TASMANIA GRANT (ASSOCIATED PULP AND PAPER MILLS LIMITED) ACT 1975

No. 71 of 1975

An Act to Grant Financial Assistance to Tasmania in relation to Associated Pulp and Paper Mills Limited.

BE IT ENACTED by the Queen, the Senate and the House of Representatives of Australia, as follows:—

Short title.

1.   This Act may be cited as the Tasmania Grant (Associated Pulp and Paper Mills Limited) Act 1975.

Commencement.

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

Definitions.

3.   In this Act—

“Company” means the company incorporated in Victoria by the name of Associated Pulp and Paper Mills Limited;

“prescribed interest” means interest payable by the Company in respect of the period from and including 1 May 1975 to and including 31 December 1975 in respect of a loan of $8,000,000 made to the Company by the Commonwealth Trading Bank.

Grant of financial assistance.

4. (1) Subject to this Act, there are payable to Tasmania, by way of financial assistance, amounts equal to amounts paid by Tasmania to the Company in respect of amounts of prescribed interest paid or payable by the Company.

(2) The total amount of financial assistance to Tasmania under this Act shall not exceed $650,000.

Undertakings by Company in relation to employment.

5.   Tasmania is not entitled to financial assistance under this Act unless undertakings to the satisfaction of the Minister have been given by the Company to Tasmania, before the commencement of this Act, with respect to the maintenance of employment, and the furnishing of information, by the Company.

Failure to comply with undertakings.

6.   Where the Minister notifies Tasmania that he is satisfied that the Company has, whether before or after the commencement of this Act, acted contrary to an undertaking referred to in section 5, Tasmania is not entitled to financial assistance under this Act in relation to any payment made by Tasmania to the Company after the notification.

Appropriation.

7.   Amounts payable to Tasmania under this Act are payable out of the Consolidated Revenue Fund, which is appropriated accordingly.