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Qantas Airways Limited (Loan Guarantee) Act 1978

Authoritative Version
  • - C2004A01818
  • In force - Superseded Version
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Act No. 19 of 1978 as made
An Act relating to the provision of certain equipment for Qantas Airways Limited.
Administered by: Treasury
Date of Assent 16 May 1978

QANTAS AIRWAYS LIMITED (LOAN GUARANTEE) ACT 1978

No. 19 of 1978

An Act relating to the provision of certain equipment for Qantas Airways Limited

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

Short title

1. This Act may be cited as the Qantas Airways Limited (Loan Guarantee) Act 1978.

Commencement

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

Provision of credit deemed to be a borrowing

3. For the purposes of this Act, the provision of credit shall be deemed to be a borrowing to the extent of the amount of that credit.

Guarantee of certain loans

4. (1) The Treasurer may, on behalf of the Commonwealth, and subject to the conditions required by this Act, guarantee

(a) the repayment by Qantas Airways Limited of amounts borrowed by it for expenditure in connexion with the purchase by it of 2 Boeing 747 aircraft and related spare parts and equipment; and

(b) the payment of interest on amounts so borrowed.

 

(2) A guarantee or guarantees shall not be given under sub-section (1) in respect of moneys borrowed in the currency of the United States of America, or in any other currency, exceeding in the aggregate $80,000,000 in the currency of the United States of America.

 

(3) For the purposes of sub-section (2), the amount of a borrowing in a currency other than the currency of the United States of America shall be taken to be the amount in the currency of the United States of America that was equivalent to the first-mentioned amount at the date of the borrowing, as ascertained by the Reserve Bank of Australia.

 

Conditions of guarantees

5. For the purpose of the protection of the financial interests of the Commonwealth, the Treasurer shall not give a guarantee under section 4 unless

(a) the moneys are borrowed on terms and conditions that the Treasurer is satisfied are reasonable,

(b) proper security to the satisfaction of the Treasurer is, or is to be, given to the Commonwealth over the aircraft, spare parts and equipment to which the borrowing relates;

(c) undertakings to the satisfaction of the Treasurer are given that the aircraft, spare parts and equipment over which security is to be taken in accordance with paragraph (b)

(i) will be insured, and kept insured, against all risks that it is customary to insure, and to their full insurable value; and

(ii) will not be sold or made the subject of a mortgage or charge having priority over the security to the Commonwealth in respect of the guarantee; and

(d) such other conditions as the Treasurer thinks necessary are fulfilled.

Delegation

6. (1) The Treasurer may, either generally or as otherwise provided by the instrument of delegation, by writing signed by him, delegate to an officer of the Department of the Treasury any of his powers or functions under this Act, other than this power of delegation.

 

(2) A power or function so delegated, when exercised or performed by the delegate, shall, for the purposes of this Act, be deemed to have been exercised or performed by the Treasurer.

 

(3) A delegate is, in the exercise or performance of a power on function so delegated, subject to the directions of the Treasurer.

 

(4) A delegation under this section does not prevent the exercise of a power or the performance of a function by the Treasurer.