4Schedule(s)

4 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Amendments commencing on the day after Royal Assent

Part 1—Sale of the Commonwealth’s equity in Medibank Private Limited

Health Insurance Commission (Reform and Separation of Functions) Act 1997

1 Section 3

Omit:

• Following separation, the Commonwealth is to retain ownership of the nominated company.

2 At the end of section 34

Add:

(7) To avoid doubt, this section does not prevent or limit the formulation, entering into, or carrying out, of a Medibank Private sale scheme. (8) In this section:

Medibank Private sale scheme has the same meaning as in the Medibank Private Sale Act 2006.

3 Section 35

Repeal the section.

Part 2—Other amendments

National Health Act 1953

4 Subsection 68(3)

Omit “established”, substitute “that is, or is to be, conducted”.

5 Paragraph 73AAD(2)(d)

Repeal the paragraph, substitute:

(d) if the organization is conducted for profit:
(i) to distribute profits to shareholders in the organization; or
(ii) to return capital to shareholders in the organization;

6 At the end of section 73AAD

Add:

(3) For the purposes of subparagraph (2)(d)(i), it is immaterial whether the profits were generated at a time when the organization was not conducted for profit.

7 After section 73AAD

Insert: