Victoria Grant (Shepparton Preserving Company Limited)

No. 63 of 1971

An Act relating to the Grant of Financial Assistance to the State of Victoria to enable that State to make Loans to Shepparton Preserving Company Limited.

[Assented to 25 May 1971]

BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title.

1. This Act may be cited as the Victoria Grant (Shepparton Preserving Company Limited) Act 1971.

Commencement.

2.—(1.) Sections 1 and 2 of this Act shall come into operation on the day on which this Act receives the Royal Assent.

(2.) The remaining provisions of this Act shall be deemed to have come into operation on the thirty-first day of December, One thousand nine hundred and seventy.

Approval of agreement.

3. The agreement a copy of which is set out in the Schedule to this Act is approved.

Appropriation.

4. The payments by the Commonwealth to the State of Victoria provided for by the agreement referred to in the last preceding section may be made, by way of financial assistance to that State on the terms and conditions contained in that agreement, out of the Consolidated Revenue Fund, which is appropriated accordingly.

THE SCHEDULE Section 3.

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An Agreement made as at the fifth day of May One thousand nine hundred and seventy-one between The Commonwealth of Australia (in this agreement called “the Commonwealth”) of the one part and The State of Victoria (in this agreement called “the State”) of the other part.

Whereas—

(A) the State has requested the Commonwealth to grant financial assistance to the State in order that the State may provide support for the canned deciduous fruit industry at Shepparton in the State of Victoria;

(B) it is proposed that the financial assistance be used for the making of advances to the Shepparton Preserving Company Limited (in this agreement called “the Company”), to enable the Company to make payments to growers of deciduous fruit who have delivered fruit to the Company;

(C) the Commonwealth recognizes that it is desirable for the stability of the said industry and for the welfare of growers and the community of the Shepparton area dependent on the industry that the financial assistance be granted;

(D) the Parliament of the Commonwealth will be requested to approve this agreement and to grant the financial assistance provided for by this agreement:

Now it is hereby agreed as follows:—

Approval by Parliament.

1. This agreement is subject to approval by the Parliament of the Commonwealth and upon being so approved shall be deemed to have come into force on the thirty-first day of December 1970.

Financial Assistance.

2. Subject to compliance by the State with the provisions of this agreement, the Commonwealth will provide financial assistance to the State (in this agreement referred to as “the financial assistance”) for the purpose of enabling the State to make advances to the Company so that the Company may pay moneys owing to growers for deciduous fruits delivered by them to the Company.

Amount of Financial Assistance.

3. The amount of the financial assistance shall be Four million two hundred thousand dollars ($4,200,000).

Use of Financial Assistance.

4. The State shall not use or apply the financial assistance or any part thereof except for the purpose expressed in clause 2 of this agreement and shall take all reasonable action to ensure that the financial assistance is applied by the Company as provided in that clause.

Repayments by the State.

5.—(1.) Subject to sub-clause (2.) of this clause, the State shall repay to the Commonwealth the amount of the financial assistance by sixteen (16) equal half-yearly payments, the first payment to be made on the thirty-first day of December 1973 and subsequent payments to be made on each thirtieth day of June and thirty-first day of December thereafter until the full amount of the repayment has been made.

(2.) In addition to making payments in accordance with sub-clause (1.) of this clause the State may at any time repay to the Commonwealth the whole or any part of the unrepaid balance of the amount of the financial assistance.

The Schedule—continued

Interest.

6.—(1.) Interest shall accrue on so much of each amount that has been paid to the State under this agreement and has not for the time being been repaid to the Commonwealth calculated from the date on which the amount was paid by the Commonwealth at the rate of seven per centum per annum.

(2.) The State shall pay to the Commonwealth the interest for the time being that accrues under this clause on the thirtieth day of June and the thirty-first day of December in each year, the first payment to be made on the thirty-first day of December 1971.

Supply of Information.

7. The State will from time to time at the request of the Commonwealth furnish such information as may reasonably be required by the Commonwealth for the purpose of or in relation to this agreement.

Certification of Expenditure.

8. As soon as reasonably practicable after the thirtieth day of June 1971 the State shall furnish to the Commonwealth a certificate of the Auditor-General of the State that the financial assistance provided by the Commonwealth under this agreement has been expended in accordance with the provisions of this agreement.

In witness whereof this agreement has been executed on behalf of the parties as at the day and year first above written.