Commonwealth Consolidated Acts

FINANCIAL FRAMEWORK (SUPPLEMENTARY POWERS) ACT 1997 - SECT 39B

Formation of company etc.

  (1)   If:

  (a)   apart from this subsection, the Commonwealth does not have power to:

  (i)   form a company; or

  (ii)   participate in the formation of a company; and

  (b)   if the company were to come into existence, the company would be a company:

  (i)   that is specified in the regulations; and

  (ii)   whose objects or proposed activities are specified in the regulations;

the Commonwealth has power to:

  (c)   form the company; or

  (d)   participate in the formation of the company;

as the case may be.

Acquisition of shares in company etc.

  (2)   If:

  (a)   apart from this subsection, the Commonwealth does not have power to:

  (i)   acquire shares in a company; or

  (ii)   become a member of a company;

    in circumstances that would result in the company becoming a Commonwealth company; and

  (b)   both:

  (i)   the company is specified in the regulations; and

  (ii)   the company's objects or proposed activities are specified in the regulations;

the Commonwealth has power to:

  (c)   acquire shares in the company; or

  (d)   become a member of the company;

as the case may be, in circumstances that would result in the company becoming a Commonwealth company.

Finance Minister's power

  (3)   A power conferred on the Commonwealth by subsection   ( 1) or (2) may be exercised on behalf of the Commonwealth by the Finance Minister.

Note:   For the power to delegate, see section   40.

Definitions

  (5)   In this section:

"acquire" includes acquire by subscription.

"Commonwealth company" has the same meaning as in the Public Governance, Performance and Accountability Act 2013 .