Commonwealth: Airports (Transitional) Act 1996 (Cth)

Airports (Transitional) Act 1996 No. 36, 1996 Compilation No. 18 Compilation date: 21 February 2018 Includes amendments up to: Act No. 4, 2018 Registered: 23 February 2018 About this compilation This compilation This is a compilation of the Airports (Transitional) Act 1996 that shows the text of the law as amended and in force on 21 February 2018 (the compilation date). The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law. Application, saving and transitional provisions for provisions and amendments If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law. Self‑repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents Part 1—Introduction 1 Short title 2 Commencement 3 Simplified outline 4 Definitions 5 Sydney West Airport 6 Sale time for Commonwealth‑owned company 7 Crown to be bound 8 External Territories 9 Extra‑territorial operation Part 2—Transfers from the FAC to the Commonwealth 10 Simplified outline 11 Transfer of FAC land to the Commonwealth 12 Transfer of other FAC assets to the Commonwealth 13 Transfer of the FAC's contractual rights and obligations to the Commonwealth 14 Transfer of FAC liabilities to the Commonwealth 15 Transferred airport ceases to be a Federal airport for purposes of the FAC Act 16 Transfers of FAC land may be registered 17 FAC land leased to the Commonwealth 18 Lands Acquisition Act does not apply to this Part Part 3—Original grants of airport leases to companies 19 Simplified outline 20 Scope of Part 21 Commonwealth may grant airport lease to a Commonwealth‑owned company 22 Commonwealth may grant airport lease to a company that is not owned by the Commonwealth 23 Transfer or lease of assets to company 24 Transfer of contractual rights and obligations 25 Transfer of liability to company 26 Airport lease granted subject to existing interests in the land 27 Entries in title registers 28 Lands Acquisition Act does not apply to this Part Part 4—Transfer of the FAC's assets or contracts to airport‑lessee companies 29 Simplified outline 30 Transfer of assets 31 Transfer of contractual rights and obligations Part 5—Transfer of the FAC's liabilities to airport‑lessee companies 32 Simplified outline 33 Transfer of liabilities Part 6—Treatment of sale of shares in an airport‑lessee company owned by the Commonwealth 34 Simplified outline 35 When this Part applies 36 Commonwealth may pay the FAC an amount before disposal of shares 37 Commonwealth must pay an amount to the FAC 38 Capital for the FAC following disposal of shares Part 7—Treatment of consideration payable by an airport‑lessee company that is not owned by the Commonwealth 40 Simplified outline 41 When this Part applies 42 Commonwealth must pay an amount to the FAC 43 Capital for the FAC after consideration becomes payable 44 Appropriation of Consolidated Revenue Fund Part 8—Special tax rules Division 1—Simplified outline 45 Simplified outline Division 2—Exemption from stamp duty and other taxes 46 Exemption from stamp duty and other taxes 47 Airport‑lessee company not liable to stamp duty on pre‑grant instruments 48 Stamp duty—transfers of assets or liabilities to privately‑owned companies Division 3—Special income tax rules 48A Definitions 49B Special rules for fixtures that are depreciating assets—Income Tax Assessment Act 1997 50B Acquisition of depreciating asset from the Commonwealth—Division 40 of the Income Tax Assessment Act 1997 51B Acquisition of depreciating asset from the FAC—Division 40 of the Income Tax Assessment Act 1997 52A Consideration received by the FAC for transfer of assets—Income Tax Assessment Act 1997 54A Airport‑lessee company to be capital works owner for the purposes of Division 43 of the Income Tax Assessment Act 1997 55 Modification of capital allowances and capital gains tax provisions Part 9—Transfer of staff from the FAC to airport‑lessee companies Division 1—Simplified outline 57 Simplified outline Division 2—Transfer of staff 58 Transfer of staff from the FAC Division 3—Terms and conditions 59 Terms and conditions of transferred employees 60 Variation of terms and conditions of employment 61 Statement of accrued benefits Division 4—Mobility rights 62 Cessation of mobility rights Division 5—Long service leave 63 Long service leave rules set out in Schedule 1 Division 6—Superannuation 64 Superannuation rules set out in Schedule 2 Division 7—Safety, Rehabilitation and Compensation Act 1988 65 Safety, Rehabilitation and Compensation Act 1988 rules set out in Schedule 3 Part 10—FAC's debts Division 1—Simplified outline 66 Simplified outline Division 2—Loans by the Commonwealth 67 Scope of Division 68 Treasurer may declare that loan is due and payable 69 Commonwealth may pay the FAC an amount equal to the amount owing Division 3—Other borrowing transactions 71 Scope of Division 72 Borrowing transactions 73 FAC's borrowing transactions may become the Commonwealth's borrowing transactions 74 Commonwealth takeover of certain obligations of the FAC 75 Application of the Loans Securities Act 1919 76 Commonwealth takeover of obligations—payments by the FAC to the Commonwealth 77 Commonwealth may pay the FAC an amount to enable the FAC to discharge or extinguish its liability under a borrowing transaction Part 11—Prosecutions 79 Simplified outline 80 Continuing application of the Director of Public Prosecutions Act 1983 Part 12—Airport‑lessee company not to be an agency of the Commonwealth etc. 81 Simplified outline 82 Airport‑lessee company not to be an agency of the Commonwealth etc. Part 13—Miscellaneous 83 Simplified outline 84 Transfer of pending proceedings 85 Operation of this Act does not place a person in breach of contract etc. 86 Appropriation—grant of airport lease to Commonwealth‑owned company 87 This Act does not modify registers kept by land registration officials 88 Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant 89 Copies of declarations to be published in the Gazette 90 Compensation—constitutional safety‑net 91 Commonwealth records 92 Act does not authorise the imposition of taxation 93 Regulations Schedule 1—Long Service Leave 1 Scope of Schedule 2 Definitions 3 References to Long Service Leave Act 4 Long service leave for employees with less than 10 years service 5 Payments in lieu of long service leave for employees with less than 10 years service 6 Payments on the death of an employee 7 Employee's long service leave credit for the purposes of clauses 4 and 5 8 Schedule not to affect an employee's future long service leave rights 9 Saving—Long Service Leave Act Schedule 2—Superannuation Part 1—When this Schedule applies 1 When this Schedule applies Part 2—Superannuation schemes Division 1—Transfer of staff from the FAC 2 Commonwealth‑owned airport‑lessee companies 3 Deferred benefits under the Defence Force Retirement and Death Benefits Act 1973 4 Period of eligible employment for the purposes of Division 3 of Part IX of the Defence Force Retirement and Death Benefits Act 1973 Division 2—Sale of airport‑lessee companies owned by the Commonwealth 5 Deferred benefits under the Defence Force Retirement and Death Benefits Act 1973 6 Period of eligible employment for the purposes of Division 3 of Part IX of the Defence Force Retirement and Death Benefits Act 1973 Division 3—Transfer of staff to airport‑lessee companies that are not owned by the Commonwealth 7 Deferred benefits under the Defence Force Retirement and Death Benefits Act 1973 8 Period of eligible employment for the purposes of Division 3 of Part IX of the Defence Force Retirement and Death Benefits Act 1973 Part 3—The Crimes (Superannuation Benefits) Act 1989 9 Continuing application of the Crimes (Superannuation Benefits) Act 1989 Part 4—The Superannuation Benefits (Supervisory Mechanisms) Act 1990 10 An airport‑lessee company is not to be an eligible or relevant body for the purposes of the Superannuation Benefits (Supervisory Mechanisms) Act 1990 Schedule 3—Safety, Rehabilitation and Compensation Act 1988 1 Definitions 2 SRC Act continues to apply to transferred employees 3 Commonwealth liable to meet certain SRC Act liabilities and is taken to be the employer in certain circumstances under the SRC Act 4 Airport‑lessee company to co‑operate with the Commonwealth 5 Section 40 of the SRC Act 6 Section 71 of the SRC Act 7 Section 108C of the SRC Act Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history An Act relating to the leasing of airports, and for related purposes Part 1—Introduction 1 Short title This Act may be cited as the Airports (Transitional) Act 1996. 2 Commencement This Act commences on the day on which it receives the Royal Assent. 3 Simplified outline The following is a simplified outline of this Act: • This Act provides for the leasing of certain airports. • Airport land and other airport assets will be transferred from the Federal Airports Corporation (FAC) to the Commonwealth. • The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company. • Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company. • Certain employees, assets, contracts and liabilities of the FAC will be transferred to the airport‑lessee company. 4 Definitions In this Act, unless the contrary intention appears: airport has the same meaning as in the Airports Act 1996. airport lease has the same meaning as in the Airports Act 1996. airport‑lessee company has the same meaning as in the Airports Act 1996. airport site has the same meaning as in the Airports Act 1996. asset means: (a) any legal or equitable estate or interest in real or personal property, including a contingent or prospective one; and (b) any right, privilege or immunity, including a contingent or prospective one. company means a body corporate. contract includes: (a) a deed; and (b) a deed poll. employee includes apprentice. FAC means the Federal Airports Corporation. Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013. instrument includes a document. land registration official, in relation to land, means the Registrar of Titles or other proper officer of the State or Territory in which the land is situated. leased, in relation to assets other than land, means let on hire (whether or not described as a lease) under an agreement other than a hire‑purchase agreement. liability means a liability or duty, including a contingent or prospective one. sale time, in relation to an airport‑lessee company, has the meaning given by section 6. share, in relation to a company, means a share in the company's share capital. transferred employee means a person whose employment is transferred in accordance with a declaration under section 58. transfer time, in relation to an employee, has the meaning given by section 58. voting share has the same meaning as in the Corporations Act 2001. 5 Sydney West Airport For the purposes of this Act, Sydney West Airport is taken to be an airport at a particular time even if, at that time, it is: (a) merely intended to be developed for use as an airport; or (b) being developed for use as an airport. 6 Sale time for Commonwealth‑owned company (1) This section applies to: (a) an airport‑lessee company that was granted an airport lease under section 21; or (b) an airport‑lessee company that was granted an airport lease under section 22, where, at any time before the grant of the lease, a majority of the voting shares in the company were held by: (i) the Commonwealth; or (ii) a nominee of the Commonwealth. (2) If, in the opinion of the Finance Minister, a particular time is the first time after the commencement of this section on which a majority of the voting shares in the company are or were acquired by a person, or persons, other than: (a) the Commonwealth; or (b) a nominee of the Commonwealth; the Finance Minister must, by notice in the Gazette, declare the time to be the sale time for the company. (3) The declaration has effect accordingly. (4) The notice must be published within 21 days after the time concerned. 7 Crown to be bound (1) This Act binds the Crown in the right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory. (2) This Act does not make the Crown liable to be prosecuted for an offence. 8 External Territories This Act extends to all the external Territories. 9 Extra‑territorial operation This Act extends to acts, omissions, matters and things outside Australia, whether or not in a foreign country. Part 2—Transfers from the FAC to the Commonwealth 10 Simplified outline The following is a simplified outline of this Part: • Airport land and certain other assets and liabilities will be transferred from the FAC to the Commonwealth. • If airport land is transferred to the Commonwealth, the airport will cease to be a Federal airport for the purposes of the Federal Airports Corporation Act 1986. • Land transfers may be registered by State/Territory land registration officials. • If the Commonwealth has a lease of any transferred land, the Commonwealth's interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part. • The Lands Acquisition Act 1989 does not apply to anything done under this Part. 11 Transfer of FAC land to the Commonwealth (1) This section applies to land in which the FAC has any right, title or interest. (2) The Finance Minister may, by written instrument, make any or all of the following declarations: (a) a declaration that the FAC's right, title and interest in specified land vests in the Commonwealth without any conveyance, transfer or assignment; (b) a declaration that a specified instrument relating to specified land continues to have effect after the FAC's right, title and interest in the land vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth; (c) a declaration that the Commonwealth becomes the FAC's successor in law in relation to the FAC's right, title and interest in specified land immediately after the FAC's right, title and interest in the land vests in the Commonwealth. Note: Land or an instrument may be specified by name, by inclusion in a specified class or in any other way. (3) A declaration has effect accordingly. (4) If the FAC's right, title or interest arises out of a lease, all obligations and benefits of the FAC under, or connected with, the lease: (a) pass to the Commonwealth; and (b) cease to be enforceable by or against the FAC; whether or not the obligations or benefits touch and concern the land. Note: This section only provides for the transfer of the FAC's rights, title and interests. Accordingly, it does not affect the continued existence of existing leases or other existing interests. 12 Transfer of other FAC assets to the Commonwealth (1) This section applies to an asset of the FAC (other than land). (2) The Finance Minister may, by written instrument, make any or all of the following declarations: (a) a declaration that a specified asset vests in the Commonwealth without any conveyance, transfer or assignment; (b) a declaration that a specified instrument relating to a specified asset continues to have effect after the asset vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth; (c) a declaration that the Commonwealth becomes the FAC's successor in law in relation to a specified asset immediately after the asset vests in the Commonwealth. (3) A declaration has effect accordingly. Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way. 13 Transfer of the FAC's contractual rights and obligations to the Commonwealth (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party. (2) The Finance Minister may, by written instrument, declare that the FAC's rights and obligations under a specified contract: (a) cease to be rights and obligations of the FAC at a specified time; and (b) become rights and obligations of the Commonwealth immediately after that time. (3) The Finance Minister may, by written instrument, declare that a specified contract continues to have effect, after the FAC's rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the contract to the FAC were a reference to the Commonwealth. (4) The Finance Minister may, by written instrument, declare that a specified instrument relating to a specified contract continues to have effect, after the FAC's rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the instrument to the FAC were a reference to the Commonwealth. (5) The Finance Minister may, by written instrument, declare that the Commonwealth becomes the FAC's successor in law, in relation to the FAC's rights and obligations under a specified contract, immediately after the FAC's rights and obligations under the contract become rights and obligations of the Commonwealth. (6) A declaration under this section has effect accordingly. (7) This section does not, by implication, limit section 12. Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way. 14 Transfer of FAC liabilities to the Commonwealth (1) This section applies to a liability of the FAC (other than a liability under a contract). (2) The Finance Minister may, by written instrument, make any or all of the following declarations: (a) a declaration that a specified liability ceases to be a liability of the FAC and becomes a liability of the Commonwealth; (b) a declaration that a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth; (c) a declaration that the Commonwealth becomes the FAC's successor in law in relation to a specified liability immediately after the liability becomes a liability of the Commonwealth. (3) A declaration under this section has effect accordingly. Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way. 15 Transferred airport ceases to be a Federal airport for purposes of the FAC Act (1) This section applies if the FAC's right, title and interest in particular land vests in the Commonwealth under this Part. (2) If that land is, or is part of, a Federal airport (within the meaning of the Federal Airports Corporation Act 1986), that airport ceases to be a Federal airport for the purposes of that Act. (3) If that land is, or is part of, a Federal airport development site (within the meaning of the Federal Airports Corporation Act 1986), that site ceases to be such a site for the purposes of that Act. 16 Transfers of FAC land may be registered (1) This section applies if: (a) any right, title and interest in particular land vests in the Commonwealth under this Part; and (b) there is lodged with a land registration official a certificate that: (i) is signed by an authorised person; and (ii) identifies the land, whether by reference to a map or otherwise; and (iii) states that the right, title and interest has become vested in the Commonwealth under this Part. Note: Authorised person is defined by subsection (4). (2) The land registration official may: (a) register the matter in a way that is the same as, or similar to, the way in which dealings in land of that kind are registered; and (b) deal with, and give effect to, the certificate. (3) A document that appears to be a certificate under subsection (1) is taken to be such a certificate, and to have been properly given, unless the contrary is established. (4) In this section: authorised person means: (a) the Finance Minister; or (b) a person authorised by the Finance Minister, in writing, for the purposes of this section. 17 FAC land leased to the Commonwealth (1) This section applies to land: (a) in which the FAC had any right, title or interest; and (b) that was leased to the Commonwealth. (2) If the FAC's right, title and interest in the land vests in the Commonwealth under this Part, the Commonwealth's interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part. Note: This means, in effect, that the Commonwealth will be treated as if it had leased the land to itself. When an airport lease is granted, the lessee of the lease referred to in paragraph (1)(b) will become the lessee of the airport‑lessee company. 18 Lands Acquisition Act does not apply to this Part The Lands Acquisition Act 1989 does not apply in relation to anything done under this Part. Part 3—Original grants of airport leases to companies 19 Simplified outline The following is a simplified outline of this Part: • The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company. • Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company. • The Commonwealth may transfer certain contracts and liabilities to the airport‑lessee company. • Airport leases are granted subject to existing leases and other interests. • The existence of this Act may be noted on title registers. • The Lands Acquisition Act 1989 does not apply to anything done under this Part. 20 Scope of Part This Part applies to the following airports: (a) a core regulated airport (within the meaning of the Airports Act 1996); (b) Mt. Isa Airport; (c) Tennant Creek Airport; (d) Archerfield Airport; (e) Essendon Airport; (ea) Jandakot Airport; (eb) Moorabbin Airport; (ec) Parafield Airport; (ed) Bankstown Airport; (ee) Camden Airport; (ef) Hoxton Park Airport; (f) an airport specified in the regulations, where the airport site is owned by the Commonwealth. 21 Commonwealth may grant airport lease to a Commonwealth‑owned company (1) The Commonwealth may grant an airport lease under this section. (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company all of whose shares are beneficially owned by the Commonwealth. (3) If a purported lease contravenes subsection (2), it is of no effect. Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996. 22 Commonwealth may grant airport lease to a company that is not owned by the Commonwealth (1) The Commonwealth may grant an airport lease under this section. (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company none of whose shares are beneficially owned by the Commonwealth. (3) If a purported lease contravenes subsection (2), it is of no effect. Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996. 23 Transfer or lease of assets to company (1) This section applies to an asset that has vested in the Commonwealth under section 11 or 12. (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment. (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company. (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth's successor in law in relation to a specified asset immediately after the asset vests in the company. (5) A declaration under this section has effect accordingly. (6) The Commonwealth may lease an asset to a company that was granted an airport lease under section 21 or 22. Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way. 24 Transfer of contractual rights and obligations (1) This section applies to a contract (other than a contract of employment), where rights and obligations under the contract were transferred to the Commonwealth under section 13. (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the Commonwealth's rights and obligations under a specified contract: (a) cease to be rights and obligations of the Commonwealth immediately after the grant; and (b) become rights and obligations of the company immediately after the grant. (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the Commonwealth or to the FAC were a reference to the company. (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC's rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the Commonwealth or to the FAC were a reference to the company. (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth's successor in law, in relation to the Commonwealth's rights and obligations under a specified contract, immediately after the Commonwealth's rights and obligations under the contract become rights and obligations of the company. (6) A declaration under this section has effect accordingly. (7) This section does not, by implication, limit section 23. Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way. 25 Transfer of liability to company (1) This section applies to a liability that has become a liability of the Commonwealth under section 14. (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, then, immediately after the grant, a specified liability ceases to be a liability of the Commonwealth and becomes a liability of the company. (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company. (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth's successor in law in relation to a specified liability immediately after the liability becomes a liability of the company. (5) A declaration under this section has effect accordingly. Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way. 26 Airport lease granted subject to existing interests in the land (1) An airport lease is granted under section 21 or 22 subject to all existing leases in relation to the land concerned. (2) Unless the Finance Minister otherwise determines: (a) all obligations and benefits of the Commonwealth under, or connected with, such an existing lease: (i) pass to the airport‑lessee company; and (ii) cease to be enforceable by or against the Commonwealth; whether or not the obligations or benefits touch and concern the land; and (b) an instrument relating to such an obligation or benefit continues to have effect after the grant of the airport lease as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company; and (c) the company becomes the Commonwealth's successor in law, in relation to such an obligation or benefit, immediately after the grant of the airport lease. Note 1: The lessees of existing leases become lessees of the airport‑lessee company. Note 2: Subsections (1) and (2) relate to the obligations and benefits of the Commonwealth as lessor. Section 17 deals with a case where the Commonwealth is the lessee under an existing lease. (3) An airport lease is granted under section 21 or 22 subject to all other existing interests in the land concerned. 27 Entries in title registers (1) This section applies if an airport lease is granted under section 21 or 22. (2) A land registration official may make such entries or notations in or on registers or other documents kept by the official (in electronic form or otherwise) as the official thinks appropriate for the purposes of drawing the attention of persons to the existence of this Act. 28 Lands Acquisition Act does not apply to this Part The Lands Acquisition Act 1989 does not apply to anything done under this Part. Part 4—Transfer of the FAC's assets or contracts to airport‑lessee companies 29 Simplified outline The following is a simplified outline of this Part: • If an airport lease is granted to a company, certain FAC assets or contracts may be transferred to the company. 30 Transfer of assets (1) This section applies to an asset of the FAC. (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment. (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company. (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC's successor in law in relation to a specified asset immediately after the asset vests in the company. (5) A declaration under this section has effect accordingly. (6) Any consideration payable for the transfer of an asset under this section is payable to the Commonwealth instead of to the FAC. Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way. 31 Transfer of contractual rights and obligations (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party. (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the FAC's rights and obligations under a specified contract: (a) cease to be rights and obligations of the FAC immediately after the grant; and (b) become rights and obligations of the company immediately after the grant. (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the FAC or to the Commonwealth were a reference to the company. (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC's rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company. (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC's successor in law, in relation to the FAC's rights and obligations under a specified contract, immediately after the FAC's rights and obligations under the contract become rights and obligations of the company. (6) A declaration under this section has effect accordingly. (7) This section does not, by implication, limit section 30. (8) Any consideration payable for a transfer under this section is payable to the Commonwealth instead of to the FAC. Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way. Part 5—Transfer of the FAC's liabilities to airport‑lessee companies 32 Simplified outline The following is a simplified outline of this Part: • If an airport lease is granted to a company, certain FAC liabilities may be transferred to the company. 33 Transfer of liabilities (1) This section applies to a liability of the FAC (other than a liability under a contract). (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified liability: (a) ceases to be a liability of the FAC immediately after the grant; and (b) becomes a liability of the company immediately after the grant. (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument creating a specified liability continues to have effect after the grant as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company. (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC's successor in law in relation to a specified liability immediately after the liability becomes a liability of the company. (5) A declaration under this section has effect accordingly. Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way. Part 6—Treatment of sale of shares in an airport‑lessee company owned by the Commonwealth 34 Simplified outline The following is a simplified outline of this Part: • This Part applies if an airport‑lessee company is owned by the Commonwealth. • Before the Commonwealth disposes of its shares in an airport‑lessee company, the Finance Minister may determine that: (a) the FAC should be paid capital; and (b) the FAC should pay the Commonwealth an amount by way of return of capital. • If the Commonwealth disposes of its shares in an airport‑lessee company: (a) the Commonwealth will pay an amount to the FAC; and (b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and (c) the Finance Minister may determine that the FAC should be paid capital. 35 When this Part applies This Part applies to an airport‑lessee company if the company was granted an airport lease under section 21. 36 Commonwealth may pay the FAC an amount before disposal of shares (1) This section applies in relation to an airport‑lessee company during the period: (a) beginning when the company was granted an airport lease under section 21; and (b) ending at the company's sale time. (2) The Finance Minister may determine in writing that the FAC should be paid a specified amount of capital. The determination must specify a company as the nominated company in relation to the payment. (3) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the amount specified under subsection (2). (4) If, because of subsection (2), an amount (the capital amount) is payable to the FAC, the Finance Minister may determine in writing that the FAC must pay a specified amount to the Commonwealth, so long as the specified amount does not exceed the capital amount. (5) The amount payable because of subsection (2) may be set‑off against the amount payable under subsection (4). (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth. 37 Commonwealth must pay an amount to the FAC (1) This section applies if the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21. (2) When the consideration for those shares becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister, reduced by the amount (if any) payable because of subsection 36(2), where the company was the nominated company in relation to the payment made because of that subsection. (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC. (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount. (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4). (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth. 38 Capital for the FAC following disposal of shares (1) This section applies if: (a) the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21; and (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital. (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount. Part 7—Treatment of consideration payable by an airport‑lessee company that is not owned by the Commonwealth 40 Simplified outline The following is a simplified outline of this Part: • This Part applies if an airport‑lessee company is not owned by the Commonwealth. • If consideration becomes payable by the company to the Commonwealth for the grant of the airport lease and the transfer or lease of any airport assets: (a) the Commonwealth will pay an amount to the FAC; and (b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and (c) the Finance Minister may determine that the FAC should be paid capital. 41 When this Part applies This Part applies to an airport‑lessee company if the company was granted an airport lease under section 22. 42 Commonwealth must pay an amount to the FAC (1) This section applies if an airport‑lessee company pays, or is liable to pay, consideration to the Commonwealth for: (a) the grant of the airport lease; and (b) the transfer or lease of any assets under section 23 or 24; and (c) the transfer of any assets under section 30 or 31. (2) When that consideration becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister. (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC. (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount. (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4). (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth. 43 Capital for the FAC after consideration becomes payable (1) This section applies if: (a) an airport‑lessee company pays, or is liable to pay, to the Commonwealth an amount of consideration for: (i) the grant of the airport lease; and (ii) the transfer or lease of any assets under section 23 or 24; and (iii) the transfer of any assets under section 30 or 31; and (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital. (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount. 44 Appropriation of Consolidated Revenue Fund The Consolidated Revenue Fund is appropriated for the purposes of this Part. Part 8—Special tax rules Division 1—Simplified outline 45 Simplified outline The following is a simplified outline of this Part: • Certain transactions under this Act are exempt from stamp duty and other taxes. • The income tax law is modified in its application to certain transactions under this Act. Division 2—Exemption from stamp duty and other taxes 46 Exemption from stamp duty and other taxes (1) In this section: exempt matter means: (a) the grant of an airport lease by the Commonwealth under section 21; or (b) an agreement relating to a grant mentioned in paragraph (a); or (c) the transfer of an asset or a liability under section 23, 24, 25, 30, 31 or 33 to a company that was granted an airport lease under section 21; or (d) the lease of an asset under section 23 to a company that was granted an airport lease under section 21; or (e) an agreement relating to a lease mentioned in paragraph (d). (2) Stamp duty or other tax is not payable under a law of a State or Territory in respect of: (a) an exempt matter; or (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, an exempt matter. 47 Airport‑lessee company not liable to stamp duty on pre‑grant instruments (1) This section applies if, at the time a particular instrument was executed by the FAC, the FAC was exempt from stamp duty or other tax under a law of a State or Territory in respect of the instrument. (2) To avoid doubt, an airport‑lessee company whose airport lease is granted under section 21 or 22 is not liable to stamp duty or other tax under a law of a State or Territory in respect of: (a) the execution of the instrument; or (b) a matter connected with the instrument, if the matter occurred before the grant of the airport lease concerned. 48 Stamp duty—transfers of assets or liabilities to privately‑owned companies (1) This section applies if, as a result of a declaration under section 23, 24, 25, 30, 31 or 33, an asset or liability is transferred to a company immediately after the grant to the company of an airport lease under section 22. (2) This Act does not prevent a law of a State or Territory from imposing a liability to pay an amount of stamp duty or other tax because of that declaration if: (a) it is reasonable to expect that a corresponding amount of stamp duty or other tax would have been payable under a law of that State or Territory if the asset or liability that was transferred to the company because of the declaration had instead been transferred to the company by a written instrument executed by the parties to the transfer; and (b) the first‑mentioned amount does not exceed what it is reasonable to expect that the corresponding amount would have been. Division 3—Special income tax rules 48A Definitions In this Division: depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997. exempt Australian government agency has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997. hold a depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997. plant has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997. quasi‑owner has the meaning given by the former section 42‑310 of the Income Tax Assessment Act 1997. quasi‑ownership right over land has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997. 49B Special rules for fixtures that are depreciating assets—Income Tax Assessment Act 1997 (1) This section applies if: (a) a company obtains a lease relating to particular land under section 21, 22 or 23; and (b) at the time the lease was obtained, a depreciating asset is attached to the land. (2) If: (a) just before the land vested in the Commonwealth under Part 2: (i) the part of the land to which the depreciating asset was attached was held by another entity under a quasi‑ownership right over land granted by an exempt Australian government agency; and (ii) the other entity was the holder of the asset; and (b) on the grant of the lease referred to in paragraph (1)(a), the other entity became a sub‑lessee of the company; then, so long as the other entity continues to hold the sub‑lease of that part of the land from the company or a successor, the other entity is taken to hold the asset. (3) If: (a) subsection (2) does not apply to the depreciating asset; and (b) the FAC was the holder of the asset just before the land vested in the Commonwealth under Part 2; that Division applies to the asset as if: (c) the company held the asset; and (d) the amount paid by the company for the grant of the lease were an amount paid for the acquisition of the right. (4) However, the Finance Minister may make a written determination of the cost of the asset referred to in subsection (3) for the purposes of Division 40 of the Income Tax Assessment Act 1997. Note: If a determination is made, the cost of the asset will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997. (5) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC. (6) This section does not affect the operation of section 19 of the Civil Aviation Legislation Amendment Act 1995. (7) In this section: entity means any of the following: (a) a company; (b) a partnership; (c) a person in a capacity of trustee; (d) any other person. 50B Acquisition of depreciating asset from the Commonwealth—Division 40 of the Income Tax Assessment Act 1997 (1) This section applies to a depreciating asset that: (a) was transferred from the Commonwealth to a company under section 23; and (b) at the time of transfer, was not attached to land. (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997. Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997. (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC. 51B Acquisition of depreciating asset from the FAC—Division 40 of the Income Tax Assessment Act 1997 (1) This section applies to a depreciating asset that was transferred from the FAC to a company under section 30. (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997. Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997. (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC. 52A Consideration received by the FAC for transfer of assets—Income Tax Assessment Act 1997 (1) This section applies to an asset that was: (a) transferred from the FAC to the Commonwealth under section 11, 12 or 13; or (b) transferred from the FAC to an airport‑lessee company under section 30 or 31. (2) The Finance Minister may make a written determination that the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 apply to the FAC as if the FAC had received consideration of an amount specified in the determination from the Commonwealth in respect of the transfer of a specified asset. Note: If such a determination is relevant to working out a balancing adjustment, the termination value of the plant will be determined under item 13 or 14 of the table in former section 42‑205 of the Income Tax Assessment Act 1997, or item 11 of the table in subsection 40‑300(2) of that Act. (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of former Subdivision 42‑F of the Income Tax Assessment Act 1997, or Subdivision 40‑D of that Act, to the asset and to the FAC. (4) A determination made by the Finance Minister under section 52 before the commencement of this subsection has effect as if it had also been made under this section for the purposes of the Income Tax Assessment Act 1997. 54A Airport‑lessee company to be capital works owner for the purposes of Division 43 of the Income Tax Assessment Act 1997 (1) For the purposes of Division 43 of the Income Tax Assessment Act 1997, if: (a) capital works are situated on land leased under an airport lease; and (b) there is a pool of construction expenditure for the capital works; and (c) immediately before the land was transferred from the FAC to the Commonwealth under Part 2 of this Act, the FAC was the owner of the capital works for the purposes of Division 43 of the Income Tax Assessment Act 1997; then, so long as the airport‑lessee company concerned continues to hold the airport lease, the airport‑lessee company is taken to be the owner of the capital works. (2) In this section: pool of construction expenditure has the meaning given by section 43‑85 of the Income Tax Assessment Act 1997. 55 Modification of capital allowances and capital gains tax provisions (1) This section applies if: (a) a company is granted an airport lease under section 21; and (b) the company's sale time does not occur within 7 days after the grant. (2) The regulations may provide that: (a) the provisions of the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 relating to depreciation or capital allowances; and (b) the provisions of either of those Acts relating to capital gains and capital losses; apply in relation to: (c) the airport lease; and (d) assets transferred or leased to the company under section 23, 24, 30 or 31; subject to such modifications as are specified in the regulations. Part 9—Transfer of staff from the FAC to airport‑lessee companies Division 1—Simplified outline 57 Simplified outline The following is a simplified outline of this Part: • If an airport lease is granted to a company, certain employees of the FAC will be transferred to the company. • A transferred employee will have terms and conditions of employment that are similar to those he or she had before the transfer. • Those terms and conditions can be varied in accordance with relevant awards etc. • Before being transferred, employees will be given statements setting out particulars of accrued benefits. • Special provision is made for: (a) mobility rights; and (b) long service leave; and (c) superannuation; and (d) the application of the Safety, Rehabilitation and Compensation Act 1988. Division 2—Transfer of staff 58 Transfer of staff from the FAC (1) This section applies to an employee of the FAC. (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified employee: (a) ceases to be employed by the FAC immediately after the grant; and (b) is taken to have been engaged by the company as an employee of the company immediately after the grant. (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 22 on a specified day, a specified employee: (a) ceases to be employed by the FAC immediately after the time ascertained in accordance with the instrument, being a time that occurs on that day and before the grant; and (b) is taken to have been engaged by the company as an employee of the company immediately after that time. (4) A declaration under this section has effect accordingly. (5) If subsection (2) applies to an employee, the employee's transfer time occurs immediately after the grant. (6) If subsection (3) applies to an employee, the employee's transfer time occurs immediately after the time ascertained in accordance with the instrument. Division 3—Terms and conditions 59 Terms and conditions of transferred employees (1) A person who is a transferred employee is taken: (a) to have been engaged by the company concerned on the same terms and conditions as those that applied to the person, immediately before the employee's transfer time, as an employee of the FAC; and (b) to have accrued an entitlement to benefits, in connection with that engagement by the company concerned, that is equivalent to the entitlement that the person had accrued, as an employee of the FAC, immediately before the employee's transfer time. (2) The service of a transferred employee as an employee of the company concerned is taken, for all purposes, to have been continuous with the service of the employee, immediately before the employee's transfer time, as an employee of the FAC. (3) A transferred employee is not entitled to receive any payment or other benefit merely because he or she stopped being an employee of the FAC as a result of this Part. (4) A reference in paragraph (1)(a) to terms and conditions is a reference to terms and conditions that are set out in: (a) a written contract of employment; or (b) any of the following (within the meaning of the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009): (i) an award; (ii) a pre‑reform certified agreement; (iii) an individual transitional employment agreement; (iv) an AWA; or (e) an enterprise flexibility agreement (as defined by section 4 of the Workplace Relations Act 1996 as in force immediately before the commencement of Schedule 9 to the Workplace Relations and Other Legislation Amendment Act 1996) that continues to have effect because of Part 2 of that Schedule. Note: For an instrument referred to in paragraph (b), see item 4 of Schedule 2 to the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009. (5) This section has effect subject to this Part. 60 Variation of terms and conditions of employment (1) This Division does not prevent the terms and conditions of a transferred employee's employment after the employee's transfer time from being varied: (a) in accordance with those terms and conditions; or (b) by or under a law, award, determination or agreement. (2) In this section: vary, in relation to terms and conditions, includes: (a) omitting any of those terms and conditions; or (b) adding to those terms and conditions; or (c) substituting new terms or conditions for any of those terms and conditions. 61 Statement of accrued benefits (1) Before the employment of an employee of the FAC is transferred under section 58, the FAC must give the employee a written statement setting out particulars of the benefits to which the employee has accrued an entitlement. (2) In any proceedings relating to paragraph 59(1)(b), the statement is prima facie evidence of the matters set out in the statement. (3) A failure by the FAC to comply with subsection (1) does not affect the validity of the transfer of the employment of the employee. Division 4—Mobility rights 62 Cessation of mobility rights (1) If: (a) Division 2 or 3 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee's transfer time; and (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time; then that Division ceases to apply to the employee at that time. (2) If: (a) Division 4 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee's transfer time; and (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time; then: (c) the Officers' Rights Declaration Act 1928; and (d) Division 4 of Part IV of the Public Service Act 1922; cease to apply to the employee at that time. Division 5—Long service leave 63 Long service leave rules set out in Schedule 1 Schedule 1 has effect. Division 6—Superannuation 64 Superannuation rules set out in Schedule 2 Schedule 2 has effect. Division 7—Safety, Rehabilitation and Compensation Act 1988 65 Safety, Rehabilitation and Compensation Act 1988 rules set out in Schedule 3 Schedule 3 has effect. Part 10—FAC's debts Division 1—Simplified outline 66 Simplified outline The following is a simplified outline of this Part: • The Treasurer may call up a loan made by the Commonwealth to the FAC. • The Commonwealth may take over the FAC's obligations under a borrowing transaction (other than a loan made by the Commonwealth to the FAC). • The Commonwealth may give the FAC money to enable the FAC to discharge or extinguish the FAC's liability under a borrowing transaction (other than a loan made by the Commonwealth to the FAC). Division 2—Loans by the Commonwealth 67 Scope of Division This Division applies to a loan to the FAC that was made by the Commonwealth. 68 Treasurer may declare that loan is due and payable (1) The Treasurer may, by written instrument, declare that the principal amount of a specified loan, together with any accrued interest, becomes due and payable at a specified time. (2) The declaration has effect accordingly. Note: A loan may be specified by name, by inclusion in a specified class or in any other way. 69 Commonwealth may pay the FAC an amount equal to the amount owing (1) If an amount becomes due and payable to the Commonwealth because of section 68, the Finance Minister may determine in writing that the Commonwealth is liable to pay the FAC an amount equal to that amount. (2) The determination has effect accordingly. (3) The amount payable under subsection (1) may be set‑off against the amount that became due and payable because of section 68. (4) The amount payable under subsection (1) becomes part of the capital of the FAC. Division 3—Other borrowing transactions 71 Scope of Division This Division applies to a borrowing transaction of the FAC (other than a loan to which Division 2 applies). 72 Borrowing transactions (1) For the purposes of this Division, a borrowing transaction is: (a) a loan; or (b) any other transaction that gives rise to a borrowing. (2) For the purposes of this section, borrowing includes borrowing, or otherwise raising money, by dealing in securities. (3) For the purposes of this section, the obtaining of credit is taken to be a borrowing of an amount equal to the value of the credit obtained. 73 FAC's borrowing transactions may become the Commonwealth's borrowing transactions (1) The Treasurer may, by notice in the Gazette, declare that, at a specified time, the FAC's obligations under a specified borrowing transaction: (a) cease to be obligations of the FAC; and (b) become obligations of the Commonwealth. (2) The declaration has effect accordingly. (3) The Treasurer may authorise the payment of money by the Commonwealth to discharge obligations to which the declaration applies. Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way. 74 Commonwealth takeover of certain obligations of the FAC (1) This section applies to an obligation of the FAC under a borrowing transaction. (2) The Treasurer may, on behalf of the Commonwealth, enter into a contract to take over an obligation. (3) If the Treasurer enters into a contract under subsection (2), the Treasurer may authorise the payment of money to discharge the Commonwealth's obligations under the contract, whether by terminating those obligations or otherwise. 75 Application of the Loans Securities Act 1919 Sections 5A, 5B, 5C and 5D (other than paragraphs (1)(c) and (2)(c)) of the Loans Securities Act 1919 apply in relation to an obligation that is taken over by the Commonwealth under section 73 or 74 as if that obligation were a borrowing of money outside Australia: (a) that the Treasurer was authorised to make on behalf of the Commonwealth; and (b) that the Treasurer made accordingly. 76 Commonwealth takeover of obligations—payments by the FAC to the Commonwealth (1) This section applies if the FAC's obligations under a borrowing transaction are taken over under section 73 or 74. (2) The FAC must pay the Commonwealth an amount determined in writing by the Finance Minister. (3) If the FAC pays the Commonwealth an amount under subsection (2), the Commonwealth must pay the FAC an amount equal to that amount. (4) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (3). (5) The amount payable under subsection (3) is payable by way of the provision of capital. 77 Commonwealth may pay the FAC an amount to enable the FAC to discharge or extinguish its liability under a borrowing transaction