Document ID: chunk:federal_register_of_legislation:C2004A04141:body:0:p9
Version: federal_register_of_legislation:C2004A04141
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Character Range: 23652–26594

19493.

Organisation may accept gifts etc. and act as trustee

25. Section 9a of the Principal Act is amended by omitting subsection (1) and substituting the following subsections:

"(1) Subject to the approval of the Minister and subject to any regulations that are applicable, the Organisation may, in or in connection with the performance of its functions and the exercise of its powers:

     (a)     accept money or other property given, devised, bequeathed, assigned or otherwise made available to the Organisation (whether on trust or otherwise); and

   (b)     agree to any conditions subject to which money or other property

     is given, devised, bequeathed, assigned or otherwise made available to the Organisation; and

     (c) act as trustee of money or other property vested in the Organisation upon trust.

"(1a) The Organisation need not obtain the Minister's approval if the value of the money or other property given, devised, bequeathed, assigned or otherwise made available to the Organisation is not more than $1 million or such other amount as is prescribed for the purpose of this subsection.".

                   PART 5—AMENDMENT OF OTHER ACTS

Amendment of other Acts

26. The Acts specified in the Schedule are amended as set out in the Schedule.

            SCHEDULE Section 26

AMENDMENT OF OTHER ACTS

Export Market Development Grants Act 1974

Subparagraph 11f (1) (b) (iv):

  Omit "any other", substitute "a".

Subparagraph 11h (1) (b) (iv):

  Omit "any other", substitute "a".

Paragraph 11v (e):

  Insert "that is a claimant for a grant" after "authority or association".

Paragraphs 11x (3) (e), (f) and (g):

  Omit the paragraphs, substitute the following paragraphs:

     "(e) if less than 20% but not less than 10% of the consideration for those services is consideration that the Commission is satisfied has accrued or will accrue, or, if those services were supplied, would accrue, to a person resident and carrying on business in Australia—treat that expenditure as being reduced by an amount equal to 25% of that expenditure; or

     (f) if less than 10% but not less than 5% of the consideration for those services is consideration that the Commission is satisfied has accrued or will accrue, or, if those services were supplied, would accrue, to a person resident and carrying on business in

     Australia—treat that expenditure as being reduced by an amount equal to 50% of that expenditure; or

    (g) if less than 5% of the consideration for those services is consideration that the Commission is satisfied has accrued or will accrue, or, if those services were supplied, would accrue, to a person resident and carrying on business in Australia—disregard that expenditure.".

Subsection 16 (4):

  Omit "income", substitute "amount".

Industry, Technology and Commerce Legislation Amendment Act 1989

Subsection 16 (2):

  Omit "paragraph (1) (a)", substitute "subsection (1)".