Document ID: chunk:federal_register_of_legislation:C2004A03957:body:0:p6
Version: federal_register_of_legislation:C2004A03957
Segment Type: other
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Character Range: 13025–15792

and the Minister:

    (a) if the assets have not previously been revalued under this section—within 5 years after 1 January 1988; or

    (b) in any other case—within 5 years after the last day on which the assets were revalued under this section.".

Exemption from taxation

23. (1) Section 45 of the Principal Act is amended:

    (a) by inserting after subsection (1) the following subsection:

"(1aa) Subsection (1) does not apply to a law of the Commonwealth relating to sales tax.";

    (b) by adding at the end of subsection (1aa) "or income tax";

    (c) by omitting subsections (2) and (3).

(2) The omission of subsections 45 (2) and (3) of the Principal Act by this section does not imply that the Corporation is liable to pay stamp duty, or a similar tax, under a law of the Commonwealth, of a State or of a Territory.

Borrowings otherwise than from Commonwealth

24. Section 48 of the Principal Act is amended:

    (a) by omitting subsection (1) and substituting the following subsection:

"(1) The Corporation may:

(a) borrow money otherwise than from the Commonwealth; or

(b) raise money otherwise than by borrowing.";

    (b) by omitting subsections (4) and (5).

Repeal of section 51

25. Section 51 of the Principal Act is repealed.

Guarantee of borrowings by subsidiary of Corporation

26. Section 52 of the Principal Act is amended by omitting subsection (3).

Delegation by Treasurer

27. Section 53 of the Principal Act is amended by omitting from subsection (1) "10, 48,".

28. Section 54 of the Principal Act is repealed and the following sections are substituted:

Bank accounts

"54. (1) The Corporation may open and maintain accounts with banks and must at all times maintain at least one such account.

"(2) The Corporation must pay all money received by the Corporation into an account maintained with a bank.

Investment of money of Corporation

"54a. Money of the Corporation not immediately required for the purposes of the Corporation may be invested:

(a) in securities of, or guaranteed by, the Commonwealth or a State; or

(b) on deposit with a bank; or

(c) in any other manner that is consistent with sound commercial practice.

Proper accounts to be kept

"54b. (1) The Corporation must cause proper accounts and records of the transactions and affairs of the Corporation to be kept in accordance with the accounting principles generally applied in commercial practice.

"(2) The Corporation must do all things necessary to ensure that:

(a) all payments by the Corporation are correctly made and properly authorised; and

    (b) adequate control is maintained over the assets of, or in the custody of, the Corporation and over the incurring of liabilities by the Corporation.

Penalty: $12,000.

Audit

"54c. (1) The