Federal Register of Legislation - Australian Government

Primary content

Qantas Airways Limited (Loan Guarantee) Act 1978

Authoritative Version
Act No. 19 of 1978 as amended, taking into account amendments up to Act No. 186 of 1978
An Act relating to the provision of certain equipment for Qantas Airways Limited
Administered by: Treasury
Start Date 04 Dec 1978
Table of contents.

Qantas Airways Limited (Loan Guarantee) Act 1978

Act No. 19 of 1978 as amended

This compilation was prepared on 20 November 2000
taking into account amendments up to Act No. 186 of 1978

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting,
Attorney‑General’s Department, Canberra

  

  

  


Contents

1............ Short title [see Note 1]........................................................................ 1

2............ Commencement [see Note 1].............................................................. 1

3............ Provision of credit deemed to be a borrowing..................................... 1

4............ Guarantee of certain loans................................................................... 1

5............ Conditions of guarantees..................................................................... 2

6............ Delegation........................................................................................... 2

Notes                                                                                                               3

 


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

1  Short title [see Note 1]

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

2  Commencement [see Note 1]

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

3  Provision of credit deemed to be a borrowing

                   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.

4  Guarantee of certain loans

             (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 not exceeding its 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 subsection (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 subsection (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.

5  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 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.

6  Delegation

             (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 or 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.


Notes to the Qantas Airways Limited (Loan Guarantee) Act 1978

Note 1

The Qantas Airways Limited (Loan Guarantee) Act 1978 as shown in this compilation comprises Act No. 19, 1978 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

Qantas Airways Limited (Loan Guarantee) Act 1978

19, 1978

16 May 1978

16 May 1978

 

Qantas Airways Limited (Loan Guarantee) Amendment Act 1978

186, 1978

4 Dec 1978

4 Dec 1978


Table of Amendments

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

 

Provision affected

How affected

S. 4......................................

am. No. 186, 1978