Contents
Part 1 · Preliminary
2Commencement#
(1)Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(2)Items 3 and 4 of Schedule 1 are taken to have commenced immediately after the commencement of Part 2 of the Commonwealth Funds Management Limited Act 1990.
(3)Subject to subsection (4), items 1, 2, 5, 6, 7, 8, 9 and 11 of Schedule 1 commence on a day or days to be fixed by Proclamation.
(4)If an item of Schedule 1 does not commence under subsection (3) within the period of 6 months beginning on the day on which this Act receives the Royal Assent, it commences on the first day after the end of that period.
(5)If this Act commences before the commencement of the Legislative Instruments Act 1996, item 1 of Schedule 2 commences immediately after the commencement of the Legislative Instruments Act 1996.
3Definitions#
(1)In this Act, unless the contrary intention appears:
CFM means the body corporate known before the day declared under section 25 as Commonwealth Funds Management Limited:
(a)by whatever name called from time to time; and
(b)in whatever form that body corporate takes from time to time.
CFM body means CFM or a transferred body.
CFM subsidiary means a body corporate that is a subsidiary of CFM.
sale day means:
(b)in relation to a transferred body—the day declared under section 26 to be the sale day for that body.
subsidiary has the meaning given by subsection (2).
transferred body means a body corporate that was a CFM subsidiary all of the shares in which were transferred by CFM to the Commonwealth in accordance with the Minister’s direction under section 7.
transferred employee means a person whose employment is transferred in accordance with a declaration under section 9.
transfer time, in relation to an employee, has the meaning given by section 9.
(2)For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same manner as that question is determined under the Corporations Act 2001.
(3)For the purposes of this Act, the question whether a body corporate is related to another body corporate is to be determined in the same manner as that question is determined under the Corporations Act 2001.
Part 2 · Transfer of CFM subsidiaries to the Commonwealth
Division 1 · Subsidiaries
7CFM to transfer shares in subsidiaries to the Commonwealth#
The Minister may, in writing, direct CFM to transfer from CFM to the Commonwealth all of the shares in a CFM subsidiary, including a subsidiary that existed before the commencement of this Act.
8Exemption from stamp duty and other taxes#
Stamp duty or other tax is not payable under a law of the Commonwealth, a State or a Territory in respect of:
(a)the transfer of shares in a CFM subsidiary by CFM to the Commonwealth; or
(b)anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, the transfer.
Division 2 · Staff
9Transfer of staff from CFM#
(1)The Minister may, by written instrument, declare that a specified employee of CFM on a specified day:
(a)ceases to be employed by CFM; and
(b)is taken to have been engaged by a specified CFM subsidiary or a specified transferred body as an employee of that subsidiary or body.
(2)The declaration has effect accordingly.
(3)The employee’s transfer time occurs immediately after the beginning of the day specified in the declaration.
10Terms and conditions of transferred employees#
(1)A person who is a transferred employee is taken:
(a)to have been engaged by the CFM subsidiary or the transferred body on the same terms and conditions as those that applied to the person, immediately before the employee’s transfer time, as an employee of CFM; and
(b)to have accrued an entitlement to benefits, in connection with that engagement by the CFM subsidiary or the transferred body, that is equivalent to the entitlement that the person had accrued, as an employee of CFM, immediately before the employee’s transfer time.
(2)The service of a transferred employee as an employee of the CFM subsidiary or the transferred body is taken, for all purposes, to have been continuous with the service of the employee, immediately before the employee’s transfer time, as an employee of CFM.
(3)A transferred employee is not entitled to receive any payment or any other benefit merely because he or she stopped being an employee of CFM as a result of this Division.
11Variation of terms and conditions of employment#
(1)This Division does not prevent the terms and conditions of a transferred employee’s employment after the employee’s transfer time from being varied:
(a)in accordance with those terms and conditions; or
(b)by or under a law, award, determination or agreement.
(2)In this section:
vary, in relation to terms and conditions, includes:
(a)omitting any of those terms and conditions; or
(b)adding to those terms and conditions; or
(c)substituting new terms or conditions for any of those terms and conditions.
Division 4 · Application of other legislation
20Approved authority—Superannuation Act 1976#
(1)A transferred body is taken to be an approved authority for the purposes of the Superannuation Act 1976.
(2)The transferred body ceases to be an approved authority for the purposes of that Act on the body’s sale day.
21Approved authority—Superannuation Act 1990#
(1)A transferred body is taken to be an approved authority for the purposes of the Superannuation Act 1990.
(2)The transferred body ceases to be an approved authority for the purposes of that Act on the body’s sale day.
22Commonwealth authority—Safety, Rehabilitation and Compensation Act 1988#
(1)A transferred body is taken to be a Commonwealth authority for the purposes of the Safety, Rehabilitation and Compensation Act 1988.
(2)The transferred body ceases to be a Commonwealth authority for the purposes of that Act on the body’s sale day.
23Public authority of the Commonwealth—Long Service Leave (Commonwealth Employees) Act 1976#
(1)A transferred body is taken to be a public authority of the Commonwealth for the purposes of the Long Service Leave (Commonwealth Employees) Act 1976.
(2)The transferred body ceases to be a public authority of the Commonwealth for the purposes of that Act on the body’s sale day.
Part 3 · Sale of CFM bodies
Division 1 · Preliminary
25Sale day for CFM#
(1)If, in the opinion of the Minister, a particular day is the first day after the commencement of this Part on which a majority of the voting shares in CFM are or were acquired by a person, or persons, other than:
(a)the Commonwealth; or
(2)The declaration has effect accordingly.
(3)The notice must be published within 21 days after the sale day.
(4)For the purposes of the memorandum of association and articles of association of CFM, this section is taken to constitute the kind of amendment to the Commonwealth Funds Management Limited Act 1990 referred to in the memorandum and the definition of “Overriding Principle” in article 1 of the articles.
26Sale day for transferred body#
(1)If, in the opinion of the Minister, a particular day is the first day after the commencement of this Part on which a majority of the voting shares in a transferred body are or were acquired by a person, or persons, other than:
(a)the Commonwealth; or
(b)a nominee of the Commonwealth;
the Minister must, by notice in the Gazette, declare the day to be the sale day for that body.
(2)The declaration has effect accordingly.
(3)The notice must be published within 21 days after the body’s sale day.
Division 2 · Long service leave
27What this Division is about#
This Division (other than Subdivision 2F) is about the long service leave that may be granted to an employee of a CFM body who had less than 10 years service when the body was sold and who continued, after the sale, as an employee of that body or a related body. Subdivision 2F deals with employees who had at least 10 years service.
Subdivision 2A · Preliminary
28Definitions#
(1)Unless the contrary intention appears, expressions used in this Division that are also used in the Long Service Leave Act have the same meanings as in that Act.
(2)In this Division:
combined service period, in relation to an employee of a CFM body, means the total of:
(a)the period that was, immediately before the body’s sale day, the employee’s period of service for the purposes of the Long Service Leave Act; and
law means:
(a)a law of the Commonwealth, a State or a Territory; or
(b)regulations or any other instrument (other than an award, determination or industrial agreement) made under such a law.
Subdivision 2B · Long service leave for employees who attain at least 10 years service
32Employees who attain 10 years service#
(1)A CFM body or a related body may grant an employee long service leave on full salary for a period up to the employee’s long service leave credit under subsection 43(1) if:
(b)at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years; and
(c)from and after the body’s sale day, the employee continued to be employed by the CFM body or a related body until his or her combined service period was at least 10 years.
33Employees reaching minimum retiring age or being retrenched#
(1)A CFM body or a related body may grant an employee long service leave on full salary for a period up to the employee’s long service leave credit under subsection 43(1) if:
(b)at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years; and
(e)the employee’s combined service period at the time when he or she stopped being an employee of the CFM body or a related body was at least one year.
(2)Long service leave granted under this section is to be taken so as to end immediately before the employee stopped being an employee.
34Rate of salary#
For the purposes of sections 32 and 33, the rate of salary to be used in working out the full salary of an employee is the rate that would be applicable to the employee under section 20 of the Long Service Leave Act if:
(a)that section applied to the employee; and
(b)for the expression “section 16 or 17” in that section there were substituted the expression “section 32 or 33 of the CFM Sale Act 1996”.
Subdivision 2C · Payments in lieu of long service leave
36Employees who attain 10 years service#
Subject to section 39, a CFM body or a related body must pay an employee an amount equal to full salary in respect of his or her long service leave credit under subsection 43(2) if:
(b)at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years; and
(d)the employee stopped being an employee of the CFM body or a related body on or after the day on which his or her combined service period reached 10 years.
37Employees reaching minimum retiring age or being retrenched#
Subject to section 39, a CFM body or a related body must pay an employee an amount equal to full salary in respect of his or her long service leave credit under subsection 43(2) if:
(b)at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years; and
(e)the employee’s combined service period at the time when he or she stopped being an employee of the CFM body or a related body was at least one year.
38Employee stops employment because of ill-health#
Subject to section 39, a CFM body or a related body must pay an employee an amount equal to full salary in respect of his or her long service leave credit under subsection 43(2) if:
(b)at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years; and
(f)when the employee left, his or her combined service period was at least one year.
39Employee may request non-payment or reduced payment#
(1)An employee may, by written notice given to a CFM body or a related body before the employee stops being an employee of the body:
(a)request the body not to make a payment to the employee under section 36, 37 or 38; or
(b)request the body to make a payment under that section of a specified amount that is less than the amount that would otherwise be payable under that section.
40Rate of salary#
For the purposes of this Subdivision, the rate of salary to be used in working out the full salary of an employee is the rate that would be applicable to the employee under section 21 of the Long Service Leave Act if:
(a)that section applied to the employee; and
(b)for the expression “sections 16 and 17” in that section there were substituted the expression “sections 36, 37 and 38 of the CFM Sale Act 1996”.
Subdivision 2D · Payments on the death of an employee
42Payments on death of an employee#
(1)A CFM body or a related body must make a payment to a dependant or to 2 or more dependants of an employee if:
(b)at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years; and
(d)on or after the body’s sale day, the employee died and immediately before his or her death:
(ii)the employee’s combined service period was at least one year; and
(iii)the employee had one or more dependants.
(2)A CFM body or a related body must make a payment to the legal personal representative of an employee if:
(b)at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years; and
(d)on or after the body’s sale day, the employee died and immediately before his or her death:
(ii)the employee’s combined service period was at least one year; and
(iii)the employee did not have any dependants.
(4)If subsection (1) or (2) applies, section 23 of the Long Service Leave Act has effect as if:
(a)that section applied to the employee; and
(c)for the expression “this Act” in that section there were substituted the expression “section 42 of the CFM Sale Act 1996”; and
(d)for the expression “subsection 16(7) or 17(5)” in that section there were substituted the expression “section 42 of the CFM Sale Act 1996”.
Subdivision 2E · Long service leave credit
43Employee’s long service leave credit for the purposes of Subdivisions 2B and 2C#
(1)For the purposes of sections 32 and 33, the long service leave credit of an employee is equal to the long service leave credit that the employee would have under the Long Service Leave Act for the period:
(a)starting when the employee started his or her period of service; and
(2)For the purposes of sections 36, 37 and 38, an employee’s long service leave credit is the employee’s long service leave credit worked out under subsection (1), reduced by any long service leave credit used under section 32 or 33.
Subdivision 2F · Saving: Long Service Leave Act
44Saving—Accrued rights under the Long Service Leave Act#
(1)Even though an employee of a CFM body ceases to be employed in Government Service for the purposes of the Long Service Leave Act, the employee’s accrued rights under that Act continue while the employee continues to be employed by the CFM body or a related body if:
(b)at that time, the employee’s period of service for the purposes of the Long Service Leave Act was at least 10 years.
However, the employee is not entitled to receive any payment because he or she ceases to be in Government Service.
(a)where the employee continues to be employed by that body—that body were an approving authority for the purposes of that Act; or
Division 3 · Superannuation
45What this Division is about#
This Division is about how certain legislation dealing with superannuation continues to operate in relation to a CFM body after it is sold.
46Deferred benefits under the Defence Force Retirement and Death Benefits Act 1973#
(1)For the purposes of Division 3 of Part IX of the Defence Force Retirement and Death Benefits Act 1973, an employee of a CFM body:
(a)to whom, immediately before the body’s sale day, deferred benefits were applicable under section 78 of that Act; and
(2)Subsection (1) is subject to Division 3 of Part IX of the Defence Force Retirement and Death Benefits Act 1973.
47Period of eligible employment for the purposes of Division 3 of Part IX of the Defence Force Retirement and Death Benefits Act 1973#
(1)A period of employment of a person by a CFM body continues to be a period of eligible employment for the purposes of Division 3 of Part IX of the Defence Force Retirement and Death Benefits Act 1973 if, immediately before the body’s sale day, the period was a period of eligible employment for the purposes of that Division.
(2)Subsection (1) applies even if employment by the body ceases to be eligible employment for the purposes of that Division on the body’s sale day.
48Continuing application of the Crimes (Superannuation Benefits) Act 1989#
Continuing application of Act
Limitation on superannuation orders
Superannuation schemes
(3)A superannuation scheme in relation to which employer contributions or benefits are paid or payable by a CFM body on or after the body’s sale day is not a superannuation scheme for the purposes of the application of the Crimes (Superannuation Benefits) Act 1989 to a corruption offence committed by a person after the body’s sale day.
Paragraph 19(3)(d) orders
Paragraph 19(4)(b) orders
(5)If:
(b)the person was paid benefits before, on or after the body’s sale day out of the Consolidated Revenue Fund;
then, despite paragraph 19(4)(b) of the Crimes (Superannuation Benefits) Act 1989, an order made under that paragraph on or after the body’s sale day may only specify that an amount equal to the total benefits paid out of the Consolidated Revenue Fund be paid to the Commonwealth.
Interpretation
(6)Unless the contrary intention appears, an expression used in this section that is also used in the Crimes (Superannuation Benefits) Act 1989 has the same meaning in this section as it has in that Act.
Division 4 · Safety, Rehabilitation and Compensation Act 1988
49What this Division is about#
This Division is about how the Safety, Rehabilitation and Compensation Act continues to operate in relation to a CFM body after it is sold.
50Definitions#
Unless the contrary intention appears, expressions used in this Division that are also used in the Safety, Rehabilitation and Compensation Act 1988 have the same meanings as in that Act.
52Continued application to certain employees#
(1)The Safety, Rehabilitation and Compensation Act 1988 continues to apply, on and after the sale day of a CFM body, in relation to:
(a)injuries suffered by an employee of the body before its sale day; and
(2)For the purposes of subsection (1), the Safety, Rehabilitation and Compensation Act 1988 continues to apply as if:
(a)the CFM body continued to be a Commonwealth authority; and
(b)the Chief Executive Officer of the CFM body (however described) continued to be the Principal Officer of a Commonwealth authority.
53Transitional provisions relating to Division 4A of Part VII#
(1)On and after the sale day of a CFM body, Division 4A of Part VII of the Safety, Rehabilitation and Compensation Act 1988 applies to the CFM body as if:
(a)the CFM body continues to be a Commonwealth authority; and
(c)the following word and paragraph were added at the end of subsection 96H(1):
; or (f) in the case of an authority—the authority is not required to pay a premium under this Division in respect of part of a financial year.
Division 5 · Occupational Health and Safety (Commonwealth Employment) Act 1991
56Refund of contribution paid under the Occupational Health and Safety (Commonwealth Employment) Act 1991#
(1)A CFM body is entitled to be paid the amount worked out using the formula set out below if the CFM body has paid a contribution to the cost of the administration of the Occupational Health and Safety (Commonwealth Employment) Act 1991 under section 67H of that Act in respect of the financial year in which the body’s sale day occurs.
contribution means the contribution paid by the CFM body in respect of that financial year.
no. of refund days means the total number of days in the period beginning on the sale day and ending on the last day of the financial year in which the sale day occurs.
Division 6 · Mobility rights
Division 7 · Prosecutions
58Continuing application of the Director of Public Prosecutions Act 1983#
(1)Even though the Director of Public Prosecutions Act 1983 ceases to apply to certain acts, omissions or proceedings in connection with a CFM body because the body ceases to be an authority of the Commonwealth for the purposes of that Act, that Act continues on and after the body’s sale day to apply in relation to:
(b)civil remedies in respect of relevant matters relating to acts or omissions referred to in paragraph (a).
(2)In this section:
relevant matter has the same meaning as in the Director of Public Prosecutions Act 1983.
Division 8 · Imputation
59Franking account surpluses reduced to nil#
(1)Subject to subsection (3), if, immediately before CFM’s sale day, CFM had a class A franking surplus, a class B franking surplus or a class C franking surplus, then CFM’s class A franking surplus, class B franking surplus or class C franking surplus (as the case requires) is reduced to nil at the beginning of CFM’s sale day.
(2)Subject to subsection (3), if:
(3)If:
(4)In this section the following expressions have the same meanings as in Part IIIAA of the Income Tax Assessment Act 1936:
| class A franking debit |
| class A franking surplus |
| class B franking debit |
| class B franking surplus |
| class C franking debit |
| class C franking surplus |
| franking credit |
| franking debit |
Division 9 · Miscellaneous
60CFM body not to be an agency of the Commonwealth etc.#
(a)a Commonwealth authority; or
(b)established for the public purpose or for a purpose of the Commonwealth; or
(c)a public authority or an agency or instrumentality of the Crown;
unless a law expressly provides otherwise.
(2)In subsection (1):
law means:
(a)an Act of the Commonwealth or of a State or Territory; or
(b)regulations or any other instrument made under such an Act.
61Regulations connected with the sale of a CFM body#
(1)Subsection 48(2) of the Acts Interpretation Act 1901 does not apply to regulations made under any Act that:
(a)are connected with the sale of a CFM body; and
(b)include a declaration that the Governor-General is satisfied that they are connected with the sale of a CFM body; and
(c)are expressed to take effect on the body’s sale day.
(2)Regulations covered by subsection (1) take effect on the body’s sale day.
62Certain provisions of theCommonwealth Funds Management Limited Act 1990cease to apply to CFM bodies#
(1)The following sections and Parts of the Commonwealth Funds Management Limited Act 1990 cease to apply to CFM on CFM’s sale day:
(a)sections 4, 15, 33, 34, 39, 41, 42, 43, 44 and 46;
(b)Parts 4, 5 and 7.
(2)The following sections and Part of the Commonwealth Funds Management Limited Act 1990 cease to apply to a transferred body on the transferred body’s sale day:
(a)sections 4, 15, 33, 34, 39, 41, 42 and 43;
(b)Part 4.
Note: Division 3 of Part 2 of this Act sets out how the provisions listed in subsection (2) are to apply to a transferred body before they cease to so apply.
Part 4 · Transfer of assets, liabilities, rights and obligations of CFM bodies
63What this Part is about#
This Part is about the transfer of assets, liabilities, rights and obligations of CFM bodies. The transfers are to be effected by way of Ministerial declaration.
Division 1 · Preliminary
64Definitions#
In this Part, unless the contrary intention appears:
asset means:
(a)any legal or equitable estate or interest in real or personal property, including a contingent or prospective one; and
(b)any right, privilege or immunity, including a contingent or prospective one.
instrument includes a document.
specified transferee means:
(a)in relation to an asset to which a declaration under subsection 65(1) relates—the Commonwealth, a CFM subsidiary or a transferred body, whichever is specified in the declaration as the body in which the asset vests; or
(b)in relation to a right or obligation to which a declaration under subsection 68(1) relates—the Commonwealth, a CFM subsidiary or a transferred body, whichever is specified in the declaration as the body to which the right or obligation is to be transferred; or
(c)in relation to a liability to which a declaration under subsection 71(1) relates—the Commonwealth, a CFM subsidiary or a transferred body, whichever is specified in the declaration as the body to which the liability is to be transferred.
Division 2 · Transfer of assets
65Transfer of assets#
(1)The Minister may, by written instrument, declare that a specified asset of a CFM body (other than shares in the CFM body) vests in a specified transferee on a specified day without any conveyance, transfer or assignment.
(2)The declaration has effect accordingly.
(3)The Minister must as soon as practicable, but no later than 21 days after making the declaration, publish the declaration in the Gazette.
(4)Any consideration payable for the transfer of an asset under this section is payable to the Commonwealth instead of to the CFM body.
Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.
66References to CFM body in instruments relating to transferred assets#
An instrument relating to an asset of a CFM body specified in a declaration continues to have effect after the asset vests in the specified transferee as if a reference in the instrument to the CFM body were a reference to the specified transferee.
67Transferees are successors in law of CFM body#
Immediately after an asset vests in the specified transferee under a declaration, the specified transferee becomes the CFM body’s successor in law in relation to the asset.
Division 3 · Transfer of rights and obligations
68Transfer of rights and obligations#
(1)The Minister may, by written instrument, declare that the rights and obligations of a CFM body under a specified contract on a specified day:
(a)cease to be rights and obligations of the CFM body; and
(b)become rights and obligations of the specified transferee.
(2)The declaration has effect accordingly.
(3)A Minister must as soon as practicable, but no later than 21 days after making the declaration, publish the declaration in the Gazette.
Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.
69References to CFM body in instruments relating to transferred rights and obligations#
An instrument relating to a contract specified in a declaration continues to have effect after the rights and obligations of a CFM body under the contract become rights and obligations of the specified transferee as if a reference in the instrument to the CFM body were a reference to the specified transferee.
70Transferees are successors in law of CFM body#
Immediately after rights and obligations become rights and obligations of the specified transferee under a declaration, the specified transferee becomes the CFM body’s successor in law in relation to those rights and obligations.
Division 4 · Transfer of liabilities
71Transfer of liabilities#
(1)The Minister may, by written instrument, declare that a specified liability of a CFM body (other than a liability under a contract) on a specified day:
(b)becomes a liability of a specified transferee.
(2)The declaration has effect accordingly.
(3)The Minister must as soon as practicable, but no later than 21 days after making the declaration, publish the declaration in the Gazette.
Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.
72References to CFM body in instruments relating to transferred liabilities#
An instrument relating to a liability of a CFM body specified in a declaration continues to have effect after the liability becomes a liability of the specified transferee as if a reference in the instrument to the CFM body were a reference to the specified transferee.
73Transferees are successors in law of CFM body#
Immediately after a liability becomes a liability of the specified transferee under a declaration, the specified transferee becomes the CFM body’s successor in law in relation to the liability.
Division 5 · Tax exemption and income tax treatment
74Exemption from stamp duty and other taxes#
(1)Stamp duty or other tax is not payable under a law of the Commonwealth, a State or a Territory in respect of:
(a)an exempt matter; or
(b)anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, an exempt matter.
(2)In this section:
exempt matter means:
(a)the transfer of an asset under section 65; or
(b)the transfer of rights and obligations under section 68; or
(c)the transfer of a liability under section 71.
75Application of the Income Tax Assessment Act 1936 in relation to certain transfers#
(1)This section applies if an asset, liability, right or obligation is transferred from a CFM body to a specified transferee under this Part or by another means:
(a)in the case of a transferred body—after the day on which all of the shares in the CFM subsidiary in question are transferred by CFM to the Commonwealth in accordance with the Minister’s direction under section 7, but on or before the body’s sale day; or
(b)in the case of CFM—after the day on which all of the shares in Total Risk Management Pty. Limited are transferred by CFM to the Commonwealth in accordance with the Minister’s direction under section 7, but on or before CFM’s sale day.
Note: Total Risk Management Pty. Limited was a subsidiary of CFM when this Act received the Royal Assent.
(3)Subsection (2) does not affect the application of the Income Tax Assessment Act 1936 in relation to anything that happened in relation to the asset, liability, right or obligation before it was transferred from the CFM body to the specified transferee.
(4)Subsection (2) does not affect the nature or effect of the transfer for a purpose other than a purpose of the Income Tax Assessment Act 1936.
Division 6 · Miscellaneous
76Transfers of CFM land may be registered#
(1)This section applies if:
(a)any right, title or interest in particular land vests in a specified transferee under section 65; and
(b)there is lodged with a land registration official a certificate that:
(i)is signed by the Minister, or a person authorised by the Minister, in writing, for the purposes of this section; and
(ii)identifies the land, whether by reference to a map or otherwise; and
(iii)states that the right, title or interest has become vested in the specified transferee under section 65.
(2)The land registration official may:
(a)register the matter in a way that is the same as, or similar to, the way in which dealings in land of that kind are registered; and
(b)deal with, and give effect to, the certificate.
(3)A document that appears to be a certificate under subsection (1) is taken to be such a certificate, and to have been properly given, unless the contrary is established.
(4)In this section:
land registration official, in relation to land, means the Registrar of Titles or other proper officer of the State or Territory in which the land is situated.
77Lands Acquisition Act 1989 does not apply to this Part#
The Lands Acquisition Act 1989 does not apply in relation to anything done under this Part.
78Certificates in relation to assets other than land#
(1)This section applies if:
(a)an asset other than land vests in a specified transferee under section 65; and
(b)there is lodged with an assets official a certificate that:
(i)is signed by the Minister, or a person authorised by the Minister, in writing, for the purposes of this section; and
(ii)identifies the asset; and
(iii)states that the asset has become vested in the specified transferee under section 65.
(2)The assets official may:
(a)deal with, and give effect to, the certificate as if the certificate were a proper and appropriate instrument for transactions in relation to assets of that kind; and
(b)make such entries in the register as are necessary having regard to the effect of section 65.
(3)A document that appears to be a certificate under subsection (1) is taken to be such a certificate and to have been properly given unless the contrary is established.
(4)In this section:
assets official means the person or authority who, under a law of the Commonwealth, a State or a Territory, has responsibility for keeping a register in relation to assets of the kind concerned.
Part 5 · Miscellaneous
79Compensation—constitutional safety net#
(1)If:
(a)apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and
(b)the acquisition would be invalid because of paragraph 51(xxxi) of the Constitution;
the Commonwealth is liable to pay compensation of a reasonable amount to the person in respect of the acquisition.
(2)If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the Court determines.
(3)Any damages or compensation recovered, or other remedy given, in a proceeding begun otherwise than under this section must be taken into account in assessing compensation payable in a proceeding begun under this section and arising out of the same event or transaction.
(4)In this section:
acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.
just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.
80Operation of this Act does not place a person in breach of contract etc.#
To avoid doubt, the operation of this Act is not to be regarded as:
(a)placing a person in breach of contract or confidence; or
(b)otherwise making a person guilty of a civil wrong; or
(c)placing a person in breach of any contractual provision prohibiting, restricting or regulating:
(ii)the disclosure of any information; or
(d)releasing any surety from any of the surety’s obligations in relation to a liability or obligation that is transferred under a declaration made under Part 4.
81Commonwealth records#
(1)This Act does not authorise a Commonwealth record (within the meaning of the Archives Act 1983) to be transferred or otherwise dealt with except in accordance with the provisions of that Act.
(2)A Commonwealth record (within the meaning of the Archives Act 1983) must not be transferred to the purchaser of a CFM body under Part 3 of this Act in connection with the operation of this Act in relation to the CFM body unless the Australian Archives has given permission under paragraph 24(2)(b) of the Archives Act 1983.
Sourced from the Federal Register of Legislation at legislation.gov.au, © Commonwealth of Australia, licensed under CC BY 4.0. Compilations may have been reformatted.