FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26, 1990
FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - TABLE OF PROVISIONS
TABLE OF PROVISIONS PART 1-PRELIMINARYSection 1. Short title 2. Commencement PART 2-AMENDMENTS OF THE FEDERAL AIRPORTS CORPORATION ACT 1986 3. Principal Act 4. Interpretation 5. Extent of functions of Corporation 6. Powers of Corporation 7. Repeal of sections 10 and 11 and substitution of new sections: 10. Limitation on formation of companies etc. 11. Limitation on formation of partnerships 8. Heading to Part III 9. Insertion of new sections: 12A. The Board 12B. Purposes of the Board 10. Constitution of Board 11. Period of appointment of members 12. Remuneration and allowances of members 13. Resignation 14. Termination of appointments 15. Meetings of Board 16. Acting appointments 17. Insertion of new section: 27A. Reimbursement for financial detriment suffered as a result of declarations 18. Corporate plan 19. Financial targets and performance indicators 20. Minister may vary financial plan 21. Insertion of new section: 40A. Board to notify Minister of significant affecting events etc. 22. Insertion of new section: 44A. Revaluation of assets 23. Exemption from taxation 24. Borrowings otherwise than from Commonwealth 25. Repeal of section 51 26. Guarantee of borrowings by subsidiary of Corporation 27. Delegation by Treasurer 28. Repeal of section 54 and substitution of new sections: 54. Bank accounts 54A. Investment of money of Corporation 54B. Proper accounts to be kept 54C. Audit 29. Audit of subsidiaries 30. Aeronautical charges 31. Chief Executive Officer 32. Insertion of new sections: 58A. Duties of Chief Executive Officer 58B Chief Executive Officer holds office during Board's pleasure 33. Repeal of section 60 and substitution of new section: 60. Remuneration and allowances of Chief Executive Officer 34. Transitional-existing appointee as Chief Executive Officer 35. Repeal of section 65 36. Insertion of new section: 65. Annual report 37. Delegation by Chief Executive Officer 38. Insertion of new section: 67A. Delegation by Board 39. Duties of Corporation 40. Insertion of new section: 71B. Conduct by directors, servants and agents 41. By-laws 42. Amendments relating to the Board PART 3-AMENDMENT OF THE FREEDOM OF INFORMATION ACT 1982 43. Principal Act 44. Schedule 2 SCHEDULE AMENDMENTS RELATING TO THE BOARD FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - LONG TITLE
An Act to amend the Federal Airports Corporation Act 1986, and for related purposes FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - PART 1 PART 1-PRELIMINARY
FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 1 Short title
(Assented to 24 May 1990)
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1. This Act may be cited as the Federal Airports Corporation Amendment Act 1990. (Minister's second reading speech made in- Senate on 9 May 1990 House of Representatives on 16 May 1990) FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 2 Commencement
2. (1) Subject to this section, this Act commences on a day or days to be fixed by Proclamation. (2) If a provision of this Act, other than a provision referred to in subsection (3), (4), (5) or (6), does not commence under subsection (1) within the period of 6 months beginning on the day on which it receives the Royal Assent, it commences on the first day after the end of that period.
(3) Section 1, this section and section 3 commence on the day on which this Act receives the Royal Assent.
(4) Paragraph 23 (1) (a) commences on 1 July 1990.
(5) Paragraph 23 (1) (b) commences on 1 July 1991.
(6) Paragraph 23 (1) (c) and subsection 23 (2) are to be taken to have commenced on the day on which the Federal Airports Corporation Act 1986 commenced. FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - PART 2 PART 2-AMENDMENTS OF THE FEDERAL AIRPORTS CORPORATION ACT 1986
FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 3 Principal Act
3. In this Part, "Principal Act" means the Federal Airports Corporation Act 1986.*1* *1* No. 4, 1986, as amended. For previous amendments, see Nos. 55, 57, 63, 99 and 150, 1988; and Nos. 6 and 21, 1989. FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 4 Interpretation
4. Section 3 of the Principal Act is amended: (a) by inserting in subsection (1) the following definition: " 'Board' means the Board of the Corporation; 'Corporate plan' means a Corporate plan developed by the Board under paragraph 37 (1) (a); 'financial plan' means a financial plan the Board is required to give to the Minister under subsection 38 (3);"; (b) by omitting from subsection (1) the definitions of "appoint" and "Department". FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 5 Extent of functions of Corporation
5. Section 8 of the Principal Act is amended: (a) by omitting from paragraph (1) (e) ", to the extent required by the Department,"; (b) by omitting from paragraph (1) (f) ", to the extent required by the Authority,"; (c) by omitting from paragraph (2) (e) ", search and rescue, or anti-hijack" and substituting "or search and rescue". FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 6 Powers of Corporation
6. Section 9 of the Principal Act is amended by omitting subsection (3). FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 7
7. Sections 10 and 11 of the Principal Act are repealed and the following sections are substituted: Limitation on formation of companies etc. "10. (1) The Corporation must not: (a) join in the formation of a company that would, upon its formation, be a subsidiary of the Corporation; or (b) subscribe for, or purchase, shares in a company if, on the Corporation becoming the holder of those shares, the company becomes a subsidiary of the Corporation; or (c) otherwise acquire a major shareholding in a company; unless the Corporation has informed the Minister, in writing, of its intention to do so. "(2) Where the Corporation holds a controlling interest in a company, the Corporation must ensure that the company does not do anything that the Corporation cannot do.
Limitation on formation of partnerships "11. (1) The Corporation must not enter into a partnership unless it has informed the Minister, in writing, of its intention to do so. "(2) Where the Corporation can control the acts and things done by a partnership of which it is a member, it must ensure that the partnership does not do anything that it cannot do.". FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 8 Heading to Part III
8. The heading to Part III is amended by omitting "CONSTITUTION" and substituting "BOARD". FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 9
9. Before section 13 of the Principal Act the following sections are
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inserted in Part III: The Board "12A. There is to be a Board of the Corporation. Purposes of the Board "12B. (1) The purposes of the Board are: (a) to decide the objectives, strategies and policies to be followed by the Corporation; and (b) to ensure that, in performing its functions, the Corporation has proper regard to the matters referred to in subsection 7 (2). "(2) Anything done in the name of, or on behalf of, the Corporation by the Board is to be taken to have been done by the Corporation.". FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 10 Constitution of Board
10. (1) Section 13 of the Principal Act is amended: (a) by omitting from subsection (1) "Corporation" and substituting "Board"; (b) by omitting from paragraph (1) (b) "and"; (c) by omitting paragraph (1) (c) and substituting the following paragraphs: "(c) the Chief Executive Officer; and (d) 6 other members."; (d) by omitting from subsection (2) "Governor-General" and substituting "Minister"; (e) by omitting from subsection (4) "Subject to subsection 14 (2), the" and substituting "The"; (f) by omitting from subsection (7) "Corporation" (second occurring) and substituting "Board". (2) The persons who, immediately before the commencement of this section, held office as members of the Corporation continue to hold office, after that commencement, as members of the Board.
(3) Paragraph 13 (1) (c) of the Principal Act as amended by this section does not apply to the Chief Executive Officer until a person is appointed as the Chief Executive Officer after the commencement of this section. FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 11 Period of appointment of members
11. Section 14 of the Principal Act is amended by omitting subsection (2).
FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 12 Remuneration and allowances of members
12. (1) Section 16 of the Principal Act is amended by omitting subsection (2) and substituting the following subsection:
"(2) The Chief Executive Officer is not entitled to be paid remuneration or allowances under this section.".
(2) Subsection 16 (2) of the Principal Act as amended by this section does not apply to the Chief Executive Officer until a person is appointed as the Chief Executive Officer after the commencement of this section. FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 13 Resignation
13. Section 18 of the Principal Act is amended by omitting "Governor-General" and substituting "Minister". FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 14 Termination of appointments
14. Section 19 of the Principal Act is amended: (a) by omitting from subsection (1) "Governor-General" and substituting "Minister"; (b) by omitting from subparagraph (2) (c) (ii) "or" (last occurring); (c) by inserting after paragraph (2) (c) the following paragraph: "(ca) the Minister is of the opinion that the performance of a member has been unsatisfactory for a significant period of time; or"; (d) by omitting from subsection (2) "Governor-General" and substituting "Minister"; (e) by inserting after subsection (2) the following subsections: "(2A) Subsections (1) and (2) do not apply to the Chief Executive Officer. "(2B) If the Minister is of the opinion that the performance of the Board or the Corporation has been unsatisfactory for a significant period of time, the Minister may terminate the appointment of all members (other than the Chief Executive Officer) or specified members (other than the Chief Executive Officer)."; (f) by omitting from subsection (3) "who is a member of the Corporation"; (g) by omitting from subsection (3) "Corporation" (last occurring) and substituting "Board". FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 15 Meetings of Board
15. Section 21 of the Principal Act is amended by omitting from subsection (6) "4" and substituting "5". FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 16 Acting appointments
16. Section 22 of the Principal Act is amended by omitting from subsection
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(3) "13 (1) (c)" and substituting "13 (1) (d)". FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 17
17. After section 27 of the Principal Act the following section is inserted: Reimbursement for financial detriment suffered as a result of declarations "27A. (1) Where the Corporation satisfies the Minister that it has, during any period, suffered financial detriment as a result of a declaration by the Minister under section 25, 26 or 27, other than a declaration the financial detriment resulting from which has been taken into account in the financial targets included in the financial plan for a period including that period, the Corporation is entitled to be reimbursed by the Commonwealth the amount that the Minister determines, in writing, to be the amount of the financial detriment suffered by the Corporation during the period. "(2) The reference in subsection (1) to the Corporation suffering financial detriment includes a reference to the Corporation: (a) suffering a loss; or (b) incurring costs that are greater than the costs that the Corporation would otherwise have incurred; or (c) foregoing revenue that is revenue that the Corporation could otherwise have received.". FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 18 Corporate plan
18. Section 37 of the Principal Act is amended: (a) by omitting from subsection (3) "2 financial years" and substituting "2, 3 or 4 financial years"; (b) by omitting subsection (4) and substituting the following subsection: "(4) The Corporate plan is to outline the strategies and policies that the Board intends to be adopted by the Corporation in order to achieve the Corporation's objectives.". FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 19 Financial targets and performance indicators
19. Section 39 of the Principal Act is amended by inserting after paragraph (1) (e) the following paragraph: "(ea) any financial detriments suffered by the Corporation as a result of a declaration by the Minister under section 25, 26 or 27 (other than financial detriments for which the Corporation has been reimbursed under section 27A);". FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 20 Minister may vary financial plan
20. Section 40 of the Principal Act is amended: (a) by omitting subsection (1) and substituting the following subsection: "(1) Without limiting the generality of the Minister's powers under subsection 41 (2), the Minister may direct the Board to vary the financial targets of the Corporation, the performance indicators adopted by the Board, or both."; (b) by inserting in paragraph (2) (a) ", (ea)" after "(e)". FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 21
21. After section 40 of the Principal Act the following section is inserted: Board to notify Minister of significant affecting events etc. "40A. If the Board forms the opinion that matters have arisen: (a) that may prevent, or significantly affect, achievement of the objectives of the Corporation and its subsidiaries under the Corporate plan; or (b) that may prevent, or significantly affect, achievement of the Corporation's financial targets under the financial plan; the Board must, as soon as practicable, notify the Minister of its opinion and the reasons for its opinion.". FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 22
22. After section 44 of the Principal Act the following section is inserted: Revaluation of assets "44A. The Board must ensure that the Corporation's assets are revalued in accordance with prevailing commercial practice and in the manner (if any) agreed between the Minister for Finance and the Minister: (a) if the assets have not previously been revalued under this section-within 5 years after 1 January 1988; or (b) in any other case-within 5 years after the last day on which the assets were revalued under this section.". FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 23 Exemption from taxation
23. (1) Section 45 of the Principal Act is amended: (a) by inserting after subsection (1) the following subsection: "(1AA) Subsection (1) does not apply to a law of the Commonwealth relating to sales tax."; (b) by adding at the end of subsection (1AA) "or income tax"; (c) by omitting subsections (2) and (3). (2) The omission of subsections 45 (2) and (3) of the Principal Act by this section does not imply that the Corporation is liable to pay stamp duty, or a similar tax, under a law of the Commonwealth, of a State or of a Territory. FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 24 Borrowings otherwise than from Commonwealth
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24. Section 48 of the Principal Act is amended: (a) by omitting subsection (1) and substituting the following subsection: "(1) The Corporation may: (a) borrow money otherwise than from the Commonwealth; or (b) raise money otherwise than by borrowing."; (b) by omitting subsections (4) and (5). FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 25 Repeal of section 51
25. Section 51 of the Principal Act is repealed. FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 26 Guarantee of borrowings by subsidiary of Corporation
26. Section 52 of the Principal Act is amended by omitting subsection (3). Delegation by Treasurer FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 27
27. Section 53 of the Principal Act is amended by omitting from subsection (1) "10, 48,". FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 28
28. Section 54 of the Principal Act is repealed and the following sections are substituted: Bank accounts "54. (1) The Corporation may open and maintain accounts with banks and must at all times maintain at least one such account. "(2) The Corporation must pay all money received by the Corporation into an account maintained with a bank.
Investment of money of Corporation "54A. Money of the Corporation not immediately required for the purposes of the Corporation may be invested: (a) in securities of, or guaranteed by, the Commonwealth or a State; or (b) on deposit with a bank; or (c) in any other manner that is consistent with sound commercial practice. Proper accounts to be kept "54B. (1) The Corporation must cause proper accounts and records of the transactions and affairs of the Corporation to be kept in accordance with the accounting principles generally applied in commercial practice.