TELECOMMUNICATIONS AMENDMENT ACT

1976

No. 94 of 1976

An Act to amend the Telecommunications Act 1975.

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title, &c.

1 1

1. (1) This Act may be cited as the Telecommunications Amendment Act 1976.

The Telecommunications Act 1975 is in this Act referred to as the Principal Act.

2 Commencement.

2. This Act shall be deemed to have come into operation on 15 September 1976.

3 Borrowing by Commission.

3. Section 72 of the Principal Act is amended—

(a) by omitting from sub-sections (2) and (4) the word “Australia” (wherever occurring) and substituting the words “the Commonwealth”;

(b) by inserting after sub-section (3) the following sub-section:—

“(3a) Without limiting the generality of sub-sections (1) and

(3), a borrowing by the Commission under sub-section (1) may be by the issue of securities of such kinds as are prescribed.”; and

“(4a) Where the Commission borrows moneys under this section by the issue of prescribed securities, the repayment by the Commission of the amounts borrowed and the payment of interest on those amounts is, by force of this sub-section, guaranteed by the Commonwealth.”.

4 Exemption from taxation.

4. Section 80 of the Principal Act is amended—

(a) by omitting the word “Australia” and substituting the words “the Commonwealth”; and

(b) by adding at the end thereof the following sub-section:—

“(2) Stamp duty or any similar tax is not payable under a law of the Commonwealth or of a State or Territory in respect of—

(a) a security issued by the Commission;

(b) the issue, redemption, transfer, sale or purchase of such a security, not including a transaction entered into without consideration or for an inadequate consideration; or

(c) any document executed by or on behalf of the Commission, or any transaction, in relation to the borrowing of moneys by the Commission.".

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