ANL Guarantee Act 1994

No. 145 of 1994

An Act to provide for the guarantee of loans made in
relation to ANL Limited, and for related purposes

[Assented to 8 December 1994]

The Parliament of Australia enacts:

Short title

1. This Act may be cited as the ANL Guarantee Act 1994.

Commencement

2. This Act commences on the day on which it receives the Royal Assent.

Definitions

3. In this Act, unless the contrary intention appears:

“ANL Limited” means the company of that name referred to in the ANL Act 1956;

“payments under a loan agreement” means repayments of principal, payments of interest, or both, under a loan agreement (including a loan agreement made before the commencement of this Act).

Treasurer may guarantee loans

4.(1) To help ANL Limited to continue to trade in an orderly fashion or restructure its business interests, the Treasurer may make determinations, and enter into agreements, under this section.

(2) If the Treasurer makes a written determination that the Commonwealth guarantees payments under a loan agreement, the payments are guaranteed by the Commonwealth by force of this subsection. The guarantee is subject to any terms and conditions set out in the determination.

(3) On behalf of the Commonwealth, the Treasurer may enter into a written agreement under which the Commonwealth guarantees payments under a loan agreement.

(4) This section does not limit the Commonwealth’s executive power, or its power under any other Act, to give guarantees.

Delegation

5.(1) The Treasurer may delegate by written instrument any of the Treasurer’s powers under this Act to an officer in the Senior Executive Service in the Department.

(2) In exercising any of the powers under the delegation, the officer must comply with any directions of the Treasurer.

Regulations

6. The Governor-General may make regulations prescribing matters:

(a) required or permitted by this Act to be prescribed; or

(b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.

[Minister’s second reading speech made in—

House of Representatives on 15 November 1994

Senate on 16 November 1994]