16Commonwealth takeover of certain Commonwealth‑guaranteed obligations in connection with Qantas

16 Commonwealth takeover of certain Commonwealth‑guaranteed obligations in connection with Qantas

(1) The Treasurer may, on the Commonwealth’s behalf: (a) on or before the 100% sale day; and (b) in order to facilitate, either directly or indirectly, the sale of shares in Qantas; enter into an agreement to take over: (c) an obligation of Qantas, the performance of which is guaranteed by the Commonwealth under a Qantas Loan Guarantee Act; or (d) a further obligation of Qantas in connection with an obligation of the kind referred to in paragraph (c). (2) An agreement under subsection (1) may also provide: (a) for the release, by the Commonwealth, of any security given under the Act in question to the Commonwealth over property of Qantas in connection with the guarantee; or (b) for the release, by the Commonwealth, of Qantas from any undertaking given to the Commonwealth by Qantas under the Act in question in relation to that security. (3) If the Treasurer enters into an agreement under subsection (1), the Treasurer may authorise the payment of money to discharge the Commonwealth’s obligations under the agreement, whether by terminating those obligations or otherwise. (4) In this section:

Qantas Loan Guarantee Act means any of the following Acts:

(a) the Qantas Airways Limited (Loan Guarantee) Act 1976;
(b) the Qantas Airways Limited (Loan Guarantee) Act 1978;
(c) the Qantas Airways Limited (Loan Guarantee) Act 1979;
(d) the Qantas Airways Limited (Loan Guarantee) Act 1980;
(e) the Qantas Airways Limited (Loan Guarantee) Act 1984;
(f) the Qantas Airways Limited (Loan Guarantee) Act 1985;
(g) the Qantas Airways Limited (Loan Guarantee) Act 1988;
(h) the Qantas Airways Limited (Loan Guarantee) Act 1989.