Document ID: chunk:federal_register_of_legislation:C2023C00374:section:34
Version: federal_register_of_legislation:C2023C00374
Segment Type: section
Provision Reference: s 34
Character Range: 29697–31391

34  Acquisition by the Commonwealth of shares in the nominated company
 (1) This section applies to shares in the nominated company that are legally and beneficially owned by the Commission.
 (2) The Minister may, by writing, make any or all of the following declarations:
 (a) a declaration that the legal and beneficial interests in all of those shares vest in the Commonwealth at a specified time without any conveyance, transfer or assignment;
 (b) a declaration that a specified instrument relating to any or all of those shares continues to have effect after the legal and beneficial interests in those shares vest in the Commonwealth as if a reference in the instrument to the Commission were a reference to the Commonwealth;
 (c) a declaration that the Commonwealth becomes the Commission's successor in law in relation to those shares immediately after the legal and beneficial interests in those shares vest in the Commonwealth.
 (3) A declaration under subsection (2) has effect accordingly.
 (4) A copy of a declaration under subsection (2) is to be published in the Gazette within 14 days after the making of the declaration.
 (5) If the legal and beneficial interests in shares vest in the Commonwealth under this section, the nominated company must register the Commonwealth as the holder of the shares.
 (6) Subsection (5) has effect despite anything in the Corporations Act 2001.
 (7) To avoid doubt, this section does not prevent or limit the formulation, entering into, or carrying out, of a Medibank Private sale scheme.
 (8) In this section:
Medibank Private sale scheme has the same meaning as in the Medibank Private Sale Act 2006.

Division 6—Exemption from stamp duty