1996

The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES

Presented and read a first time

Audit (Transitional and Miscellaneous) Amendment Bill 1996

No.    , 1996

(Finance)

A Bill for an Act to deal with transitional and consequential matters arising from the repeal of the Audit Act 1901 and the enactment of the Auditor‑General Act 1996, the Financial Management and Accountability Act 1996 and the Commonwealth Authorities and Companies Act 1996, and for related purposes

9621720—1,025/11.12.1996—(217/96)  Cat. No. 96 5708 8  ISBN 0644 483830

Contents
1	Short title	
2	Commencement	
3	Schedule(s)	
4	Some amendments in Schedule 2 may not take effect or may take effect in a modified way	
Schedule 1—Repeal of the Audit Act 1901	
Audit Act 1901	
Schedule 2—Consequential amendments of Acts	
Aboriginal and Torres Strait Islander Commission Act 1989	
Aboriginal Councils and Associations Act 1976	
Aboriginal Land Grant (Jervis Bay Territory) Act 1986	
Aboriginal Land (Lake Condah and Framlingham Forest) Act 1987	
Aboriginal Land Rights (Northern Territory) Act 1976	
Acts Interpretation Act 1901	
Acts Interpretation Amendment Act 1976	
Administrative Appeals Tribunal Act 1975	
Administrative Decisions (Judicial Review) Act 1977	
Agricultural and Veterinary Chemicals (Administration) Act 1992	
Aircraft Noise Levy Collection Act 1995	
Air Services Act 1995	
Albury‑Wodonga Development Act 1973	
Anglo‑Australian Telescope Agreement Act 1970	
Australia Council Act 1975	
Australia‑Japan Foundation Act 1976	
Australia New Zealand Food Authority Act 1991	
Australian Broadcasting Corporation Act 1983	
Australian Centre for International Agricultural Research Act 1982	
Australian Film Commission Act 1975	
Australian Film, Television and Radio School Act 1973	
Australian Heritage Commission Act 1975	
Australian Horticultural Corporation Act 1987	
Australian Industry Development Corporation Act 1970	
Australian Institute of Aboriginal and Torres Strait Islander Studies Act 1989	
Australian Institute of Health and Welfare Act 1987	
Australian Institute of Marine Science Act 1972	
Australian Land Transport Development Act 1988	
Australian Maritime Safety Authority Act 1990	
Australian National Maritime Museum Act 1990	
Australian National Railways Commission Act 1983	
Australian National Training Authority Act 1992	
Australian National University Act 1991	
Australian Nuclear Science and Technology Organisation Act 1987	
Australian Postal Corporation Act 1989	
Australian Securities Commission Act 1989	
Australian Sports Commission Act 1989	
Australian Sports Drug Agency Act 1990	
Australian Tourist Commission Act 1987	
Australian Trade Commission Act 1985	
Australian War Memorial Act 1980	
Australian Wine and Brandy Corporation Act 1980	
Australian Wool Research and Promotion Organisation Act 1993	
Bankruptcy Act 1966	
Broadcasting Services Act 1992	
Child Support (Registration and Collection) Act 1988	
Civil Aviation Act 1988	
Coal Industry Act 1946	
Coal Mining Industry (Long Service Leave Funding) Act 1992	
Commonwealth Inscribed Stock Act 1911	
Commonwealth Places (Application of Laws) Act 1970	
Crimes Act 1914	
Criminology Research Act 1971	
Customs Act 1901	
Dairy Produce Act 1986	
Defence Housing Authority Act 1987	
Defence Service Homes Act 1918	
Dried Sultana Production Underwriting Act 1982	
Dried Vine Fruits Equalization Act 1978	
Dried Vine Fruits Stabilization Legislation Repeal Act 1981	
Employment Services Act 1994	
Endangered Species Protection Act 1992	
Excise Act 1901	
Export Finance and Insurance Corporation Act 1991	
Family Law Act 1975	
Federal Airports Corporation Act 1986	
Federal Court of Australia Act 1976	
Financial Agreement Act 1994	
Fisheries Administration Act 1991	
Forestry and Timber Bureau Act 1930	
Great Barrier Reef Marine Park Act 1975	
Health Insurance Commission Act 1973	
Hearing Services Act 1991	
Higher Education Funding Act 1988	
Horticultural Research and Development Corporation Act 1987	
Housing Loans Insurance Act 1965	
Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996	
Income Tax Assessment Act 1936	
Interstate Road Transport Act 1985	
Lands Acquisition Act 1989	
Loan Consolidation and Investment Reserve Act 1955	
Loan (Income Equalization Deposits) Act 1976	
Loan (Temporary Revenue Deficits) Act 1953	
Maritime College Act 1978	
Meat and Live‑stock Industry Act 1995	
Military Superannuation and Benefits Act 1991	
National Cattle Disease Eradication Trust Account Act 1991	
National Environment Protection Council Act 1994	
National Gallery Act 1975	
National Health Act 1953	
National Health and Medical Research Council Act 1992	
National Library Act 1960	
National Measurement Act 1960	
National Museum of Australia Act 1980	
National Occupational Health and Safety Commission Act 1985	
National Parks and Wildlife Conservation Act 1975	
National Residue Survey Administration Act 1992	
National Road Transport Commission Act 1991	
Native Title Act 1993	
Natural Heritage Trust of Australia Act 1996	
Natural Resources Management (Financial Assistance) Act 1992	
Norfolk Island Act 1979	
Occupational Health and Safety (Commonwealth Employment) Act 1991	
Pig Industry Act 1986	
Prawn Export Promotion Act 1995	
Primary Industries and Energy Research and Development Act 1989	
Primary Industries Levies and Charges Collection Act 1991	
Proceeds of Crime Act 1987	
Public Accounts Committee Act 1951	
Public Service Act 1922	
Qantas Sale Act 1992	
Remuneration and Allowances Act 1990	
Reserve Bank Act 1959	
Royal Australian Air Force Veterans’ Residences Act 1953	
Safety, Rehabilitation and Compensation Act 1988	
Science and Industry Research Act 1949	
Sea Installations Act 1987	
Services Trust Funds Act 1947	
Snowy Mountains Hydro-electric Power Act 1949	
Special Broadcasting Service Act 1991	
States Grants (Primary and Secondary Education Assistance) Act 1992	
States Grants (Schools Assistance) Act 1984	
States Grants (Schools Assistance) Act 1988	
States Grants (TAFE Assistance) Act 1989	
Stevedoring Industry Finance Committee Act 1977	
Student and Youth Assistance Act 1973	
Superannuation Act 1976	
Superannuation Act 1990	
Superannuation Industry (Supervision) Act 1993	
Surplus Revenue Act 1908	
Taxation (Interest on Overpayments and Early Payments) Act 1983	
Telstra Corporation Act 1991	
Therapeutic Goods Act 1989	
Tobacco Marketing Act 1965	
Trade Practices Act 1974	
University of Canberra Act 1989	
Vocational Education and Training Funding Act 1992	
Wheat Marketing Act 1989	
Wool International Act 1993	
Schedule 3—Amendment of Acts to update references and make other changes	
Air Services Act 1995	
Australian Law Reform Commission Act 1996	
Australian Maritime Safety Authority Act 1990	
Civil Aviation Legislation Amendment Act 1995	
Commonwealth Funds Management Limited Act 1990	
Ozone Protection Amendment Act 1995	
Small Superannuation Accounts Act 1995	
Transport Legislation Amendment Act 1995	
Schedule 4—Transitional matters and regulations	

A Bill for an Act to deal with transitional and consequential matters arising from the repeal of the Audit Act 1901 and the enactment of the Auditor‑General Act 1996, the Financial Management and Accountability Act 1996 and the Commonwealth Authorities and Companies Act 1996, and for related purposes
The Parliament of Australia enacts:
1  Short title
		This Act may be cited as the Audit (Transitional and Miscellaneous) Amendment Act 1996.
2  Commencement
	(1)	Subject to subsections (2) and (3), this Act commences on the day on which it receives the Royal Assent.
	(2)	Schedules 1, 2 and 4 commence on the same day as the Financial Management and Accountability Act 1996.
	(3)	Schedule 3 commences as follows:
	(a)	the amendments of the Air Services Act 1995 are taken to have commenced on the day on which that Act received the Royal Assent;
	(b)	the amendment of the Australian Law Reform Commission Act 1996 commences immediately after the commencement of Schedule 1 of the Australian Law Reform Commission (Repeal, Transitional and Miscellaneous) Act 1996;
	(c)	the amendments of the Australian Maritime Safety Authority Act 1990 commence on the day on which this Act receives the Royal Assent;
	(d)	the amendments of the Civil Aviation Legislation Amendment Act 1995 are taken to have commenced on the day on which that Act received the Royal Assent;
	(e)	the amendment of the Commonwealth Funds Management Limited Act 1990 commences, or is taken to have commenced, on the sale day as defined in subsection 3(1) of the CFM Sale Act 1996;
	(f)	the amendments of the Natural Heritage Trust of Australia Act 1996 commence on the later of the commencement of that Act and the commencement of the Financial Management and Accountability Act 1996;
	(g)	the amendments of the Ozone Protection Amendment Act 1995 are taken to have commenced on the day on which that Act received the Royal Assent;
	(h)	the amendments of the Small Superannuation Accounts Act 1995 commence on the same day as the Financial Management and Accountability Act 1996;
	(i)	the amendments of the Transport Legislation Amendment Act 1995 are taken to have commenced on the day on which that Act received the Royal Assent.
3  Schedule(s)
		Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
4  Some amendments in Schedule 2 may not take effect or may take effect in a modified way
	(1)	If, on or before the commencement of Schedule 2, Part 6 of the Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996 commences or has commenced, the following amendments set out in Schedule 2 to this Act do not take effect:
	(a)	the amendments of the Housing Loans Insurance Act 1965;
	(b)	the amendments of the Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996.
	(2)	If, on or before the commencement of Schedule 2, Part 12 of the Wool International Act 1993 commences or has commenced, the amendments of that Act set out in Schedule 2 to this Act do not take effect.
	(3)	If:
	(a)	an Act is amended by Schedule 2; and
	(b)	the short title of the Act is changed on or before the commencement of that Schedule;
the amendment made by Schedule 2 has effect as an amendment of the Act under its new short title.

Schedule 1—Repeal of the Audit Act 1901
Audit Act 1901
1  The whole of the Act
Repeal the Act.

Schedule 2—Consequential amendments of Acts
Aboriginal and Torres Strait Islander Commission Act 1989
1  Subsection 4(1) (definition of approved bank)
Repeal the definition.
2  Add at the end of subsection 6(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Commission. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
3  Section 37
Repeal the section.
4  Paragraph 40(7)(e)
Omit “37”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
5  At the end of section 42
Add:
	(2)	This section does not apply to a liability that arises under the Commonwealth Authorities and Companies Act 1996.
6  Paragraph 44(5)(a)
Omit “37”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
7  Subsection 44(13)
Omit “37”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
8  After subsection 61(6B)
Insert:
	(6C)	Section 14 of the Commonwealth Authorities and Companies Act 1996 does not apply to the Commission.
9  After subsection 67(3)
Insert:
	(3A)	Subsection (3) does not prevent the investment of money under section 18 of the Commonwealth Authorities and Companies Act 1996.
10  Subsection 67(6)
Repeal the subsection.
11  After subsection 68(3)
Insert:
	(3A)	Subsection (3) does not prevent the investment of money under section 18 of the Commonwealth Authorities and Companies Act 1996.
12  Subsection 68(6)
Repeal the subsection.
13  Subsection 69(1)
Omit “an approved bank”, substitute “a bank”.
14  At the end of section 69
Add:
	(3)	In this section:
bank means a person who carries on the business of banking, either in Australia or outside Australia.
15  Subsection 72(1)
Repeal the subsection, substitute:
	(1)	In this section, annual report means the annual report of the Commission prepared under section 9 of the Commonwealth Authorities and Companies Act 1996.
16  Subsections 72(2), (3) and (4)
Omit “report prepared under subsection (1)”, substitute “annual report”.
17  Subsection 72(5)
After “financial statements”, insert “included in the annual report”.
18  Subsection 72(6)
Omit “report prepared under subsection (1)”, substitute “annual report”.
19  Subsection 72(7)
Omit “a report prepared under subsection (1)”, substitute “an annual report”.
20  Subsections 72(8) and (9)
Repeal the subsections.
21  Section 73
Repeal the section.
22  Subsection 74(1)
Omit “, not inconsistent with this Act or the regulations,”.
23  After subsection 74(1)
Insert:
	(1A)	Directions under subsection (1) must not be inconsistent with:
	(a)	this Act or the regulations under this Act; or
	(b)	the Commonwealth Authorities and Companies Act 1996, or regulations or Finance Minister’s Orders made under that Act.
24  Subsection 74(3)
Repeal the subsection.
25  Subsection 99(1)
Omit “4 months”, substitute “2 months”.
26  At the end of subsection 142(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the TSRA. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
27  Section 143N
Repeal the section.
28  Paragraph 143S(6)(e)
Omit “143N”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
29  At the end of section 143U
Add:
	(3)	This section does not apply to a liability that arises under the Commonwealth Authorities and Companies Act 1996.
30  Paragraph 144E(5)(a)
Omit “143N”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
31  Subsection 144E(14)
Omit “143N”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
32  After subsection 144V(3)
Insert:
	(3A)	Subsection (3) does not prevent the investment of money under section 18 of the Commonwealth Authorities and Companies Act 1996.
33  Subsection 144V(6)
Repeal the subsection.
34  Subsection 144W(4)
Repeal the subsection, substitute:
	(4)	Subsection (3) does not prevent the investment of money under section 18 of the Commonwealth Authorities and Companies Act 1996.
35  Subsection 144X(1)
Omit “an approved bank”, substitute “a bank”.
36  At the end of section 144X
Add:
	(3)	In this section:
bank means a person who carries on the business of banking, either in Australia or outside Australia.
37  At the end of section 144ZA
Add:
	(5)	Section 14 of the Commonwealth Authorities and Companies Act 1996 does not apply to the TSRA.
38  Subsection 144ZB(1)
Repeal the subsection, substitute:
	(1)	In this section, annual report means the annual report of the TSRA prepared under section 9 of the Commonwealth Authorities and Companies Act 1996.
Note:	The heading to section 144ZB is altered by omitting “and financial statements”.
39  Subsection 144ZB(2)
Omit “each report”, substitute “each annual report”.
40  Subsection 144ZB(3)
Omit “report relating to the year”, substitute “annual report for the year”.
41  Subsection 144ZB(4)
Omit “report under this section”, substitute “annual report”.
42  Subsection 144ZB(5)
Omit “a report under this section”, substitute “an annual report”.
43  Subsections 144ZB(6) and (7)
Repeal the subsections.
44  Section 144ZC
Repeal the section.
45  Subsection 144ZD(1)
Omit “, not inconsistent with this Act or the regulations,”.
46  After subsection 144ZD(1)
Insert:
Directions must not be inconsistent with this Act etc.
	(1A)	Directions under subsection (1) must not be inconsistent with:
	(a)	this Act or the regulations under this Act; or
	(b)	the Commonwealth Authorities and Companies Act 1996, or regulations or Finance Minister’s Orders made under that Act.
47  Subsection 144ZD(3)
Repeal the subsection.
48  At the end of subsection 145(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Corporation. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
49  Section 151
After “this Act”, insert “or the Commonwealth Authorities and Companies Act 1996”.
50  Section 163
Repeal the section.
51  Paragraph 165(2)(c)
Omit “163”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
52  Paragraph 167(3)(a)
Omit “163”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
53  Subsection 167(11)
Omit “163”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
54  Section 180
Repeal the section.
55  Section 186
Repeal the section.
56  Section 189
Repeal the section.
57  At the end of subsection 191A(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Indigenous Land Corporation. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
58  Section 191L
After “this Act”, insert “or the Commonwealth Authorities and Companies Act 1996”.
59  Section 191M
Repeal the section.
60  Subsections 192F(1) and (2)
Repeal the subsections.
61  Paragraph 192H(2)(e)
After “192F”, insert “of this Act or section 21 of the Commonwealth Authorities and Companies Act 1996”.
62  Paragraph 192J(3)(a)
Omit “192F”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
Note:	The heading to subsection 192J(3) is altered by omitting “192F” and substituting “21 of the Commonwealth Authorities and Companies Act 1996”.
63  Subsection 192W(1)
Omit “fund”, substitute “reserve”.
64  Subsections 192W(2) to (5)
Repeal the subsections, substitute:
	(2)	The Land Fund is a component of the Reserved Money Fund.
	(3)	So far as practicable, money in the Land Fund that is not required for the purpose of making payments out of the Land Fund must be invested under section 39 of the Financial Management and Accountability Act 1996.
	(4)	If income is received by the Commonwealth from the investment of money from the Land Fund, an amount equal to the income must be transferred to the Land Fund from the Consolidated Revenue Fund.
65  Section 193F
Repeal the section.
66  Paragraph 193G(1)(b)
Repeal the paragraph, substitute:
	(b)	any person to whom the Finance Minister has delegated powers conferred on the Finance Minister by section 39 of the Financial Management and Accountability Act 1996, in so far as those powers relate to the Land Fund; and.
67  Subsection 193G(1) (note)
Repeal the note.
68  Section 193K
Repeal the section, substitute:
193K  Modifications of Commonwealth Authorities and Companies Act
	(1)	Subsection 18(3) of the Commonwealth Authorities and Companies Act 1996 does not apply to the Indigenous Land Corporation.
	(2)	The annual report of the Indigenous Land Corporation under section 9 of the Commonwealth Authorities and Companies Act 1996 must include such additional information (if any) as is specified in the regulations under this Act.
	(3)	Division 2 of Part 3 (except section 10) of the Commonwealth Authorities and Companies Act 1996 applies as if the first category A year were a financial year.
69  Section 193V
Repeal the section.
70  Subsections 200(3), (4) and (5)
Repeal the subsections.
Aboriginal Councils and Associations Act 1976
71  At the end of subsection 19(3)
Add:
Note:	Subject to section 19A, the Commonwealth Authorities and Companies Act 1996 applies to an Aboriginal Council. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
72  After section 19
Insert:
19A  Application of the Commonwealth Authorities and Companies Act 1996 if Administrator appointed
		If an Administrator of an Aboriginal Council is appointed under Part V then, while the appointment remains in force:
	(a)	subject to paragraph (b), the Commonwealth Authorities and Companies Act 1996 applies in relation to the Aboriginal Council as if the Administrator were the sole director of the Aboriginal Council for the purposes of that Act; and
	(b)	section 21 of that Act does not apply to the Administrator.
73  Subsections 22(4), (8), (8A) and (9)
After “this Act” (wherever occurring), insert “or the Commonwealth Authorities and Companies Act 1996”.
74  Subsection 23(1)
After “regulations”, insert “and to the Commonwealth Authorities and Companies Act 1996”.
75  Section 29
After “this Act”, insert “and the Commonwealth Authorities and Companies Act 1996”.
76  Paragraph 29(c)
Repeal the paragraph.
77  Paragraph 35(2)(a)
Omit “or the regulations”, substitute “, the regulations or the Commonwealth Authorities and Companies Act 1996”.
78  Subsections 38(1), (2), (3) and (4)
Repeal the subsections, substitute:
	(1)	The members of an Aboriginal Council must give the Registrar a copy of the annual report on the Council for a financial year under section 9 of the Commonwealth Authorities and Companies Act 1996. The copy must be given to the Registrar as soon as practicable after the report is given to the Minister, and must not be given to the Registrar later than 31 December in the next financial year.
Note:	The heading to section 38 is replaced by the heading “Extra reporting and accounting requirements”.
79  Paragraph 38(5)(a)
Omit “accounts and records”, substitute “accounting records”.
80  Paragraph 38(5)(b)
Omit “Council’s report and examiner’s report”, substitute “annual report on the Council”.
81  Subsection 38(6)
Repeal the subsection.
82  Paragraph 40(1)(a)
Omit “or the Rules”, substitute “, the Rules or the Commonwealth Authorities and Companies Act 1996”.
83  After section 75
Insert:
75A  Disclosure of interest by Administrator of Aboriginal Council
		If the corporation is an Aboriginal Council, the Administrator must give written notice to the Minister of any material personal interest that the Administrator has in a matter being considered or about to be considered in relation to a matter.
Aboriginal Land Grant (Jervis Bay Territory) Act 1986
84  At the end of subsection 4(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Council. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
85  After section 4
Insert:
4A  Who are directors for the purposes of the Commonwealth Authorities and Companies Act 1996?
		The members of the executive committee (not the registered members of the Council) are directors of the Council for the purposes of the application of the Commonwealth Authorities and Companies Act 1996 to the Council.
86  Paragraph 28(2)(a)
Omit “or by the regulations”, substitute “, by the regulations or by the Commonwealth Authorities and Companies Act 1996”.
87  Section 51
Repeal the section.
88  Section 52
Repeal the section, substitute:
52  Annual report to be laid before meeting of Council
		The executive committee must table a copy of the annual report on the Council at the next general meeting of the Council held after the deadline for the financial year to which the report relates. The report is prepared under section 9 of the Commonwealth Authorities and Companies Act 1996 and the deadline is as specified in that section.
Aboriginal Land (Lake Condah and Framlingham Forest) Act 1987
89  Part VI (heading)
Repeal the heading, substitute:
Part VI—Funding
90  Subsection 38(1)
Omit “trust fund”, substitute “reserve”.
Note:	The heading to section 38 is replaced by the heading “Payments into and out of Reserves”.
91  Subsection 38(1)
Omit “Trust Fund”, substitute “Reserve”.
92  Subsection 38(2)
Omit “Trust Fund”, substitute “Reserve”.
93  Subsection 38(3)
Omit “trust fund”, substitute “reserve”.
94  Subsection 38(3)
Omit “Trust Fund”, substitute “Reserve”.
95  Subsection 38(4)
Omit “Trust Fund”, substitute “Reserve”.
96  Subsection 38(5)
Repeal the subsection.
97  Subsection 38(6)
Omit “Trust Fund”, substitute “Reserve”.
98  Subsection 38(7)
Omit “Land Trust Fund”, substitute “Land Reserve”.
99  Paragraph 38(7)(b)
Omit “paid into the Aboriginal Advancement Trust Fund”, substitute “credited to the Consolidated Revenue Fund”.
100  After subsection 38(7)
Insert:
	(7A)	Whenever an amount is credited to the Consolidated Revenue Fund under paragraph (7)(b), an equal amount must be transferred to the Aboriginal Advancement Reserve from the Consolidated Revenue Fund.
101  Subsection 38(8)
Omit “Forest Trust Fund”, substitute “Forest Reserve”.
102  Paragraph 38(8)(b)
Omit “paid into the Aboriginal Advancement Trust Fund”, substitute “credited to the Consolidated Revenue Fund”.
103  After subsection 38(8)
Insert:
	(8A)	Whenever an amount is credited to the Consolidated Revenue Fund under paragraph (8)(b), an equal amount must be transferred to the Aboriginal Advancement Reserve from the Consolidated Revenue Fund.
104  Subsection 38(9)
Omit “Trust Fund”, substitute “Reserve”.
105  Subsection 38(10)
Omit “Trust Fund” (first, second and third occurring), substitute “Reserve”.
106  Paragraph 38(10)(b)
Omit “paid into the Aboriginal Advancement Trust Fund”, substitute “credited to the Consolidated Revenue Fund”.
107  Subsections 38(11) and (12)
Repeal the subsections, substitute:
	(11)	A reserve established by this section is a component of the Reserved Money Fund.
	(12)	If interest is received by the Commonwealth from the investment of money from a reserve established by this section, an amount equal to the interest must be transferred to that reserve from the Consolidated Revenue Fund.
Aboriginal Land Rights (Northern Territory) Act 1976
108  Subsection 3(1) (definition of Trust Account)
Repeal the definition.
109  Subsection 3(1)
Insert:
Reserve means the Aboriginals Benefit Reserve established by section 62.
110  At the end of subsection 22(1)
Add:
Note:	Subject to section 22A, the Commonwealth Authorities and Companies Act 1996 applies to a Land Council. That Act deals with matters relating to reporting and accountability, banking and investment, and conduct of officers.
111  After section 22
Insert:
22A  Who are directors for the purposes of the Commonwealth Authorities and Companies Act 1996?
	(1)	Subject to subsection (2), the members of a Land Council are directors of the Council for the purposes of the application of Division 4 of Part 3 of the Commonwealth Authorities and Companies Act 1996 to the Land Council.
	(2)	The Chairman of a Land Council (not the members of the Land Council) is the only director of the Council for the purposes of the application to the Land Council of the other provisions of the Commonwealth Authorities and Companies Act 1996.
112  Section 32
Repeal the section.
113  After subsection 34(3)
Insert:
	(3A)	A Land Council is also required to prepare budget estimates under section 14 of the Commonwealth Authorities and Companies Act 1996.
Note:	The heading to section 34 is replaced by the heading “Administrative expenditure to be in accordance with approved estimates”.
114  Subsection 35(10)
Omit “accordance with section 62B of the Audit Act 1901”, substitute “investments of the kind authorised by section 39 of the Financial Management and Accountability Act 1996”.
115  Sections 37, 37AA, 37A and 38
Repeal the sections, substitute:
37  Additional reporting requirements
		The annual report on a Land Council under section 9 of the Commonwealth Authorities and Companies Act 1996 must also include particulars of any determinations:
	(a)	made by the Land Council under subsection 35(1), (2), (3) or (3A) during the financial year to which the report relates; or
	(b)	made by the Minister under subsection 35(6) during that year.
116  Part VI (heading)
Repeal the heading, substitute:
Part VI—Aboriginals Benefit Reserve
117  Subsection 62(1)
Omit “Fund”, substitute “reserve”.
Note:	The heading to section 62 is altered by omitting “Trust Account” and substituting “Reserve”.
118  Subsection 62(1)
Omit “Trust Account”, substitute “Reserve”.
119  Subsections 62(2) and (3)
Repeal the subsections, substitute:
	(2)	The Reserve is a component of the Reserved Money Fund.
	(3)	If interest is received by the Commonwealth from the investment of money from the Reserve, an amount equal to the interest must be transferred to the Reserve from the Consolidated Revenue Fund.
120  Subsections 63(2), (3), (3A) and (4)
Omit “Trust Account”, substitute “Reserve”.
Note:	The heading to section 63 is altered by omitting “Trust Account” and substituting “Reserve”.
121  Subsection 63(5A)
Omit “paid into the Trust Account”, substitute “transferred to the Reserve from the Consolidated Revenue Fund amounts equal to”.
122  Subsection 63(5B)
Omit “paid into the Trust Account”, substitute “transferred to the Reserve from the Consolidated Revenue Fund amounts equal to”.
123  Subsection 63(6)
Repeal the subsection.
124  Section 64
Omit “Trust Account” (wherever occurring), substitute “Reserve”.
Note:	The heading to section 64 is altered by omitting “Trust Account” and substituting “Reserve”.
125  Section 64A
Omit “Trust Account” (wherever occurring), substitute “Reserve”.
Note:	The heading to section 64A is altered by omitting “Trust Account” and substituting “Reserve”.
126  Subsections 64B(1), (2), (3) and (4)
Repeal the subsections, substitute:
	(1)	As soon as practicable after 30 June in each year, the Commission must prepare and give to the Minister a report relating to the operation of the Reserve for the year.
	(2)	The report must include:
	(a)	the financial statements required by section 49 of the Financial Management and Accountability Act 1996; and
	(b)	an audit report on those statements under section 57 of the Financial Management and Accountability Act 1996.
	(3)	The Minister must cause a copy of the report to be tabled in each House of the Parliament as soon as practicable.
127  Section 65
Omit “Trust Account” (wherever occurring), substitute “Reserve”.
Note:	The heading to section 65 is altered by omitting “Trust Account” and substituting “Reserve”.
Acts Interpretation Act 1901
128  Paragraph 17(k)
Repeal the paragraph, substitute:
	(k)	Consolidated Revenue Fund means the Consolidated Revenue Fund referred to in section 81 of the Constitution;
	(ka)	Loan Fund means the Loan Fund established by section 19 of the Financial Management and Accountability Act 1996;
	(kb)	Reserved Money Fund means the Reserved Money Fund established by section 20 of the Financial Management and Accountability Act 1996.
Acts Interpretation Amendment Act 1976
129  Subsection 8(3)
Repeal the subsection.
Administrative Appeals Tribunal Act 1975
130  Section 24R
Repeal the section, substitute:
24R  Annual report
	(1)	 As soon as practicable after 30 June in each year, the President must prepare and give to the Minister a report of the management of the administrative affairs of the Tribunal during the year.
	(2)	The report must include:
	(a)	the financial statements required by section 49 of the Financial Management and Accountability Act 1996; and
	(b)	an audit report on those statements under section 57 of the Financial Management and Accountability Act 1996.
	(3)	The Minister must cause a copy of the report to be tabled in each House of the Parliament as soon as practicable.
131  Sections 24S and 24T
Repeal the sections.
Administrative Decisions (Judicial Review) Act 1977
132  Paragraph (h) of Schedule 2
Omit “32 or 36A of the Audit Act 1901”, substitute “27 of the Financial Management and Accountability Act 1996”.
Agricultural and Veterinary Chemicals (Administration) Act 1992
133  At the end of section 10
Add:
	(5)	Section 28 of the Commonwealth Authorities and Companies Act 1996 does not apply in relation to the NRA.
134  At the end of subsection 12(1)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the NRA. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
135  Subsections 23(1), (2) and (3)
Repeal the subsections.
Note:	The heading to section 23 is altered by adding at the end “in resolutions without formal meetings”.
136  Paragraph 24(2)(b)
After “23”, insert “of this Act or section 21 of the Commonwealth Authorities and Companies Act 1996”.
137  Section 61
Repeal the section.
138  At the end of section 62
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the NRA under section 18 of the Commonwealth Authorities and Companies Act 1996.
139  Section 68
Omit “Without limiting the generality of subsection 63H(1) of the Audit Act 1901 in its application in relation to the NRA, the NRA must include in each report referred to in that subsection”, substitute “The directors must include in each report on the NRA prepared under section 9 of the Commonwealth Authorities and Companies Act 1996”.
140  Paragraph 69(1)(b)
Omit “63D(1) of the Audit Act 1901”, substitute “18(2) of the Commonwealth Authorities and Companies Act 1996”.
141  Subsection 69(2)
Repeal the subsection.
142  Section 81
Repeal the section.
Aircraft Noise Levy Collection Act 1995
143  Subsection 17(4)
Repeal the subsection.
Air Services Act 1995
144  At the end of subsection 7(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to AA. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
Albury‑Wodonga Development Act 1973
145  After section 9
Insert:
9A  Commonwealth Authorities and Companies Act 1996 does not apply to Corporation
		The Corporation is not a Commonwealth authority for the purposes of the Commonwealth Authorities and Companies Act 1996.
Anglo‑Australian Telescope Agreement Act 1970
146  After section 6
Insert:
6A  Commonwealth Authorities and Companies Act 1996 does not apply to Board
		The Board is not a Commonwealth authority for the purposes of the Commonwealth Authorities and Companies Act 1996.
Australia Council Act 1975
147  At the end of subsection 8(1)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Council. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
148  Subparagraph 14(2)(a)(ii)
Omit “19”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
149  Subsection 15(6)
Omit “and section 19”, substitute “of this Act and section 21 of the Commonwealth Authorities and Companies Act 1996”.
150  Section 19
Repeal the section.
151  Paragraph 19F(2)(e)
Omit “19”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
152  Subsection 27(2)
Omit “19 or 31”, substitute “31 of this Act or with section 21 of the Commonwealth Authorities and Companies Act 1996”.
153  After subsection 33(1)
Insert:
	(1A)	Subsection (1) does not prevent investment of surplus money of the Council under section 18 of the Commonwealth Authorities and Companies Act 1996.
154  Subsection 34(2A)
Omit “in accordance with subsection 36A(2)”, substitute “under section 18 of the Commonwealth Authorities and Companies Act 1996.
155  Sections 35 and 36
Repeal the sections.
156  At the end of subsection 36A(1)
Add “The Council may also invest surplus money under section 18 of the Commonwealth Authorities and Companies Act 1996.”.
157  Subsection 36A(2)
Repeal the subsection.
158  Subsection 36A(3)
Omit “in accordance with this section”, substitute “as mentioned in subsection (1)”.
159  Section 37
Repeal the section.
160  Section 38
Repeal the section, substitute:
38  Extra reporting requirements
	(1)	The annual report on the Council under section 9 of the Commonwealth Authorities and Companies Act 1996 must also include:
	(a)	particulars of all matters specified by the Minister under paragraph 6A(c) during the year to which the report relates; and
	(b)	the text of all directions under sections 6B and 7 during the year to which the report relates.
	(2)	The Minister must cause any report or financial statements given by the members of the Council to the Minister under paragraph 16(1)(b) of the Commonwealth Authorities and Companies Act 1996 to be tabled in each House of the Parliament as soon as practicable.
161  Section 39
Repeal the section.
Australia‑Japan Foundation Act 1976
162  Section 3 (definition of Fund)
Repeal the definition.
163  Section 3
Insert:
Reserve means the reserve established by section 17.
164  Paragraph 5(1)(d)
Omit “Fund”, substitute “Reserve”.
165  Part IV (heading)
Repeal the heading, substitute:
Part IV—Australia‑Japan Reserve
166  Section 17
Repeal the section, substitute:
17  Establishment of Reserve
	(1)	This subsection establishes a reserve called the Australia‑Japan Reserve.
	(2)	The Reserve is a component of the Reserved Money Fund.
167  Section 18
Omit “The Fund shall consist of”, substitute “There must be transferred to the Reserve from the Consolidated Revenue Fund”.
Note:	The heading to section 18 is altered by omitting “Fund” and substituting “Reserve”.
168  Paragraph 18(a)
Omit “Fund”, substitute “Reserve”.
169  Paragraph 18(b)
Before “income”, insert “amounts equal to”.
170  Paragraph 18(b)
Omit “Fund”, substitute “Reserve”.
171  Paragraph 18(c)
Before “any moneys”, insert “amounts equal to”.
172  Paragraph 18(c)
Omit “Fund”, substitute “Reserve”.
173  Paragraph 18(d)
Before “any other moneys”, insert “amounts equal to”.
174  Paragraph 18(e)
Before “any moneys”, insert “amounts equal to”.
175  Subsection 19(1)
Omit “Fund”, substitute “Reserve”.
Note:	The heading to section 19 is altered by omitting “Fund” and substituting “Reserve”.
176  Sections 24A, 24B and 25
Repeal the sections, substitute:
25  Annual report
	(1)	 As soon as practicable after 30 June in each year, the Foundation must prepare and give to the Minister a report of the operations of the Foundation during the year.
	(2)	The report must include:
	(a)	the financial statements required by section 49 of the Financial Management and Accountability Act 1996; and
	(b)	an audit report on those statements under section 57 of the Financial Management and Accountability Act 1996; and
	(c)	a copy of all directions given by the Minister to the Foundation during the year under subsection 5(3) of this Act.
	(3)	The Minister must cause a copy of the report to be tabled in each House of the Parliament as soon as practicable.
	(4)	The Foundation must give the Minister any additional reports (with or without financial statements) that the Minister from time to time requires.
Australia New Zealand Food Authority Act 1991
177  At the end of subsection 6(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Authority. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
178  At the end of section 11
Add:
	(4)	This section does not affect the application of section 28 of the Commonwealth Authorities and Companies Act 1996 in relation to the Authority.
179  Subsections 50(1), (2) and (3)
Repeal the subsections.
180  Paragraph 52(2)(b)
After “50”, insert “of this Act or section 21 of the Commonwealth Authorities and Companies Act 1996”.
181  Section 56
Repeal the section.
182  At the end of section 57
Add:
	(3)	Subsection (2) does not prevent investment of surplus money of the Authority under section 18 of the Commonwealth Authorities and Companies Act 1996.
183  Section 59
Repeal the section.
184  Paragraph 60(1)(b)
Omit “63J(1) of the Audit Act 1901 (as that subsection applies under subsection 59(1))”, substitute “18(2) of the Commonwealth Authorities and Companies Act 1996”.
185  Subsection 60(2)
Repeal the subsection.
186  Section 69
Omit “The Authority must include in each report prepared under section 63M of the Audit Act 1901 (as that section applies to the Authority under subsection 59(1))”, substitute “The members must include in each report on the Authority under section 9 of the Commonwealth Authorities and Companies Act 1996”.
Australian Broadcasting Corporation Act 1983
187  At the end of subsection 5(1)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Corporation. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
188  Subsection 8(3)
Omit “this section shall”, substitute “subsection (1) or (2) is to”.
189  Subsection 17(1)
Repeal the subsection.
190  Subsection 17(1A)
Omit “subsection (1)”, substitute “section 21 of the Commonwealth Authorities and Companies Act 1996”.
191  Subsection 17(2)
Repeal the subsection.
192  Subsection 17(5)
Repeal the subsection.
193  Subparagraph 18(2)(a)(ii)
Omit “17”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
194  At the end of subsection 25A(2)
Add:
Note:	Section 15 of the Commonwealth Authorities and Companies Act 1996 requires Directors to notify the Minister of significant business activities and arrangements.
195  Subsection 25A(3)
Repeal the subsection.
196  Subsection 68(1)
Omit “Subject to subsection (2), the”, substitute “The”.
197  Subsections 68(2) and (3)
Repeal the subsections, substitute:
	(2)	Subsection (1) does not prevent investment of surplus money of the Corporation under section 18 of the Commonwealth Authorities and Companies Act 1996.
Note:	The heading to section 68 is altered by omitting “and investment”.
198  Section 69
Repeal the section.
199  Section 72
Repeal the section.
200  At the end of section 78
Add:
	(7)	Without limiting subsection (6), section 28 of the Commonwealth Authorities and Companies Act 1996 does not apply in relation to the Corporation.
201  Section 80
Omit “Board must cause to be included in each report prepared under section 63M of the Audit Act 1901, as that section applies to the Corporation by virtue of section 72 of this Act”, substitute “Directors must include in each annual report on the Corporation prepared under section 9 of the Commonwealth Authorities and Companies Act 1996”.
Australian Centre for International Agricultural Research Act 1982
202  Section 3 (definition of Fund)
Repeal the definition.
203  Section 3
Insert:
Reserve means the reserve established by section 33.
204  Subsection 33(1)
Omit “Trust Fund”, substitute “Reserve”.
Note:	The heading to section 33 is altered by omitting “Fund” and substituting “Reserve”.
205  Subsection 33(2)
Repeal the subsection, substitute:
	(2)	The Reserve is a component of the Reserved Money Fund.
206  Section 34
Repeal the section, substitute:
34  Payments into Reserve
		There must be transferred to the Reserve from the Consolidated Revenue Fund:
	(a)	all money appropriated by the Parliament for the purposes of the Reserve; and
	(b)	amounts equal to money from time to time received by the Centre.
207  Section 35
Omit “Fund”, substitute “Reserve”.
Note:	The heading to section 35 is altered by omitting “Fund” and substituting “Reserve”.
208  Section 36
Omit “Fund” (wherever occurring), substitute “Reserve”.
209  Sections 38A, 38AA, 38B and 39
Repeal the sections, substitute:
39  Annual report
	(1)	As soon as practicable after 30 June in each year, the Board must prepare and give to the Minister a report of the operations of the Centre during the year.
	(2)	The report must include:
	(a)	the financial statements required by section 49 of the Financial Management and Accountability Act 1996; and
	(b)	an audit report on those statements under section 57 of the Financial Management and Accountability Act 1996.
	(3)	The Minister must cause a copy of the report to be tabled in each House of the Parliament as soon as practicable.
Australian Film Commission Act 1975
210  At the end of subsection 4(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Commission. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
211  Subsection 6(4)
Omit all the words from and including “The Commission” to and including “a statement of:”, substitute “The annual report on the Commission under section 9 of the Commonwealth Authorities and Companies Act 1996 must also include a statement of:”.
212  Section 22
Repeal the section.
213  Subparagraph 23(2)(a)(ii)
Omit “section 22”, substitute “section 21 of the Commonwealth Authorities and Companies Act 1996”.
214  Section 32
Repeal the section.
215  Subsection 33(2)
Repeal the subsection, substitute:
	(2)	Subsection (1) does not prevent investment of surplus money of the Commission under section 18 of the Commonwealth Authorities and Companies Act 1996.
216  Section 34
Repeal the section.
217  Paragraph 35(2)(b)
Omit “in accordance with subsection 33(2)”, substitute “under section 18 of the Commonwealth Authorities and Companies Act 1996”.
218  Sections 37, 38, 40D, 44 and 45
Repeal the sections.
Australian Film, Television and Radio School Act 1973
219  At the end of subsection 4(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the School. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
220  Paragraph 18(c)
Omit “19”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
221  Section 19
Repeal the section.
222  Paragraph 29(1)(c)
Omit “19”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
223  Sections 37 and 38
Repeal the sections.
224  After subsection 39(1)
Insert:
	(1A)	Subsection (1) does not prevent investment of surplus money of the School under section 18 of the Commonwealth Authorities and Companies Act 1996.
Australian Heritage Commission Act 1975
225  At the end of subsection 11(1)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Commission. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
226  Paragraph 18(2)(c)
Omit “section 19”, substitute “section 21 of the Commonwealth Authorities and Companies Act 1996”.
227  Section 19
Repeal the section, substitute:
19  Application of section 21 of the Commonwealth Authorities and Companies Act 1996 to deemed and co‑opted Commissioners
		Section 21 of the Commonwealth Authorities and Companies Act 1996 (disclosure of material personal interests) applies to a person deemed to be a Commissioner under subsection 17(3), or to a person who is a co‑opted Commissioner, as if the person were a Commissioner.
228  Subsection 21(3)
Repeal the subsection, substitute:
	(3)	A person appointed under subsection (1):
	(a)	is to be regarded as a Commissioner for the purposes of section 14 of this Act and of section 21 of the Commonwealth Authorities and Companies Act 1996; but
	(b)	is not to be regarded as a Commissioner for the purposes of any of the other provisions of this Act or of the Commonwealth Authorities and Companies Act 1996.
229  At the end of section 35
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Commission under section 18 of the Commonwealth Authorities and Companies Act 1996.
230  Sections 36, 38, 40 and 41
Repeal the sections.
231  Section 43
Repeal the section, substitute:
43  Extra reporting requirements
	(1)	The annual report on the Commission under section 9 of the Commonwealth Authorities and Companies Act 1996 must also include:
	(a)	a description of the condition of the national estate at the end of the period to which the report relates; and
	(b)	the text of all directions given by the Minister to the Commission under section 25 during the period to which the report relates.
	(2)	The Commission may also give the Minister any other reports relating to the national estate that it thinks fit.
	(3)	The Minister must cause any report the Commission gives the Minister under subsection (2), or under paragraph 16(1)(b) of the Commonwealth Authorities and Companies Act 1996, to be tabled in each House of the Parliament within 15 sitting days of that House after the Minister receives the report.
Australian Horticultural Corporation Act 1987
232  Subsection 3(1) (definition of authorised auditor)
Repeal the definition.
233  Subsection 3(1) (definition of company auditor)
Repeal the definition.
234  Subsection 3(1) (definition of Corporation auditor)
Repeal the definition.
235  At the end of subsection 12(1)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Corporation. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
236  Section 23
Repeal the section.
237  Paragraph 24(2)(b)
Omit “23”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
238  Subsection 30(1)
Repeal the subsection.
239  Subsection 30(2)
Omit “Without limiting the generality of subsection (1), the Corporation shall include in the report:”, substitute “The annual report on the Corporation under section 9 of the Commonwealth Authorities and Companies Act 1996 must also include:”.
Note:	The heading to section 30 is replaced by the heading “Extra matters to be included in annual report”.
240  Paragraph 30(2)(a)
Omit “and of each Board”.
241  Paragraph 30(2)(b)
Omit “or a Board” (wherever occurring).
242  Subsections 30(3), (4), (4A) and (5)
Repeal the subsections.
243  After section 30
Insert:
30A  Corporation to give Minister annual reports on Product Boards
	(1)	The Corporation must, by the 15 October after the end of each financial year, give to the Minister the annual report on each Product Board for that year given to the Corporation by the Board under section 9 of the Commonwealth Authorities and Companies Act 1996 (as modified by section 101A of this Act).
	(2)	The Minister may grant an extension of time in special circumstances.
	(3)	The Minister must table each report in each House of the Parliament as soon as practicable.
244  Subsection 49(1)
Repeal the subsection.
Note:	The heading to section 49 is replaced by the heading “Separate accounts may be required in some circumstances”.
245  Sections 50, 51, 56 and 57
Repeal the sections.
246  Subsection 73(5)
Repeal the subsection, substitute:
	(5)	Section 21 of the Commonwealth Authorities and Companies Act 1996 applies in relation to the committee as if the committee were a Commonwealth authority (as defined in that Act).
247  At the end of subsection 101(1)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to each Board. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
248  After section 101
Insert:
101A  Modification of the Commonwealth Authorities and Companies Act 1996
		Section 9 of the Commonwealth Authorities and Companies Act 1996 applies in relation to a Board as if:
	(a)	a reference to the responsible Minister were instead a reference to the Corporation; and
	(b)	the reference to the 15th day of the 4th month after the end of the financial year were instead a reference to the next 31 August after the end of the financial year; and
	(c)	subsection (3) were omitted.
249  Subsection 115F(1)
Repeal the subsection.
250  Subsection 115F(2)
Omit “Without limiting the generality of subsection (1), each report must include:”, substitute “The annual report on a Board under section 9 of the Commonwealth Authorities and Companies Act 1996 must also include:”.
Note:	The heading to section 115F is replaced by the heading “Extra matters to be included in Product Board annual reports”.
251  Subsections 115F(3), (4) and (5)
Repeal the subsections.
252  Section 115FA
Omit “a report of a Board has been given to the Corporation under subsection 115F(1)”, substitute “an annual report on a Board has been given to the Corporation”.
253  Section 115S
Omit “50, 51,”.
254  Section 115T
Repeal the section.
255  Subsection 115ZB(5)
Repeal the subsection, substitute:
	(5)	Section 21 of the Commonwealth Authorities and Companies Act 1996 applies in relation to a committee as if the committee were a Commonwealth authority (as defined in that Act).
Australian Industry Development Corporation Act 1970
256  At the end of subsection 5(2)
Add:
Note:	Subject to section 5A, the Commonwealth Authorities and Companies Act 1996 applies to the Corporation. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment and conduct of officers.
257  After section 5
Insert:
5A  Modification of the Commonwealth Authorities and Companies Act 1996—how that Act applies to subsidiaries
	(1)	Sections 15, 16, 17, 28 and 29 of the Commonwealth Authorities and Companies Act 1996 have effect, as they apply to the Corporation, as if a reference in any of those sections to a subsidiary were instead a reference to an eligible subsidiary in relation to the Corporation as defined in section 4 of this Act.
	(2)	Finance Minister’s Orders referred to in subsection 13(2) of the Commonwealth Authorities and Companies Act 1996 cannot require the Corporation to include, in reports under section 13 of that Act, information about a subsidiary of the Corporation that is not an eligible subsidiary (as defined in section 4 of this Act).
258  Subsection 8A(10)
Omit all the words after “and shall include”, substitute “in the annual report on the Corporation under section 9 of the Commonwealth Authorities and Companies Act 1996 a separate report on each such operation carried on during the year to which the report relates.”.
259  Subsection 8A(12)
Repeal the subsection.
260  Section 9
After “this Act”, insert “and the Commonwealth Authorities and Companies Act 1996”.
261  Paragraph 19(3)(b)
Omit “22”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
262  Sections 22, 23B, 23C and 23D
Repeal the sections.
263  Section 23E
After “financial target”, insert “for a corporate plan under section 17 of the Commonwealth Authorities and Companies Act 1996”.
264  Sections 23F, 23H and 25
Repeal the sections.
265  Subsection 26(1)
Omit “Subject to subsection (2), moneys”, substitute “Money”.
266  Subsection 26(2)
Repeal the subsection, substitute:
	(2)	Subsection (1) does not prevent the investment of surplus money of the Corporation under section 19 of the Commonwealth Authorities and Companies Act 1966.
267  Section 28
Repeal the section.
268  Subsections 29(1) to (7) (inclusive)
Repeal the subsections.
269  Paragraph 29(8)(a)
Omit “under this section”.
Note:	The heading to section 29 is replaced by the heading “Additional audit arrangements”.
270  Subsections 37(1) to (2B) (inclusive)
Repeal the subsections.
271  Subsection 37(2C)
Omit “The report of the corporation’s operations for a financial year shall:”, substitute “The annual report on the Corporation under section 9 of the Commonwealth Authorities and Companies Act 1996 must also:”.
Note:	The heading to section 37 is replaced by the heading “Extra reporting requirements”.
272  Paragraph 37(2C)(b)
Omit “overall”.
273  Paragraphs 37(2C)(d) and (e)
Omit “target”, substitute “targets”.
274  Subsection 37(3)
Repeal the subsection.
275  Subsection 37(4)
Omit “under subsection (3)”, substitute “relating to the Corporation under Part 2 of Schedule 1 to the Commonwealth Authorities and Companies Act 1996”.
276  Subsection 37(5)
Repeal the subsection, substitute:
	(5)	In this section:
corporate plan means the corporate plan for the Corporation under section 17 of the Commonwealth Authorities and Companies Act 1996.
277  After section 37
Insert:
37A  Information about the receiving subsidiary
	(1)	The Minister or the Finance Minister may require the Corporation to give to him or her a copy of information of a particular kind about the receiving subsidiary that is provided to the Corporation as a holder of shares in the receiving subsidiary.
	(2)	The Directors must comply with the requirement as soon as practicable after receiving information of that kind.
	(3)	In this section:
Finance Minister means the Minister who administers the Commonwealth Authorities and Companies Act 1996.
Australian Institute of Aboriginal and Torres Strait Islander Studies Act 1989
278  At the end of subsection 4(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Institute. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
279  Section 19
Repeal the section.
280  Paragraph 21(2)(b)
Omit “19”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
281  Section 37
Repeal the section.
282  At the end of section 38
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Institute under section 18 of the Commonwealth Authorities and Companies Act 1996.
283  Section 40
Repeal the section.
284  Subsection 42(1)
Repeal the subsection.
Note:	The heading to section 42 is altered by omitting “Minister and Commission” and substituting “Commission and TSRA”.
285  Section 58
Repeal the section.

Australian Institute of Health and Welfare Act 1987
286  At the end of subsection 4(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Institute. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
287  At the end of section 7
Add:
	(3)	This section does not affect the application of section 28 of the Commonwealth Authorities and Companies Act 1996 in relation to the Institute.
288  Paragraph 13(2)(b)
Omit “14”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
289  Subsections 14(1) and (2)
Repeal the subsections.
290  Subsection 14(3)
Omit “This section”, substitute “Section 21 of the Commonwealth Authorities and Companies Act 1996”.
291  Subsection 16(13)
Repeal the subsection, substitute:
	(13)	A member of a committee must disclose at a meeting of the committee any pecuniary or other interest:
	(a)	that the member has directly or indirectly in a matter being considered, or about to be considered by the committee; and
	(b)	that would conflict with the proper performance of the member’s functions in relation to the consideration of the matter.
The member must make the disclosure as soon as practicable after he or she knows of the relevant facts.
	(14)	The disclosure must be recorded in the minutes of the meeting.
	(15)	Subsection (13) does not apply to an interest held by a member described in paragraph 8(1)(c), (ca), (cb) or (h) or subsection 8(2) merely because the member was nominated by a body or person mentioned in that paragraph or subsection.
292  Section 21
Repeal the section.
293  At the end of section 22
Add:
	(3)	Subsection (2) does not prevent investment of surplus money of the Institute under section 18 of the Commonwealth Authorities and Companies Act 1996.
294  Subsection 24(1)
Repeal the subsection.
Note:	The heading to section 24 is replaced by the heading “Extra matters to be included in annual report”.
295  Subsection 24(2)
Omit “prepared under section 63M of the Audit Act 1901 (as that section applies by virtue of subsection (1)) shall”, substitute “on the Institute under section 9 of the Commonwealth Authorities and Companies Act 1996 must”.
296  Paragraph 25(1)(a)
Omit “subsection 63J(1) of the Audit Act 1901 (as that subsection applies by virtue of subsection 24(1))”, substitute “subsection 18(2) of the Commonwealth Authorities and Companies Act 1996”.
297  Subsection 25(2)
Repeal the subsection.
Australian Institute of Marine Science Act 1972
298  Subsection 5(2)
Repeal the subsection.
299  At the end of subsection 7(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Institute. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
300  Section 10AA
Repeal the section.
301  Paragraph 16(c)
Omit “18”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
302  Section 18
Repeal the section.
303  Paragraph 28(d)
Omit “18”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
304  Section 37
Repeal the section.
305  At the end of section 38
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Institute under section 18 of the Commonwealth Authorities and Companies Act 1996.
306  Section 40
Repeal the section.
Australian Land Transport Development Act 1988
307  Title
Omit “Trust Fund”, substitute “reserve”.
308  Subsection 3(1) (definition of Fund)
Repeal the definition.
309  Subsection 3(1)
Insert:
Reserve means the Australian Land Transport Reserve established by section 11.
310  Paragraph 3(6)(a)
Omit “Fund” (wherever occurring), substitute “Reserve”.
311  Subsections 10(3) and (4)
Repeal the subsections.
312  Part 2 (heading)
Repeal the heading, substitute:
Part 2—Australian Land Transport Development Reserve
313  Subsection 11(1)
Omit “fund”, substitute “reserve”.
Note:	The heading to section 11 is altered by omitting “Fund” and substituting “Reserve”.
314  Subsection 11(1)
Omit “Trust Fund”, substitute “Reserve”.
315  Subsection 11(2)
Repeal the subsection, substitute:
	(2)	 The Reserve is a component of the Reserved Money Fund.
316  Subsection 12(1)
Omit “Fund”, substitute “Reserve out of the Consolidated Revenue Fund”.
Note:	The heading to section 12 is altered by omitting “Fund” and substituting “Reserve”.
317  Subsection 12(2)
Omit “Fund”, substitute “Reserve”.
318  Subsection 12(4)
Repeal the subsection, substitute:
	(4)	If interest is received by the Commonwealth from the investment of money from the Reserve, an amount equal to the interest must be transferred to the Reserve from the Consolidated Revenue Fund.
319  Section 13
Repeal the section.
320  Section 15
Omit “the Fund” (wherever occurring), substitute “the Reserve”.
Note:	The heading to section 15 is altered by omitting “Fund” and substituting “Reserve”.
321  Section 16
Repeal the section.
322  Sections 17, 18, 19, 20, 21, 22, 23, 24, 26, 27, 28A, 29, 30, 31, 32 and 33
Omit “the Fund” (wherever occurring), substitute “the Reserve”.
Note 1:	The heading to section 28 is altered by omitting “Fund” and substituting “Reserve”.
Note 2:	The heading to section 28A is altered by omitting “Fund” and substituting “Reserve”.
Note 3:	The heading to section 31 is altered by omitting “Fund” and substituting “Reserve”.
323  Subsection 34(1)
Repeal the subsection, substitute:
	(1)	Whenever an amount is repaid to the Commonwealth by a State, approved railway authority or approved organisation under this Act, an equal amount must be transferred to the Reserve from the Consolidated Revenue Fund.
324  Section 35
Repeal the section.
325  Paragraph 37(1)(a)
Omit “Fund”, substitute “Reserve”.
326  Paragraph 40(d)
Omit “the Fund”, substitute “the Reserve”.
327  Subsection 41(1)
Omit “Fund” (wherever occurring), substitute “Reserve”.
Australian Maritime Safety Authority Act 1990
328  At the end of subsection 5(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Authority. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
329  At the end of subsection 10(2)
Add:
Note:	Subsection 18(3) of the Commonwealth Authorities and Companies Act 1996 gives the Authority power to invest its surplus money.”.
330  Section 11
Repeal the section.
331  Section 19
Repeal the section.
332  Paragraph 21(2)(d)
Omit “19”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
333  Section 28
Repeal the section.
334  Sections 44 and 45
Repeal the sections.
Australian National Maritime Museum Act 1990
335  At the end of subsection 5(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Museum. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
336  Subsection 10(5)
Omit “The Museum must, in each report prepared under section 63M of the Audit Act 1901 (as that section applies by virtue of subsection 48(1)),”, substitute “In each report on the Museum under section 9 of the Commonwealth Authorities and Companies Act 1996, the members must”.
337  Paragraph 21(2)(c)
Omit “22”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
338  Section 22
Repeal the section.
339  Subsection 23(6)
Omit “22(2)”, substitute “21(3) of the Commonwealth Authorities and Companies Act 1996”.
340  Paragraph 36(2)(e)
Omit “22 or 37”, substitute “37 of this Act, or section 21 of the Commonwealth Authorities and Companies Act 1996,”.
341  Subsection 44(4)
Omit “section 63J of the Audit Act 1901 (as that section applies because of section 48 of this Act)”, substitute “subsection 18(2) of the Commonwealth Authorities and Companies Act 1996”.
342  Subsection 45(2)
Repeal the subsection, substitute:
	(2)	Subsection (1) does not prevent investment of surplus money of the Museum under section 18 of the Commonwealth Authorities and Companies Act 1996.
343  Section 46
Repeal the section.
344  Subsection 47(3)
Omit “45(2) or paragraph 50(2)(b)”, substitute “18(3) of the Commonwealth Authorities and Companies Act 1996 or paragraph 50(2)(b) of this Act”.
345  Subsections 48(1) and (2)
Repeal the subsections.
Note:	The heading to section 48 is replaced by the heading “Extra matters to be included in annual report”.
346  Subsection 48(3)
Omit “submitted by the Museum under section 63M of the Audit Act 1901, as that section applies because of subsection (1) of this section, shall”, substitute “prepared by the members under section 9 of the Commonwealth Authorities and Companies Act 1996 must”.
347  Subsection 50(1)
Omit “opened and maintained under section 63J of the Audit Act 1901 (as that section applies because of section 48 of this Act) that does not, or accounts referred to in that section that do not,”, substitute “maintained under subsection 18(2) of the Commonwealth Authorities and Companies Act 1996 that does not”.
348  Subsections 50(3) and (4)
Repeal the subsections.
Australian National Railways Commission Act 1983
349  Subsection 3(1) (definition of authorised auditor)
Repeal the definition.
350  Subsection 3(1)
Insert:
annual report means an annual report on the Commission under section 9 of the Commonwealth Authorities and Companies Act 1996.
corporate plan means a corporate plan for the Commission under section 17 of the Commonwealth Authorities and Companies Act 1996.
351  At the end of subsection 4(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Commission. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
352  Subsections 8(3), (4) and (5)
Repeal the subsections.
353  At the end of section 19
Add:
Note:	This section does not affect the application of the Commonwealth Authorities and Companies Act 1996 to the Commission.
354  Subsection 20A(3)
Omit “, in developing objectives, strategies and policies under subsection 22(1),”, substitute “, in preparing its corporate plan,”.
355  Subsection 20A(4)
Repeal the subsection.
356  Section 22
Repeal the section.
357  Paragraph 32(2)(d)
Omit “his obligations under section 33”, substitute “section 21 of the Commonwealth Authorities and Companies Act 1996”.
358  Subsection 32(3A)
Repeal the subsection, substitute:
	(3A)	If:
	(a)	the Minister is of the opinion that:
	(i)	the Commission has failed to comply with section 20B of this Act; or
	(ii)	the Commissioners have failed to comply with:
	(A)	subsection 13(2), 15(1) or 17(5) of the Commonwealth Authorities and Companies Act 1996; or
	(B)	paragraph 16(1)(a) or (b) of the Commonwealth Authorities and Companies Act 1996; and
	(b)	the Minister proposes that the appointment of all or specified Commissioners be terminated;
the Governor‑General is to terminate the appointment of all Commissioners, or the specified Commissioners, as the case may be.
359  Sections 33 and 59
Repeal the sections.
360  Subsection 60(2)
Repeal the subsection, substitute:
	(2)	Subsection (1) does not prevent investment of surplus money of the Commission under section 19 of the Commonwealth Authorities and Companies Act 1996.
361  Sections 65, 66 and 66A
Repeal the sections.
362  Subsection 67A(1)
Repeal the subsection.
363  Subsection 67A(2)
Omit “The report shall:”, substitute “The Commission’s annual report must also:”.
Note:	The heading to section 67A is replaced by the heading “Extra matters to be included in annual report”.
364  Paragraph 67A(2)(a)
Omit “8(5) or”.
365  At the end of paragraphs 67A(2)(a), (b), (c) and (d) and subparagraph 67A(2)(e)(i)
Add “and”.
366  After paragraph 67A(2)(a)
Insert:
	(aa)	include a summary of:
	(i)	notices given to the Commission in that financial year under subsection 20A(1); and
	(ii)	action taken by the Commission, in that financial year, because of notices given to the Commission under subsection 20A(1); and
367  Subsection 67A(3)
Repeal the subsection, substitute:
	(3)	The financial statements in the annual report must show separately the financial effect on the Commission’s operations of each direction that:
	(a)	was given to the Commission by the Minister under subsection 19(2); and
	(b)	was applicable to the year to which the report relates.
368  Subsections 67A(4), (5), (6) and (7)
Repeal the subsections.
369  Section 71
Repeal the section.
Australian National Training Authority Act 1992
370  At the end of section 18
Add:
	(5)	This section does not affect, and is not affected by, section 9 of the Commonwealth Authorities and Companies Act 1996 as it applies in relation to the Authority under section 23 of this Act.
371  Section 23
Repeal the section, substitute:
23  Application of the Commonwealth Authorities and Companies Act
	(1)	 The Authority is not a Commonwealth authority for the purposes of the Commonwealth Authorities and Companies Act 1996.
	(2)	Sections 9, 11, 18 and 20 of that Act, and Schedule 1 to that Act, apply in relation to the Authority as if it were a Commonwealth authority for the purposes of that Act.
	(3)	A copy of each annual report given to the Minister must be given to each member of the Ministerial Council as soon as practicable.
Australian National University Act 1991
372  At the end of subsection 4(2)
Add:
Note:	Subject to section 4A, the Commonwealth Authorities and Companies Act 1996 applies to the University. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking, and conduct of officers.
373  After section 4
Insert:
4A  Modification of the Commonwealth Authorities and Companies Act 1996
	(1)	Section 14, subsection 18(3), and sections 28 and 29, of the Commonwealth Authorities and Companies Act 1996 do not apply in relation to the University.
	(2)	Nothing in section 16 of the Commonwealth Authorities and Companies Act 1996 requires the members of the Council to do anything that will or might affect the academic independence or integrity of the University.
4B  University’s financial year starts on 1 January
		For the purposes of the Commonwealth Authorities and Companies Act 1996, the University’s financial year is a period of 12 months starting on 1 January.
374  Subsection 6(3)
After “this Act”, insert “or the Commonwealth Authorities and Companies Act 1996”.
375  Section 14
Repeal the section.
376  Paragraph 15(1)(e)
Omit “subsection 14(1)”, substitute “section 21 of the Commonwealth Authorities and Companies Act 1996”.
377  Sections 45, 46, 47 and 49
Repeal the sections.
378  Subsection 50(1)
After “this Act” (first occurring), insert “or the Commonwealth Authorities and Companies Act 1996”.
379  Subparagraph 50(2)(f)(iii)
Repeal the subparagraph, substitute:
	(iii)	disclosure of pecuniary interests at meetings of the Convocation or of a statutory Board; and
Australian Nuclear Science and Technology Organisation Act 1987
380  Subsection 3(2)
Repeal the subsection.
381  At the end of subsection 4(1)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Organisation. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
382  Subsections 7(1) and (2)
Repeal the subsections.
Note:	The heading to section 7 is replaced by the heading “Disclosure of the Organisation’s interests in companies”.
383  Subsection 7(3)
Omit “Subject to subsection (4), where”, substitute “If”.
384  Subsection 7(4)
Repeal the subsection.
385  Paragraph 14(2)(c)
Omit “15”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
386  Section 15
Repeal the section.
387  Subsection 16(6)
Omit “15(2)”, substitute “21(3) of the Commonwealth Authorities and Companies Act 1996”.
388  Paragraph 21C(2)(d)
Omit “15 or 22”, substitute “22 of this Act or section 21 of the Commonwealth Authorities and Companies Act 1996”.
389  Subsection 27(4)
Repeal the subsection, substitute:
	(4)	Subsection (3) does not prevent investment of surplus money of the Organisation under section 18 of the Commonwealth Authorities and Companies Act 1996.
390  Section 28
Repeal the section.
391  Subsections 29(1) and (2)
Repeal the subsections.
Note:	The heading to section 29 is replaced by the heading “Extra matters to be included in annual report”.
392  Subsection 29(3)
Omit “Organisation shall, in each report prepared pursuant to section 63M of the Audit Act 1901 (as that section applies in relation to the Organisation by virtue of subsection (1))”, substitute “members of the Board must, in each annual report they prepare under section 9 of the Commonwealth Authorities and Companies Act 1996,”.
393  At the end of subsection 37(2)
Add:
Note:	Subject to section 37R, the Commonwealth Authorities and Companies Act 1996 applies to the Bureau. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
394  Subsection 37Q(4)
Repeal the subsection, substitute:
	(4)	Subsection (3) does not prevent investment of surplus money of the Bureau under section 18 of the Commonwealth Authorities and Companies Act 1996.
395  Section 37R
Repeal the section, substitute
37R  Application of the Commonwealth Authorities and Companies Act 1996
	(1)	The Commonwealth Authorities and Companies Act 1996 (except section 21) applies in relation to the Bureau as if the Director of the Nuclear Safety Bureau were a director of the Bureau for the purposes of that Act.
	(2)	Each annual report prepared by the Director under section 9 of the Commonwealth Authorities and Companies Act 1996 must include particulars of each direction that:
	(a)	was given by the Minister to the Bureau under section 37D of this Act; and
	(b)	applied in relation to the financial year covered by the report.
396  Section 37U
Repeal the section, substitute:
37U  Tabling of reports and documents given to the Minister by the Bureau
		Within 15 sitting days of receiving a report or document from the Bureau under section 16 of the Commonwealth Authorities and Companies Act 1996, the Minister must cause a copy of the report or document to be tabled in each House of the Parliament.
397  Subsection 39(1)
Omit “opened and maintained pursuant to section 63J of the Audit Act 1901 (as that section applies in relation to the Organisation by virtue of section 29 of this Act) that does not, or accounts referred to in that section that do not,”, substitute “maintained under subsection 18(2) of the Commonwealth Authorities and Companies Act 1996 that does not”.
398  Subsection 39(2)
Omit “, 28 and 29”.
399  Subsections 39(3), (4) and (5)
Repeal the subsections.
Australian Postal Corporation Act 1989
400  Section 3 (definition of authorised auditor)
Repeal the definition.
401  At the end of section 13
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to Australia Post. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
402  Paragraph 28(a)
Omit “notified by the Minister under section 48”, substitute “of which the directors are notified under section 28 of the Commonwealth Authorities and Companies Act 1996”.
403  Sections 35, 36 and 37
Repeal the sections.
404  Section 38
After “financial target”, insert “for inclusion in a corporate plan under section 17 of the Commonwealth Authorities and Companies Act 1996”.
405  Paragraph 38(h)
Omit “notified by the Minister under section 48”, substitute “of which the directors are notified under section 28 of the Commonwealth Authorities and Companies Act 1996”.
406  Section 39
Repeal the section.
407  Subsection 40(1)
Omit all the words from and including “When” to and including “receiving the copy of the plan”, substitute “If the Minister receives a corporate plan for Australia Post under section 17 of the Commonwealth Authorities and Companies Act 1996, the Minister may, within 60 days”.
408  Paragraph 40(1)(b)
Omit “the”, substitute “a”.
409  At the end of section 40
Add:
	(5)	Australia Post must comply with a direction under subsection (1) and must inform the Minister of the changes made to the plan to comply with the direction.
410  Sections 41 and 42
Repeal the sections.
411  Section 43
Omit “The report of Australia Post’s operations for a financial year shall:”, substitute “The annual report on Australia Post under section 9 of the Commonwealth Authorities and Companies Act 1996 must also:”.
Note:	The heading to section 43 is altered by omitting “General” and substituting “Extra general”.
412  Paragraph 43(b)
Repeal the paragraph, substitute:
	(b)	include an outline of:
	(i)	the strategies and policies of Australia Post and its subsidiaries that are set out in the corporate plan; and
	(ii)	the financial targets and non-financial performance measures that are set out in the corporate plan; and
413  Subparagraph 43(g)(i)
Omit “notified under section 48”, substitute “of which the directors are notified under section 28 of the Commonwealth Authorities and Companies Act 1996”.
414  At the end of section 43
Add:
	(2)	In this section:
corporate plan means the corporate plan for Australia Post under section 17 of the Commonwealth Authorities and Companies Act 1996.
415  Subsection 44(1)
Omit “The report of Australia Post’s operations for a financial year shall:”, substitute “The annual report on Australia Post under section 9 of the Commonwealth Authorities and Companies Act 1996 must also:”.
Note:	The heading to section 44 is altered by omitting “Financial” and substituting “Extra financial”.
416  Paragraph 44(1)(a)
Omit “target”, substitute “targets”.
417  Paragraph 44(1)(b)
Omit “vary the”, substitute “vary a”.
418  Paragraph 44(1)(c)
Omit “target”, substitute “targets”.
419  Subparagraph 44(1)(g)(ii)
Omit “notified by the Minister under section 48”, substitute “of which the directors are notified under section 28 of the Commonwealth Authorities and Companies Act 1996”.
420  At the end of section 44
Add:
	(3)	In this section:
corporate plan means the corporate plan for Australia Post under section 17 of the Commonwealth Authorities and Companies Act 1996.
421  Sections 45, 46, 47 and 48
Repeal the sections.
422  Subsection 57(2)
Repeal the subsection, substitute:
	(2)	Subsection (1) does not prevent investment of surplus money of Australia Post under section 19 of the Commonwealth Authorities and Companies Act 1996.
423  Sections 58 and 59
Repeal the sections.
424  Subsection 67(2)
Omit “subsection 71(2)”, substitute “section 21 of the Commonwealth Authorities and Companies Act 1996”.
425  Section 71
Repeal the section, substitute:
71  Disclosure not required in relation to publicly available goods or services
		Section 21 of the Commonwealth Authorities and Companies Act 1996 does not apply to a matter relating to the supply of goods or services for a director if the goods or services are, or are to be, available to members of the public on the same terms and conditions.
426  Paragraph 79(2)(b)
Omit “71”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
427  Paragraph 79(5)(a)
Omit “41, 46 or 47”, substitute “15 or 16, or subsection 17(5), of the Commonwealth Authorities and Companies Act 1996”.
Australian Securities Commission Act 1989
428  At the end of section 8
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Commission. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
429  At the end of section 124
Add:
	(7)	Section 21 of the Commonwealth Authorities and Companies Act 1996 does not apply to members.
430  Subsection 135(1)
Omit “Subject to subsection (3), the”, substitute “The”.
431  Subsection 135(3)
Repeal the subsection, substitute:
	(3)	Subsection (1) does not prevent investment of surplus money of the Commission under section 18 of the Commonwealth Authorities and Companies Act 1996.
432  Subsection 135(4)
Omit “has effect”, substitute “and subsection 18(3) of the Commonwealth Authorities and Companies Act 1996 have effect in relation to the Commission”.
433  Subsection 135(6)
Omit “subsection (3)”, substitute “subsection 18(3) of the Commonwealth Authorities and Companies Act 1996”.
434  Section 136
Repeal the section.
435  Subsection 137(2) (definition of contract)
Omit “subsection 135(3)”, substitute “subsection 18(3) of the Commonwealth Authorities and Companies Act 1996”.
436  Section 138
Repeal the section, substitute:
138  Extra matters to be included in annual report
		A report on the Commission under section 9 of the Commonwealth Authorities and Companies Act 1996 must:
	(a)	describe the specific goals the Commission has pursued, and the priorities it has followed, during the year, in performing its functions and pursuing the objectives referred to in subsection 1(2); and
	(b)	describe what progress the Commission has made during that year towards achieving those goals; and
	(c)	describe any matters that, during that year, have adversely affected the Commission’s effectiveness or have hindered the Commission in pursuing any of those goals and objectives.
437  Paragraph 141(a)
Omit “section 63J of the Audit Act 1901”, substitute “subsection 18(2) of the Commonwealth Authorities and Companies Act 1996”.
438  Sections 143 and 144
Repeal the sections.
439  At the end of section 146
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Advisory Committee. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
440  Subsection 161(1)
Omit “Subject to subsection (3), the”, substitute “The”.
441  Subsection 161(3)
Repeal the subsection, substitute:
	(3)	Subsection (1) does not prevent investment of surplus money of the Advisory Committee under section 18 of the Commonwealth Authorities and Companies Act 1996.
442  Subsection 161(6)
Omit “(3)”, substitute “18(3) of the Commonwealth Authorities and Companies Act 1996”.
443  Section 162
Repeal the section.
444  Section 164
Repeal the section.
445  Paragraph 167(a)
Omit “section 63J of the Audit Act 1901”, substitute “subsection 18(2) of the Commonwealth Authorities and Companies Act 1996”.
446  Sections 169 and 170
Repeal the sections.
Australian Sports Commission Act 1989
447  At the end of subsection 5(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Commission. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
448  Section 18
Repeal the section.
449  Paragraph 19(2)(b)
Omit “section 18”, substitute “section 21 of the Commonwealth Authorities and Companies Act 1996”.
450  Subsection 21(10)
Omit “direct or indirect pecuniary”, substitute “material personal”.
451  Subsection 22(7)
Repeal the subsection, substitute:
	(7)	Section 21 of the Commonwealth Authorities and Companies Act 1996 applies to a member of a committee as if:
	(a)	the committee were the Board referred to in that section; and
	(b)	the member were a director of a Commonwealth authority referred to in that section; and
	(c)	the Commission were the responsible Minister referred to in that section.
452  Section 44
Repeal the section.
453  At the end of section 45 
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Commission under section 18 of the Commonwealth Authorities and Companies Act 1996.
454  Subsection 47(2)
Omit “subsection 49(1)”, substitute “subsection 18(3) of the Commonwealth Authorities and Companies Act 1996”.
455  Subsection 48(1)
Repeal the subsection.
Note:	The heading to section 48 is replaced by the heading “Extra matters to be included in annual report”.
456  Subsection 48(2)
Omit “Commission shall, in each report prepared pursuant to section 63M of the Audit Act 1901 (as that section applies by virtue of subsection (1))”, substitute “members must, in each report on the Commission under section 9 of the Commonwealth Authorities and Companies Act 1996”.
457  Section 49
Repeal the section.
458  Subsection 52(1)
Omit “opened and maintained under section 63J of the Audit Act 1901 (as that section applies by virtue of section 48 of this Act)”, substitute “maintained under subsection 18(2) of the Commonwealth Authorities and Companies Act 1996”.
459  Subsection 52(2)
Omit “Notwithstanding sections 44, 45, 48 and 49”, substitute “Despite section 45”.
460  Subsections 52(3) and (4)
Repeal the subsections.
461  Section 53
Repeal the section.
462  Section 56
Omit “, 44”.
463  Section 61
Repeal the section.
Australian Sports Drug Agency Act 1990
464  At the end of subsection 7(1)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Agency. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
465  Section 59
Repeal the section.
466  At the end of section 60
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Agency under section 18 of the Commonwealth Authorities and Companies Act 1996.
467  Subsection 62(2)
Repeal “subsection 64(1)”, substitute “section 18 of the Commonwealth Authorities and Companies Act 1996”.
468  Subsection 63(1)
Repeal the subsection.
Note:	The heading to section 63 is replaced by the heading “Extra matters to be included in annual report”.
469  Subsection 63(2)
Omit “The Agency must, in each report prepared under section 63M of the Audit Act 1901 (as that section applies by virtue of subsection (1) of this section)”, substitute “In each report on the Agency under section 9 of the Commonwealth Authorities and Companies Act 1996, the members must”.
470  Subsection 63(3)
Omit “prepared by the Agency”.
471  Section 64
Repeal the section.
472  Subsection 65(1)
Omit “opened and maintained under section 63J of the Audit Act 1901 (as that section applies by virtue of section 63 of this Act)”, substitute “maintained under subsection 18(2) of the Commonwealth Authorities and Companies Act 1996”.
473  Subsection 65(2)
Omit “Notwithstanding sections 59, 60, 63 and 64”, substitute “Despite section 60”.
474  Subsections 65(3) and (4)
Repeal the subsections.
475  Section 69
Repeal the section.
Australian Tourist Commission Act 1987
476  At the end of subsection 9(1)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Commission. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
477  Subsections 20(1), (2) and (3)
Repeal the subsections.
Note:	The heading to section 20 is altered by adding at the end “by the Chairperson”.
478  Paragraph 21(2)(b)
Omit “20”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
479  After paragraph 21(2)(b)
Insert:
	(ba)	in the case of the Chairperson if the Chairperson is appointed on a full-time basis—contravenes section 20 without reasonable excuse.
480  Subsection 23(8)
Omit “subsection 20(2)”, substitute “section 21 of the Commonwealth Authorities and Companies Act 1996”.
481  At the end of section 29
Add:
	(4)	This section does not affect the application of section 28 of the Commonwealth Authorities and Companies Act 1996 in relation to the Commission.
482  At the end of section 45
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Commission under section 18 of the Commonwealth Authorities and Companies Act 1996.
483  Section 47
Repeal the section.
Australian Trade Commission Act 1985
484  Subsection 3(1) (definition of approved bank)
Repeal the definition.
485  At the end of subsection 7(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Commission. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
486  Paragraph 20(2)(d)
Omit “section 22”, substitute “section 21 of the Commonwealth Authorities and Companies Act 1996”.
487  Section 22
Repeal the section.
488  Paragraph 72(e)
Omit “63E of the Audit Act 1901 as that section applies to the Commission by virtue of sub-section 89(1) of this Act”, substitute “18 of the Commonwealth Authorities and Companies Act 1996”.
489  Sections 76 and 77
Repeal the sections.
490  Section 89
Repeal the section, substitute:
89  Extra matters to be included in annual report
		The financial statements in an annual report on the Commission under section 9 of the Commonwealth Authorities and Companies Act 1996 must show separately the financial effect on the Commission’s operations of each direction that:
	(a)	was given to the Commission by the Minister under subsection 10(1) of this Act; and
	(b)	was in force for all or part of the year to which the report relates.
491  Subsection 92(1)
Repeal the subsection, substitute:
	(1)	The report of operations in the annual report on the Commission under section 9 of the Commonwealth Authorities and Companies Act 1996 must include information about the Commission’s operations under the Export Market Development Grants Act 1974, but not the Commission’s operations under the Export Expansion Grants Act 1978.
492  Section 93
Repeal the section.
Australian War Memorial Act 1980
493  At the end of subsection 4(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Memorial. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
494  Paragraph 14(2)(c)
Omit “16”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
495  Section 16
Repeal the section.
496  Section 31
Repeal the section.
497  Subsection 32(4)
Omit “section 63J of the Audit Act 1901”, substitute “subsection 18(2) of the Commonwealth Authorities and Companies Act 1996”.
498  At the end of section 33
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Memorial under section 18 of the Commonwealth Authorities and Companies Act 1996.
499  Subsection 34(1)
Repeal the subsection.
500  Subsection 35(2)
Omit “34”, substitute “18 of the Commonwealth Authorities and Companies Act 1996”.
Note:	The heading to section 35 is replaced by the heading “Contracts”.
501  Section 36
Repeal the section.
Australian Wine and Brandy Corporation Act 1980
502  At the end of subsection 12(1)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Corporation. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
503  Paragraph 20(4)(b)
After “21”, insert “of the Commonwealth Authorities and Companies Act 1996”.
504  Subsections 21(1), (2) and (3)
Repeal the subsections.
505  Subsection 21(4)
Omit “A member who is a wine maker or a grape grower shall not be taken to have a pecuniary interest”, substitute “For the purposes of section 21 of the Commonwealth Authorities and Companies Act 1996, a member who is a winemaker or a grape grower is not taken to have a material personal interest”.
506  Subsection 31K(1)
After “section”, insert “and the Commonwealth Authorities and Companies Act 1996”.
507  Section 35
Omit “Subject to section 36, the”, substitute “The”.
508  At the end of section 35
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Corporation under section 19 of the Commonwealth Authorities and Companies Act 1996.
509  Section 36
Repeal the section.
510  Subsections 38(1), (2) and (3)
Repeal the subsections.
Note:	The heading to section 38 is replaced by the heading “Extra matters to be included in annual report”.
511  Subsection 38(4)
Omit “the Corporation of its operations”, substitute “the members under section 9 of the Commonwealth Authorities and Companies Act 1996 on the operations of the Corporation”.
512  Section 38A
Repeal the section.
513  Section 41
Repeal the section.
Australian Wool Research and Promotion Organisation Act 1993
514  At the end of subsection 5(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Organisation. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
515  Subsections 30(1) and (2)
Repeal the subsections.
516  Subsection 30(3)
Omit “A member”, substitute “For the purposes of section 21 of the Commonwealth Authorities and Companies Act 1996, a member”.
517  Subsection 30(3)
Omit “pecuniary”, substitute “material personal”.
518  Paragraph 33(2)(c)
Omit “30”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
519  Paragraph 42(4)(c)
Omit “30”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
520  Subsection 56(2)
Repeal the subsection, substitute:
	(2)	Subsection (1) does not prevent the investment under section 19 of the Commonwealth Authorities and Companies Act 1996 of money in the Fund that is not immediately required for the purposes of the Organisation.
521  At the end of section 59
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Organisation under section 19 of the Commonwealth Authorities and Companies Act 1996.
522  Section 63
Repeal the section.
523  Subsection 64(2)
Repeal the subsection.
524  Section 65
Repeal the section.
525  Part 9
Repeal the Part.
526  At the end of section 68
Add:
	(5)	This section does not affect the application of section 28 of the Commonwealth Authorities and Companies Act 1996 in relation to the Organisation.
527  Subsection 76(1)
Repeal the subsection.
528  Subsection 76(2)
After “report” insert “on the Organisation under section 9 of the Commonwealth Authorities and Companies Act 1996”.
529  Subsections 76(3) and (4)
Repeal the subsections.
Bankruptcy Act 1966
530  After section 18
Insert:
18AA  Commonwealth Authorities and Companies Act 1996 does not apply to Official Trustee
		The Official Trustee is not a Commonwealth authority for the purposes of the Commonwealth Authorities and Companies Act 1996.
531  Section 20A (definition of Equalization Account)
Repeal the definition.
532  Section 20A
Insert:
Equalization Reserve means the Common Investment Fund Equalization Reserve established by section 20G.
533  Section 20G
Repeal the section, substitute:
20G  Common Investment Fund Equalization Reserve
	(1)	This subsection establishes a reserve called the Common Investment Fund Equalization Reserve.
	(2)	The Equalization Reserve is a component of the Reserved Money Fund.
534  Subsections 20H(1) and (2)
Omit “Equalization Account”, substitute “Consolidated Revenue Fund”.
Note:	The heading to section 20H is altered by omitting “Account” and substituting “Reserve”.
535  After subsection 20H(2)
Insert:
	(2A)	Whenever a payment is made into the Consolidated Revenue Fund under subsection (1) or (2), an equal amount must be transferred to the Equalization Reserve from the Consolidated Revenue Fund.
536  Subsection 20H(3)
Omit “Account”, substitute “Reserve”.
537  Subsection 20H(4)
Omit “Equalization Account”, substitute “Equalization Reserve”.
538  Subsection 20H(4)
Omit “that Account” (wherever occurring), substitute “the Equalization Reserve”.
539  Subsection 20H(5)
Repeal the subsection, substitute:
	(5)	Whenever an amount required by subsection (3) to be paid out of the Equalization Reserve exceeds the amount standing to the credit of the Equalization Reserve, an amount equal to the excess must be transferred to the Equalization Reserve from the Consolidated Revenue Fund.
540  Section 139L (sub-subparagraph (b)(i)(A) of the definition of income)
Omit “Trust Account”, substitute Reserve”.
Broadcasting Services Act 1992
541  At the end of subsection 154(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the ABA. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
542  Paragraph 160(b)
Omit “161”, substitute “28 of the Commonwealth Authorities and Companies Act 1996”.
543  Section 161
Repeal the section.
544  Clause 6 of Schedule 3
Repeal the clause.
545  Paragraph 9(3)(e) of Schedule 3
Omit “6 or 7”, substitute “7 of this Schedule or section 21 of the Commonwealth Authorities and Companies Act 1996”.
546  Clauses 13 and 14 of Schedule 3
Repeal the clauses.
547  Subclause 16(1) of Schedule 3
Omit “Subject to subclause (2), money”, substitute “Money”.
548  Subclause 16(2) of Schedule 3
Repeal the subclause, substitute:
	(2)	Subclause (1) does not prevent investment of surplus money of the ABA under section 18 of the Commonwealth Authorities and Companies Act 1996.
Child Support (Registration and Collection) Act 1988
549  Subsection 4(1) (definition of Trust Account)
Repeal the definition.
550  Subsection 4(1)
Insert:
Reserve means the Child Support Reserve established by section 73.
551  Paragraph 53(c)
Omit “appropriated out of the Consolidated Revenue Fund”, substitute “required to be transferred to the Reserve”.
552  Division 1 of Part VI (heading)
Omit “Trust Account”, substitute “Child Support Reserve”.
553  Subsection 73(1)
Omit “An account”, substitute “A reserve”.
554  Subsection 73(1)
Omit “Trust Account”, substitute “Reserve”.
555  Subsection 73(2)
Repeal the subsection, substitute:
	(2)	The Reserve is a component of the Reserved Money Fund.
556  Subsection 74(1)
Omit “There shall be paid into the Trust Account”, substitute “The following amounts must be transferred to the Reserve out of the Consolidated Revenue Fund”.
Note:	The heading to section 74 is altered by omitting “Trust Account” and substituting “Reserve”.
557  Paragraphs 74(1)(a), (b) and (c)
Before “amounts received”, insert “amounts equal to”.
558  Paragraph 74(1)(c)
Omit “and”.
559  Paragraph 74(1)(d)
Repeal the paragraph.
560  Subsection 74(2)
Omit “and pay that portion into the Trust Account”, substitute “and only that portion is to be transferred to the Reserve under subsection (1)”.
561  Section 75
Omit “Trust Account” (wherever occurring), substitute “Reserve”.
Note:	The heading to section 75 is altered by omitting “Trust Account” and substituting “Reserve”.
562  Paragraph 75(d)
Omit “an appropriation has previously been required from that Fund”, substitute “amounts have been transferred from the Consolidated Revenue Fund”.
563  Section 77
Omit “is payable into the Trust Account out of the Consolidated Revenue Fund, which is appropriated accordingly”, substitute “must be transferred to the Reserve from the Consolidated Revenue Fund”.
564  Paragraph 78(3)(d)
Omit “is payable into the Trust Account out of the Consolidated Revenue Fund, which is appropriated accordingly”, substitute “must be transferred to the Reserve from the Consolidated Revenue Fund”.
Civil Aviation Act 1988
565  At the end of subsection 8(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the CASA. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
Coal Industry Act 1946
566  After section 6
Insert:
6A  Commonwealth Authorities and Companies Act 1996 does not apply to Board
		The Board is not a Commonwealth authority for the purposes of the Commonwealth Authorities and Companies Act 1996.
567  Section 28G
Repeal the section.
Coal Mining Industry (Long Service Leave Funding) Act 1992
568  At the end of subsection 6(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Corporation. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
569  Subsection 20(3)
Omit “would, for the purposes of section 22, be taken to have an interest”, substitute “has a material personal interest”.
570  Section 22
Repeal the section.
571  Paragraph 28(2)(c)
Omit “22 or 27”, substitute “27 of this Act or section 21 of the Commonwealth Authorities and Companies Act 1996”.
572  Section 30
Repeal the section.
573  Subsection 39(1)
Repeal the subsection.
574  Subsection 39(2)
Omit “Section 63E of the Audit Act 1901”, substitute “Subsection 18(3) of the Commonwealth Authorities and Companies Act 1996”.
Note:	The heading to section 39 is altered by omitting “Division 2 of Part XI of the Audit Act” and substituting “the Commonwealth Authorities and Companies Act”.
575  Subsection 39(3)
Repeal the subsection.
576  Subsections 39(4) and (5)
Omit “Division 2 of Part XI of the Audit Act 1901 as that Division”, substitute “the Commonwealth Authorities and Companies Act 1996 as that Act”.
Commonwealth Inscribed Stock Act 1911
577  Section 51F
Repeal the section.
578  Section 53
Repeal the section.
Commonwealth Places (Application of Laws) Act 1970
579  Section 21
Repeal “Audit Act 1901-1969”, substitute “Financial Management and Accountability Act 1996”.
Note:	The heading to section 21 is altered by omitting “Audit” and substituting “Financial Management and Accountability”.
Crimes Act 1914
580  Section 3 (definition of Trust Fund)
Repeal the definition.
581  Paragraph 9A(c)
Omit “Trust Fund”, substitute “Confiscated Assets Reserve”.
Criminology Research Act 1971
582  Section 4 (definition of approved bank)
Repeal the definition.
583  At the end of subsection 5(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Institute. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
584  Sections 28A and 30
Repeal the sections.
585  At the end of section 31
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Institute under section 18 of the Commonwealth Authorities and Companies Act 1996.
586  Section 32
Repeal the section.
587  Subsection 32A(1)
Omit “opened and maintained pursuant to section 30 that does not, or accounts referred to in that section that do not,”, substitute “maintained under section 18 of the Commonwealth Authorities and Companies Act 1996 that does not”.
588  Subsection 32A(2)
After “Division”, insert “or any provision of the Commonwealth Authorities and Companies Act 1996”.
589  Subsections 32A(3), (4) and (5)
Repeal the subsections.
590  Section 33
Repeal the section.
591  At the end of subsection 34(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Council. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
592  Section 42
Repeal the section.
593  Section 43
Repeal the section, substitute:
43  Copy of annual report also to be given to State and Northern Territory Ministers and Auditors‑General
		As soon as practicable after the members of the Council give the Attorney‑General the annual report on the Council for a financial year under section 9 of the Commonwealth Authorities and Companies Act 1996, the members must give a copy of the report to:
	(a)	the appropriate Minister of each State and of the Northern Territory; and
	(b)	the Auditor‑General of each State and of the Northern Territory.
594  At the end of section 44
Add:
	(2)	The Commonwealth Authorities and Companies Act 1996 applies to the Fund as though the Fund were money of the Council.
595  Section 45
Repeal the section.
596  At the end of section 47
Add:
	(3)	Surplus money of the Fund may be invested, in the name of the Council, under section 18 of the Commonwealth Authorities and Companies Act 1996, unless subsection (2) applies to the money and the conditions referred to in that subsection specify the manner in which the money is to be or may be invested. In that case, the money may only be invested in accordance with those conditions.
597  Sections 48 and 49
Repeal the sections.
Customs Act 1901
598  Subsection 208DA(1) (definition of Trust Fund)
Repeal the definition.
599  Subsection 208DA(3)
Omit “Trust Fund” (wherever occurring), substitute “Confiscated Assets Reserve”.
600  Subsection 243A(1) (definition of Trust Fund)
Repeal the definition.
601  Subsections 243G(6) and (7)
Omit “Trust Fund” (wherever occurring), substitute “Confiscated Assets Reserve”.
Dairy Produce Act 1986
602  Subsection 3(1) (definitions of approved bank and Corporation auditor)
Repeal the definitions.
603  Subsection 3(1)
Insert:
annual report means an annual report on the Corporation under section 9 of the Commonwealth Authorities and Companies Act 1996.
604  At the end of subsection 5(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Corporation. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
605  Paragraph 12(2)(f)
Omit “Corporation auditor” (wherever occurring), substitute “Auditor‑General”.
606  After subsection 12(9)
Insert:
	(9A)	Asia Dairy Industries (H.K.) Limited is not to be taken to be a subsidiary of the Corporation for the purposes of section 29 of the Commonwealth Authorities and Companies Act 1996.
607  Section 16
Omit “laid before each House of the Parliament under subsection 123(4)”, substitute “tabled in each House of the Parliament under section 9 of the Commonwealth Authorities and Companies Act 1996”.
608  Section 35
Repeal the section, substitute:
35  Situations that do not amount to interests requiring disclosure
		For the purposes of section 21 of the Commonwealth Authorities and Companies Act 1996, a member is not taken to have a material personal interest in a matter being considered or about to be considered by the Corporation merely because the member is a dairy farmer or manufacturer of dairy produce.
609  Paragraph 38(3)(c)
Omit “35”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
610  At the end of section 40
Add:
	(3)	A member who has a material personal interest in a matter being considered or about to be considered by the Corporation under this section, being an interest that could conflict with the proper performance of the member’s functions in relation to the consideration of the matter, must not sign a document under this section.
611  At the end of section 46
Add:
	(2)	Section 21 of the Commonwealth Authorities and Companies Act 1996 applies in relation to the Selection Committee as if the Selection Committee were a Commonwealth authority (as defined in that Act).
612  Paragraph 47(4)(d)
Omit “35”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
613  Sections 72 and 73
Repeal the sections.
614  Subsections 74(2) and (3)
Repeal the subsections, substitute:
	(2)	Money of the Corporation not immediately required for the purpose of the Corporation may be lent to a relevant fund for the purpose of meeting a temporary deficit in the fund.
615  At the end of section 74
Add:
	(3)	This section does not prevent investment of surplus money of the Corporation under section 19 of the Commonwealth Authorities and Companies Act 1996.
616  Subsection 80(4)
Omit “section 73”, substitute “subsection 19(2) of the Commonwealth Authorities and Companies Act 1996”.
617  Sections 81 and 82
Repeal the sections.
618  Section 85
Repeal the section, substitute:
85  Investment of money standing to credit of a relevant fund
		Money standing to the credit of a relevant fund may be invested:
	(a)	by way of a loan to another relevant fund for the purposes of meeting a temporary deficit in that fund; or
	(b)	under section 19 of the Commonwealth Authorities and Companies Act 1996.
619  At the end of section 86
Add:
	(3)	The Commonwealth Authorities and Companies Act 1996 applies to the Fund as though the Fund were money of the Corporation.
620  Paragraphs 87(c) and 88(1)(j)
Omit “paragraph 74(2)(b)”, substitute “subsection 74(2)”.
621  At the end of section 89
Add:
	(3)	The Commonwealth Authorities and Companies Act 1996 applies to the Fund as though the Fund were money of the Corporation.
622  Paragraphs 90(2)(d) and 91(1)(d)
Omit “paragraph 74(2)(b)”, substitute “subsection 74(2)”.
623  After subsection 92(2)
Insert:
	(3)	The Commonwealth Authorities and Companies Act 1996 applies to the Fund as though the Fund were money of the Corporation.
624  Paragraph 101(g)
Omit “paragraph 74(2)(b)”, substitute “subsection 74(2)”.
625  At the end of section 104
Add:
	(3)	The Commonwealth Authorities and Companies Act 1996 applies to the Fund as though the Fund were money of the Corporation.
626  Paragraph 106(h)
Omit “paragraph 74(2)(b)”, substitute “subsection 74(2)”.
627  Subsection 108G(3)
Omit “section 73”, substitute “subsection 19(2) of the Commonwealth Authorities and Companies Act 1996”.
628  Section 122
Repeal the section.
629  Subsections 123(1) and (2)
Repeal the subsections.
630  Subsection 123(3)
Omit “Without limiting, by implication, the generality of subsection (1), the Corporation shall include in each annual report referred to in that subsection:”, substitute “The annual report on the Corporation under section 9 of the Commonwealth Authorities and Companies Act 1996 must also include:”.
Note:	The heading to section 123 is replaced by the heading “Extra matters to be included in annual report”.
631  Subsection 123(4)
Repeal the subsection.
632  Section 124
Omit “The”, substitute “Subject to the provisions of the Commonwealth Authorities and Companies Act 1996, the”.
Defence Housing Authority Act 1987
633  Subsection 3(1) (definitions of authorised auditor and financial statements)
Repeal the definitions.
634  At the end of section 8
Add:
	(9)	Section 29 of the Commonwealth Authorities and Companies Act 1996 does not apply to the Authority.
635  At the end of subsection 11(1)
Add:
Note:	Subject to subsection 8(9), the Commonwealth Authorities and Companies Act 1996 applies to the Authority. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
636  Subsections 20(1), (2) and (3)
Repeal the subsections.
637  Subsection 20(4)
Omit “A member shall not be taken to have a pecuniary”, substitute “For the purposes of section 21 of the Commonwealth Authorities and Companies Act 1996, a member is not taken to have a material personal”.
638  Paragraph 21(2)(b)
Omit “20”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
639  Subsection 26(6)
Repeal the subsection, substitute:
	(6)	Section 21 of the Commonwealth Authorities and Companies Act 1996 applies to members of a committee as if:
	(a)	the committee were a Commonwealth authority; and
	(b)	the members of the committee were directors of a Commonwealth authority; and
	(c)	a member of the committee did not have a material personal interest in a matter only because the member is the tenant of a house rented from the Authority.
640  Section 27
Repeal the section.
641  Subsection 28(1)
Repeal the subsection.
Note:	The heading to section 28 is altered by omitting “plans” and substituting “targets to be included in corporate plan”.
642  Subsection 28(2)
Omit “, the Authority shall”, substitute “to be included in the Authority’s corporate plan under section 17 of the Commonwealth Authorities and Companies Act 1996, the members must”.
643  Subsection 28(3)
Repeal the subsection.
644  Section 29
Repeal the section.
645  Sections 43 and 44
Repeal the sections.
Defence Service Homes Act 1918
646  Subsection 40(1)
Repeal the subsection, substitute:
	(1)	This subsection establishes a reserve called the Defence Service Homes Insurance Reserve.
	(1A)	The Reserve is a component of the Reserved Money Fund.
Note:	The heading to section 40 is altered by omitting “Trust Account” and substituting “Reserve”.
647  Subsection 40(2)
Omit “To that Trust Account there must be credited”, substitute “There must be transferred to the Reserve from the Consolidated Revenue Fund amounts equal to”.
648  Subsection 40(3)
Omit “that Trust Account”, substitute “the Reserve”.
649  Subsection 40A(1)
Omit “there shall be paid to the Defence Service Homes Insurance Trust Account”, substitute “there must be transferred to the Defence Service Homes Insurance Reserve from the Consolidated Revenue Fund”.
Note:	The heading to section 40A is altered by omitting “Trust Account” and substituting “Reserve”.
650  Subsection 40A(1)
Omit “that Account”, substitute “the Reserve”.
651  Subsection 40A(2)
Repeal the subsection, substitute:
	(2)	If interest is received by the Commonwealth from the investment of money from the Defence Service Homes Insurance Reserve, an amount equal to the interest must be transferred to the Reserve from the Consolidated Revenue Fund.
652  Subsection 40A(3)
Repeal the subsection.
Dried Sultana Production Underwriting Act 1982
653  Subsection 3(1) (definition of Audit Act)
Repeal the definition.
654  Subsection 12(4)
Omit “Audit Act”, substitute “Financial Management and Accountability Act 1996”.
655  Subsection 13(2)
Omit “Audit Act”, substitute “Financial Management and Accountability Act 1996”.
Dried Vine Fruits Equalization Act 1978
656  Subsection 9(1)
Omit “the Corporation”, substitute “the Australian Dried Fruits Board”.
657  Paragraph 9(1)(a)
Omit “an approved bank”, substitute “a bank”.
658  Subsection 9(2)
Repeal the subsection, substitute:
	(2)	In this section:
bank means a person who carries on the business of banking, either in Australia or outside Australia.
Dried Vine Fruits Stabilization Legislation Repeal Act 1981
659  Subsection 8(4)
Omit “Audit Act 1901”, substitute “Financial Management and Accountability Act 1996”.
660  Subsection 9(2)
Omit “Audit Act 1901”, substitute “Financial Management and Accountability Act 1996”.
Employment Services Act 1994
661  At the end of subsection 68(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to ESRA. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
662  Sections 72 and 73
Repeal the sections.
663  Subsections 85(1) and (2)
Repeal the subsections.
664  Subsection 85(3)
Omit “direct or indirect pecuniary interests”, substitute “material personal interests”.
Note:	The heading to section 85 is replaced by the heading “Minister to be notified of material personal interests”.
665  Paragraph 87(2)(e)
Omit “section 85 (which deals with conflict of interest)”, substitute “section 85 of this Act or section 21 of the Commonwealth Authorities and Companies Act 1996 (these sections deal with disclosure of interests)”.
666  Paragraph 89(3)(a)
Omit “85”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
667  Section 105
Repeal the section.
668  Paragraph 106(c)
Omit “section 108”, substitute “subsection 18(3) of the Commonwealth Authorities and Companies Act 1996”.
669  Section 107
Repeal the section, substitute:
107  Extra matters to be included in annual report
		The annual report on ESRA under section 9 of the Commonwealth Authorities and Companies Act 1996 must also include:
	(a)	particulars of any directions given by the Minister under section 71 during the financial year; and
	(b)	such additional information (if any) as is specified in the regulations.
670  Section 108
Repeal the section.
Endangered Species Protection Act 1992
671  Section 49
Omit “prepared under section 52 of the National Parks and Wildlife Conservation Act 1975”, substitute “the Director prepares under section 9 of the Commonwealth Authorities and Companies Act 1996”.
Excise Act 1901
672  Subsection 165A(11)
Omit “section 70C of the Audit Act 1901”, substitute “section 34 of the Financial Management and Accountability Act 1996”.
Export Finance and Insurance Corporation Act 1991
673  At the end of subsection 6(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to EFIC. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
674  At the end of subsection 11(2)
Add:
Note:	Subsection 19(3) of the Commonwealth Authorities and Companies Act 1996 also gives EFIC the power to invest its surplus money.
675  Paragraph 42(3)(c)
Omit “45”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
676  Section 45
Repeal the section.
677  Subsection 46(3)
Omit “direct or indirect pecuniary”, substitute “material personal”.
678  Section 48
Repeal the section.
679  Subsection 49(1)
Repeal the subsection.
680  Subsection 49(2)
After “financial target” insert “to be included in a corporate plan”.
681  At the end of subsection 49(2)
Add:
Note:	Section 17 of the Commonwealth Authorities and Companies Act 1996 requires the members to prepare corporate plans for EFIC.
682  Sections 50 and 51
Repeal the sections.
683  Section 57
Repeal the section.
684  Subsection 70(1)
Repeal the subsection.
Note:	The heading to section 70 is replaced by the heading “Extra matters to be included in annual report”.
685  Subsection 70(2)
Omit “EFIC is required, in the financial statements prepared in respect of each financial year for the purpose of section 63H of the Audit Act 1901 (as it applies by virtue of subsection (1)), to”, substitute “In each report on EFIC under section 9 of the Commonwealth Authorities and Companies Act 1996, the members must”.
686  Subsection 85(1)
Repeal the subsection.
687  Section 86
Repeal the section.
Family Law Act 1975
688  Sections 38S, 38T and 38U
Repeal the sections, substitute:
38S  Annual report
	(1)	 As soon as practicable after 30 June in each year, the Chief Judge must prepare and give to the Attorney‑General a report of the management of the administrative affairs of the Court during the year.
	(2)	 The report must include:
	(a)	the financial statements required by section 49 of the Financial Management and Accountability Act 1996; and
	(b)	an audit report on those statements under section 57 of the Financial Management and Accountability Act 1996.
	(3)	 The Attorney‑General must cause a copy of the report to be tabled in each House of the Parliament as soon as practicable.
689  Subsection 114B(4)
Omit “by the Institute under section 63M of the Audit Act 1901, as that section applies to the Institute by virtue of section 114N of this Act, shall”, substitute “on the Institute under section 9 of the Commonwealth Authorities and Companies Act 1996 must”.
690  At the end of subsection 114BA(1)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Institute. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
691  Paragraphs 114J(2)(a) and (c)
Add at the end “or”.
692  After paragraph 114J(2)(c)
Insert:
	(d)	without reasonable excuse contravenes section 21 of the Commonwealth Authorities and Companies Act 1996;”.
693  Section 114MB
Repeal the section.
694  At the end of section 114MD
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Institute under section 18 of the Commonwealth Authorities and Companies Act 1996.
695  Section 114ME
Repeal the section.
696  Section 114N
Repeal the section.
Federal Airports Corporation Act 1986
697  Subsection 3(1) (definition of Corporate plan)
Repeal the definition.
698  Subsection 3(1) (definition of financial plan)
Repeal the definition.
699  Subsection 3(1)
Insert:
annual report means an annual report on the Corporation under section 9 of the Commonwealth Authorities and Companies Act 1996.
700  Subsection 3(1)
Insert:
corporate plan means a corporate plan for the Corporation under section 17 of the Commonwealth Authorities and Companies Act 1996.
701  At the end of subsection 5(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Corporation. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
702  Sections 10 and 11
Repeal the sections.
703  Paragraph 19(2)(d)
Omit “20”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
704  Subsection 19(2C)
Repeal the subsection, substitute:
	(2C)	If the Minister is of the opinion that:
	(a)	the Board has failed to comply with section 42B; or
	(b)	the members have failed to comply with:
	(i)	subsection 13(2), 15(1) or 17(5) of the Commonwealth Authorities and Companies Act 1996; or
	(ii)	paragraph 16(1)(a) or (b) or the Commonwealth Authorities and Companies Act 1996;
the Minister may terminate the appointment of all members (other than the Chief Executive Officer) or specified members (other than the Chief Executive Officer).
705  Section 20
Repeal the section.
706  Subsection 27A(1)
Omit “financial plan”, substitute “corporate plan”. 
707  Sections 37 and 38
Repeal the sections.
708  Subsection 39(1)
Omit “financial plan under paragraph 38(3)(b)”, substitute “corporate plan”.
709  Subsection 39(2)
Repeal the subsection.
710  Subsection 40(1)
Repeal the subsection, substitute:
	(1)	Without limiting the generality of the Minister’s powers under subsection 41(1A) or (2), the Minister may direct the Board to vary the Corporation’s corporate plan in respect of financial targets or non‑financial performance measures or both.
Note:	The heading to section 40 is altered by omitting “financial” and substituting “corporate”.
711  Section 40A
Repeal the section.
712  At the end of section 41
Add:
Note:	This section does not affect the application of the Commonwealth Authorities and Companies Act 1996 to the Corporation.
713  Subsection 42A(3)
Omit “Corporate”, substitute “corporate”.
714  Sections 54, 54A, 54B, 54C and 55
Repeal the sections.
715  Section 65
Repeal the section, substitute:
65  Extra matters to be included in annual report
		The Corporation’s annual report must also include:
	(a)	an evaluation of the Corporation’s overall performance against:
	(i)	the objectives, including operational targets, set out in its corporate plan; and
	(ii)	the financial targets and non‑financial performance measures set out in its corporate plan; and
	(b)	an assessment of the adverse effect, if any, that meeting the non‑commercial commitments imposed on the Corporation has had on the Corporation’s profitability during the financial year; and
	(c)	assessments of the financial performance of each Federal airport during the financial year; and
	(d)	a summary of:
	(i)	income earned by the Corporation from each Federal airport development site; and
	(ii)	the expenditure of money by the Corporation in relation to each Federal airport development site; and
	(iii)	any other financial transactions by the Corporation in relation to each Federal airport development site; and
	(e)	details of the progress in the establishment of an airport at each Federal airport development site.
Federal Court of Australia Act 1976
716  Sections 18S, 18T and 18U
Repeal the sections, substitute
18S  Annual report
	(1)	As soon as practicable after 30 June in each year, the Chief Judge must prepare and give to the Attorney‑General a report of the management of the administrative affairs of the Court during the year.
	(2)	The report must include:
	(a)	the financial statements required by section 49 of the Financial Management and Accountability Act 1996; and
	(b)	an audit report on those statements under section 57 of the Financial Management and Accountability Act 1996.
	(3)	The Attorney‑General must cause a copy of the report to be tabled in each House of the Parliament as soon as practicable.
Financial Agreement Act 1994
717  Subsection 6(2)
Repeal the subsection, substitute:
	(2)	The account is a component of the Reserved Money Fund.
718  At the end of section 6
Add:
	(4)	There must be transferred to the account from the Consolidated Revenue Fund amounts equal to all money received by the Commonwealth under the 1994 Financial Agreement.
Fisheries Administration Act 1991
719  Paragraph 7(k)
Omit “section 63H of the Audit Act 1901, and in this Part,”, substitute “this Part”.
720  At the end of section 7
Add:
Note:	Section 9 of the Commonwealth Authorities and Companies Act 1996 requires the members of the Authority to prepare an annual report on the Authority.
721  At the end of subsection 10(1)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Authority. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
722  Section 20
Repeal the section.
723  Paragraph 21(2)(b)
Omit “20”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
724  Section 64
Omit “to 21 (inclusive) and section”, substitute “, 19, 21 and”.
725  After section 64
Insert:
64A  Disclosure of interests of members of management advisory committees
	(1)	If:
	(a)	a member of a management advisory committee has a direct or indirect pecuniary interest in a matter being considered, or about to be considered, by the committee; and
	(b)	the interest could conflict with the proper performance of the member’s duties in relation to the consideration of the matter;
the member must disclose the nature of the interest at a meeting of the committee, as soon as practicable after the relevant facts have come to the member’s knowledge.
	(2)	A disclosure must be recorded in the minutes of the meeting.
726  Subsection 88(1)
Repeal the subsection.
Note:	The heading to section 88 is replaced by the heading “Extra matters to be included in annual report”.
727  Subsection 88(2)
Omit “Without limiting the generality of subsection 63H(1) of the Audit Act 1901 in its application in relation to the Authority, the Authority must include in each report referred to in that subsection”, substitute “Each annual report on the Authority prepared by the directors under section 9 of the Commonwealth Authorities and Companies Act 1996 must include”.
728  Subsection 88(2) (note)
Repeal the note.
Forestry and Timber Bureau Act 1930
729  Section 5
Repeal the section, substitute:
5  Forestry Reserve
	(1)	 This subsection establishes a reserve called the Forestry Reserve.
	(1A)	The Reserve is a component of the Reserved Money Fund.
	(2)	There must be transferred to the Reserve from the Consolidated Revenue Fund:
	(a)	amounts equal to donations for the furtherance of forestry that are received by the Director‑General or are otherwise received by or on behalf of the Commonwealth; and
	(b)	money appropriated by the Parliament for the purposes of the Reserve or payable to the Reserve under any other law.
	(3)	Money in the Reserve may be applied, in a manner approved by the Minister, for the furtherance of forestry.
	(4)	If interest is received by the Commonwealth from the investment of money from the Reserve, an amount equal to the interest must be transferred to the Reserve from the Consolidated Revenue Fund.
Great Barrier Reef Marine Park Act 1975
730  Subsection 7(3)
Omit “Authority shall include in each report prepared under section 63M of the Audit Act 1901”, substitute “members must include in each report on the Authority under section 9 of the Commonwealth Authorities and Companies Act 1996”.
731  At the end of subsection 9(1)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Authority. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
732  Paragraph 16(2)(e)
Omit “section 16A”, substitute “section 21 of the Commonwealth Authorities and Companies Act 1996”.
733  Subsections 16A(1) and (2)
Repeal the subsections.
Note:	The heading to section 16A is altered by omitting “members” and substituting “Chairman”.
734  Subsection 16A(4)
Repeal the subsection.
735  At the end of section 53
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Authority under section 18 of the Commonwealth Authorities and Companies Act 1996.
736  Sections 53A and 54
Repeal the sections.
737  Section 55
Repeal the section.
738  Subsection 56(2)
Omit “subsection 53A(2)”, substitute “section 18 of the Commonwealth Authorities and Companies Act 1996”.
739  Subsection 61A(5)
Omit “Authority shall include in each report prepared under section 63M of the Audit Act 1901”, substitute “members must include in each annual report on the Authority under section 9 of the Commonwealth Authorities and Companies Act 1996”.
Health Insurance Commission Act 1973
740  Section 8G
After “this Act”, insert “and the Commonwealth Authorities and Companies Act 1996”.
741  At the end of subsection 9(1)
Add:
Note:	Subject to section 9A, the Commonwealth Authorities and Companies Act 1996 applies to the Commission. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability and conduct of officers.
742  After section 9
Insert:
9A  Modification of the Commonwealth Authorities and Companies Act 1996
		Sections 14, 18 and 19 of the Commonwealth Authorities and Companies Act 1996 do not apply in relation to the Commission, except as provided in subsections 36(6), (6A) and (6D).
743  Section 15
Repeal the section.
744  Paragraph 17(2)(b)
Omit “15”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
745  Paragraph 26(2)(b)
Omit “15”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
746  Subsection 34(1)
Omit all the words from and including “prepare estimates” to and including “medicare functions”, substitute “prepare budget estimates, in such form as the Minister directs, relating to the Commission’s performance of its medicare functions”.
747  Subsection 34AAA(1)
Omit all the words from and including “prepare estimates” to and including “child care cash rebate functions”, substitute “prepare budget estimates, in such form as the Minister directs, relating to the Commission’s performance of its child care cash rebate functions”.
748  Subsection 35(1)
Omit “an approved bank or banks”, substitute “a bank or banks”.
749  Subsection 35(5)
Repeal the subsection, substitute:
	(5)	In this section:
bank means a person who carries on the business of banking, either in Australia or outside Australia.
750  Paragraphs 36(6)
Omit all the words from and including “Commission:” to and including “Treasurer;”, substitute “Commission in any manner specified in subsection 18(3) of the Commonwealth Authorities and Companies Act 1996,”.
751  Subsection 36(6A)
Omit all the words from and including “invested:” to and including “body thinks fit;”, substitute “invested in any manner specified in subsection 19(3) of the Commonwealth Authorities and Companies Act 1996,”.
752  After subsection 36(6B):
Insert:
	(6BA)	Powers to invest money under subsection (6A) may be exercised:
	(a)	by the Commission; or
	(b)	by a person or body who or that is:
	(i)	approved by the Commission; and
	(ii)	in the business of investment management; and
	(iii)	acting in accordance with any directions given by the Commission.
753  Subsection 36(6C)
Omit “and (6B)”, substitute “,(6B) and (6BA)”.
754  Subsection 36(6D)
Omit all the words from and including “Commission:” to and including “Treasurer;”, substitute “Commission in any manner specified in subsection 18(3) of the Commonwealth Authorities and Companies Act 1996,”.
755  Sections 40 and 41
Repeal the sections.
756  Section 42
Repeal the section, substitute:
42  Extra matters to be included in annual report
		The annual report on the Commission under section 9 of the Commonwealth Authorities and Companies Act 1996 must also include:
	(a)	the principles that were applicable in accordance with subsections 34B(2), 34C(1) and 36(6B) during the financial year; and
	(b)	a statement as to whether those principles differed from the principles that were applicable in the preceding financial year, and, if they differed, as to the manner in which they differed; and
	(c)	the number of:
	(i)	signed instruments made under section 8M; and
	(ii)	notices in writing given under section 8P; and
	(iii)	notices in writing given to individual patients under section 8P; and
	(iv)	premises entered under section 8U; and
	(v)	occasions when powers were used under section 8V; and
	(vi)	search warrants issued under section 8Y; and
	(vii)	search warrants issued by telephone or other electronic means under section 8Z; and
	(viii)	patients advised in writing under section 8ZN.
757  Section 43
Repeal the section.
Hearing Services Act 1991
758  At the end of subsection 7(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Authority. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
759  Section 10
Repeal the section.
760  At the end of section 12
Add:
	(4)	This section does not affect the application of section 28 of the Commonwealth Authorities and Companies Act 1996 in relation to the Authority.
761  Subsection 22(3)
Omit “would, for the purposes of section 24, be taken to have an interest”, substitute “has a material personal interest”.
762  Section 24
Repeal the section.
763  Paragraph 31(2)(b)
Omit “or section 24”, substitute “of this Act or section 21 of the Commonwealth Authorities and Companies Act 1996”.
764  Section 39
Repeal the section.
765  Paragraph 46(2)(b)
Omit “or section 24”, substitute “of this Act or section 21 of the Commonwealth Authorities and Companies Act 1996”.
766  Subsection 52(2)
Omit “Subject to subsection (3), the”, substitute “The”.
767  Subsections 52(3), (4) and (5)
Repeal the subsections, substitute:
	(3)	Subsection (2) does not prevent investment of surplus money of the Authority under section 18 of the Commonwealth Authorities and Companies Act 1996.
768  Section 59
Repeal the section.
769  Paragraph 60(1)(b)
Omit “63D(1) of the Audit Act 1901”, substitute “18(2) of the Commonwealth Authorities and Companies Act 1996”.
770  Subsection 60(2)
Repeal the subsection.
771  Section 61
Repeal the section.
772  Section 71
Repeal the section.
Higher Education Funding Act 1988
773  Subsection 34(1) (definition of Fund)
Repeal the definition.
774  Subsection 34(1)
Insert:
Reserve means the Higher Education (HECS) Reserve established by section 59.
775  Part 4.3 (heading)
Repeal the heading, substitute:
Part 4.3—Higher Education (HECS) Reserve
776  Subsection 59(1)
Omit “fund”, substitute “reserve”.
Note:	The heading to section 59 is altered by omitting “Fund” and substituting “Reserve”.
777  Subsection 59(1)
Omit “Trust Fund”, substitute “(HECS) Reserve”.
778  Subsection 59(2)
Repeal the subsection, substitute:
	(2)	The Reserve is a component of the Reserved Money Fund.
779  Subsection 60(1)
Omit “There shall be paid into the Fund”, substitute “There must be transferred to the Reserve from the Consolidated Revenue Fund amounts equal to”.
Note:	The heading to section 60 is altered by omitting “Fund” and substituting “Reserve”.
780  Paragraph 60(1)(b)
Omit “amounts equal to”.
781  Paragraphs 60(1)(c) and (d)
Omit “Fund”, substitute “Reserve”.
782  Paragraph 60(1)(e)
Omit “in the Fund”, substitute “from the Fund”.
783  Subsection 60(2)
Repeal the subsection.
784  Subsection 61(1)
Omit “Fund”, substitute “Reserve”.
Note:	The heading to section 61 is altered by omitting “Fund” and substituting “Reserve”.
785  Subsection 117(2)
Omit “section 49 or 50 of the Audit Act 1901”, substitute “section 54 or 55 of the Financial Management and Accountability Act 1996”.
Horticultural Research and Development Corporation Act 1987
786  Subsection 7(1)
Omit “Subject to subsection (2), the”, substitute “The”.
787  Subsection 7(2)
Repeal the subsection.
788  At the end of subsection 11(1)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Corporation. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
789  Section 22
Repeal the section.
790  Paragraph 23(2)(b)
Omit “22”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
791  Subsection 29(1)
Omit “Without limiting the matters that the Corporation may include in its annual report for a period, the Corporation shall include in the report”, substitute “The members of the Corporation must include in a report on the Corporation prepared under section 9 of the Commonwealth Authorities and Companies Act 1996”.
792  Subsection 29(2)
Repeal the subsection.
793  At the end of section 47
Add:
	(3)	This section does not prevent investment of surplus money of the Corporation under section 18 of the Commonwealth Authorities and Companies Act 1996.
794  Section 52
Repeal the section.
795  Subsection 54(5)
Repeal the subsection, substitute:
	(5)	Section 21 of the Commonwealth Authorities and Companies Act 1996 applies to a member of a committee as if the committee were a Commonwealth authority and the member were a director of the authority.
Housing Loans Insurance Act 1965
796  Subsection 4(1) (definition of approved bank)
Repeal the definition.
797  At the end of subsection 6(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Corporation. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
798  Section 10
Repeal the section.
799  Paragraph 11(2)(b)
Omit “10”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
800  Section 32
Repeal the section.
801  Section 33
Omit “Subject to section 34, the”, substitute “The”.
802  At the end of section 33
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Corporation under section 19 of the Commonwealth Authorities and Companies Act 1996.
803  Section 34
Repeal the section.
804  Subsection 36(1)
Repeal the subsection.
Note:	The heading to section 36 is replaced by the heading “Special account for business under subsection 17(3C) directions”.
805  Section 37
Repeal the section.
806  Section 37A
Omit “17A, 19 or 34”, substitute “17A or 19 of this Act, or subsection 19(3) of the Commonwealth Authorities and Companies Act 1996”.
807  Section 37B
Repeal the section.
808  Section 39
Repeal the section, substitute:
39  Extra matters to be included in annual report
		The annual report on the Corporation under section 9 of the Commonwealth Authorities and Companies Act 1996 must also set out:
	(a)	all directions given to the Corporation by the Minister under subsection 17(3C), section 20 or subsection 31A(4) or 31C(1) during the year to which the report relates; and
	(b)	all determinations made by the Minister under subsection 25(4) or 31B(1) or (2) during the year to which the report relates.
809  Section 40
Repeal the section, substitute:
40  A Minister cannot require reports etc. about affairs of a particular person
		A Minister cannot, under paragraph 16(1)(b) or (c) of the Commonwealth Authorities and Companies Act 1996, require the members of the Corporation to give that Minister a report, document or information relating to the affairs of a particular person.
Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996
810  Subsection 40(1)
After “section 39 of that Act”, insert “, or section 9 of the Commonwealth Authorities and Companies Act 1996,”.
811  Subsection 40(2)
Omit “section 39 of the Housing Loans Insurance Act, as it continues in force by subsection (1) of this section,”, substitute “the section that applies to the period of 12 months ending on that 30 June (being either section 39 of the Housing Loans Insurance Act or section 9 of the Commonwealth Authorities and Companies Act 1996)”.
Income Tax Assessment Act 1936
812  Subsection 128U(1) (definition of mining payment)
Omit “Trust Account” (wherever occurring), substitute “Aboriginals Benefit Reserve”.
813  Subsection 128U(1) (definition of Trust Account)
Repeal the definition.
814  Subsection 128U(1)
Insert:
Aboriginals Benefit Reserve means the Aboriginals Benefit Reserve established by section 62 of the Aboriginal Land Rights (Northern Territory) Act 1976.
815  Subsection 159ZR(1) (definition of eligible income)
After “section 34A of the Audit Act 1901”, insert “or section 33 of the Financial Management and Accountability Act 1996”.
Interstate Road Transport Act 1985
816  Subsection 3(1) (definition of Fund)
Repeal the definition.
817  Subsection 3(1)
Insert:
Reserve means the Interstate Road Transport Reserve established by section 21.
818  Part IV (heading)
Repeal the heading, substitute:
Part IV—Interstate Road Transport Reserve
819  Section 21
Repeal the section, substitute:
21  Interstate Road Transport Reserve
	(1)	This subsection establishes a reserve called the Interstate Road Transport Reserve.
	(2)	The Reserve is a component of the Reserved Money Fund.
	(3)	If interest is received by the Commonwealth from the investment of money from the Reserve, an amount equal to the interest must be transferred to the Reserve from the Consolidated Revenue Fund.
820  Subsection 22(1)
Omit “Fund”, substitute “Reserve”.
Note:	The heading to section 22 is altered by omitting “Fund” and substituting “Reserve”.
821  Subsection 22(1)
Omit “which is appropriated accordingly,”.
822  Subsection 22(2)
Omit “Fund”, substitute “Reserve, out of the Consolidated Revenue Fund, amounts equal to”.
823  Section 23
Omit “Fund”, (wherever occurring), substitute “Reserve”.
Note:	The heading to section 23 is altered by omitting “Fund” and substituting “Reserve”.
Lands Acquisition Act 1989
824  Section 6 (definition of Trust Fund)
Repeal the definition.
825  Section 6
Insert:
Reserve means the Lands Acquisition Reserve established by section 89A.
826  After section 89
Insert:
89A  Establishment of Lands Acquisition Reserve
	(1)	This subsection establishes a reserve called the Lands Acquisition Reserve.
	(2)	The Reserve is a component of the Reserved Money Fund.
827  Section 90
Omit “Trust Fund” (wherever occurring), substitute “Reserve”.
Note:	The heading to section 90 is altered by omitting “Trust Fund” and substituting “Reserve”.
828  Section 114
Omit “Trust Fund” (wherever occurring), substitute “Reserve”.
Note:	The heading to section 114 is altered by omitting “Trust Fund” and substituting “Reserve”.
Loan Consolidation and Investment Reserve Act 1955
829  Subsection 4(2)
Repeal the subsection, substitute:
	(2)	The Reserve is a component of the Reserved Money Fund.
830  Section 5
Repeal the section, substitute:
5  Payments to Reserve
		There must be transferred to the Reserve from the Consolidated Revenue Fund:
	(a)	amounts appropriated by the Parliament for the purposes of the Reserve; and
	(b)	amounts equal to interest received by the Commonwealth from the investment of money from the Reserve.
831  Subsection 6(4)
Omit “section 62B of the Audit Act 1901”, substitute “section 39 of the Financial Management and Accountability Act 1996”.
832  Subsection 7(4)
Repeal the subsection, substitute:
	(4)	Section 62 of the Financial Management and Accountability Act 1996 applies to the Finance Minister’s power under subsection 6(4) of this Act in the same way as that section applies to the Finance Minister’s powers under the Financial Management and Accountability Act 1996.
Loan (Income Equalization Deposits) Act 1976
833  Subsection 4B(3)
Omit “Trust Account”, substitute “Reserve”.
834  Section 7
Repeal the section, substitute:
7  Establishment of Reserve
	(1)	This subsection establishes a reserve called the Income Equalization Deposits Reserve.
	(2)	The Reserve is a component of the Reserved Money Fund.
835  Section 8
Omit “Trust Account” (wherever occurring), substitute “Reserve”.
Note:	The heading to section 8 is altered by omitting “Trust Account” and substituting “Reserve”.
836  Subsection 15A(9)
Omit “Trust Account”, substitute “Reserve”.
Loan (Temporary Revenue Deficits) Act 1953
837  Subsection 3(1)
Omit “Notwithstanding section fifty‑seven of the Audit Act 1901‑1952, whenever”, substitute “Whenever”.
Maritime College Act 1978
838  At the end of subsection 5(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the College. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
839  Paragraph 17(2)(b)
Omit “an obligation imposed on him or her by section 18”, substitute “section 21 of the Commonwealth Authorities and Companies Act 1996”.
840  Section 18
Repeal the section.
841  After section 32
Insert:
33  College’s financial year starts on 1 January
		For the purposes of the Commonwealth Authorities and Companies Act 1996, the College’s financial year is a period of 12 months starting on 1 January.
842  At the end of section 34
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the College under section 18 of the Commonwealth Authorities and Companies Act 1996.
843  Section 35
Repeal the section.
844  Section 37C
Omit “35,”.
845  Section 37E
Repeal the section.
Meat and Live‑stock Industry Act 1995
846  At the end of subsection 8(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Council. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
847  Paragraph 23(1)(a)
Repeal the paragraph, substitute:
	(a)	to consider the most recent annual reports on the Council, AMLC and MRC (these reports are prepared under section 9 of the Commonwealth Authorities and Companies Act 1996); and
848  Paragraph 23(2)(a)
Omit all the words after “annual report”, substitute “on the Council be received;”.
849  Paragraph 23(2)(b)
Omit all the words after “annual report”, substitute “on AMLC be received;”.
850  Paragraph 23(2)(c)
Omit all the words after “annual report”, substitute “on MRC be received;”.
851  Section 32
Repeal the section, substitute:
32  Situations that do not amount to interests requiring disclosure
		For the purposes of section 21 of the Commonwealth Authorities and Companies Act 1996, a member is not taken to have a material personal interest in a matter being considered or about to be considered by the Council merely because the member is a producer of live‑stock, an exporter of live‑stock, the operator of meatworks or an exporter of meat.
852  Paragraph 35(3)(c)
Omit “32”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
853  At the end of section 44
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Council under section 18 of the Commonwealth Authorities and Companies Act 1996.
854  Section 47
Repeal the section.
855  Section 50
Omit “The Council must include in each annual report prepared under section 63H of the Audit Act 1901, as that section applies to it because of section 47 of this Act:”, substitute “The annual report on the Council under section 9 of the Commonwealth Authorities and Companies Act 1996 must also include:”.
Note:	The heading to section 50 is replaced by the heading “Extra matters to be included in annual report”.
856  At the end of subsection 53(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to AMLC. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
857  Section 112
Repeal the section, substitute:
112  Situations that do not amount to interests requiring disclosure
		For the purposes of section 21 of the Commonwealth Authorities and Companies Act 1996, a member is not taken to have a material personal interest in a matter being considered or about to be considered by AMLC merely because the member is a producer of live‑stock, an exporter of live‑stock, the operator of meatworks or an exporter of meat.
858  Paragraph 115(3)(c)
Omit “112”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
859  At the end of section 126
Add:
	(3)	Subsections (1) and (2) do not prevent investment of surplus money of AMLC under section 19 of the Commonwealth Authorities and Companies Act 1996.
860  Sections 130, 131, 132 and 133
Repeal the sections.
861  Subsection 163(1)
Repeal the subsection.
862  Subsection 163(2)
Omit “The annual report for a financial year must include:”, substitute “The annual report on AMLC under section 9 of the Commonwealth Authorities and Companies Act 1996 must also include:”.
Note:	The heading to section 163 is replaced by the heading “Extra matters to be included in annual report”.
863  Subsections 163(4) and (5)
Repeal the subsections.
864  At the end of subsection 166(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to MRC. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
865  Section 191
Repeal the section, substitute:
191  Situations that do not amount to interests requiring disclosure
		For the purposes of section 21 of the Commonwealth Authorities and Companies Act 1996, a member is not taken to have a material personal interest in a matter being considered or about to be considered by MRC merely because the member is a producer of live‑stock, an exporter of live‑stock, the operator of meatworks or an exporter of meat.
866  Paragraph 194(3)(c)
Omit “191”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
867  At the end of section 205
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of MRC under section 18 of the Commonwealth Authorities and Companies Act 1996.
868  Section 208
Repeal the section.
869  Section 213
Omit “MRC must include in each annual report prepared under section 63H of the Audit Act 1901, as that section applies to it because of section 208 of this Act:”, substitute “ The annual report on MRC under section 9 of the Commonwealth Authorities and Companies Act 1996 must also include:”.
Note:	The heading to section 213 is replaced by the heading “Extra matters to be included in annual report”.
870  Paragraph 221(3)(b)
Omit “authority’s annual report”, substitute “annual report on the authority under section 9 of the Commonwealth Authorities and Companies Act 1996”.
871  At the end of section 221
Add:
	(5)	This section does not apply to notices under section 28 of the Commonwealth Authorities and Companies Act 1996, and does not affect the Minister’s power to give notices under that section.
Military Superannuation and Benefits Act 1991
872  At the end of section 19
Add:
	(4)	The Board is not a Commonwealth authority for the purposes of the Commonwealth Authorities and Companies Act 1996.
873  Section 25
Repeal the section, substitute:
25  Banking
	(1)	The Board must pay all money received by it in respect of the Fund into an account maintained by it with a bank.
	(2)	In this section:
bank means a person who carries on the business of banking, either in Australia or outside Australia.
25A  Accounting records
	(1)	The Board must keep proper accounts and records of the Fund’s transactions and affairs in accordance with the accounting principles generally applied in commercial practice.
	(2)	The Board must do all things necessary to ensure that:
	(a)	all payments out of the Fund are correctly made and properly authorised; and
	(b)	adequate control is maintained over the assets of the Fund and over the incurring of liabilities by the Board in respect of the Fund.
	(3)	If a requirement of this section is contravened, each member of the Board who intentionally:
	(a)	caused the contravention; or
	(b)	failed to take all reasonable steps to comply with the requirement, or secure compliance with the requirement;
is guilty of an offence.
Penalty for contravention of subsection (3):  Imprisonment for 6 months
25B  Audit
	(1)	At least once a year, the Auditor‑General must:
	(a)	inspect and audit:
	(i)	the accounts and records of the Fund’s financial transactions; and
	(ii)	the records relating to assets of the Fund; and
	(b)	report to the Minister the results of the inspection and audit.
	(2)	The Auditor‑General may, however, decide to dispense with all or any part of the detailed inspection of the accounts and records.
	(3)	The Auditor‑General must, as soon as practicable, report to the Minister any irregularity disclosed by the inspection that the Auditor‑General thinks is sufficiently important to be reported.
Note:	For the information-gathering powers of the Auditor‑General, see Part 5 of the Auditor‑General Act 1996.
National Cattle Disease Eradication Trust Account Act 1991
874  Title
Omit “continue in existence the National Cattle Disease Eradication Trust Account”, substitute “establish the National Cattle Disease Eradication Reserve”.
875  Section 1
Omit “Trust Account”, substitute “Reserve”.
876  Section 3 (definition of the Account)
Repeal the definition.
877  Section 3
Insert:
Reserve means the National Cattle Disease Eradication Reserve established by section 4.
878  Section 4
Repeal the section, substitute:
4  Establishment of Reserve
	(1)	This subsection establishes a reserve called the National Cattle Disease Eradication Reserve.
	(2)	The Reserve is a component of the Reserved Money Fund.
879  Subsection 5(1)
Omit “There is to be paid into the Account”, substitute “There must be transferred to the Reserve from the Consolidated Revenue Fund”.
Note:	The heading to section 5 is altered by omitting “Trust Account” and substituting “Reserve”.
880  Paragraph 5(1)(c)
Omit “Account”, substitute “Reserve”.
881  Paragraph 5(1)(d)
Repeal the paragraph, substitute:
	(d)	amounts equal to interest from the investment of money from the Reserve.
882  Subsection 5(2)
Repeal the subsection.
883  Section 6
Omit “Account”, substitute “Reserve”.
Note:	The heading to section 6 is altered by omitting “Trust Account” and substituting “Reserve”.
National Environment Protection Council Act 1994
884  At the end of section 56
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Service Corporation under section 18 of the Commonwealth Authorities and Companies Act 1996 as it applies to the Service Corporation under section 59 of this Act.
885  Sections 58 and 59
Repeal the sections, substitute:
59  Application of the Commonwealth Authorities and Companies Act 1996
	(1)	The Service Corporation is not a Commonwealth authority for the purposes of the Commonwealth Authorities and Companies Act 1996.
	(2)	Sections 9, 18 and 20 of that Act, and Schedule 1 to that Act, apply in relation to the Service Corporation as if it were a Commonwealth authority for the purposes of that Act.
	(3)	Section 9 of the Commonwealth Authorities and Companies Act 1996 applies in relation to the Service Corporation as if the NEPC Executive Officer were a director of the Service Corporation for the purposes of that Act.
	(4)	Schedule 1 to that Act applies in relation to the Commission as if references in that Schedule to the Finance Minister’s Orders were references to requirements set out in a resolution of the Ministerial Council carried in accordance with section 28 of this Act.
	(5)	An annual report prepared under section 9 of that Act must also contain any other information required by the Council to be included in the report.
	(6)	A copy of each annual report given to the Minister must be given to each member of the Ministerial Council as soon as practicable.
National Gallery Act 1975
886  At the end of subsection 4(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Gallery. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
887  Subsection 7(4)
Omit “sections 36 and 39”, substitute “section 36 of this Act and subsection 18(3) of the Commonwealth Authorities and Companies Act 1996”.
888  Paragraph 17(2)(c)
Omit “19”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
889  Section 19
Repeal the section.
890  Paragraph 29(2)(aa)
Omit “19”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
891  Section 35
Repeal the section.
892  At the end of section 37
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Gallery under section 18 of the Commonwealth Authorities and Companies Act 1996.
893  Subsection 38(2)
Omit “39”, substitute “18 of the Commonwealth Authorities and Companies Act 1996”.
894  Sections 39 and 40
Repeal the sections, substitute:
40  Extra matters to be included in annual report
		In each report on the Gallery under section 9 of the Commonwealth Authorities and Companies Act 1996, the members must include particulars of any disposals of works of art under section 9 of this Act during the financial year to which the report relates.
National Health Act 1953
895  At the end of subsection 82B(2)
Add:
Note:	Subject to section 82BA, the Commonwealth Authorities and Companies Act 1996 applies to the Council. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
896  After section 82B
Insert:
82BA  Modification of the Commonwealth Authorities and Companies Act 1996
	(1)	The Commonwealth Authorities and Companies Act 1996 applies (subject to subsection (2)) in relation to the Council as if the Commissioner were the Council’s only director.
	(2)	Sections 14 and 21 of the Commonwealth Authorities and Companies Act 1996 do not apply in relation to the Council.
897  After section 82C
Insert:
82CA  Disclosure of interests by Commissioner
		If the Commissioner has a material personal interest in a matter that the Commissioner is considering or is about to consider, the Commissioner must give written notice of the interest to the Minister.
898  Section 82P
After “powers of the Council”, insert “, other than functions and powers under the Commonwealth Authorities and Companies Act 1996”.
899  At the end of section 82PA
Add:
Note:	An annual report on the Council’s operations must also be prepared under section 9 of the Commonwealth Authorities and Companies Act 1996.
Note:	The heading to section 82PA is replaced by the heading “Report on registered organisations”.
900  At the end of subsection 82ZR(1)
Add:
Note:	Subject to section 82ZRAA, the Commonwealth Authorities and Companies Act 1996 applies to the Complaints Commissioner. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
901  After section 82ZR
Insert:
82ZRAA  Commonwealth Authorities and Companies Act 1996 applies as though Complaints Commissioner were a director
	(1)	Subsection 82ZR(1) provides that the Complaints Commissioner is a corporation. The Commonwealth Authorities and Companies Act 1996 applies (subject to subsection (2)) in relation to the corporation as if the person holding, or performing the duties of, the office of Complaints Commissioner were a director of the corporation for the purposes of that Act.
	(2)	Section 21 of the Commonwealth Authorities and Companies Act 1996 does not apply in relation to the Complaints Commissioner.
902  After section 82ZUB
Insert:
82ZUBA  Disclosure of interest by Complaints Commissioner
		If the Complaints Commissioner has a material personal interest in a matter that the Complaints Commissioner is considering or is about to consider, the Complaints Commissioner must give written notice of the interest to the Minister.
903  Subsection 82ZVA(1)
Repeal the subsection
904  Subsection 82ZVA(2)
Omit all the words from and including “The annual report” to and including “summary of:”, substitute “The annual report prepared by the Complaints Commissioner under section 9 of the Commonwealth Authorities and Companies Act 1996 must also include a summary of:”.
Note:	The heading to section 82ZVA is replaced by the heading “Extra matters to be included in annual report.
National Health and Medical Research Council Act 1992
905  Section 4 (definition of Fund)
Repeal the definition.
906  Section 4
Insert:
Reserve means the Medical Research Endowment Reserve established by section 49.
907  Paragraph 7(1)(c)
Omit “Fund”, substitute “Reserve”.
908  Paragraphs 35(2)(a) and (b)
Omit “Fund”, substitute “Reserve”.
909  Part 7 (heading)
Repeal the heading, substitute:
Part 7—Medical Research Endowment Reserve
910  Section 49
Repeal the section, substitute:
49  Establishment of Reserve
	(1)	This subsection establishes a reserve called the Medical Research Endowment Reserve.
	(2)	The Reserve is a component of the Reserved Money Fund.
	(3)	If interest is received by the Commonwealth from the investment of money from the Reserve, an amount equal to the interest must be transferred to the Reserve from the Consolidated Revenue Fund.
911  Section 50
Repeal the section, substitute:
50  Payments into Reserve
		There must be transferred to the Reserve from the Consolidated Revenue Fund:
	(a)	amounts from time to time appropriated by the Parliament for the purposes of the Reserve; and
	(b)	amounts equal to amounts that are given or bequeathed for the purposes of the Reserve.
912  Subsection 51(1)
Omit “Fund”, substitute “Reserve”.
Note:	The heading to section 51 is altered by omitting “Fund” and substituting “Reserve”.
913  Subsection 52(1)
Omit “the Audit Act 1901 (other than section 62B of that Act)”, substitute “the Financial Management and Accountability Act 1996 (other than section 39 of that Act)”.
914  Subsection 52(1)
Omit “Fund” (wherever occurring), substitute “Reserve”.
915  Subsection 52(2)
Omit “Fund”, substitute “Reserve”.
916  Section 53
Repeal the section, substitute:
53  Money repaid to the Commonwealth
		Amounts equal to money repaid to the Commonwealth in accordance with a condition determined under subsection 51(2) must be transferred to the Reserve from the Consolidated Revenue Fund.
National Library Act 1960
917  At the end of subsection 5(1)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Library. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
918  Paragraph 15(1)(e)
Omit “15B”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
919  Section 15B
Repeal the section.
920  Paragraph 17E(1)(aa)
Omit “15B”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
921  Sections 21 and 21A
Repeal the sections.
922  At the end of section 22
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Library under section 18 of the Commonwealth Authorities and Companies Act 1996.
923  Section 23
Repeal the section.
924  Section 27
Repeal the section.
National Measurement Act 1960
925  At the end of subsection 16(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Commission. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
926  Paragraph 18AC(2)(c)
Omit “18AD”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
927  Sections 18AD and 18C
Repeal the sections.
928  Paragraph 18D(c)
Omit “18DA”, substitute “18 of the Commonwealth Authorities and Companies Act 1996”.
929  Sections 18DA and 18E
Repeal the sections.
930  Subsection 18F(2)
Omit “18DA”, substitute “18 of the Commonwealth Authorities and Companies Act 1996”.
931  Sections 18G, 18H and 19C
Repeal the sections.
National Museum of Australia Act 1980
932  At the end of subsection 4(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Museum. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
933  Subsection 9(5)
Omit “The Museum must, in each report prepared under section 63M of the Audit Act 1901 (as that section applies by virtue of section 38),”, substitute “In each report on the Museum under section 9 of the Commonwealth Authorities and Companies Act 1996, the members must”.
934  Paragraph 17(2)(c)
Omit “section 19”, substitute “section 21 of the Commonwealth Authorities and Companies Act 1996”.
935  Section 19
Repeal the section.
936  Paragraph 27(2)(e)
Omit “his obligations under section 19”, substitute “section 21 of the Commonwealth Authorities and Companies Act 1996”.
937  Section 34
Repeal the section.
938  At the end of section 35
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Museum under section 18 of the Commonwealth Authorities and Companies Act 1996.
939  Section 36
Repeal the section.
940  Subsection 37(2)
Omit “36”, substitute “18 of the Commonwealth Authorities and Companies Act 1996”.
941  Subsections 38(1), (2) and (3)
Repeal the subsections.
Note:	The heading to section 38 is replaced by the heading “Extra matters to be included in annual report”.
942  Subsection 38(4)
Omit “Museum in pursuance of section 63M of the Audit Act 1901 shall”, substitute “members under section 9 of the Commonwealth Authorities and Companies Act 1996 must”.
National Occupational Health and Safety Commission Act 1985
943  At the end of subsection 6(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Commission. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
944  Paragraph 14(3)(b)
After “27”, insert “of this Act or section 21 of the Commonwealth Authorities and Companies Act 1996”.
945  Subsection 14(6)
Omit “15 or 27”, substitute “27 of this Act or section 21 of the Commonwealth Authorities and Companies Act 1996”.
946  Subsections 15(1), (2) and (3)
Repeal the subsections.
Note:	The heading to section 15 is altered by omitting “members” and substituting “Chairperson and Chief Executive Officer”.
947  Section 57
Repeal the section.
948  Subsection 58(2)
Repeal the subsection, substitute:
	(2)	Money standing to the credit of the Fund that is not immediately needed for the purposes of the Fund may be invested under subsection 18(3) of the Commonwealth Authorities and Companies Act 1996.
949  Subsection 58(8) (definition of approved bank)
Repeal the definition.
950  At the end of section 59
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Commission under section 18 of the Commonwealth Authorities and Companies Act 1996.
951  Section 60
Repeal the section.
952  Subsection 66(2)
Repeal the subsection, substitute:
	(2)	The Minister must cause to be tabled in each House of the Parliament a copy of the statement prepared for a year under subsection (1) at the same time as the annual report for the Commission for that year is tabled under the Commonwealth Authorities and Companies Act 1996.
National Parks and Wildlife Conservation Act 1975
953  At the end of subsection 15(1)
Add:
Note:	Subject to section 15A, the Commonwealth Authorities and Companies Act 1996 applies to the Director. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
954  After section 15
Insert:
15A  Modification of the Commonwealth Authorities and Companies Act 1996
	(1)	Subsection 15(1) provides that the Director is a corporation. The Commonwealth Authorities and Companies Act 1996 applies (subject to subsections (2) and (3)) in relation to the corporation as if the person holding, or performing the duties of, the office of Director were a director of the corporation for the purposes of that Act.
	(2)	Section 21 of the Commonwealth Authorities and Companies Act 1996 does not apply in relation to the Director.
	(3)	The Commonwealth Authorities and Companies Act 1996 applies to the Fund as though the Fund were money of the Director.
955  Subsection 16(3)
Repeal the subsection.
956  After section 17
Insert:
17AA  Disclosure of interest by Director
		If the Director has a material personal interest in a matter that the Director is considering or is about to consider, the Director must give written notice of the interest to the Minister.
957  Section 47
Repeal the section.
958  At the end of section 48
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Fund under section 18 of the Commonwealth Authorities and Companies Act 1996.
959  Sections 49A, 50 and 51
Repeal the sections.
960  Section 52
Repeal the section, substitute:
52  Extra matters to be included in annual report
		The annual report prepared by the Director under section 9 of the Commonwealth Authorities and Companies Act 1996 must also include:
	(a)	particulars of any directions given by the Minister under subsection 16(2) of this Act during the year to which the report relates; and
	(b)	the report prepared by the Director under section 49 of the Endangered Species Protection Act 1992.
961  Section 53
Repeal the section.
National Residue Survey Administration Act 1992
962  Title
Omit “Trust Account”, substitute “Reserve”.
963  Section 4 (definition of Account)
Repeal the definition.
964  Section 4
Insert:
Reserve means the National Residue Survey Reserve established by section 6.
965  Part 3 (heading)
Repeal the heading, substitute:
Part 3—National Residue Survey Account
966  Section 6
Repeal the section, substitute:
6  Establishment of Reserve
	(1)	This subsection establishes a reserve called the National Residue Survey Reserve.
	(2)	The Reserve is a component of the Reserved Money Fund.
967  Section 7
Omit “There is to be paid into the Account”, substitute “There must be transferred to the Reserve from the Consolidated Revenue Fund”.
Note:	The heading to section 7 is altered by omitting “Account” and substituting “Reserve”.
968  Paragraphs 7(c), (d) and (da)
Repeal the paragraphs, substitute:
	(c)	amounts equal to amounts paid to the Commonwealth for the purposes of the National Residue Survey or the Reserve;
969  Paragraph 7(e)
Omit “Account”, substitute “Reserve”.
970  Paragraph 7(f)
Repeal the paragraph, substitute:
	(f)	 amounts equal to income from the investment of money from the Reserve.
971  Section 8
Omit “Account” (wherever occurring), substitute “Reserve”.
Note:	The heading to section 8 is altered by omitting “Account” and substituting “Reserve”.
972  Section 10
Omit “National Residue Survey Account”, substitute “Reserve”.
973  Paragraphs 10(a), (b) and (c)
Omit “Account”, substitute “Reserve”.
974  Section 11
Omit “National Residue Survey Account”, substitute “Reserve”.
975  Section 12
Repeal the section.
National Road Transport Commission Act 1991
976  Sections 40 and 41
Repeal the sections, substitute:
40  Application of the Commonwealth Authorities and Companies Act 1996
	(1)	The Commission is not a Commonwealth authority for the purposes of the Commonwealth Authorities and Companies Act 1996.
	(2)	Sections 9, 18 and 20 of that Act, and Schedule 1 to that Act, apply in relation to the Commission as if it were a Commonwealth authority for the purposes of that Act.
	(3)	Schedule 1 to that Act applies in relation to the Commission as if references in that Schedule to the Finance Minister’s Orders were references to requirements set out in a resolution of the Ministerial Council passed in accordance with the Heavy Vehicles Agreement.
	(4)	An annual report prepared by members under section 9 of that Act must also contain any other information required by an Agreement to be included in the report.
	(5)	A copy of each annual report given to the Minister must be given to each member of the Ministerial Council as soon as practicable.
Native Title Act 1993
977  Sections 133, 134 and 135
Repeal the sections, substitute:
133  Annual report
	(1)	As soon as practicable after 30 June in each year, the President must prepare and give to the Commonwealth Minister a report of the management of the administrative affairs of the Tribunal during the year.
	(2)	The report must include:
	(a)	the financial statements required by section 49 of the Financial Management and Accountability Act 1996; and
	(b)	an audit report on those statements under section 57 of the Financial Management and Accountability Act 1996.
	(3)	The Commonwealth Minister must cause a copy of the report to be tabled in each House of the Parliament as soon as practicable.
Natural Heritage Trust of Australia Act 1996
978  Paragraph 6(1)(a)
Omit “40”, substitute “39”.
979  Section 42 (note)
Omit “40(2)”, substitute “39(2)”.
Natural Resources Management (Financial Assistance) Act 1992
980  Title
Omit “Fund”, substitute “Reserve”.
981  Subsection 4(1) (definition of Fund)
Repeal the definition.
982  Subsection 4(1)
Insert:
Reserve means the Natural Resources Management Reserve established by section 11.
983  Subsection 6(5)
Omit “Fund”, substitute “Reserve”.
984  Part 3 (heading)
Repeal the heading, substitute:
Part 3—Natural Resources Management Reserve
985  Subsections 11(1), (2) and (3)
Repeal the subsections, substitute:
	(1)	This subsection establishes a reserve called the Natural Resources Management Reserve.
	(2)	The Reserve is a component of the Reserved Money Fund.
	(3)	If interest is received by the Commonwealth from the investment of money from the Reserve, an amount equal to the interest must be transferred to the Reserve from the Consolidated Revenue Fund.
Note:	The heading to section 11 is altered by omitting “Fund” and substituting “Reserve”.
986  Subsection 11(4)
Omit “The following amounts are to be paid into the Fund”, substitute “There must be transferred to the Reserve from the Consolidated Revenue Fund”.
987  Paragraph 11(4)(b)
Omit “Fund”, substitute “Reserve”.
988  Paragraphs 11(4)(b), (c) and (d)
Before “amounts”, insert “amounts equal to”.
989  Subsection 11(5)
 Omit “Fund” (wherever occurring), substitute “Reserve”.
990  Subsection 12(1)
Omit “or in the Audit Act 1901 (other than subsection (2) of this section and section 62B of the Audit Act 1901)”, substitute “(other than subsection (2) of this section) or in the Financial Management and Accountability Act 1996 (other than section 39 of that Act)”.
991  Paragraphs 12(1)(a) and (b)
Omit “Fund”, substitute “Reserve”.
992  Subsection 12(2)
Omit “Fund”, substitute “Reserve”.
Norfolk Island Act 1979
993  Section 51G
Omit “subsection 63MB(1) of the Audit Act 1901” (wherever occurring), substitute “section 24 of the Auditor‑General Act 1996”.
Occupational Health and Safety (Commonwealth Employment) Act 1991
994  Subsection 5(1) (definition of annual report of Comcare)
Repeal the definition, substitute:
annual report of Comcare means the annual report on Comcare prepared under section 9 of the Commonwealth Authorities and Companies Act 1996.
Pig Industry Act 1986
995  Section 4 (definition of company auditor)
Repeal the definition.
996  Section 4 (definition of Corporation auditor)
Repeal the definition.
997  At the end of subsection 5(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Corporation. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
998  Paragraph 14(2)(b)
Omit “15”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
999  Section 15
Repeal the section, substitute:
15  Situations that do not amount to interests requiring disclosure
	(1)	If:
	(a)	a member has an interest in a matter being considered or about to be considered by the Corporation; and
	(b)	it is an interest that the member has by reason of being a principal in the industry; and
	(c)	the member has that interest in common with other principals in the industry;
the interest is not to be taken to be a material personal interest of the member for the purposes of section 21 of the Commonwealth Authorities and Companies Act 1996.
	(2)	In this section:
principal in the industry means a pig producer, pig exporter, pork processor, pork producer or pork exporter.
1000  Subsection 21(4)
Omit “annual report of the Corporation”, substitute “annual report on the Corporation under section 9 of the Commonwealth Authorities and Companies Act 1996”.
1001  After subsection 25(1)
Insert:
	(1A)	Subsection (1) does not prevent investment of surplus money of the Corporation under section 19 of the Commonwealth Authorities and Companies Act 1996.
1002  Sections 26, 27, 28, 29 and 30
Repeal the sections.
1003  Section 33
Omit “laid before each House of the Parliament in accordance with section 34”, substitute “tabled in each House of the Parliament under section 9 of the Commonwealth Authorities and Companies Act 1996”.
1004  Subsections 34(1), (2) and (3)
Repeal the subsections.
1005  Subsection 34(4)
Omit “Without limiting the generality of subsection (1), the Corporation shall include in each annual report referred to in that subsection—”, substitute “The annual report on the Corporation under section 9 of the Commonwealth Authorities and Companies Act 1996 must also include:”.
Note:	The heading to section 34 is replaced by the heading “Extra matters to be included in annual report”.
1006  Subsection 34(5)
Repeal the subsection.
Prawn Export Promotion Act 1995
1007  Section 14
Repeal the section.
Primary Industries and Energy Research and Development Act 1989
1008  At the end of subsection 10(1)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to an R&D Corporation. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
1009  Subsection 12(1)
Omit “Subject to subsection (2), an”, substitute “An”.
1010  Subsection 12(2)
Repeal the subsection.
1011  Subsection 28(1)
Omit “Without limiting the matters that an R&D Corporation may include in its annual report under section 63H of the Audit Act 1901 for a period, it must include in the report”, substitute “The directors must include in each report on an R&D Corporation prepared under section 9 of the Commonwealth Authorities and Companies Act 1996”.
1012  Subsection 28(2)
Repeal the subsection.
1013  Section 54
Repeal the section.
1014  Paragraph 73(1)(c)
Omit “54”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
1015  At the end of section 100
Add:
	(2)	Section 21 of the Commonwealth Authorities and Companies Act 1996 applies to members of an R&D Council as if the Council were a Commonwealth authority and the members were directors of the authority.
1016  At the end of section 138
Add:
	; and (g)	the reference in paragraph 73(1)(c) of this Act to section 21 of the Commonwealth Authorities and Companies Act 1996 were a reference to subsections (2), (3), (4) and (5) of this section.
	(2)	If:
	(a)	a member of the Selection Committee has a direct or indirect pecuniary interest in a matter being considered, or about to be considered, by the Committee; and
	(b)	the interest could conflict with the proper performance of the member’s duties in relation to the matter;
the member must disclose the nature of the interest at a meeting of the Committee as soon as practicable after the member knows the relevant facts.
	(3)	The disclosure must be recorded in the minutes of the meeting.
	(4)	Unless the Committee determines otherwise, the member must not:
	(a)	be present during any deliberation of the Committee in relation to the matter; or
	(b)	take part in any decision of the Committee in relation to the matter.
	(5)	A member who has a direct or indirect pecuniary interest in a matter to which a disclosure relates must not:
	(a)	be present during any deliberation of the Committee for the purpose of making a determination under subsection (4); or
	(b)	take part in the Committee’s making of the determination.
Note:	The heading to section 138 is altered by adding at the end “and disclosure of interest provisions”.
Primary Industries Levies and Charges Collection Act 1991
1017  Section 13
Omit “Audit Act 1901”, substitute “Financial Management and Accountability Act 1996”.
Note:	The heading to section 13 is altered by omitting “Audit Act” and substituting “Financial Management and Accountability Act”.
Proceeds of Crime Act 1987
1018  Subsection 4(1) (definition of distributable funds)
Omit “Trust Fund”, substitute “Reserve”.
1019  Subsection 4(1) (definition of suspended funds)
Omit “Trust Fund”, substitute “Reserve”.
1020  Subsection 4(1) (definition of Trust Fund)
Repeal the definition.
1021  Subsection 4(1)
Insert:
Reserve means the Confiscated Assets Reserve established by section 34A.
1022  Subsection 20(3)
Omit “Trust Fund” (wherever occurring), substitute “Reserve”.
1023  Subsection 30(4)
Omit “Trust Fund” (wherever occurring), substitute “Reserve”.
1024  Part IIA (heading)
Repeal the heading, substitute:
Part IIA—Confiscated Assets Reserve
1025  Section 34A
Repeal the section, substitute:
34A  Establishment of Reserve
	(1)	This subsection establishes a reserve called the Confiscated Assets Reserve.
	(2)	The Reserve is a component of the Reserved Money Fund.
1026  Subsection 34B(1)
Omit “There are to be paid into the Trust Fund”, substitute “There must be transferred to the Reserve from the Consolidated Revenue Fund amounts equal to”.
Note:	The heading to section 34B is altered by omitting “Trust Fund” and substituting “Reserve”.
1027  Paragraph 34B(1)(d)
Omit “Trust Fund”, substitute “Reserve”.
1028  Subsections 34B(2) and (3)
Omit “Trust Fund” (wherever occurring), substitute “Reserve”.
1029  Section 34C
Omit “Trust Fund” (wherever occurring), substitute “Reserve”.
Note:	The heading to section 34C is altered by omitting “Trust Fund” and substituting “Reserve”.
1030  Subsection 34E(1)
Omit “Trust Fund”, substitute “Reserve”.
1031  Subsections 49(6), (7) and (8)
Omit “Trust Fund” (wherever occurring), substitute “Reserve”.
1032  Subsections 63(4), (5) and (6)
Omit “Trust Fund” (wherever occurring), substitute “Reserve”.
Public Accounts Committee Act 1951
1033   At the end of the title
Add “and Audit”.
1034  Section 1
After “Accounts”, insert “and Audit”.
1035  Section 4
Insert:
Audit Office means the Australian National Audit Office established by section 38 of the Auditor‑General Act 1996.
1036  Section 4
Insert:
Auditor‑General means the Auditor‑General for the Commonwealth referred to in section 7 of the Auditor‑General Act 1996.
1037   Section 4
Insert:
Independent Auditor means the Independent Auditor referred to in section 41 of the Auditor‑General Act 1996.
1038  Section 4 (definition of the Committee)
After “Accounts”, insert “and Audit”.
1039  Subsections 5(1) and (2)
Repeal the subsections, substitute:
	(1)	As soon as practicable after the commencement of this subsection and the first session of each Parliament, a joint committee of members of the Parliament, to be known as the Joint Committee of Public Accounts and Audit, is to be appointed.
	(2)	The Committee is to consist of 16 members of the Parliament. 6 members must be members of, and be appointed by, the Senate. 10 members must be members of, and be appointed by, the House of Representatives. The members must be appointed according to the practice of the Parliament for the appointment of members to serve on joint select committees of both Houses of the Parliament.
1040  Transitional provision relating to changes to Committee
For the purposes of section 25B of the Acts Interpretation Act 1901, the amendment made by item 1039 is taken to be an amendment altering the name and constitution of the Committee provided for in the Public Accounts Committee Act 1951 as in force immediately before the commencement of that item.
1041   Subsection 5(6)
After “Accounts” (wherever occurring), insert “and Audit”.
1042  Subsection 5(6)
Omit “(1)”, substitute “(2)”.
1043  Subsection 8(1)
Repeal the subsection, substitute:
	(1)	The duties of the Committee are:
	(a)	to examine the accounts of the receipts and expenditure of the Commonwealth, including the financial statements given to the Auditor‑General under subsections 49(1) and 55(2) of the Financial Management and Accountability Act 1996; and
	(b)	to examine the financial affairs of authorities of the Commonwealth to which this Act applies and of intergovernmental bodies to which this Act applies; and
	(c)	to examine all reports of the Auditor‑General (including reports of the results of performance audits) that are tabled in each House of the Parliament; and
	(d)	to report to both Houses of the Parliament, with any comment it thinks fit, on any items or matters in those accounts, statements and reports, or any circumstances connected with them, that the Committee thinks should be drawn to the attention of the Parliament; and
	(e)	to report to both Houses of the Parliament any alteration that the Committee thinks desirable in:
	(i)	the form of the public accounts or in the method of keeping them; or
	(ii)	the mode of receipt, control, issue or payment of public moneys; and
	(f)	to inquire into any question connected with the public accounts which is referred to the Committee by either House of the Parliament, and to report to that House on that question; and
	(g)	to consider:
	(i)	the operations of the Audit Office; and
	(ii)	the resources of the Audit Office, including funding, staff and information technology; and
	(iii)	reports of the Independent Auditor on operations of the Audit Office; and
	(h)	to report to both Houses of the Parliament on any matter arising out of the Committee’s consideration of the matters listed in paragraph (g), or on any other matter relating to the Auditor‑General’s functions and powers, that the Committee considers should be drawn to the attention of the Parliament; and
	(i)	to report to both Houses of the Parliament on the performance of the Audit Office at any time; and
	(j)	to consider draft estimates for the Audit Office submitted under section 53 of the Auditor‑General Act 1996; and
	(k)	to consider the level of fees determined by the Auditor‑General under subsection 14(1) of the Auditor‑General Act 1996; and
	(l)	to make recommendations to both Houses of Parliament, and to the Minister who administers the Auditor‑General Act 1996, on draft estimates referred to in paragraph (j); and
	(m)	to determine the audit priorities of the Parliament and to advise the Auditor‑General of those priorities; and
	(n)	to determine the audit priorities of the Parliament for audits of the Audit Office and to advise the Independent Auditor of those priorities; and
	(o)	any other duties given to the Committee by this Act, by any other law or by Joint Standing Orders approved by both Houses of the Parliament.
	(1A)	Nothing in subsection (1) authorises the Committee to direct the activities of the Auditor‑General or the Independent Auditor.
1044  After section 8
Insert:
8A  Committee may approve or reject recommendation for appointment of Auditor‑General or Independent Auditor
	(1)	If the Audit Minister refers a proposed recommendation for an appointment of the Auditor‑General or Independent Auditor to the Committee for approval, the Committee must:
	(a)	approve or reject the proposal within 14 days after receiving it; or
	(b)	notify the Audit Minister as provided for in subsection (2).
Note:	Clauses 2 of Schedule 1 and 2 of Schedule 2 of the Auditor‑General Act 1996 require proposed recommendations to be referred to the Committee for approval.
	(2)	The Committee may notify the Audit Minister within 14 days after receiving a proposal that it needs more time to consider the proposal. If the Committee does so, the Committee must approve or reject the proposal within 44 days after receiving it.
	(3)	The decision to approve or reject a proposal is to be by majority of the members of the Committee for the time being holding office.
	(4)	If the Committee does not make a decision on a proposal by the required time, the Committee is taken, at that time, to have approved the proposal.
	(5)	The Committee must notify the Audit Minister of its decision on a proposal as soon as practicable after making the decision.
	(6)	A notification under this section must be in writing.
	(7)	The Committee must report to both Houses of the Parliament on its decision on a proposal.
	(8)	In this section:
Audit Minister means the Minister administering the Auditor‑General Act 1996.
8B  Annual report
	(1)	The Committee must, in relation to each financial year, prepare a report on the performance of its duties during the year.
	(2)	The Committee must table the report in each House of the Parliament.
1045  Subsection 9(3)
Omit “sections 8 and 12”, substitute “sections 8, 8A, 8B and 12”.
1046  Schedule, Form C
Omit “Public Accounts Committee Act 1951”, substitute “Public Accounts and Audit Committee Act 1951”.
1047  Schedule, Form C
Omit “Joint Committee of Public Accounts” (wherever occurring), substitute “Joint Committee of Public Accounts and Audit”.
1048  Schedule, Form D
Omit “Public Accounts Committee Act 1951”, substitute “Public Accounts and Audit Committee Act 1951”.
1049  Schedule, Form D
Omit “Joint Committee of Public Accounts” (wherever occurring), substitute “Joint Committee of Public Accounts and Audit”.
Public Service Act 1922
1050  At the end of subsection 25(7)
Add “and Audit”.
Qantas Sale Act 1992
1051  Sections 43 and 44
Repeal the sections.
Remuneration and Allowances Act 1990
1052  Schedule 4 (table row relating to Chairman, Joint Committee of Public Accounts)
Omit “Accounts”, substitute “Accounts and Audit”.
Reserve Bank Act 1959
1053  At the end of section 7
Add:
Note:	Subject to section 7A, the Commonwealth Authorities and Companies Act 1996 applies to the Bank. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability and conduct of officers.
1054  After section 7
Insert:
7A  Modification of the Commonwealth Authorities and Companies Act 1996
		Sections 14 and 18 of the Commonwealth Authorities and Companies Act 1996 do not apply in relation to the Bank.
1055  Paragraph 18(1)(e)
Omit “23”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
1056  Sections 23, 78 and 80
Repeal the sections.
1057  Section 81
Repeal the section, substitute:
81  Extra matters to be included in annual report
	(1)	The annual report on the Bank under section 9 of the Commonwealth Authorities and Companies Act 1996 must also include a report on any investigations on prudential matters under section 61 of the Banking Act 1959, including details of persons appointed to investigate and report on such matters.
	(2)	Subsection (1) does not authorise the inclusion in the annual report of a report with respect to the affairs of an individual bank or the affairs of an individual customer of a bank.
1058  Section 81A
Repeal the section.
Royal Australian Air Force Veterans’ Residences Act 1953
1059  Subsection 3(3)
Repeal the subsection.
1060  Subsection 3(4)
Omit “shall consist of the moneys payable to the Trust under the last preceding sub-section”, substitute “consists of money from the Prize Money Trust Account paid to the Trust for the purposes of the Fund”.
1061  After section 5
Insert:
5A  Application of the Commonwealth Authorities and Companies Act 1996 and the Auditor‑General Act 1996
	(1)	The Trust is taken to constitute a Commonwealth authority for the purposes of the Commonwealth Authorities and Companies Act 1996 and the Auditor‑General Act 1996.
	(2)	Subsection 18(3) of the Commonwealth Authorities and Companies Act 1996 does not apply to the Trust.
Note:	The Commonwealth Authorities and Companies Act 1996 deals with matters relating to Commonwealth authorities, including reporting and accountability, banking, and conduct of officers.
1062  Section 10
Repeal the section.
Safety, Rehabilitation and Compensation Act 1988
1063  At the end of subsection 74(1)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to Comcare. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
1064  At the end of section 70B
Add:
	(2)	Section 29 of the Commonwealth Authorities and Companies Act 1996 does not apply to Comcare in relation to the activities of Comcare subsidiaries under Part VIIIB or contracts referred to in that Part.
Note:	The heading to section 70B is replaced by the heading “Formation and activities of Comcare subsidiaries”.
1065  At the end of section 73
Add:
	(3)	This section does not affect the application of section 28 of the Commonwealth Authorities and Companies Act 1996 in relation to Comcare.
1066  At the end of section 76
Add:
	(4)	The Chief Executive Officer is a director of Comcare for the purposes of the Commonwealth Authorities and Companies Act 1996.
	(5)	If the Chief Executive Officer has a material personal interest in a matter that Comcare is considering or is about to consider, he or she must give written notice of the interest to the Minister.
1067  Paragraph 84(2)(b)
After “contravenes”, insert “subsection 76(5) or”.
1068  After subsection 89E(2)
Insert:
	(2A)	The Commissioners are not directors of Comcare for the purposes of the Commonwealth Authorities and Companies Act 1996.
Note:	Commissioner does not include the Chief Executive Officer: see subsection 4(1).
1069  Section 90
Repeal the section, substitute:
90  Application of the Commonwealth Authorities and Companies Act 1996
	(1)	The Commonwealth Authorities and Companies Act 1996 (except section 21) applies in relation to Comcare as if the Chief Executive Officer were a director of Comcare for the purposes of that Act.
	(2)	Each report on Comcare for a year prepared by the Chief Executive Officer under section 9 of that Act must include particulars of each direction given under section 73 of this Act during that year.
1070  Subsection 90A(1)
Omit “section 63J of the Audit Act 1901 as it applies to Comcare by section 90 of this Act”, substitute “subsection 18(2) of the Commonwealth Authorities and Companies Act 1996”.
1071  Subsection 90A(2)
Repeal the subsection.
1072  Subsection 91(4)
Repeal the subsection, substitute:
	(4)	Subsection (3) does not prevent investment of surplus money of Comcare under section 18 of the Commonwealth Authorities and Companies Act 1996.
1073  Subsections 92(1) and (2)
Repeal the subsections.
1074  Subsection 92(3)
Omit “A reference in this section to”, substitute “For the purposes of section 14 of the Commonwealth Authorities and Companies Act 1996,”.
1075  Subsection 94(2)
Omit “91(4)”, substitute “18(3) of the Commonwealth Authorities and Companies Act 1996”.
1076  Subsection 108Y(4)
Omit “Comcare must, in each report prepared by it under section 63M of the Audit Act 1901 (as that section applies to it by virtue of section 90 of this Act)”, substitute “In each report on Comcare under section 9 of the Commonwealth Authorities and Companies Act 1996, the Chief Executive Officer must”.
Science and Industry Research Act 1949
1077  Subsection 8(2)
Add at the end:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Organisation. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment and conduct of officers.
1078  Subsections 9AA(2) to (6) (inclusive)
Repeal the subsections.
1079  Paragraph 10E(2)(b)
Omit “or 23”, substitute “of this Act or section 21 of the Commonwealth Authorities and Companies Act 1996”.
1080  Section 14
Repeal the section.
1081  Paragraph 22(2)(c)
Omit “23”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
1082  Section 23
Repeal the section.
1083  Section 45
Repeal the section.
1084  Subsection 48(1)
Omit “Subject to sub-section (2), the”, substitute “The”.
1085  Subsection 48(2)
Repeal the subsection, substitute:
	(2)	Subsection (1) does not prevent investment of surplus money of the Organisation under section 18 of the Commonwealth Authorities and Companies Act 1996.
1086  Section 49
Repeal the section.
1087  Subsection 51(1)
Repeal the subsection.
Note:	The heading to section 51 is replaced by the heading “Extra matters to be included in annual report”.
1088  Subsection 51(2)
Omit “The Organisation shall, in each report prepared under section 63M of the Audit Act 1901 in respect of a financial year,”, substitute “In each report on the Organisation under section 9 of the Commonwealth Authorities and Companies Act 1996, the members must”.
1089  Paragraph 51(2)(e)
Omit “14”, substitute “28 of the Commonwealth Authorities and Companies Act 1996”.
Sea Installations Act 1987
1090  Subsections 38(1), (2) and (3)
Repeal the subsections, substitute:
	(1)	This subsection establishes a reserve called the Sea Installations Reserve.
	(2)	The Reserve is a component of the Reserved Money Fund.
	(3)	There must be transferred to the Reserve from the Consolidated Revenue Fund amounts equal to money paid as a security under section 37 by way of a cash deposit.
Note:	The heading to section 38 is altered by omitting “Trust Account” and substituting “Reserve”.
1091  Subsection 38(4)
Omit “account that is”, substitute “Reserve that represents”.
Services Trust Funds Act 1947
1092  Section 34
Repeal the section, substitute:
34  Application of the Commonwealth Authorities and Companies Act 1996 and the Auditor‑General Act 1996
	(1)	The trustees of each fund are taken to constitute a Commonwealth authority for the purposes of the Commonwealth Authorities and Companies Act 1996 and the Auditor‑General Act 1996.
	(2)	Subsection 18(3) of the Commonwealth Authorities and Companies Act 1996 does not apply to the Trust.
Note:	The Commonwealth Authorities and Companies Act 1996 deals with matters relating to Commonwealth authorities, including reporting and accountability, banking, and conduct of officers.
35  Financial years start on 1 July
	(1)	For the purposes of the Commonwealth Authorities and Companies Act 1996, the financial year for the trustees of each fund is, subject to subsection (2), a period of 12 months starting on 1 July.
	(2)	The first annual report required to be prepared under the Commonwealth Authorities and Companies Act 1996 by the trustees of each fund is to relate to the period of 18 months starting on the last 1 January before the commencement of this section.
Note:	Previously, funds had financial years that ended on 31 December.
Snowy Mountains Hydro-electric Power Act 1949
1093  At the end of subsection 7(2)
Add:
Note:	Subject to section 26, the Commonwealth Authorities and Companies Act 1996 applies to the Authority. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
1094  After section 11
Insert:
11A  Disclosure of Commissioner’s interests
		If the Commissioner has a material personal interest in a matter that the Authority is considering or is about to consider, he or she must give written notice of the interest to the Minister.
1095  At the end of section 13
Add:
	; or (f)	if the Commissioner contravenes section 11A without reasonable excuse.
1096  Section 26
Repeal the section, substitute:
26  Application of the Commonwealth Authorities and Companies Act 1996
	(1)	The Commonwealth Authorities and Companies Act 1996 (except section 21) applies to the Authority as if:
	(a)	the Authority were a body corporate; and
	(b)	the Commissioner were a director of the Authority for the purposes of that Act.
	(2)	For the purposes of the application of that Act to the Authority, the following persons are not directors of the Authority:
	(a)	Associate Commissioners;
	(b)	members of the Snowy Mountains Council referred to in clause 17 of the Agreement, except the Commissioner.
1097  Subsection 30(1)
Omit “63E of the Audit Act 1901”, substitute “19 of the Commonwealth Authorities and Companies Act 1996”.
1098  Section 30A
Repeal the section.
1099  Subsections 31(2), (3) and (4)
Repeal the subsections, substitute:
	(2)	Subsection (1) does not apply to investments of surplus money of the Authority under section 19 of the Commonwealth Authorities and Companies Act 1996.
1100  Sections 32 and 32A
Repeal the sections.
Special Broadcasting Service Act 1991
1101  At the end of subsection 5(1)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the SBS. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
1102  At the end of section 13
Add:
	(2)	The Minister may notify the Directors of general policies of the Commonwealth Government under section 28 of the Commonwealth Authorities and Companies Act 1996. However, the Minister must not notify the Directors of general policies that would affect the content or scheduling of programs.
Note:	The heading to section 13 is replaced by the heading “Limits on Government directions to SBS”.
1103  Subparagraph 27(2)(c(ii)
Omit “43”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
1104  Paragraph 37(2)(d)
Omit “or 43”, substitute “of this Act or section 21 of the Commonwealth Authorities and Companies Act 1996”.
1105  Subsection 40(2)
Omit “43(2)”, substitute “21(3) of the Commonwealth Authorities and Companies Act 1996”.
1106  Section 43
Repeal the section.
1107  At the end of subsection 52(2)
Add:
Note:	Section 15 of the Commonwealth Authorities and Companies Act 1996 requires Directors to notify the Minister of significant business activities and arrangements.
1108  Subsection 52(3)
Repeal the subsection.
1109  Subsections 58(2) and 58(3)
Repeal the subsections, substitute:
	(2)	Subsection (1) does not prevent investment of surplus money of the SBS under section 18 of the Commonwealth Authorities and Companies Act 1996.
Note:	The heading to section 58 is altered by omitting “and investment”.
1110  Section 66
Repeal the section.
1111  Section 69
Repeal the section.
1112  Section 73
Omit “Board must include in each report prepared under section 63M of the Audit Act 1901, as that section applies to the SBS because of section 69 of this Act”, substitute “Directors must include in each report on the SBS under section 9 of the Commonwealth Authorities and Companies Act 1996”.
States Grants (Primary and Secondary Education Assistance) Act 1992
1113  Subsection 115(2)
Omit “section 50 of the Audit Act 1901”, substitute “section 55 of the Financial Management and Accountability Act 1996”.
States Grants (Schools Assistance) Act 1984
1114  Subsection 87(2)
Omit “section 50 of the Audit Act 1901”, substitute “section 55 of the Financial Management and Accountability Act 1996”.
States Grants (Schools Assistance) Act 1988
1115  Subsection 48(2)
Omit “section 50 of the Audit Act 1901”, substitute “section 55 of the Financial Management and Accountability Act 1996”.
States Grants (TAFE Assistance) Act 1989
1116  Subsection 26(2)
Omit “section 49 or 50 of the Audit Act 1901”, substitute “section 54 or 55 of the Financial Management and Accountability Act 1996”.
Stevedoring Industry Finance Committee Act 1977
1117  At the end of subsection 4(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Committee. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
1118  Section 17
Repeal the section.
1119  At the end of section 18
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Committee under section 18 of the Commonwealth Authorities and Companies Act 1996.
1120  Section 28
Repeal the section.
Student and Youth Assistance Act 1973
1121  Subsection 3(1) (definition of Fund)
Repeal the definition.
1122  Subsection 3(1)
Insert:
Reserve means the Students (Financial Supplement) Reserve established by section 12M.
1123  Section 12M
Repeal the section, substitute:
12M  Students (Financial Supplement) Reserve
	(1)	This subsection establishes a reserve called the Students (Financial Supplement) Reserve.
	(2)	The Reserve is a component of the Reserved Money Fund.
1124  Subsection 12N(2)
Omit “Any amount”, substitute “An amount equal to any amount”.
1125  Subsection 12N(2)
Omit “is to be paid into the Fund”, substitute “is to be paid into the Reserve out of the Consolidated Revenue Fund”.
1126  Paragraph 12N(2)(a)
Omit “Fund” (wherever occurring), substitute “Reserve”.
1127  Subsection 12N(3)
Omit “Fund” (wherever occurring), substitute “Reserve”.
1128  Paragraph 56(f)
Omit “Fund”, substitute “Reserve”.
Superannuation Act 1976
1129  At the end of section 27B
Add:
	(4)	The Board is not a Commonwealth authority for the purposes of the Commonwealth Authorities and Companies Act 1996.
1130  Paragraph 41(2)(e)
Repeal the paragraph, substitute:
	(e)	to open and maintain accounts with banks.
1131  At the end of section 41
Add:
	(9)	In this section:
bank means a person who carries on the business of banking, either in Australia or outside Australia.
1132  Section 44
Repeal the section, substitute:
44  Accounting records
	(1)	The Board must keep proper accounts and records of the Fund’s transactions and affairs in accordance with the accounting principles generally applied in commercial practice.
	(2)	The Board must do all things necessary to ensure that:
	(a)	all payments out of the Fund are correctly made and properly authorised; and
	(b)	adequate control is maintained over the assets of the Fund and over the incurring of liabilities by the Board in respect of the Fund.
	(3)	If a requirement of this section is contravened, each member of the Board who intentionally:
	(a)	caused the contravention; or
	(b)	failed to take all reasonable steps to comply with the requirement, or secure compliance with the requirement;
is guilty of an offence.
Penalty for contravention of subsection (3):  Imprisonment for 6 months.
44A  Audit
	(1)	At least once a year, the Auditor‑General must:
	(a)	inspect and audit:
	(i)	the accounts and records of the Fund’s financial transactions; and
	(ii)	the records relating to assets of the Fund; and
	(b)	report to the Minister the results of the inspection and audit.
	(2)	The Auditor‑General may, however, decide to dispense with all or any part of the detailed inspection and audit of the accounts and records.
	(3)	The Auditor‑General must, as soon as practicable, report to the Minister any irregularity disclosed by the inspection and audit that the Auditor‑General thinks is sufficiently important to be reported.
Note:	For the information-gathering powers of the Auditor‑General, see Part 5 of the Auditor‑General Act 1996.
Superannuation Act 1990
1133  At the end of section 21
Add:
	(4)	The Board is not a Commonwealth authority for the purposes of the Commonwealth Authorities and Companies Act 1996.
1134  Section 27
Repeal the section, substitute:
27  Banking
	(1)	The Board must pay all money received by it in respect of the PSS Fund into an account maintained by it with a bank.
	(2)	In this section:
bank means a person who carries on the business of banking, either in Australia or outside Australia.
27A  Accounting records
	(1)	The Board must keep proper accounts and records of the PSS Fund’s transactions and affairs in accordance with the accounting principles generally applied in commercial practice.
	(2)	The Board must do all things necessary to ensure that:
	(a)	all payments out of the PSS Fund are correctly made and properly authorised; and
	(b)	adequate control is maintained over the assets of the PSS Fund and over the incurring of liabilities by the Board in respect of the PSS Fund.
	(3)	If a requirement of this section is contravened, each member of the Board who intentionally:
	(a)	caused the contravention; or
	(b)	failed to take all reasonable steps to comply with the requirement, or secure compliance with the requirement;
is guilty of an offence.
Penalty for contravention of subsection (3):  Imprisonment for 6 months.
27B  Audit
	(1)	At least once a year, the Auditor‑General must:
	(a)	inspect and audit:
	(i)	the accounts and records of the PSS Fund’s financial transactions; and
	(ii)	the records relating to assets of the PSS Fund; and
	(b)	report to the Minister the results of the inspection and audit.
	(2)	The Auditor‑General may, however, decide to dispense with all or any part of the detailed inspection and audit of the accounts and records.
	(3)	The Auditor‑General must, as soon as practicable, report to the Minister any irregularity disclosed by the inspection and audit that the Auditor‑General thinks is sufficiently important to be reported.
Note:	For the information-gathering powers of the Auditor‑General, see Part 5 of the Auditor‑General Act 1996.
Superannuation Industry (Supervision) Act 1993
1135  Section 234
Repeal the section, substitute:
234  Superannuation Protection Reserve
	(1)	This subsection establishes a reserve called the Superannuation Protection Reserve.
	(2)	The Reserve is a component of the Reserved Money Fund.
	(3)	So far as practicable, money in the Reserve that is not required for the purpose of making payments out of the Reserve must be invested under section 39 of the Financial Management and Accountability Act 1996.
	(4)	If income is received by the Commonwealth from the investment of money from the Reserve, an amount equal to the income must be transferred to the Reserve from the Consolidated Revenue Fund.
1136  Paragraph 235(1)(b)
Omit “Superannuation Protection Account”, substitute “Reserve”.
1137  Section 236
Omit “Account” (wherever occurring), substitute “Reserve”.
Note:	The heading to section 236 is altered by omitting “Account” and substituting “Reserve”.
1138  Section 237
Omit “Account” (wherever occurring), substitute “Reserve”.
Note:	The heading to section 237 is altered by omitting “Account” and substituting “Reserve”.
Surplus Revenue Act 1908
1139  Section 5
Repeal the section.
Taxation (Interest on Overpayments and Early Payments) Act 1983
1140  Subsection 3(3)
Repeal the subsection.
Telstra Corporation Act 1991
1141  Subsections 36(1) and (2)
Repeal the subsections.
Note:	The heading to section 36 is replaced by the heading “Audit”.
Therapeutic Goods Act 1989
1142  Section 45
Repeal the section, substitute:
45  Therapeutic Goods Administration Reserve
	(1)	This subsection establishes a reserve called the Therapeutic Goods Administration Reserve.
	(2)	The Reserve is a component of the Reserved Money Fund.
	(3)	Money standing to the credit of the Therapeutic Goods Administration Trust Account immediately before the commencement of the Audit (Transitional and Miscellaneous) Amendment Act 1996 must be transferred to the Reserve.
	(4)	There must be transferred to the Reserve from the Consolidated Revenue Fund:
	(a)	money appropriated by the Parliament for the purposes of the Reserve; and
	(b)	amounts equal to amounts received by the Commonwealth by way of annual registration charge, annual listing charge and annual licensing charge; and
	(c)	amounts equal to interest received by the Commonwealth from the investment of money from the Reserve; and
	(d)	amounts equal to money received by the Commonwealth in relation to property paid for with money from the Reserve; and
	(e)	amounts equal to money received by the Commonwealth for services provided or to be provided, by or on behalf of the Commonwealth, using money from the Reserve (including amounts received by way of fees payable under the regulations); and
	(f)	amounts equal to donations for the furtherance of a purpose of the Reserve that are received by the Commonwealth; and
	(g)	amounts equal to receipts relating to the recovery of debts (other than debts in respect of statutory fines and penalties) by the Commonwealth that are associated with expenditure of money from the Reserve.
	(5)	The purposes of the Reserve are to make payments:
	(a)	to further the objects of this Act (as set out in section 4); and
	(b)	to enable the Commonwealth to participate in the international harmonisation of regulatory controls on therapeutic goods and other related activities.
Tobacco Marketing Act 1965
1143  Section 4 (definition of approved bank)
Repeal the definition.
1144  Section 4 (definition of the Auditor‑General)
Repeal the definition.
1145  At the end of subsection 5(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Committee. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.”.
1146  After section 5
Insert:
5A  Committee’s financial year starts on 1 January
		For the purposes of the Commonwealth Authorities and Companies Act 1996, the Committee’s financial year is a period of 12 months starting on 1 January.
1147  Section 20
Repeal the section.
1148  At the end of section 21
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Committee under section 18 of the Commonwealth Authorities and Companies Act 1996.
1149  Sections 22, 23, 24 and 26
Repeal the sections.
Trade Practices Act 1974
1150  Section 20
Repeal the section.
University of Canberra Act 1989
1151  At the end of subsection 4(3)
Add:
Note:	Subject to section 4A, the Commonwealth Authorities and Companies Act 1996 applies to the University. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
1152  After section 4
Insert:
4A  Modification of the Commonwealth Authorities and Companies Act 1996
	(1)	Sections 14 and 28 of the Commonwealth Authorities and Companies Act 1996 do not apply to the University.
	(2)	Nothing in section 16 of the Commonwealth Authorities and Companies Act 1996 requires the members of the Council to do anything that will or might affect the academic independence or integrity of the University.
4B  University’s financial year starts on 1 January
		For the purposes of the Commonwealth Authorities and Companies Act 1996, the University’s financial year is a period of 12 months starting on 1 January.
1153  Paragraph 7(2)(n)
Repeal the paragraph.
1154  Subsection 7(3)
After “this Act”, insert “or the Commonwealth Authorities and Companies Act 1996”.
1155  Section 14
Repeal the section.
1156  Paragraph 15(1)(e)
Omit “subsection 14(1)”, substitute “section 21 of the Commonwealth Authorities and Companies Act 1996”.
1157  At the end of section 33
Add:
	(2)	Subsection (1) does not prevent the investment of surplus money of the University under section 18 of the Commonwealth Authorities and Companies Act 1996.
1158  Sections 35, 36, 37 and 39
Repeal the sections.
1159  Subsection 40(1)
After “this Act” (first occurring), insert “or the Commonwealth Authorities and Companies Act 1996”.
1160  Subparagraph 40(2)(e)(iii)
Repeal the subparagraph, substitute:
	(iii)	disclosure of pecuniary interests at meetings of the Board; and
Vocational Education and Training Funding Act 1992
1161  Subsection 13(2)
Omit “section 49 of the Audit Act 1901”, substitute “section 54 of the Financial Management and Accountability Act 1996”.
Wheat Marketing Act 1989
1162  Subsection 3(1) (definition of Board auditor)
Repeal the definition.
1163  At the end of subsection 4(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to the Board. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
1164  At the end of section 8
Add:
	(4)	This section does not affect the application of section 28 of the Commonwealth Authorities and Companies Act 1996 in relation to the Board”.
1165  Section 11
Omit “89(5)”, substitute “9(3) of the Commonwealth Authorities and Companies Act 1996”.
1166  Subparagraph 20(2)(a)(ii)
Omit “21”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
1167  Subsections 21(1), (2) and (3)
Repeal the subsections.
1168  Subsection 21(4)
Omit “This section does not apply to a pecuniary”, substitute “Section 21 of the Commonwealth Authorities and Companies Act 1996 does not apply to a material personal”.
1169  Subsections 67(1), (2) and (3)
Repeal the subsections.
Note:	The heading to section 67 is replaced by the heading “Accounting for dealings in wheat”.
1170  Subsections 67(5), (6) and (7)
Repeal the subsections.
1171  Section 68
Repeal the section.
1172  At the end of section 69
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of the Board under subsection 19(3) of the Commonwealth Authorities and Companies Act 1996.
1173  Subsection 70(1)
Repeal the subsection, substitute:
	(1)	Subsection 19(3) of the Commonwealth Authorities and Companies Act 1996 does not apply to pool funds.
Note:	The heading to section 70 is altered by adding at the end “of pool funds”.
1174  Subsections 70(3) and (4)
Repeal the subsections, substitute:
	(3)	Pool funds not immediately required for the purposes of the Board may be invested in the ways described in subsection 18(3) of the Commonwealth Authorities and Companies Act 1996.
1175  After section 88
Insert:
88A  Board’s financial year starts on 1 October
		For the purposes of the Commonwealth Authorities and Companies Act 1996, the Board’s financial year is a period of 12 months starting on 1 October.
1176  Subsections 89(1) and (2)
Repeal the subsections.
1177  Subsection 89(3)
Omit “Without limiting the generality of subsection (1), the Board shall include in each report under that subsection”, substitute “In each report on the Board under section 9 of the Commonwealth Authorities and Companies Act 1996, the members must include”.
1178  Subsection 89(4)
Omit “referred to in subsection (1)”, substitute “for the Board that are referred to in clauses 1 and 2 of the Schedule to the Commonwealth Authorities and Companies Act 1996”.
1179  Subsections 89(5) and (6)
Repeal the subsections.
1180  Subsection 93(11)
Repeal the subsection.
Wool International Act 1993
1181  At the end of subsection 7(2)
Add:
Note:	The Commonwealth Authorities and Companies Act 1996 applies to Wool International. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability, banking and investment, and conduct of officers.
1182  Section 25
Repeal the section, substitute:
25  Situations that do not amount to interests requiring disclosure
		For the purposes of section 21 of the Commonwealth Authorities and Companies Act 1996, a member is not taken to have a material personal interest in a matter being considered or about to be considered by Wool International merely because the member is a wool producer, a wool processor or a manufacturer of wool products.
1183  Paragraph 28(2)(c)
Omit “25”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
1184  Paragraph 36(3)(c)
Omit “25”, substitute “21 of the Commonwealth Authorities and Companies Act 1996”.
1185  At the end of section 49
Add:
	(2)	Subsection (1) does not prevent investment of surplus money of Wool International under section 19 of the Commonwealth Authorities and Companies Act 1996.
1186  Subsection 50(1)
Repeal the subsection.
1187  Subsection 55(1)
Omit “with a bank or banks”, substitute “maintained under subsection 19(2) of the Commonwealth Authorities and Companies Act 1996”.
1188  Subsection 55(2)
Repeal the subsection.
1189  Section 56
Repeal the section.
1190  Part 8
Repeal the Part.
1191  Section 67
Repeal the section, substitute:
67  Extra matters to be included in annual report
		The annual report on Wool International under section 9 of the Commonwealth Authorities and Companies Act 1996 must also include such particulars (if any) as are prescribed.
1192  Subsection 69(2)
Omit “, Part 8”.
1193  Section 85
Omit “under section 50 of this Act, as in force immediately before the commencement of this Part,”, substitute “in relation to Wool International under a previous accounting requirement”.
1194  At the end of section 85
Add:
	(2)	In this section:
previous accounting requirement means:
	(a)	subsection 50(1) of this Act as in force immediately before its repeal by the Audit (Transitional and Miscellaneous) Amendment Act 1996; or
	(b)	section 20 of the Commonwealth Authorities and Companies Act 1996.
1195  Subsection 86(2)
Omit “under section 67 of this Act, as in force immediately before the commencement of this Part,”, substitute “in relation to Wool International under a previous reporting requirement”.
1196  At the end of section 86
Add:
	(3)	In this section:
previous reporting requirement means:
	(a)	section 67 of this Act as in force immediately before its repeal by the Audit (Transitional and Miscellaneous) Amendment Act 1996; or
	(b)	section 9 of the Commonwealth Authorities and Companies Act 1996.

Schedule 3—Amendment of Acts to update references and make other changes
Air Services Act 1995
1  Subsection 2(2), section 13, subsection 16(6), the notes at the end of subsections 17(3) and (4), paragraph 32(2)(d), subparagraphs 32(5)(b)(i) and (ii) and section 51
Omit “1995” (wherever occurring), substitute “1996”.
Australian Law Reform Commission Act 1996
2  Subsection 5(2) (note)
Omit “executive”.
Australian Maritime Safety Authority Act 1990
3  Paragraph 10(2)(f)
Repeal the paragraph.
Civil Aviation Legislation Amendment Act 1995
4  Subsections 2(2) and (3)
Repeal the subsections, substitute:
	(2)	Section 4 and Schedule 2 commence on the same day as the Commonwealth Authorities and Companies Act 1996 commences.
5  Section 6
Repeal the section.
6  Section 7 (definition of CAC Act) and items 1, 3, 5, 7, 10 and 11 of Schedule 2
Omit “1995” (wherever occurring), substitute “1996”.
7  Subsection 18(3) (definition of pre‑CAC rules)
After “sections”, insert “14, 15, 40,”.
8  Subsection 18(3) (definition of pre‑CAC rules)
Omit “and 64”, substitute “, 64 and 65”.
9  Schedule 4
Repeal the Schedule.
Commonwealth Funds Management Limited Act 1990
10  Section 45
Repeal the section.
Ozone Protection Amendment Act 1995
11  Part 2 of Schedule 1
Repeal the Part.
12  Items 56 and 57 of Schedule 1
Repeal the items.
13  Item 58 of Schedule 1
Omit “If this Part applies, the”, substitute “The”.
14  Items 59 and 60 of Schedule 1
Repeal the items.
15  Item 61 of Schedule 1
Omit “If this Part applies, the”, substitute “The”.
16  Item 61 of Schedule 1
Omit “Financial Management and Accountability Act”, substitute “Financial Management and Accountability Act 1996”.
17  Item 63 of Schedule 1 (definition of Transitional Provisions Act in new section 65A)
Repeal the definition.
18  Item 63 of Schedule 1 (new subsection 65B(5))
Omit “Transitional Provisions Act”, substitute “Audit (Transitional and Miscellaneous) Amendment Act 1996”.
Small Superannuation Accounts Act 1995
19  Subsection 8(2) 
Omit “1995” (wherever occurring), substitute “1996”.
20  Subsection 8(2) (note1)
Omit “40”, substitute “39”.
21  At the end of subsection 8(2)
Add:
Note 3:	Before the commencement of the Financial Management and Accountability Act 1996, the Reserve was a trust account for the purposes of section 62A of the Audit Act 1901.
22  Subsection 8(3)
Repeal the subsection, substitute:
Transitional—appropriation
	(3)	The Trust Fund established by the Audit Act 1901 is appropriated to the extent necessary to achieve the transition of the Reserve from the scheme of the Audit Act 1901 to the scheme of the Financial Management and Accountability Act 1996.
23  Subsection 10(2)
Repeal the subsection.
24  Subsection 19(1)
Omit “1995”, substitute “1996”.
25  Subsection 19(3)
Repeal the subsection.
26  Subsection 33(1)
Omit “1995”, substitute “1996”.
27  Subsection 33(3)
Repeal the subsection.
28  Section 95
Repeal the section.
Transport Legislation Amendment Act 1995
29  Subsection 2(2)
Repeal the subsection.
30  Subsection 2(4)
Omit “1995”, substitute “1996”.
31  Part B of Schedule 1
Repeal the Part.
32  Items 4, 5 and 7 of Part C of Schedule 1
Omit “1995” (wherever occurring), substitute “1996”.

Schedule 4—Transitional matters and regulations
1  This Schedule binds the Crown
This Schedule binds the Crown in right of the Commonwealth, but does not make the Crown liable to be prosecuted for an offence.
2  This Schedule extends to things outside Australia
This Schedule extends to acts, omissions, matters and things outside Australia.
3  Interpretation
In this Schedule, unless the contrary intention appears:
Audit Act means the Audit Act 1901.
Commercial Activities Fund means the Commercial Activities Fund established by the Financial Management and Accountability Act 1996.
Finance Minister means the Minister who administers this Act.
new Loan Fund means the Loan Fund established by the Financial Management and Accountability Act 1996.
old Loan Fund means the Loan Fund established by the Audit Act.
old Trust Fund means the Trust Fund established by the Audit Act.
replacement Acts means the Auditor‑General Act 1996, the Financial Management and Accountability Act 1996 and the Commonwealth Authorities and Companies Act 1996.
Reserved Money Fund means the Reserved Money Fund established by the Financial Management and Accountability Act 1996.
4  Transfers from old Funds to new Funds
(1)	Money in the old Loan Fund immediately before the commencement of this Schedule must be transferred to the new Loan Fund.
(2)	If:
	(a)	immediately before the commencement of this Schedule, money was in an account (however described) that was established or continued in existence by an Act that is amended by Schedule 2 to this Act; and
	(b)	that account formed part of the old Trust Fund;
the money must be transferred from that account to the component of the Reserved Money Fund that is established to replace that account.
(3)	If an amendment made by Schedule 2 substitutes a component of the Reserved Money Fund for an account (however described), any reference in any Act or other instrument to that component is to be read as including a reference to the account for which it is substituted, unless the context otherwise requires.
(4)	Money in the old Trust Fund immediately before the commencement of this Schedule (other than money covered by subitem (2)) must be transferred to components of the Reserved Money Fund and Commercial Activities Fund that are established by determinations under subsections 20(2) and 21(2) of the Financial Management and Accountability Act 1996.
(5)	The disallowance rules in section 22 of the Financial Management and Accountability Act 1996 do not apply to an original determination made for the purposes of subitem (4) of this item. However, the disallowance rules do apply to any revocation or variation of an original determination.
(6)	The old Loan Fund and the old Trust Fund are appropriated for the purposes of this item.
5  Auditor‑General
	The person holding office as Auditor‑General under the Audit Act immediately before the commencement of this Schedule holds office after the commencement of this Schedule as if the person had been properly appointed as Auditor‑General under the Auditor‑General Act 1996 for the remainder of the period of 10 years that started when the person was appointed under the Audit Act.
6  Independent Auditor
(1)	This item applies if, immediately before the commencement of this Schedule, an arrangement was in operation under section 48K of the Audit Act for a person to perform the functions of the Independent Auditor under the Audit Act.
(2)	The person is taken to be properly appointed on the commencement of this Schedule as the Independent Auditor under the Auditor‑General Act 1996.
(3)	The appointment is for a term that commences on the commencement of this Schedule and ends on the expiry of the arrangement referred to in subitem (1).
(4)	While the person holds office as Independent Auditor in accordance with this item, the person is entitled to be paid fees and allowances in accordance with the arrangement referred to in subitem (1), but is not entitled to be paid fees or allowances under clause 3 of Schedule 2 to the Auditor‑General Act 1996.
7  Exempt accounts
(1)	In this item:
preserved provisions means section 70D of the Audit Act and the regulations made for the purposes of that section.
replacement provisions means section 56 of the Auditor‑General Act 1996, section 46 of the Commonwealth Authorities and Companies Act 1996 and section 58 of the Financial Management and Accountability Act 1996.
(2)	The preserved provisions continue to have effect until the first regulations are in operation for the purposes of the replacement provisions.
(3)	If those first regulations, or any of them, are later disallowed by a House of the Parliament, the preserved provisions continue to have effect, to the extent that they cover matters no longer covered by regulations in operation under the replacement provisions, until further regulations are in operation under those provisions that cover those matters.
8  Regulations
(1)	The Governor‑General may make regulations prescribing matters:
	(a)	required or permitted by this Act to be prescribed; or
	(b)	necessary or convenient to be prescribed for carrying out or giving effect to this Act.
(2)	In particular, regulations may be made:
	(a)	providing for bank accounts under section 21 of the Audit Act to continue in effect as official accounts for the purposes of the Financial Management and Accountability Act 1996; and
	(b)	for other transitional matters arising out of the repeal of the Audit Act or the enactment of the replacement Acts, or the transition from the Audit Act to the replacement Acts; and
	(c)	for other transitional matters arising out of the amendments made by Schedules 2 and 3.