Commonwealth Consolidated Acts

QANTAS SALE ACT 1992 - SECT 17

             (1)  This section applies to an obligation (whether contingent or otherwise) of Qantas or a Qantas subsidiary, other than an obligation of the kind referred to in subsection 16(1).

             (2)  Subject to subsection (4), the Treasurer may, on the Commonwealth's behalf:

                     (a)  on or before the 100% sale day; and

                     (b)  in order to facilitate, either directly or indirectly, the sale of shares in Qantas;

enter into an agreement to take over an obligation to which this section applies.

             (3)  If the Treasurer enters into an agreement under subsection (2), the Treasurer may authorise the payment of money to discharge the Commonwealth's obligations under the agreement, whether by terminating those obligations or otherwise.

             (4)  The total of the principal amounts in relation to obligations taken over under subsection (2) must not exceed $300,000,000.

             (5)  In this section:

"principal amount" , in relation to an obligation taken over under this section, means the amount of money in respect of which the obligation originally arose less any part of that amount in respect of which the obligation has been satisfied at the time it is taken over.