RAYON YARN BOUNTY.

No. 50 of 1962.

An Act to amend the Rayon Yarn Bounty Act 1954–1959.

[Assented to 28th May, 1962.]

BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, for the purpose of appropriating the grant originated in the House of Representatives, as follows:—

Short title and citation.

1.—(1.) This Act may be cited as the Rayon Yarn Bounty Act 1962.

(2.) The Rayon Yarn Bounty Act 1954–1959 is in this Act referred to as the Principal Act.

(3.) The Principal Act, as amended by this Act, may be cited as the Rayon Yarn Bounty Act 1954–1962.

Commencement

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Interpretation.

3. Section three of the Principal Act is amended by omitting from paragraph (d) of sub-section (2.) the word “two” and inserting in its stead the word “five”.

4. Section seven of the Principal Act is repealed and the following section inserted in its stead:—

Rate of bounty.

“7. The rate of the bounty is—

(a) in respect of rayon yarn sold on or before the second day of May, One thousand nine hundred and sixty-two—Six pence per pound; or

(b) in respect of rayon yarn sold after that date—Nine pence per pound.”.

Limit of available bounty.

5. Section eight of the Principal Act is amended by omitting sub-section (1.) and inserting in its stead the following subsection:—

“(1.) The amount available for payment of bounty in respect of rayon yarn sold in a period to which this Act applies is—

(a) in the case of a period ending before the first day of July, One thousand nine hundred and sixty-two—One hundred thousand pounds; or

(b) in the case of any other period—One hundred and thirty thousand pounds.”.