39Repeal of Australian Film Development Corporation Acts etc.

#### 39 Repeal of Australian Film Development Corporation Acts etc. (1) The Australian Film Development Corporation Act 1970 and the Australian Film Development Corporation Act (No. 2) 1970 are repealed. (2) Upon the date of commencement of this Part: (a) all rights, property and assets (including the moneys standing to the credit of the Australian Film Development Fund) that, immediately before that date, were vested in the Australian Film Development Corporation are, by force of this subsection, vested in the Commission; and (b) the Commission becomes, by force of this subsection, liable to pay and discharge all the debts, liabilities and obligations of the Australian Film Development Corporation that existed immediately before that date. (3) Any agreement or instrument subsisting immediately before the date of commencement of this Part to which the Australian Film Development Corporation was a party has effect on and after that date as if: (a) the Commission were substituted for the Corporation as a party to the agreement or instrument; and (b) any reference in the agreement or instrument to the Corporation were (except in relation to matters that occurred before that date) a reference to the Commission. (4) Notwithstanding the repeal effected by subsection (1), the Australian Film Development Corporation as constituted immediately before the commencement of this Part shall, for the purpose of preparing and furnishing to the Minister the report and financial statements referred to in subsection (5), continue in existence until it has furnished that report and those financial statements. (5) The Australian Film Development Corporation shall, as soon as practicable after the commencement of this Part, prepare and furnish to the Minister a report of its operations during the period that commenced on 1 July 1974 and ended immediately before the commencement of this Part together with financial statements in respect of that period in such form as the Minister for Finance approves, and subsections 28(2) and (3) of the Australian Film Development Corporation Acts 1970 have the like effect in respect of the report and the financial statements as those subsections would have if: (a) they had not been repealed; (b) the report and financial statements were furnished under section 28 of that Act; and (c) the period to which the report and financial statements relate were a year that ended on 30 June. (6) Subject to subsection (7), the members of the Australian Film Development Corporation as continued in existence by virtue of subsection (4) are entitled, while they remain such members, to the remuneration and allowances to which they were entitled under the Australian Film Development Corporation Act 1970‑1973 immediately before the commencement of this Part. (7) For the purposes of the payment of remuneration and allowances to a member of the Australian Film Development Corporation, as continued in existence by virtue of subsection (4), who is appointed to be a member of the Australian Film Commission, the performance of his or her duties as a member of the Corporation shall be deemed to be the performance of his or her duties as a member of the Commission.