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Management and Investment Companies Legislation Amendment Act 1987

No. 163 of 1987

TABLE OF PROVISIONS
PART I—PRELIMINARY
Section
   1. Short title
   2. Commencement

PART II—AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

   3. Principal Act
   4. Moneys paid on shares in management and investment companies

PART III—AMENDMENTS OF THE MANAGEMENT AND INVESTMENT COMPANIES ACT 1983

   5. Principal Act
   6. Interpretation
   7. Delegation
   8. Application for grant of licence
   9. Grant of licence
  10. Revocation of licence
  11. Insertion of a new section:
       23a. Surrender of licence
  12. Renewal of licence
  13. Publication of Board's decisions
  14. Certification
  15. Cancellation of certification
  16. Guarantor interests in eligible business entities
  17. Prescribed interests in business entities that cease to be eligible

TABLE OF PROVISIONS—continued
Section
  18. Share capital
  19. Repeal of section 39
  20. Share register
  21. Cross ownership to be notified
  22. Review of certain decisions of the Board
  23. Statement to accompany notice of reviewable decisions

Management and Investment Companies Legislation Amendment Act 1987

No. 163 of 1987

An Act to amend the Income Tax Assessment Act 1936 and the Management and Investment Companies Act 1983

[Assented to 26 December 1987]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

PART I—PRELIMINARY

Short title
1. This Act may be cited as the Management and Investment Companies Legislation Amendment Act 1987.

Commencement
2. This Act shall come into operation on the day on which it receives the Royal Assent.

PART II—AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Principal Act
3. In this Part, "Principal Act" means the Income Tax Assessment Act 19361.

Moneys paid on shares in management and investment companies
4. Section 77f of the Principal Act is amended:
     (a) by omitting from paragraph (2) (d) "and";
     (b) by adding at the end of subsection (2) the following word and paragraph:
            "; and (f) a reference to the sale, or the disposal, of a share in a licensee includes a reference to the sale, or the disposal, of a share in a former licensee."; and
     (c) by adding at the end of paragraph (10) (f)", or former licensee, as the case requires".

PART III—AMENDMENTS OF THE MANAGEMENT AND INVESTMENT COMPANIES ACT 1983

Principal Act
5. In this Part, "Principal Act" means the Management and Investment Companies Act 19832.

Interpretation
6. Section 3 of the Principal Act is amended by inserting after subsection (2) the following subsection:
"(2a) For the purposes of subsection (2):
     (a) a person who is engaged, other than permanently, by a business entity as an auditor, accountant, consultant or other expert for the purpose of providing expert advice or other services to the business