Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
ANL Sale Bill 1998

Part 1 Preliminary

   

1   Short title

                   This Act may be cited as the ANL Sale Act 1998 .

2   Commencement

             (1)  Parts 1 and 2, and Part 1 of Schedule 1, commence on the day on which this Act receives the Royal Assent.

             (2)  The remaining provisions commence on the sale day.

3   Definitions

                   In this Act, unless the contrary intention appears:

ANL means the body corporate known before the sale day as ANL Limited, by whatever name called, and in whatever form that body corporate takes, from time to time.

ANL body means:

                     (a)  in Part 2:

                              (i)  ANL; or

                             (ii)  a wholly-owned subsidiary of ANL; or

                            (iii)  a body corporate that was a wholly-owned subsidiary of ANL when Part 2 commenced and in which there is no share in which ANL does not hold a legal interest; and

                     (b)  in Divisions 1, 2 and 3 of Part 4—ANL or a body corporate that is a subsidiary of ANL immediately after a majority of the voting shares in ANL are acquired by one or more persons other than the Commonwealth or a nominee of the Commonwealth; and

                     (c)  in the remaining provisions of this Act—ANL or a body corporate that is a subsidiary of ANL.

employee includes apprentice.

Long Service Leave Act means the Long Service Leave (Commonwealth Employees) Act 1976 as in force immediately before the sale day.

Maternity Leave Act means the Maternity Leave (Commonwealth Employees) Act 1973 as in force immediately before the sale day.

sale day means the day declared under section 5.

SRC Act means the Safety, Rehabilitation and Compensation Act 1988 .

voting share has the same meaning as in the Corporations Law.

wholly-owned subsidiary has the meaning given by subsection 4(2).

4   Subsidiaries

             (1)  For the purposes of this Act, the question whether a body corporate is or was at any time a subsidiary of another body corporate is to be determined in the same way as that question is determined under the Corporations Law.

             (2)  For the purposes of this Act, a body corporate (the first body ) is a wholly-owned subsidiary of another body corporate (the second body ) if, and only if:

                     (a)  the first body has a share capital; and

                     (b)  there is no share in the first body that is not beneficially owned by:

                              (i)  the second body; or

                             (ii)  a company that is a wholly-owned subsidiary of the second body because of any other application or applications of this subsection.

5   The sale day

             (1)  If an agreement is entered into for the sale of all the voting shares in ANL to one or more persons other than the Commonwealth or a nominee of the Commonwealth, the Minister must make a written declaration declaring the day described in subsection (2) to be the sale day.

             (2)  The day to be declared is the day that the Minister believes is the first day on which a majority of the voting shares in ANL is acquired by one or more persons other than the Commonwealth or a nominee of the Commonwealth.

             (3)  The declaration must be published in the Gazette within 21 days after the day declared to be the sale day .