Federal Register of Legislation - Australian Government

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Act No. 111 of 1985 as amended, taking into account amendments up to Act No. 123 of 1990
Registered 04 Dec 2009
Start Date 28 Dec 1990
End Date 26 Jan 1995
Date of repeal 03 Jul 2008
Repealed by Statute Law Revision Act 2008

NORTHERN PRAWN FISHERY VOLUNTARY ADJUSTMENT SCHEME LOAN GUARANTEE ACT 1985
- Reprinted as at 31 March 1993 (HISTACT CHAP 1595 #DATE 31:03:1993)

*1* The Northern Prawn Fishery Voluntary Adjustment Scheme Loan Guarantee Act 1985 as shown in this reprint comprises Act No. 111, 1985 amended as indicated in the Tables below.
Table of Acts
Act Date Date of Application
Number and of assent commencement saving or
year 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 -
Table of Amendments
ad=added or inserted am=amended rep=repealed rs=repealed and substituted
Provision affected How affected
S. 5 am. No. 123, 1990

NORTHERN PRAWN FISHERY VOLUNTARY ADJUSTMENT SCHEME LOAN GUARANTEE ACT 1985 -
TABLE OF PROVISIONS

TABLE

TABLE OF PROVISIONS
Section
1. Short title
2. Commencement
3. Interpretation
4. Dealing with securities deemed to be borrowing
5. Guarantee of certain loans
6. Conditions of guarantees

NORTHERN PRAWN FISHERY VOLUNTARY ADJUSTMENT SCHEME LOAN GUARANTEE ACT 1985 -
LONG TITLE

SECT

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

SECT

1. This Act may be cited as the Northern Prawn Fishery Voluntary Adjustment Scheme Loan Guarantee Act 1985.*1* SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .

NORTHERN PRAWN FISHERY VOLUNTARY ADJUSTMENT SCHEME LOAN GUARANTEE ACT 1985 -
SECT 2
Commencement

SECT

2. This Act shall come into operation on the day on which it receives the Royal Assent.*1* SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .

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

SECT

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

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

SECT

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.

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

SECT

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 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.

(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

SECT

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.