Commonwealth Consolidated Acts

AUSTRALIAN AIRLINES (CONVERSION TO PUBLIC COMPANY) ACT 1988 - NOTES

Act No. 6 of 1988 as amended

This compilation was prepared on 7 November 2012
taking into account amendments up to Act No. 136 of 2012

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Parliamentary Counsel, Canberra

Contents

Part I--Preliminary 

1 Short title [see Note 1] ...........................

2 Commencement [see Note 1] .......................

3 Extension to Territories...........................

4 This Act has effect despite Airlines Act.................

Part II--Interpretation

5 Interpretation.................................

6 Minister may nominate holding company................

7 New group companies...........................

9 Subsidiaries..................................

Part III--Capital structure of the Australian Airlines group

10 Share capital of transferring body.....................

11 Issue of shares in transferring body....................

Part IV--Conversion of Australian Airlines to public company

15 Deemed registration under Companies Act...............

16 New name of transferring body......................

17 Memorandum and articles of transferring body.............

18 Membership of transferring body.....................

19 Application of certain provisions of Companies Act..........

20 Accounting records.............................

21 Accounts...................................

22 Operation of section 25B of Acts Interpretation Act ..........

Part VI--Staff matters

29 Employment of staff members continues after transition.......

30 This Act not to affect certain matters relating to staff members....

31 Effect of sections 29 and 30........................

32 Variation of terms and conditions.....................

Part VII--Taxation matters

Division 1--Exemption from certain taxes

34 Interpretation.................................

35 Exemptions relating to exempt matters..................

36 Authorised person may certify in relation to exemptions.......

Division 2--Application of various Tax Act provisions

37 Deemed share capital of transferring body................

38 Holding company deemed non-existent before issue of shares in transferring body              

39 Application of section 25A of the Tax Act................

40 Application of section 26AAA of the Tax Act.............

Division 3--Investment allowance not affected by certain transactions

41 Interpretation.................................

42 Disposal of property to new group company...............

43 Substitution of new group company as lessee of property.......

44 Lease assigned to new group company..................

Division 4--Application of capital gains tax provisions

45 Interpretation.................................

46 Consideration.................................

47 Relevant market value in relation to disposal..............

48 Notional assumed liability in relation to disposal............

49 Disposal of asset by transferring body to new group company....

50 Cancellation of shares under section 14.................

51 Treatment of shares in transferring body as at transition........

Part VIII--Amendments of the Airlines Act

52 Repeal of certain provisions........................

53 Reference of powers by States: transferring body............

54 Reference of powers by States: group companies............

55 Interpretation of continuing provisions..................

56 Judicial notice of Commission's seal...................

57  Limitation of certain actions........................

58 Repeal of Australian National Airlines Regulations..........

Part IX--Miscellaneous

60 Application of Superannuation Acts...................

62 Compensation for acquisition of property................

Notes