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Telstra (Transition to Full Private Ownership) Bill 1998
Schedule 1 General amendments

   

Commonwealth Borrowing Levy Act 1987

1  Item 22 of the Schedule

Repeal the item.

2  Transitional

(1)        Subject to subitem (2), Telstra is not liable after the commencement of this item to pay an amount of levy imposed by the Commonwealth Borrowing Levy Act 1987 on a borrowing undertaken before that commencement.

(2)        Subitem (1) does not apply in relation to an amount of levy that was paid or payable before the commencement of this item.

Telstra Corporation Act 1991

3  Section 3

Insert:

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

4  Paragraph 8BC(b)

Omit “telecommunications service (within the meaning of the Telecommunications Act 1991 )”, substitute “carriage service (within the meaning of the Telecommunications Act 1997 )”.

5  After section 8BU

Insert:

8BUA   At least 2 directors must have knowledge of, or experience in, the communications needs of regional areas

             (1)  Telstra must ensure that at least 2 of its directors have knowledge of, or experience in, the communications needs of regional areas.

             (2)  A contravention of subsection (1) is not an offence. However, a contravention of subsection (1) is a ground for obtaining an injunction under Division 1 of Part 2B.

             (3)  A contravention of subsection (1) does not affect the validity of any transaction.

6  Paragraph 8CC(b)

Omit “telecommunications service (within the meaning of the Telecommunications Act 1991 )”, substitute “carriage service (within the meaning of the Telecommunications Act 1997 )”.