette 1996, No. S515) Schedule 1 (items 3, 4): (a) Schedule 2 (item 1): (a) Remainder: Royal Assent
Corporations (Repeals, Consequentials and Transitionals) Act 2001	55, 2001	28 June 2001	Ss. 4–14 and Schedule 3 (items 94, 95): 15 July 2001 (see Gazette 2001, No. S285) (b)	Ss. 4–14
Financial Framework Legislation Amendment Act 2005	8, 2005	22 Feb 2005	S. 4 and Schedule 1 (items 110, 496): Royal Assent	S. 4 and Sch. 1 (item 496)

(a)      Subsection 2(2) of the CFM Sale Act 1996 provides as follows:

                 (2)   Items 3 and 4 of Schedule 1 are taken to have commenced immediately after the commencement of Part 2 of the Commonwealth Funds Management Limited Act 1990.

         Part 2 commenced on 1 March 1991.

(b)     The CFM Sale Act 1996 was amended by Schedule 3 (items 94 and 95) 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.

Table of Amendments

ad. = added or inserted      am. = amended     rep. = repealed     rs. = repealed and substituted
Provision affected	How affected
S. 3 ......................................	am. No. 55, 2001
S. 48 ....................................	am. No. 8, 2005

Table A

Application, saving or transitional provisions

Financial Framework Legislation Amendment Act 2005 (No. 8, 2005)

4  Saving of matters in Part 2 of Schedule 1

             (1)  If:

                     (a)  a decision or action is taken or another thing is made, given or done; and

                     (b)  the thing is taken, made, given or done under a provision of a Part 2 Act that had effect immediately before the commencement of this Act;

then the thing has the corresponding effect, for the purposes of the Part 2 Act as amended by this Act, as if it had been taken, made, given or done under the Part 2 Act as so amended.

             (2)  In this section:

Part 2 Act means an Act that is amended by an item in Part 2 of Schedule 1.

Schedule 1

496   Saving provision—Finance Minister’s determinations

If a determination under subsection 20(1) of the Financial Management and Accountability Act 1997 is in force immediately before the commencement of this item, the determination continues in force as if it were made under subsection 20(1) of that Act as amended by this Act.