Federal Register of Legislation - Australian Government

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Act No. 111 of 1985 as made
An Act relating to the guarantee of the repayment of money borrowed for the purposes of the Northern Prawn Fishery Voluntary Adjustment Scheme
Administered by: Agriculture, Fisheries and Forestry
Date of Assent 21 Oct 1985
Date of repeal 03 Jul 2008
Repealed by Statute Law Revision Act 2008

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Northern Prawn Fishery Voluntary Adjustment Scheme Loan Guarantee Act 1985

No. 111 of 1985

 

An Act relating to the guarantee of the repayment of money borrowed for the purposes of the Northern Prawn Fishery Voluntary Adjustment Scheme

[Assented to 21 October 1985]

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

Short title

1. This Act may be cited as the Northern Prawn Fishery Voluntary Adjustment Scheme Loan Guarantee Act 1985.

Commencement

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

Interpretation

3. In this Act, “Authority” means the Queensland Fish Management Authority constituted by the Fishing Industry Organization and Marketing Act 1982 of Queensland.

Dealing with securities deemed to be borrowing

4. For the purposes of this Act, the issue of, or other dealing with, securities by the Authority in consideration of the payment of money or provision of credit shall be deemed to be a borrowing to the extent of the amount of that money or credit.

Guarantee of certain loans

5. (1) The Treasurer may, on behalf of the Commonwealth, at the request of the Authority, and subject to the conditions required by this Act, guarantee—

(a) the repayment by the Authority of amounts borrowed by the Authority for the purposes of—

(i) making payments to persons holding licences under the Fisheries Act 1952 in respect of the voluntary surrender of endorsements of those licences authorising the use of boats in the northern prawn fishery;

(ii) making payments to persons in respect of the voluntary surrender of units of fishing capacity held by those persons under that Act in relation to that fishery; and

(iii) reimbursing the Authority for administrative costs incurred by the Authority in relation to the Northern Prawn Fishery Voluntary Adjustment Scheme, being costs included in a class of costs approved by the Minister for Primary Industry; and

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

(2) A guarantee or guarantees shall not be given under sub-section (1) in respect of borrowings exceeding in the aggregate $5,000,000.

Conditions of guarantees

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

(a) the money is borrowed on terms and conditions that the Treasurer is satisfied are reasonable; and

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

 

[Minister’s second reading speech made in—

House of Representatives on 22 August 1985

Senate on 16 September 1985]