Document ID: chunk:federal_register_of_legislation:C2004A04248:body:0:p5
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of the States and of the Territories relating to taxation:

    (a) the merging entities are taken to be the same body as the merged entity and to continue in existence under the merged entity's name; and

    (b) any provisions of this Act that are inconsistent with paragraph (a) are to be disregarded; and

    (c) any act or transaction inconsistent with paragraph (a) is taken not to have been done or not to have occurred, as the case may be; and

    (d) Telecom as it existed at any time before the succession day is taken to have had at that time a share capital all the issued shares in which were beneficially owned by the Commonwealth; and

    (e) OTC as it existed at any time before the succession day is taken to have had at that time a share capital all the issued shares in which were beneficially owned by the Commonwealth.

"(3) The effect that this section has in relation to a set of merging entities and the merged entity in relation to that set is in addition to, and does not prejudice, the effect that this section has in relation to another set of merging entities and the merged entity in relation to that other set.".

PART 3—AMENDMENTS OF THE AUSTRALIAN NATIONAL RAILWAYS COMMISSION ACT 1983

Principal Act

7. In this Part, "Principal Act" means the Australian National Railways Commission Act 19832.

Interpretation

8. Section 3 of the Principal Act is amended by inserting in subsection (1) the following definitions:

" 'currency contract' means:

    (a) a forward exchange rate contract; or

    (b) a contract with respect to currency futures;

'futures contract' means:

    (a) a deferred delivery contract; or

    (b) a contract with respect to financial futures; or

    (c) a contract with respect to commodity futures;".

9. After section 64 of the Principal Act the following section is inserted:

Hedging through currency contracts etc.

"64A.(1) Subject to subsection (4), the Commission may enter into and deal with contracts to which this section applies for hedging purposes in relation to:

    (a) a borrowing, or a proposed borrowing, of money by the Commission; or

    (b) an investment of money by the Commission; or

(c) commodity purchases by the Commission.

Note: for 'contracts to which this section applies' see subsection (6).

"(2) The Minister may, by written determination, set guidelines for the exercise by the Commission of its power under subsection (1) and must give the Commission a copy of each determination made.

"(3) Without limiting subsection (2), the guidelines may provide that:

    (a) the Commission is not to enter into or deal with contracts of a particular kind; or

    (b) the Commission is to enter into or deal with contracts of a