AUSTRALIAN INDUSTRY DEVELOPMENT CORPORATION AMENDMENT ACT 1987 NO. 11, 1987 

AUSTRALIAN INDUSTRY DEVELOPMENT CORPORATION AMENDMENT ACT 1987 NO. 11, 1987 
- TABLE OF PROVISIONS

1. Short title, &c.  
2. Commencement  
3. Guarantee by Commonwealth  

AUSTRALIAN INDUSTRY DEVELOPMENT CORPORATION AMENDMENT ACT 1987 No. 11 of 1987
- LONG TITLE

An Act to amend the Australian Industry Development Corporation Act 1970, and
                              for related purposes

AUSTRALIAN INDUSTRY DEVELOPMENT CORPORATION AMENDMENT ACT 1987 No. 11 of 1987
- SECT 1
Short title, &c.

                                                      (Assented to 1 April
1987) 
  1. (1) This Act may be cited as the Australian Industry Development
Corporation Amendment Act 1987.
  (2) The Australian Industry Development Corporation Act 1970*1* is in this
Act referred to as the Principal Act.
(Minister's second reading speech made in-
    House of Representatives on 14 November 1986
    Senate on 25 February 1987)
*1* No. 15, 1970, as amended. For previous amendments, see No. 216, 1973; No.
4, 1975; No. 91, 1976; No. 36, 1978; No. 121, 1980; Nos. 61 and 92, 1981; and
No. 122, 1983.

AUSTRALIAN INDUSTRY DEVELOPMENT CORPORATION AMENDMENT ACT 1987 No. 11 of 1987
- SECT 2
Commencement

  2. This Act shall come into operation on the day on which it receives the
Royal Assent.

AUSTRALIAN INDUSTRY DEVELOPMENT CORPORATION AMENDMENT ACT 1987 No. 11 of 1987
- SECT 3
Guarantee by Commonwealth

  3. (1) Section 35 of the Principal Act is amended-
  (a)  by omitting "section" and substituting "sub-section, but subject to
sub-section (2)"; and
  (b)  by adding at the end the following sub-sections:
     "(2) Sub-section (1) does not apply in relation to moneys payable by the
Corporation in respect of a borrowing of money, or a raising of money
otherwise than by borrowing, undertaken by the Corporation unless, at or
before the time when the borrowing or raising is undertaken, the Chief
Executive determines, in writing, that that sub-section applies in respect of
the borrowing or raising.
     "(3) A determination may be made pursuant to sub-section (2) in relation
to a particular transaction or in relation to transactions included in a class
of transactions.
     "(4) For the purposes of this section, a borrowing of money, or raising
of
money otherwise than by borrowing, includes a borrowing of money, or raising
of money otherwise than by borrowing, as the case may be-
     (a)  by dealing with securities; or
     (b)  made in whole or in part in a currency other than Australian
currency.
     "(5) In this section, 'securities' includes stocks, debentures,
debenture
stocks, notes, bonds, promissory notes, bills of exchange and similar
instruments or documents.
     "(6) A reference in this section to dealing with securities includes a
reference to-
     (a)  creating, executing, entering into, drawing, making, accepting,
endorsing, issuing, discounting, selling, purchasing or re-selling
securities;
     (b)  creating, selling, purchasing or re-selling rights or options in
respect of securities; and
     (c)  entering into agreements or other arrangements relating to
securities.
     "(7) For the purposes of this section, the taking of deposits of money
by
the Corporation shall, to the extent of the amount of those deposits, be
deemed to be a borrowing by the Corporation.".
  (2) Section 35 of the Principal Act as amended by sub-section (1) of this
section applies in respect of borrowings and raisings of money undertaken by
the Corporation on or after 8 October 1986, but section 35 of the Principal
Act continues to apply in respect of borrowings and raisings of money
undertaken by the Corporation before that date as if the amendments made by
sub-section (1) of this section had not been made.
  (3) Notwithstanding anything contained in sub-section 35 (2) of the
Principal Act as amended by sub-section (1) of this section, a determination
made pursuant to that sub-section within one month after the day on which this
Act receives the Royal Assent may be expressed to take effect from a day
earlier than the day on which the determination is made, not being a day
earlier than 8 October 1986.