Document ID: chunk:federal_register_of_legislation:C2004A03839:body:0:p2
Version: federal_register_of_legislation:C2004A03839
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Royal Assent.
(2) Section 15 shall be taken to have commenced on 14 December 1988.
(3) Subject to subsection (4), the provisions of Parts 4 and 5 commence on a day or days to be fixed by Proclamation.
(4) If a provision referred to in subsection (3) does not commence within the period of 6 months beginning on the day on which this Act receives the Royal Assent, it commences at the end of that period.

PART 2—AMENDMENT OF THE AUSTRALIAN INDUSTRY DEVELOPMENT CORPORATION ACT 1970

Principal Act
3. In this Part, "Principal Act" means the Australian Industry Development Corporation Act 19701.

Interpretation
4. Section 4 of the Principal Act is amended by inserting in subsection (1) the following definitions:
     " 'eligible subsidiary', in relation to the Corporation, means a subsidiary of the Corporation other than:
          (a) the receiving subsidiary; or
          (b) a subsidiary of the receiving subsidiary;
     'receiving subsidiary' means the subsidiary of the Corporation that is nominated under subsection 29b (1);".

Repeal of section 10a
5. (1) Section 10a of the Principal Act is repealed.
(2) The repeal effected by subsection (1) applies in relation to the financial year commencing on 1 July 1989 and each subsequent financial year.

Membership of Board
6. Section 11 of the Principal Act is amended by omitting from subsection (2) "Governor-General" and substituting "Minister".

Qualifications for appointment as a Director
7. Section 12 of the Principal Act is amended by omitting from subsection (1) "Governor-General" and substituting "Minister".

Resignation
8. Section 18 of the Principal Act is amended by omitting "Governor-General" and substituting "Minister".

Termination of appointment
9. Section 19 of the Principal Act is amended:
     (a) by omitting from subsection (2) "Governor-General" and substituting "Minister";

     (b) by adding at the end of paragraph (3) (c) "or";
     (c) by omitting from paragraph (3) (d) "or";
     (d) by omitting paragraph (3) (e);
     (e) by omitting from subsection (3) "Governor-General" (last occurring) and substituting "Minister";
     (f) by omitting subsection (4) and substituting the following subsection:
     "(4) If the Minister is of the opinion that:
          (a) the appointment of a Director to whom this section applies should be terminated on the ground that it is not in the best interests of the Corporation that the Director continue in office; or
          (b) the performance of a particular Director to whom this section applies has been unsatisfactory for a significant period of time;
      the Minister may terminate the appointment of the Director.".

Meetings of the Board
10. Section 21 of the Principal Act is amended by omitting subsection (2) and substituting the following subsection:
"(2) The Chairman shall convene a meeting of the Board upon being requested in writing to do so by not less than 2