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Medibank Private Sale Bill 2006

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5135 -

REVISED

2004-2005-2006

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

Medibank Private Sale Bill 2006

 

 

 

(1)     Page 3 (after line 9), after clause 4, insert:

5  Repeal

             (1)  If the designated sale day has not occurred on or before 1 January 2012, then this Act is repealed on 1 January 2012.

             (2)  If this Act is repealed in accordance with subsection (1), then each Act that is specified in a Schedule to this Act will be taken not to have been amended by the items in that Schedule at all.

[sunset clause for sale]

(2)     Schedule 2, page 10 (line 11), at the end of paragraph (2)(a), add “with existing members of Medibank Private having the right of first refusal for that transfer”.

[sale to members]

(3)     Schedule 2, page 10 (line 19), at the end of subitem (3), add “which must provide as the first method of sale the sale of Medibank Private to its existing members.

[sale to members]

(4)     Schedule 2, page 10 (after line 24), after subitem (5), insert:

(5A)              Without limiting the generality of this Part or the operation of subitem (6), a Medibank Private sale scheme may involve:

                     (a)  mutualisation of Medibank Private; or

                     (b)  private float of equity in Medibank Private; or

                     (c)  private placement of equity in Medibank Private; or

                     (d)  any other method the Commonwealth considers appropriate.

[extension of options for sale scheme]

(5)     Schedule 2, page 51 (after line 4), at the end of the Schedule, add:

63  Hypothecation of revenue

             (1)  A fund, to be called the Medibank Sale Health Fund, is established.

             (2)  The net proceeds of any sale which takes place under this Schedule must be placed in the Medibank Sale Health Fund.

             (3)  Funds in the Medibank Sale Health Fund may only be appropriated for the purpose of advancing health in Australia.

[Medibank Sale Health Fund]