Document ID: chunk:federal_register_of_legislation:C2004A04008:body:0:p5
Version: federal_register_of_legislation:C2004A04008
Segment Type: other
Provision Reference: 
Character Range: 16067–18727

of the State or Territory in which the land is situated;

the officer with whom the certificate is lodged may:

    (c) register the matter in like manner to the manner in which dealings in land or interests in land of that kind are registered; and

    (d) deal with, and give effect to, the certificate.

"(4) CSL must, in relation to each transferring liability, indemnify the Commonwealth against all costs and expenses incurred in relation to the liability on or after the day determined by the Minister under subsection (2) in relation to that liability.

"(5) In this section:

'asset' means property of any kind, and includes:

      (a) any legal or equitable estate or interest (whether present

       or future, vested or contingent, tangible or intangible, in real or personal property of any description; and

      (b) any chose in action; and

       (c) any right, interest or claim of any kind in or in relation to property (whether arising under an instrument or otherwise and whether liquidated or unliquidated, certain or contingent, accrued or accruing); and

       (d) any asset within the meaning of Part IIIa of the Income Tax Assessment Act 1936.".

Capital of the Commission etc.

9. (1) Section 32 of the Principal Act is amended:

  (a) by omitting from paragraph (1) (a) "the last preceding section" and substituting "section 31";

  (b) by inserting after paragraph (1) (a) the following paragraph:

       "(aa) the net value, as determined by the Minister and notified to CSL, of the assets transferred to CSL under section 31a;".

  (2) Section 32 of the Principal Act is repealed.

Repeal of Divisions 2 to 6 (inclusive) of Part II

10. Divisions 2 to 6 (inclusive) of Part II of the Principal Act are repealed.

Repeal of Part II

11. Part II of the Principal Act is repealed.

12. After Part II of the Principal Act the following Part is inserted:

"PART IIa—CREATION OF CAPITAL STRUCTURE AND OTHER STEPS PRIOR TO CONVERSION OF CSL INTO A PUBLIC COMPANY

Share capital of CSL

"44a. (1) As from the commencement of this Part, CSL is to have a share capital.

"(2) The amount of the share capital must be equal to the amount that subsection 44b (1) requires to be applied as mentioned in that subsection.

"(3) The share capital must be divided into shares of $1 each.

"(4) The share capital may be divided into classes of shares.

"(5) As from the transition, this section has effect subject to the Companies Act 1981.

Issue of shares in CSL

"44b. (1) As soon as practicable after the commencement of this Part, CSL must apply the capital that it has at that commencement in paying up, in full, shares in CSL.

"(2) If