Document ID: chunk:federal_register_of_legislation:C2004A04248:body:0:p13
Version: federal_register_of_legislation:C2004A04248
Segment Type: other
Provision Reference: 
Character Range: 31923–34701

which the notice is published in the Gazette.".

How a place ceases to be a Federal airport development site

"26C. If:

    (a) a place is a Federal airport development site; and

    (b) a declaration in respect of the place is made under section 25 or subsection 26(1);

the place ceases to be a Federal airport development site on the day that is specified in the notice published in the Gazette under that section or subsection.".

Vesting of land

26. Section 28 of the Principal Act is amended by adding at the end the following subsections:

"(3) Subject to subsection (5), if land that is owned by the Commonwealth becomes a Federal airport development site under this Part, the land is vested in the Corporation without any conveyance, transfer or assignment.

"(4) The reference in subsection (3) to land includes all rights, title and interests in the land.

"(5) If:

    (a) a declaration is made under subsection 26A(1) or paragraph 26B(1)(a) in relation to some land; and

    (b) the declaration states that some or all of the land (in this subsection called the 'excluded land') is not to vest in the Corporation;

the excluded land does not vest in the Corporation under subsection (3) of this section.".

Corporation holds Federal airports, and Federal airport development sites, for the Commonwealth

27. Section 29 of the Principal Act is amended:

    (a) by inserting after subsection (1) the following subsection:

    "(1A) While a place owned by the Corporation is a Federal airport development site (or part of a Federal airport development site), the place is held by the Corporation for and on behalf of the Commonwealth.";

    (b) by inserting in subsection (2) "or (1A)" after "(1)".

Transfer of assets

28. Section 32 of the Principal Act is amended:

    (a) by inserting after subsection (2) the following subsection:

"(2A) If:

        (a) a place or places become a Federal airport development site because of a declaration under subsection 26A(1) or paragraph 26B(1)(a); and

        (b) immediately before the place or places became a Federal airport development site, a building, fixture or other asset was owned by the Commonwealth and was used at, or in relation to, the place or places;

the Minister may cause the building, fixture or asset to be transferred to the Corporation.";

    (b) by omitting from subsection (3) "or (2)" and substituting ", (2) or (2A)";

    (c) by omitting from subsection (4) "or (2)" and substituting ", (2) or (2A)".

Exemption from taxation

29. Section 45 of the Principal Act is amended by inserting after subsection (1AA) the following subsection:

"(1AB) The Corporation is not a public authority for the purposes of paragraph 23(d) of the Income Tax Assessment Act 1936".

Annual report

30.