Document ID: chunk:federal_register_of_legislation:C2004A03719:body:0:p10
Version: federal_register_of_legislation:C2004A03719
Segment Type: other
Provision Reference: 
Character Range: 23494–26307

in any body corporate carrying on any business.

Acting Managing Director
"36n. (1) The Minister may appoint a director or another person to act as Managing Director during a vacancy in the office of Managing Director (whether or not an appointment has previously been made to the office).
"(2) The Board may appoint a director or another person to act as Managing Director during any period, or during all periods, when the Managing Director is absent from duty or Australia or is, for any other reason, unable to perform the duties of the office.
"(3) Anything done by or in relation to a person purporting to act as Managing Director is not invalid merely because:
     (a) the occasion for the appointment had not arisen;
     (b) there was a defect or irregularity in relation to the appointment;
     (c) the appointment had ceased to have effect; or
     (d) the occasion for the person to act had not arisen or had ceased.".

Repeal of Division 1 of Part V
11. Division 1 of Part V of the Principal Act is repealed.
12. Divisions 2 to 7 (inclusive) of Part V of the Principal Act are repealed and the following sections are substituted:

Staff
"41. (1) The Corporation may engage such employees as are necessary for the performance of its functions and the exercise of its powers.
"(2) The terms and conditions of employment shall be determined by the Corporation.

Corporation as employer
"42. The Corporation shall endeavour to achieve and maintain high standards as an employer in relation to terms and conditions of employment, occupational health, industrial safety, industrial democracy, nondiscriminatory employment practices and other matters.".

Borrowings otherwise than from Commonwealth
13. Section 75a of the Principal Act is amended:
     (a) by omitting subsection (1) and substituting the following subsection:
         "(1) The Commission may:
         (a) borrow money from persons other than the Commonwealth; and
         (b) raise money otherwise than by borrowing.";
     (b) by omitting subsections (4) and (5).

Financial policy of Commission
14. Section 76 of the Principal Act is amended by omitting from subparagraph (3) (b) (i)", as determined by the Minister for Finance,".

Repeal of section 77
15. Section 77 of the Principal Act is repealed.

Application of money
16. Section 78 of the Principal Act is amended by omitting subsection (2) and substituting the following subsection:
"(2) Money of the Commission not immediately required for the purposes of the Commission may be invested in any manner that is consistent with sound commercial practice.".

Repeal of sections 82 and 82a
17. Sections 82 and 82a of the Principal Act are repealed.

Annual report
18. Section 102 of the Principal Act is amended by inserting after subsection (1) the following subsections:
"(1a)