Document ID: chunk:federal_register_of_legislation:C2013A00053:clause:1_39b
Version: federal_register_of_legislation:C2013A00053
Segment Type: clause
Provision Reference: sch 1 cl 39B
Character Range: 4267–6014

39B  Supplementary powers to form companies etc.

Formation of company etc.
 (1) If:
 (a) apart from this subsection, the Commonwealth does not have power to:
 (i) form a company; or
 (ii) participate in the formation of a company; and
 (b) if the company were to come into existence, the company would be a company:
 (i) that is specified in the regulations; and
 (ii) whose objects or proposed activities are specified in the regulations;
the Commonwealth has power to:
 (c) form the company; or
 (d) participate in the formation of the company;
as the case may be.

Acquisition of shares in company etc.
 (2) If:
 (a) apart from this subsection, the Commonwealth does not have power to:
 (i) acquire shares in a company; or
 (ii) become a member of a company;
  in circumstances that would result in the company becoming a Commonwealth company; and
 (b) both:
 (i) the company is specified in the regulations; and
 (ii) the company's objects or proposed activities are specified in the regulations;
the Commonwealth has power to:
 (c) acquire shares in the company; or
 (d) become a member of the company;
as the case may be, in circumstances that would result in the company becoming a Commonwealth company.

Finance Minister's power
 (3) A power conferred on the Commonwealth by subsection (1) or (2) may be exercised on behalf of the Commonwealth by the Finance Minister.
Note: For delegation by the Finance Minister, see section 62.

Executive power of the Commonwealth
 (4) This section does not, by implication, limit the executive power of the Commonwealth.

Definitions
 (5) In this section:
acquire includes acquire by subscription.
Commonwealth company has the same meaning as in the Commonwealth Authorities and Companies Act 1997.