Federal Register of Legislation - Australian Government

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Wool Marketing (Loan) Act 1974

Authoritative Version
Act No. 58 of 1974 as amended, taking into account amendments up to Act No. 36 of 1978
Registered 08 Dec 2009
Start Date 12 Jun 1978
End Date 03 Jun 1988
Date of repeal 03 Jun 1988
Repealed by Statute Law (Miscellaneous Provisions) Act 1988

WOOL MARKETING (LOAN) ACT 1974 [Note: This Act is "repealed" by Act No. 38 of 1988]
(#DATE 30:09:1982)

- Reprinted as at 30 September 1982
*1*The Wool Marketing (Loan) Act 1974 as shown in this reprint comprises Act No. 58, 1974 amended as indicated in the Tables below.

(The citation "Wool Marketing (Loan) Act 1974" is provided for by the
Amendments Incorporation Act 1905 and the Acts Citation Act 1976.)

Table of Acts
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Application,
saving
or
Number Date Date of transitional
Act and year of Assent commencement provisions
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Wool Marketing
(Loan) Act 1974 58, 1974 27 Sept
1974 27 Sept 1974
Wool Marketing
(Loan) Act (No. 2)
1974 153, 1974 17 Dec
1974 17 Dec 1974 -
Administrative
Changes
(Consequential
Provisions) Act 1978 36, 1978 12 June
1978 12 June 1978 S. 8
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Table of Amendments

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and
substituted
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Provision affected How affected
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S. 4 . . . . . . . . . am. No. 153, 1974; No. 36, 1978

S. 6 . . . . . . . . . am. No. 153, 1974

S. 8 . . . . . . . . . am. No. 36, 1978
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WOOL MARKETING (LOAN) ACT 1974 - LONG TITLE

SECT

An Act to authorize certain Advances to the Australian Wool Corporation and to authorize the Borrowing of certain Moneys by the Treasurer

WOOL MARKETING (LOAN) ACT 1974 - SECT. 1.
Short title

SECT

1. This Act may be cited as the Wool Marketing (Loan) Act 1974.*1*


See notes to first article of this CHAPTER.

WOOL MARKETING (LOAN) ACT 1974 - 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.

WOOL MARKETING (LOAN) ACT 1974 - SECT. 3.
Interpretation

SECT

3. In this Act, "the Corporation" means the Australian Wool Corporation.


WOOL MARKETING (LOAN) ACT 1974 - SECT. 4.
Loans to Australian Wool Corporation

SECT

4. (1) The Minister for Finance may, on such terms and conditions as he determines, for the purposes of enabling the purchase of wool by the Corporation at auction or by tender and the payment of advances by the Corporation to growers the marketing of whose wool has been delayed by reason of the exercise of the powers and functions of the Corporation, make advances to the Corporation, by way of loan, of such amounts, not exceeding in the aggregate $350,000,000, as the Minister for Finance determines.


(2) Sub-section 28 (3) of the Wool Industry Act 1972-1973 does not apply to moneys appropriated by the Parliament for the purpose of making advances to the Corporation under sub-section (1) or to amounts paid by the Corporation to Australia in repayment of such advances.


WOOL MARKETING (LOAN) ACT 1974 - SECT. 5.
Payments to be made out of Consolidated Revenue Fund or Loan Fund

SECT

5. Payments to the Corporation under this Act may be made out of the Consolidated Revenue Fund or the Loan Fund.


WOOL MARKETING (LOAN) ACT 1974 - SECT. 6.
Authority to borrow

SECT

6. The Treasurer may, during the period commencing on the date of commencement of this Act and ending on 30 June 1975, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911-1973, or in accordance with the provisions of an Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the aggregate $350,000,000.


WOOL MARKETING (LOAN) ACT 1974 - SECT. 7.
Application of moneys borrowed

SECT

7. Moneys borrowed under section 6 shall be issued and applied only for the expenses of borrowing, for the purpose of making advances to the Corporation under this Act and for the purpose of making payments to the Consolidated Revenue Fund in accordance with section 8.


WOOL MARKETING (LOAN) ACT 1974 - SECT. 8.
Reimbursement of Consolidated Revenue Fund from Loan Fund

SECT

8. (1) Where an amount has been paid out of the Consolidated Revenue Fund under this Act, the Minister for Finance may authorize the payment to that Fund, out of the Loan Fund, of an amount not exceeding the amount so paid.


(2) In any statement of the receipts and expenditure, or of the expenditure, of the Consolidated Revenue Fund prepared by the Minister for Finance under section 49 or 50 of the Audit Act 1901-1973, amounts paid to the Consolidated Revenue Fund under sub-section (1) of this section shall not be shown as receipts of that Fund but shall be shown as having reduced the total of the amounts expended from that Fund under this Act.


(3) Where there has been a payment from the Loan Fund to the Consolidated Revenue Fund under sub-section (1) in respect of an amount paid out of the Consolidated Revenue Fund under this Act, the amount so paid out of the Consolidated Revenue Fund, shall, for the purposes of sections 9 and 10 of the National Debt Sinking Fund Act 1966-1967, be deemed to have been paid out of the Loan Fund.


WOOL MARKETING (LOAN) ACT 1974 - SECT. 9.
Appropriation

SECT

9. The Consolidated Revenue Fund and the Loan Fund are appropriated as necessary for the purposes of this Act.


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