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Medibank Private Sale Bill 2006

2004-2005-2006

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Medibank Private Sale Bill 2006

 

No.      , 2006

 

(Finance and Administration)

 

 

 

A Bill for an Act about the sale of the Commonwealth’s equity in Medibank Private Limited, and for other purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Designated sale day............................................................................. 2

4............ Schedule(s)......................................................................................... 3

Schedule 1—Amendments commencing on the day after Royal Assent   4

Part 1—Sale of the Commonwealth’s equity in Medibank Private Limited          4

Health Insurance Commission (Reform and Separation of Functions) Act 1997                4

Part 2—Other amendments                                                                                         5

National Health Act 1953                                                                                           5

Schedule 2—Facilitation of the sale of the Commonwealth’s equity in Medibank Private Limited etc.                                                                                                                               7

Part 1—Introduction                                                                                                      7

Part 2—Medibank Private sale scheme                                                               10

Part 3—Profit status of Medibank Private                                                        23

Part 4—Restrictions on ownership of Medibank Private companies   28

Division 1—Introduction                                                                                           28

Division 2—Limits on ownership                                                                             28

Division 3—Interpretation                                                                                        33

Part 5—Australian identity of Medibank Private companies                  43

Part 6—Restrictions on transfer of assets and liabilities of the Medibank Private fund 45

Part 7—Injunctions                                                                                                       46

Part 8—Miscellaneous                                                                                                 48

Schedule 3—Amendments commencing on the designated sale day     52

Commonwealth Borrowing Levy Act 1987                                                            52

Health Insurance Commission (Reform and Separation of Functions) Act 1997                52

Remuneration Tribunal Act 1973                                                                            52

 



A Bill for an Act about the sale of the Commonwealth’s equity in Medibank Private Limited, and for other purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Medibank Private Sale Act 2006 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1.  Sections 1 to 4 and anything in this Act not elsewhere covered by this table

The day on which this Act receives the Royal Assent.

 

2.  Schedules 1 and 2

The day after this Act receives the Royal Assent.

 

3.  Schedule 3

The designated sale day declared under section 3.

 

Note:          This table relates only to the provisions of this Act as originally passed by both Houses of the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent.

             (2)  Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act.

3   Designated sale day

             (1)  If, in the opinion of the Minister for Finance, a particular day is the first day after the commencement of Schedules 1 and 2 on which all the shares in Medibank Private are held by a person, or persons, other than the Commonwealth or a wholly-owned Commonwealth company, the Minister for Finance must, by written instrument, declare the day to be the designated sale day for Medibank Private.

             (2)  The declaration under subsection (1) has effect accordingly.

             (3)  The declaration under subsection (1) is a legislative instrument for the purposes of the Legislative Instruments Act 2003 , but section 42 of that Act does not apply to the declaration.

             (4)  The designated sale day may be earlier than the day on which the declaration under subsection (1) is registered under the Legislative Instruments Act 2003 .

             (5)  In this section:

Medibank Private means Medibank Private Limited (ACN 080 890 259).

Minister for Finance means the Minister administering the Financial Management and Accountability Act 1997 .

wholly-owned Commonwealth company has the same meaning as in Schedule 2.

4   Schedule(s)

                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.