Document ID: chunk:federal_register_of_legislation:C2004A03591:body:0:p13
Version: federal_register_of_legislation:C2004A03591
Segment Type: other
Provision Reference: 
Character Range: 31004–33549

and records of the transactions and affairs of the body to be kept in accordance with the accounting principles generally applied in commercial practice; and
    (b) do all things necessary to ensure that all payments are correctly made and properly authorised and that adequate control is maintained over the assets of, or in the custody of, the body and over the incurring of liabilities by the body.".

Taxation
32. Section 119 of the Principal Act is amended by adding at the end the following subsections:
"(3) Stamp duty or other tax under a law of the Commonwealth is not payable in respect of the vesting of an asset of the Corporation in the Commonwealth Bank under section 7a.
"(4) The Income Tax Assessment Act 1936 applies in relation to the Commonwealth Bank with respect to any property that becomes vested in the Commonwealth Bank under section 7a as if the Commonwealth Bank were the Corporation.".
33. After section 124 of the Principal Act the following sections are inserted:

Affixing of seals
"124a. (1) Where the seal of a body to which this Part applies is affixed to a document, the Managing Director, or any person authorised by the Managing Director, may sign the document as witness to the affixing of the seal.
"(2) A person dealing with a body to which this Part applies is entitled to assume that the seal of that body has been duly affixed to a document that bears what appears to be an impression of that seal and that appears to have been signed by a person described as the Managing Director, or a person authorised by the Managing Director, as witness to the affixing of the seal.
"(3) This section shall not be taken to affect the operation of any other law of the Commonwealth or of a State or Territory relating to the execution of documents by bodies corporate.

Persons dealing with bodies
"124b. A person dealing with a body to which this Part applies is entitled to assume that an exercise of a power, or the performance of a function, by the Managing Director, or any person managing the body, is in accordance with the policy of the body and the directions of the Board.".

Other amendments
34. (1) The Principal Act is amended as set out in Part I of the Schedule.
(2) The Principal Act is further amended as set out in Part II of the Schedule.

Savings
35. (1) Where, immediately before the commencing day, a person:
    (a) had a right of appeal to the Promotions Appeal Board or the Tenure and Disciplinary Appeal Board but had not instituted an appeal; or
    (b) had instituted an appeal and the