Document ID: chunk:federal_register_of_legislation:C2004A04677:body:0:p21
Version: federal_register_of_legislation:C2004A04677
Segment Type: other
Provision Reference: 
Character Range: 55509–58286

substitution of new section

45. Sections 22, 23, 24 and 25 of the Principal Act are repealed and the following section is substituted:

Commission to formulate decision-making principles about grants, loans and guarantees

"22.(1) The Commission must formulate written principles ('decision-making principles'), not inconsistent with the objects of this Act, about:

  (a) making grants and loans under section 14 or 16; and

  (b) giving guarantees under section 15; and

     (c) subscribing for, or otherwise acquiring, shares or stock under section 17.

"(2) Subject to section 74, the Commission must perform its functions and exercise its powers under sections 14, 15, 16 and 17 in accordance with applicable provisions of the decision-making principles in force from time to time.

"(3) Without limiting the operation of the Freedom of Information Act 1982, the Chief Executive Officer must ensure that copies of the decision-making principles as in force from time to time are:

  (a) given to each Regional Council; and

     (b) available for inspection and purchase at each of the Commission's offices.

"(4) The Chief Executive Officer must cause notice of the making of decision-making principles to be published in the Gazette.".

Amendments relating to the Commission's general funding powers

46. The Principal Act is amended as set out in Schedule 1 to this Act.

Division 2—Transitional provisions relating to the Commission's general funding powers

Transitional provision—repeal of section 24

47. Despite the repeal of section 24 of the Principal Act made by this Part, that section continues to apply, in relation to loans, grants, acquisitions or guarantees under Division 2 of Part 2 of the Principal Act made or given before the commencement of this section, as if that repeal had not been made.

Transitional provision—sections 20, 76 and 197

48.(1) A reference in section 20 of the Principal Act as amended by this Act to a grant or loan includes a reference to a grant or loan made under the Principal Act before the commencement of this section.

(2) A reference in section 76 of the Principal Act as amended by this Act to a grant or loan made by the Commission or to a guarantee given by the Commission includes a reference to a grant or loan made by the Commission or a guarantee given by the Commission, as the case requires, under the Principal Act before the commencement of this section.

(3) A reference in section 197 of the Principal Act as amended by this Act to a guarantee includes a reference to a guarantee given under the Principal Act before the commencement of this section.

  (4) This section is enacted for the avoidance of doubt.

Transitional provision—section 21

49. Despite the amendments of section 21 of the Principal