Document ID: chunk:federal_register_of_legislation:C2004A05165:clause:1_33a
Version: federal_register_of_legislation:C2004A05165
Segment Type: clause
Provision Reference: sch 1 cl 33A
Character Range: 9448–11737

33A  Simplified outline

  The following is a simplified outline of this Part:

         • This Part sets up a scheme under which assets of AIDC bodies may be transferred to other persons.
         • An AIDC body is defined to mean:

                (a) the Corporation; or
                (b) a wholly-owned subsidiary of the Corporation.

         • AIDC Ltd is the principal subsidiary of the Corporation as at the commencement of this section. If a minority of shares in AIDC Ltd are owned by persons other than the Corporation, provision is made for the compulsory acquisition of those shares by the Corporation.
         • An AIDC body may be directed to sell or transfer any of its assets.
         • The assets, contracts and liabilities of an AIDC body may be transferred by declaration.
         • If assets, contracts or liabilities of an AIDC body have been transferred to the Commonwealth, the assets, contracts or liabilities may be transferred by the Commonwealth to other persons.
         • Commonwealth guarantees relating to the Corporation's liabilities will continue even if the liabilities are transferred.
         • An AIDC body may be required to pay to the Commonwealth an amount equal to any consideration received for the sale or transfer of any of the body's assets or contracts.
         • Provision is made for the adjustment of the dividend franking account balances of companies that cease to be wholly-owned subsidiaries of the Corporation.
         • Certain transactions under this Part are exempt from stamp duty and similar taxes.
         • The Commonwealth may take over obligations of AIDC bodies.
         • AIDC bodies, directors of AIDC bodies, and certain other persons, may be required to assist the Commonwealth or the Corporation in connection with the implementation of this Part.
         • The Federal Court may grant injunctions relating to the enforcement of this Part.
         • Provision is made for compensation for acquisition of property.
         • Provision is made for transitional arrangements relating to:

                (a) long service leave; and
                (b) the Safety, Rehabilitation and Compensation Act 1988; and
                (c) the Occupational Health and Safety (Commonwealth Employment) Act 1991.