Document ID: chunk:federal_register_of_legislation:C2004A04601:body:0:p2
Version: federal_register_of_legislation:C2004A04601
Segment Type: other
Provision Reference: 
Character Range: 2509–5367

would otherwise be available on reasonable and suitable terms and conditions; or

        (B) some, but not all, of the finance would otherwise be available on reasonable and suitable terms and conditions;".

PART 4—AMENDMENTS RELATING TO A CAPITAL
INJECTION TO THE COMMONWEALTH DEVELOPMENT
BANK

Object of Part

8. The object of this Part is to allow the Commonwealth Government to make a capital injection to the Commonwealth Development Bank.

Share capital

  9. Section 74A of the Principal Act is amended:

  (a) by inserting after subsection (10) the following subsection:

    "(10A) The Treasurer may direct the Development Bank to issue to the Commonwealth a specified number of shares in the capital in the Development Bank. If the Treasurer so directs and the Commonwealth pays to the Development Bank, as subscription money in respect of the shares, an amount agreed between the Treasurer and the Board:

        (a) the shares are taken to have been issued by the Development Bank to the Commonwealth; and

        (b) the Commonwealth holds the shares as legal and beneficial owner.";

    (b) by inserting in subsection (12) "or the Commonwealth" after "Commonwealth Bank".

Profits of Development Bank

  10. Section 77A of the Principal Act is amended:

    (a) by omitting from paragraph (1)(a) "the Commonwealth Bank" and substituting "a shareholder in the Development Bank";

  (b) by adding at the end the following subsection:

    "(3)  In exercising its powers under this section in relation to the payment of dividends, the Board must ensure that the ratio of dividends paid to nominal value of shares held is the same for each shareholder in the Development Bank.".

PART 5—AMENDMENT RELATING TO THE SUBSIDISATION
OF THE COMMONWEALTH DEVELOPMENT BANK BY THE
COMMONWEALTH GOVERNMENT

Object of Part

11. The object of this Part is to authorise the making of grants of financial assistance to the Commonwealth Development Bank by the Commonwealth Government.

Insertion of new section

  12. After section 85 of the Principal Act the following section is inserted:

Grant of financial assistance by Treasurer

"85A.(1) The Treasurer may, by writing, determine that the Development Bank is entitled to be paid a specified amount by the Commonwealth by way of a grant of financial assistance.

"(2) The grant may be unconditional or subject to such terms and conditions as are specified in the determination.

"(3) The Treasurer must not make a determination under this section unless the Treasurer and the Board agree about:

  (a) the amount of the grant; and

  (b) the terms and conditions (if any) to which the grant is subject.

"(4) A grant under this section is to be made out of money appropriated by the Parliament for the purpose.".

PART 6—AMENDMENTS RELATING TO SHARES IN THE
COMMONWEALTH BANK HELD BY DEPOSITARIES UNDER