Commonwealth Consolidated Acts

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FINANCIAL MANAGEMENT AND ACCOUNTABILITY ACT 1997 - SECT 39A

Minister must inform Parliament of involvement in a company by the Commonwealth or a prescribed body

             (1)  The Minister who has the responsibility for any of the following events must table a notice of the event in each House of the Parliament as soon as practicable after the event occurs:

                     (a)  the Commonwealth or a prescribed body forms, or participates in forming, a company;

                     (b)  the Commonwealth or a prescribed body acquires shares in a company (either by purchase or subscription) or disposes of shares in a company;

                     (c)  the Commonwealth or a prescribed body becomes a member of a company;

                     (d)  a variation occurs in the rights attaching to company shares held by the Commonwealth or a prescribed body;

                     (e)  a variation occurs in rights of the Commonwealth or a prescribed body as a member of a company;

                      (f)  the Commonwealth or a prescribed body ceases to be a member of a company.

             (2)  The notice must be in the form, and contain the particulars, set out in the regulations.

             (3)  This section does not apply to:

                     (a)  an event mentioned in paragraphs (1)(a) to (f) that occurs in relation to:

                              (i)  an authorised investment made under section 39; or

                             (ii)  an investment made under the Future Fund Act 2006 ; or

                     (b)  anything that results from the transfer to a Minister of any property that is to be dealt with as unclaimed property under Part 9.7 of the Corporations Act 2001 ; or

                     (c)  a company that is conducted for the purposes of an intelligence or security agency (within the meaning given by section 85ZL of the Crimes Act 1914 ).

             (4)  In this section:

"company" includes a body of a kind prescribed by the regulations for the purposes of this section.

"prescribed body" means a body corporate that is, or is included in, an Agency.


 

   



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