Document ID: chunk:federal_register_of_legislation:C2004A03722:body:0:p8
Version: federal_register_of_legislation:C2004A03722
Segment Type: other
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Character Range: 18712–21289

the whole of the issued shares in OTC; and
     (c) the Minister were a representative of the Commonwealth authorised under subsection 244 (3) of that Act.
"(2) Paragraph 86 (6) (b) and subsections 87 (4) and 90 (5) of the Companies Act 1981 do not apply in relation to OTC.
"(3) For the purposes of section 360 of the Companies Act 1981, a person is not a past member of OTC merely because he or she was a

member of OTC, or acted as a member of OTC, before the commencement of this Part.

Accounting records
"54j. For the purposes of the Companies Act 1981, accounts and records kept under section 49 of this Act shall be taken to be accounting records kept by OTC under a provision of a previous law of the Australian Capital Territory, being a provision corresponding to section 267 of the Companies Act 1981.

Accounts
"54k. (1) This section has effect for the purposes of:
     (a) the Companies Act 1981; and
     (b) the Companies (Transitional Provisions) Act 1981 as it applies in relation to, and in relation to persons and matters associated with, OTC because of subsection 90 (6) of the Companies Act 1981.
"(2) A report and financial statements that were prepared under section 53 of this Act in relation to a period and furnished to the Minister on a particular day shall be taken to be a profit and loss account of OTC that was:
     (a) made out in relation to that period; and
     (b) laid before the body at an annual general meeting of the body held on that day.

Operation of section 25b of Acts Interpretation Act
"54l. Nothing in this Act or in the Companies Act 1981 affects, or is affected by, section 25b of the Acts Interpretation Act 1901 as that section applies in relation to OTC.

Effect of Part—summary
"54m. After the commencement of this Part:
     (a) OTC is a company registered under the Companies Act 1981;
     (b) OTC's name is 'OTC Limited';
     (c) OTC is a public company, and a company limited by shares, within the meaning of that Act; and
     (d) that Act applies, subject to this Act, in relation to OTC".

Repeal of sections 55 to 59
12. Sections 55 to 59 (inclusive) of the Principal Act are repealed.

Conduct of overseas telecommunications services
13. Section 60 of the Principal Act is amended by omitting "the Commission" (wherever occurring) and substituting "OTC".

Licences etc. to become ineffective
14. Section 61 of the Principal Act is amended by omitting "the Commission" and substituting "OTC".

Repeal of section 62
15. Section 62 of the Principal Act is repealed.
16. Part IV of the Principal Act is repealed