Document ID: chunk:federal_register_of_legislation:C2004A03714:body:0:p11
Version: federal_register_of_legislation:C2004A03714
Segment Type: other
Provision Reference: 
Character Range: 26486–29290

raise money otherwise than by borrowing.";
     (b) by omitting subsections (4) and (5).

Financial policy of Commission
16. Section 73 of the Principal Act is amended by omitting from subparagraph (3) (b) (i) ", as determined by the Minister for Finance,".

Repeal of section 74
17. Section 74 of the Principal Act is repealed.

Application of money
18. Section 75 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 79 and 79a
19. Sections 79 and 79a of the Principal Act are repealed.

Annual report
20. Section 99 of the Principal Act is amended by inserting after subsection (1) the following subsection:
"(1a) The Commission shall include in the report particulars of:
     (a) companies that it formed, and companies in whose formation it participated, during the year;
     (b) partnerships that it entered into during the year; and
     (c) joint ventures, and arrangements for the sharing of profits, that it entered into during the year.
"(1b) The Commission shall include in the report information relating to:
     (a) shares and securities that it subscribed for, purchased or disposed of during the year; and
     (b) businesses that it acquired during the year.
"(1c) The financial statements of the Commission shall comply with the requirements prescribed under the Companies Act 1981 for the accounts of a listed corporation so far as those requirements relate to the income of executive officers of a listed corporation.
"(1d) For the purposes of subsection (1c):
     (a) the Commission shall be taken to be a listed corporation; and
     (b) the Managing Director shall be taken to be an executive officer of the Commission.
"(1e) Expressions used in subsections (1c) and (1d) and in the Companies Act 1981 have the same respective meanings as they have in that Act.".

Rewards for information as to damage to property
21. Section 103 of the Principal Act is amended by omitting all the words after "Commission" (last occurring).
22. After section 110 of the Principal Act the following sections are inserted:

Public Works Committee Act
"110a. The Public Works Committee Act 1969 does not apply in relation to the Commission.

Lands Acquisition Act
"110b. (1) The Lands Acquisition Act 1955 does not apply in relation to the acquisition of land, or an interest in land, by the Commission by agreement.

"(2) In subsection (1):
     'interest', in relation to land, means:
          (a) a legal or equitable estate or interest in the land; or
          (b) a right, power or privilege over, or in relation to, the land.".

Consequential and