Document ID: chunk:federal_register_of_legislation:C2004A04362:front:0:p7
Version: federal_register_of_legislation:C2004A04362
Segment Type: other
Provision Reference: 
Character Range: 15971–18910

asset of the Authority and anything done by the Commonwealth in relation to the asset had been done by the Authority.

"(5) An asset of the Authority that was acquired by the Commonwealth before 20 September 1985 and transferred to the Authority is taken, for the purposes of Part IIIA of the Assessment Act, to have been acquired by the Authority before that date.

"(6) Unless the contrary intention appears, expressions used in this section, and in Part IIIA of the Assessment Act, have the same respective meanings as in that Part.".

PART 6—AMENDMENTS OF THE FEDERAL AIRPORTS CORPORATION ACT 1986

Principal Act

19. In this Part, "Principal Act" means the Federal Airports Corporation Act 19865.

Interpretation

20. Section 3 of the Principal Act is amended by inserting in subsection (1) the following definitions:

" 'currency contract' means:

   (a)     a forward exchange rate contract; or

   (b)     a contract with respect to currency futures;

'futures contract' means:

   (a)     a deferred delivery contract; or

   (b)     a contract with respect to financial futures; or

   (c)     a contract with respect to commodity futures;".

Reimbursement of cost of complying with directions

  21. Section 42 of the Principal Act is amended:

     (a)     by omitting from subsection (1) "Where" and substituting "Subject to section (1A), if";

     (b)    by omitting from subsection (1) ", other than a direction the notice of which stated that the direction is in accordance with the general policy of the Commonwealth Government";

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

     "(1A) Subsection (1) does not apply to a direction given under subsection 41(2) if:

         (a)     the notice of that direction stated that the direction is in accordance with the general policy of the Commonwealth Government; or

       (b)     it is a direction requiring the Corporation:

             (i) to carry out activities to protect the environment from the effects of, or the effects associated with, the operation and use of aircraft operating to or from Federal airports; or

              (ii) to perform any of its functions in a manner referred to in paragraph 7(2)(ca).".

22. After section 54A of the Principal Act the following section is inserted:

Hedging through currency contracts etc.

"54AB.(1) Subject to subsection (4), the Corporation may enter into and deal with contracts to which this section applies for hedging purposes in relation to:

    (a)     a borrowing, or a proposed borrowing, of money by the Corporation; or

  (b)     an investment of money by the Corporation; or

  (c)     commodity purchases by the Corporation.

Note: For 'contracts to which this section applies', see subsection (6).

"(2) The Minister may, by written determination, set guidelines for the exercise by the Corporation of its power under subsection (1) and must give the Corporation a copy of each