Document ID: chunk:federal_register_of_legislation:C2004A03839:body:0:p5
Version: federal_register_of_legislation:C2004A03839
Segment Type: other
Provision Reference: 
Character Range: 10649–13579

auditor of each Australian subsidiary of the Corporation where any law of the Commonwealth, a State or a Territory relating to companies requires the appointment of an auditor for such a subsidiary.
"(7b) When the Auditor-General is appointed auditor under subsection (7a), he or she may appoint an agent to conduct the audit on his or her behalf.".

Interpretation
14. Section 29a of the Principal Act is amended by omitting the definition of "receiving subsidiary".

Treatment for capital gains tax purposes of shares issued to Corporation by receiving subsidiary
15. Section 29zd of the Principal Act is amended by adding at the end of the definition of "Net Value of Total Assets" in paragraph (1) (c) ", to the extent to which those liabilities are attributable to the transferred assets".

Report and financial statements
16. (1) Section 37 of the Principal Act is amended by inserting after subsection (2b) the following subsection:
"(2c) The report of the Corporation's operations for a financial year shall:
     (a) include the objectives of the Corporation and its eligible subsidiaries under the corporate plan;
     (b) include an outline of the overall strategies and policies of the Corporation and its eligible subsidiaries under the corporate plan;
     (c) include an assessment of the extent to which the operations of the Corporation and its eligible subsidiaries during the year have achieved those objectives;
     (d) specify the financial target applicable to the year under the corporate plan;
     (e) include an assessment of the Corporation's progress in achieving the financial target under the corporate plan; and
     (f) specify the dividend payable to the Commonwealth for the year.".
(2) The amendment made by paragraph (1) (a) applies in relation to the financial year commencing on 1 July 1989 and in relation to each subsequent financial year.

Application of amendments—appointment of Directors
17. The amendments made by sections 6 and 7 do not affect the appointment of a Director who was appointed by the Governor-General before the commencement of this section.

PART 3—AMENDMENT OF THE AUSTRALIAN TRADE COMMISSION ACT 1985

Principal Act
18. In this Part, "Principal Act" means the Australian Trade Commission Act 19852.

Membership of Board
19. Section 12 of the Principal Act is amended:
     (a) by omitting from subsection (1) "9" and substituting "10";
     (b) by omitting from subsection (1) "11" and substituting "12";
     (c) by omitting paragraph (1) (d) and substituting the following paragraph:
     "(d) 2 government members; and";
     (d) by omitting from subsections (4), (7) and (8) "the government member" and substituting "a government member";
     (e) by omitting from subsection (5) "The government member" and substituting "A government member".

PART 4—AMENDMENT OF THE NATIONAL MEASUREMENT ACT 1960

Principal Act
20. In this Part, "Principal Act" means the