Federal Register of Legislation - Australian Government

Primary content

Act No. 111 of 1985 as amended, taking into account amendments up to Act No. 36 of 1995
An Act relating to the guarantee of the repayment of money borrowed for the purposes of the Northern Prawn Fishery Voluntary Adjustment Scheme
Start Date 27 Jan 1995
End Date 21 Feb 2005
Date of repeal 03 Jul 2008
Repealed by Statute Law Revision Act 2008

NORTHERN PRAWN FISHERY VOLUNTARY ADJUSTMENT SCHEME LOAN GUARANTEE ACT 1985



Compilation Information

Northern Prawn Fishery Voluntary Adjustment Scheme Loan Guarantee Act 1985 Act No. 111 of 1985 as amended

This compilation was prepared on 24 October 2000
taking into account amendments up to Act No. 36 of 1995
The text of any of those amendments not in force
on that date is appended in the Notes section
Prepared by the Office of Legislative Drafting,
Attorney-General's Department, Canberra



Long Title

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

NORTHERN PRAWN FISHERY VOLUNTARY ADJUSTMENT SCHEME LOAN GUARANTEE ACT 1985
- SECT 1
Short title [see Note 1]

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

NORTHERN PRAWN FISHERY VOLUNTARY ADJUSTMENT SCHEME LOAN GUARANTEE ACT 1985
- SECT 2
Commencement [see Note 1]

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

NORTHERN PRAWN FISHERY VOLUNTARY ADJUSTMENT SCHEME LOAN GUARANTEE ACT 1985
- SECT 3
Interpretation

In this Act, Authority means the Queensland Fisheries Management Authority constituted by the Fisheries Act 1994 of Queensland.

NORTHERN PRAWN FISHERY VOLUNTARY ADJUSTMENT SCHEME LOAN GUARANTEE ACT 1985
- SECT 4
Dealing with securities deemed to be borrowing

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.

NORTHERN PRAWN FISHERY VOLUNTARY ADJUSTMENT SCHEME LOAN GUARANTEE ACT 1985
- SECT 5
Guarantee of certain loans

(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 licenses 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; and
(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
(iia)
making payments to persons who are, or have been, the holders of units of fishing capacity under that Act in relation to that fishery in respect of the voluntary withdrawal by them of a boat or boats from fishing in 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; and
(b)
the payment of interest (including any interest on that interest) on amounts so borrowed.

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(2)
A guarantee or guarantees shall not be given under subsection (1) in respect of borrowings exceeding in the aggregate $40,900,000.

NORTHERN PRAWN FISHERY VOLUNTARY ADJUSTMENT SCHEME LOAN GUARANTEE ACT 1985
- SECT 6
Conditions of guarantees

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.

NORTHERN PRAWN FISHERY VOLUNTARY ADJUSTMENT SCHEME LOAN GUARANTEE ACT 1985
Notes to the Northern Prawn Fishery Voluntary Adjustment Scheme Loan Guarantee Act 1985

Note 1

The Northern Prawn Fishery Voluntary Adjustment Scheme Loan Guarantee Act 1985 as shown in this compilation comprises Act No. 111, 1985 amended as indicated in the Tables below.

Table of Acts


Act


Number
and year


Date
of Assent


Date of commencement


Application, saving or transitional provisions


Northern Prawn Fishery Voluntary Adjustment Scheme Loan Guarantee Act 1985


111, 1985


21 Oct 1985


21 Oct 1985



Northern Prawn Fishery Voluntary Adjustment Scheme Loan Guarantee Amendment Act 1990


123, 1990


28 Dec 1990


28 Dec 1990



Primary Industries and Energy Legislation Amendment Act (No. 1) 1995


36, 1995


12 Apr 1995


S. 3 (items 27, 28): 27 Jan 1995 (a)


S. 3 (item 28)


(a) The Northern Prawn Fishery Voluntary Adjustment Scheme Loan Guarantee Act 1985 was amended by the Primary Industries and Energy Legislation Amendment (No. 1) Act 1995, subsection 2(5) of which provides as follows:

(5) Part 5 of the Schedule is taken to have commenced on 27 January 1995.

Table of Amendments


ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted


Provision affected


How affected


S. 3


am. No. 36, 1995


S. 5


am. No. 123, 1990