Commonwealth Numbered Acts

AUSTRALIAN INDUSTRY DEVELOPMENT CORPORATION AMENDMENT ACT 1987 No. 11 of 1987 - SECT 3

3. (1) Section 35 of the Principal Act is amended-
(a) by omitting "section" and substituting "sub-section, but subject to
sub-section (2)"; and

   (b)  by adding at the end the following sub-sections:

"(2) Sub-section (1) does not apply in relation to moneys payable by the
Corporation in respect of a borrowing of money, or a raising of money
otherwise than by borrowing, undertaken by the Corporation unless, at or
before the time when the borrowing or raising is undertaken, the Chief
Executive determines, in writing, that that sub-section applies in respect of
the borrowing or raising.

"(3) A determination may be made pursuant to sub-section (2) in relation to a
particular transaction or in relation to transactions included in a class of
transactions.

"(4) For the purposes of this section, a borrowing of money, or raising of
money otherwise than by borrowing, includes a borrowing of money, or raising
of money otherwise than by borrowing, as the case may be-

   (a)  by dealing with securities; or

   (b)  made in whole or in part in a currency other than Australian currency.

"(5) In this section, 'securities' includes stocks, debentures, debenture
stocks, notes, bonds, promissory notes, bills of exchange and similar
instruments or documents.

"(6) A reference in this section to dealing with securities includes a
reference to-

   (a)  creating, executing, entering into, drawing, making, accepting,
        endorsing, issuing, discounting, selling, purchasing or re-selling
        securities;

   (b)  creating, selling, purchasing or re-selling rights or options in
        respect of securities; and

   (c)  entering into agreements or other arrangements relating to securities.

"(7) For the purposes of this section, the taking of deposits of money by the
Corporation shall, to the extent of the amount of those deposits, be deemed to
be a borrowing by the Corporation.".

(2) Section 35 of the Principal Act as amended by sub-section (1) of this
section applies in respect of borrowings and raisings of money undertaken by
the Corporation on or after 8 October 1986, but section 35 of the Principal
Act continues to apply in respect of borrowings and raisings of money
undertaken by the Corporation before that date as if the amendments made by
sub-section (1) of this section had not been made.

(3) Notwithstanding anything contained in sub-section 35 (2) of the Principal
Act as amended by sub-section (1) of this section, a determination made
pursuant to that sub-section within one month after the day on which this Act
receives the Royal Assent may be expressed to take effect from a day earlier
than the day on which the determination is made, not being a day earlier than
8 October 1986.