Commonwealth Numbered Acts Commonwealth Numbered Acts
Contents
Part 1--Preliminary 1
1 Short title 1
2 Commencement 2
3 Overview 2
4 Objects of the pilot scheme 2
5 Extraterritorial operation 3
6 Definitions 3
7 Application of the Criminal Code 5
Part 2--The pilot scheme 6
Division 1--Overview 6
8 Overview of Part 6
Division 2--Minister to make certain determinations concerning the application process and decision-making criteria 7
9 Application rules 7
10 Minister must determine decision-making criteria and procedures 7
Division 3--The application process 9
11 Rounds of applications 9
12 Applications 9
13 Further information 9
Division 4--Grant of licence 10
14 Minister to determine number of licences to be granted and amount of concessional capital FLICs are licensed to raise 10
15 Conditions on grant of licence 11
16 Grant of concessional capital licence 11
17 Form of licence 11
18 Minister is to have regard to recommendations of Selection Advisory Panel 12
19 Notice of refusal to grant licence 12
Division 5--Term of licence 13
20 Term of licence 13
Division 6--Conditions of scheme 14
21 General 14
22 Conditions in a disallowable instrument 14
23 Fundraising conditions 14
24 Investment conditions 15
25 Film conditions 15
26 Preconditions and conditions in the Minister's determination under section 22 16
27 Ownership condition 16
28 Other conditions 16
Division 7--Breach of conditions 18
29 Minister to notify FLIC of suspected breach of conditions 18
30 Minister may seek information 18
31 Minister must consider FLIC's submission and information 18
32 Powers of the Minister in relation to breaches of conditions 18
33 Revocation of licence 20
Division 8--Information and reporting requirements 21
34 Reporting requirements 21
35 False or misleading statement 21
36 Provision of information to the Commissioner of Taxation 22
Division 9--Other requirements 23
37 Minister may determine allowable percentage for administrative costs 23
38 Transfer of licence void 23
Part 3--Offences concerning ownership restrictions 24
39 Meaning of terms used in this Part 24
40 Acquisitions of shares 24
41 Anti-avoidance 25
Part 4--General administrative matters of the scheme 26
42 Review of decisions 26
43 Disallowable instruments 26
44 Delegation 26
Schedule 1--Ownership definitions 27
1 Object 27
2 Definitions 27
3 When foreign citizens are ordinarily resident in Australia 30
4 Entering into an agreement or arrangement 31
5 Associates 32
6 Power to appoint director 33
7 Meaning of entitled to acquire 34
8 Meaning of interest in a share 34
9 Certain interests in shares to be disregarded 35
10 Voting power 36
11 Stake in a company 36
12 Direct control interests in a company 37
13 Substantial interests in trust estates 39
Film Licensed Investment Company ACT 1998 No. 107, 1998
No. 107, 1998
An Act to establish the film licensed investment company scheme, and for related purposes
[ Assented to 7 December 1998 ]
The Parliament of Australia enacts: