Commonwealth Consolidated Acts

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QANTAS SALE ACT 1992 - SECT 15

Payment for share subscription

  (1)   Subject to subsection   ( 4), the Minister for Finance may:

  (a)   on or before the 100% sale day; and

  (b)   in order to facilitate, either directly or indirectly, the sale of shares in Qantas;

authorise the payment to Qantas of all or part of the money payable for shares in Qantas that are to be issued to the Commonwealth or a nominee of the Commonwealth.

  (2)   If the Minister for Finance authorises a payment of money under subsection   ( 1), the Minister may give a written direction to Qantas:

  (a)   directing:

  (i)   that the money, or a specified part of the money, be used for the purpose of discharging a particular obligation of Qantas or a Qantas subsidiary; and

  (ii)   that the money, or the part of the money, be so used before a specified day; or

  (b)   directing:

  (i)   that the money, or a specified part of the money, be paid to the Commonwealth in relation to an obligation to be taken over by the Commonwealth under section   16; and

  (ii)   that the money, or the part of the money, be so paid before a specified day.

  (3)   If an amount, in respect of which a direction is given under subsection   ( 2), is not used in accordance with that direction, an amount equal to the amount of money becomes a debt due to the Commonwealth.

  (4)   The total of all amounts paid under subsection   ( 1) must not exceed $1,400,000,000.



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