Document ID: chunk:federal_register_of_legislation:C2004A04681:body:0:p6
Version: federal_register_of_legislation:C2004A04681
Segment Type: other
Provision Reference: 
Character Range: 13038–15844

15(1)(b):

  Insert:

SCHEDULE—continued

      "(ba) to an approved railway authority for payment as an additional capital contribution in respect of a capital railway project to be undertaken by the authority;".

6. Section 15:

  Add at the end:

"(3) An amount is not to be paid out of the Fund to an approved railway authority as an additional capital contribution in respect of a capital railway project to be undertaken by the authority unless:

    (a) in response to an invitation from the Minister under paragraph 26(1)(c), the authority has submitted to the Minister particulars of the project; and

    (b) if the authority has a corporate plan—the Minister is satisfied that the undertaking of the project by the authority is consistent with the plan; and

  (c) it has been agreed:

        (i) if the authority is incorporated under the Corporations Law of a State or of an internal Territory and the Commonwealth is a shareholder in the authority—between the other shareholders and the Commonwealth; or

        (ii) in any other case—between the authority and the Commonwealth;

    that shares in the authority having an equivalent nominal value to the payment from the Fund will be issued to the Commonwealth:

        (iii) on payment from the Fund to the authority of all of the additional capital contributions proposed in respect of that project; or

     (iv) at such later time as is agreed.".

7. Before section 29:

  Insert in Part IV:

Manner of application of this Part to different payments from Fund

"28A.(1) The provisions of this Part apply to all payments from the Fund under paragraph 15(1)(a), (b), (c) or (d).

"(2) Subject to subsection (3), the provisions of this Part apply in respect of payments from the Fund under paragraph 15(1)(ba) in respect of projects of approved railway authorities:

     (a) as if, so far as assets acquired under those projects are concerned, paragraph 32(1)(n) were omitted; and

     (b) as if section 31 and paragraph 32(1)(p) were omitted.

SCHEDULE—continued

"(3) If an approved railway authority to which payment is made under paragraph 15(1)(ba) is a company incorporated under the Corporations Law of a State or of an internal Territory, the obligations of the authority and of its directors and of officers under subsection (2) apply only to the extent that those obligations are consistent with obligations of the authority and of its directors and officers under that Corporations Law.".

8. Section 32:

  Add at the end:

  "(3) Paragraph 32(1)(n) does not apply:

    (a) to the sale or other disposal to the National Rail Corporation Limited of an asset; or

    (b) to the granting to the National Rail Corporation Limited of a lease of an asset having a term of at least 20 years;

in accordance with subclause 5(5)