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Commonwealth Authorities and Companies Act 1997
No longer in force
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Administered by
Department of Finance
Superseded version
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C2004A05250
24 October 1997
-
04 December 1999
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Part 1—Preliminary
1 Short title
2 Commencement
3 This Act binds the Crown
4 This Act extends to things outside Australia
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Part 2—General provisions about definitions, offences and civil penalties
5 Definitions
6 Offences and civil penalties
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Part 3—Reporting and other obligations for Commonwealth authorities
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Division 1—Preliminary
7 Meaning of Commonwealth authority
8 Role of Auditor General
Division 2—Reporting obligations
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Subdivision A—Annual report and related obligations
9 Directors must prepare annual report
10 Modified requirements for first year of existence
11 Contravention of annual report rules by directors
12 Audit of relevant subsidiary’s financial statements
Subdivision B—Other reporting obligations
13 Interim reports
14 Estimates
15 Responsible Minister to be notified of significant events
16 Keeping responsible Minister and Finance Minister informed
17 Corporate plan for GBE
Division 3—Banking, investment etc.
18 Banking and investment (authorities other than GBEs and SMAs)
19 Banking and investment (GBEs and SMAs)
20 Accounting records
Division 4—Conduct of officers
21 Directors must disclose material personal interests
22 General obligations on officers
23 Officers must not make improper use of inside information or position
24 Effect of civil penalty disqualification on being a director
25 Other obligations and remedies not affected
26 Indemnifying officers
27 Insurance premiums for indemnity insurance of officers
Division 5—Miscellaneous
28 Compliance with general policies of the Government
29 Activities of subsidiaries
30 Aligning accounting periods of subsidiaries
31 Exemption from requirement to align accounting periods of subsidiaries
32 Audit committee
33 Special rules for Commonwealth authorities established by regulations etc.
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Part 4—Reporting and other obligations for Commonwealth companies
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Division 1—Preliminary
34 Meaning of Commonwealth company and wholly owned Commonwealth company
35 Role of Auditor General
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Division 2—Reporting obligations
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Subdivision A—Annual report and related obligations
36 Annual Report
37 Audit of relevant subsidiary’s financial statements
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Subdivision B—Other reporting obligations
38 Interim reports
39 Estimates
40 Responsible Minister to be notified of significant events
41 Keeping responsible Minister and Finance Minister informed
42 Corporate plan for GBE
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Subdivision C—Miscellaneous
43 Compliance with general policies of the Government
44 Audit committee
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Part 5—Miscellaneous
45 Ministers must inform Parliament of share acquisitions etc.
46 Companies conducted for the purposes of intelligence or security agencies
47 Regulations may deal with how this Act applies if body stops being a Commonwealth authority
48 Finance Minister’s Orders
49 Regulations
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Schedule 1—Annual Report for Commonwealth Authority
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Part 1—Contents of annual report
1 Summary of contents
2 Financial statements
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Part 2—Auditor’s report on financial statements
3 Whether the statements comply with the Finance Minister’s Orders
4 Proper accounting records not kept
5 Inadequate information and explanations
6 Subsidiaries’ financial statements
7 Deficiencies in consolidation
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Schedule 2—Civil and criminal consequences of contravening civil penalty provisions
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Part 1—Preliminary
1 Interpretation
2 Civil penalty provisions
3 Person involved in contravening a provision taken to have contravened the provision
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Part 2—Civil penalty orders
4 Court may make civil penalty orders
5 Who may apply for civil penalty order
6 Time limit for application
7 Application for civil penalty order is a civil proceeding
8 Person must comply with order not to be a director of a Commonwealth authority
9 Enforcement of order to pay pecuniary penalty
10 Finance Minister may require a person to give assistance in connection with application for civil penalty order
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Part 3—Criminal proceedings
11 When contravention of civil penalty provision is an offence
12 Person convicted of clause 11 offence not to be a director of a Commonwealth authority
13 Application for civil penalty order precludes later criminal proceedings
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Part 4—Effect of criminal proceedings on application for civil penalty order
14 When Part applies
15 Effect during criminal proceedings
16 Final outcome precluding application for civil penalty order
17 Final outcome not precluding application for civil penalty order
18 After unsuccessful committal proceeding, court may preclude application for civil penalty order
19 Application for civil penalty order based on alternative verdict at jury trial
20 Application for civil penalty order based on alternative finding by court of summary jurisdiction
21 Application for civil penalty order based on alternative finding by appeal court
22 After setting aside declaration, court may preclude application for civil penalty order
23 On unsuccessful appeal against declaration, Court may make civil penalty orders
24 Appeals under this Part
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Part 5—Compensation for loss suffered by Commonwealth authority
25 On application for civil penalty order, Court may order compensation
26 Criminal court may order compensation
27 Enforcement of order under clause 25 or 26
28 Recovery of profits, and compensation for loss, resulting from contravention
29 Effect of clauses 25, 26 and 28
30 Certificates evidencing contravention
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Part 6—Miscellaneous
31 Relief from liability for contravention of civil penalty provision
32 Schedule does not limit power to award punitive damages