45Application of certain provisions of Companies Act

45 Application of certain provisions of Companies Act

(1) If all the shares in ANL are beneficially owned by the Commonwealth, subsection 82(1), and paragraph 364(1)(d), of the Companies Act 1981 do not apply in relation to ANL, and subsection 244(6) of that Act applies in relation to ANL as if: (a) the Commonwealth were a holding company, within the meaning of that subsection, of ANL; (b) the Commonwealth held the whole of the issued shares in ANL; and (c) the Minister were a representative of the Commonwealth authorised under subsection 244(3) of that Act. (2) Paragraph 86(6)(b) and subsections 87(4) and 90(5) of the Companies Act 1981 do not apply in relation to ANL. (3) For the purposes of section 360 of the Companies Act 1981, a person is not a past member of ANL merely because he or she was a member of ANL, or acted as a member of ANL, before the commencement of this Part.