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Act No. 59 of 1954 as amended, taking into account amendments up to Public Governance, Performance and Accountability (Consequential and Transitional Provisions) Act 2014
An Act to facilitate the Borrowing of Money by the Holders of certain Crown Leases of Land in the Northern Territory of Australia
Administered by: Treasury
Registered 22 Aug 2014
Start Date 01 Jul 2014
Table of contents.

Description: Commonwealth Coat of Arms

Northern Territory (Lessees’ Loans Guarantee) Act 1954

No. 59, 1954 as amended

Compilation start date:                     1 July 2014

Includes amendments up to:            Act No. 62, 2014

 

About this compilation

This compilation

This is a compilation of the Northern Territory (Lessees’ Loans Guarantee) Act 1954 as in force on 1 July 2014. It includes any commenced amendment affecting the legislation to that date.

This compilation was prepared on 22 August 2014.

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of each amended provision.

Uncommenced amendments

The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in the endnotes.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If a provision of the compiled law is affected by a modification that is in force, details are included in the endnotes.

Provisions ceasing to have effect

If a provision of the compiled law has expired or otherwise ceased to have effect in accordance with a provision of the law, details are included in the endnotes.

  

  

  


Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Interpretation....................................................................................... 1

4............ Finance Minister may guarantee loans................................................ 1

Endnotes                                                                                                                                      3

Endnote 1—About the endnotes                                                                              3

Endnote 2—Abbreviation key                                                                                  5

Endnote 3—Legislation history                                                                               6

Endnote 4—Amendment history                                                                             8

Endnote 5—Uncommenced amendments [none]                                            9

Endnote 6—Modifications [none]                                                                           9

Endnote 7—Misdescribed amendments [none]                                               9

Endnote 8—Miscellaneous [none]                                                                          9


An Act to facilitate the Borrowing of Money by the Holders of certain Crown Leases of Land in the Northern Territory of Australia

 

 

 

1  Short title

                   This Act may be cited as the Northern Territory (Lessees’ Loans Guarantee) Act 1954.

2  Commencement

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

3  Interpretation

                   In this Act, unless the contrary intention appears:

ADI (authorised deposit‑taking institution) means:

                     (a)  a body corporate that is an ADI for the purposes of the Banking Act 1959; or

                     (b)  the Reserve Bank of Australia.

eligible person means the holder of a pastoral homestead lease or an agricultural lease granted under an Ordinance of the Northern Territory of Australia relating to Crown lands, but does not include a company.

loan includes an advance by way of overdraft.

4  Finance Minister may guarantee loans

             (1)  Where the Finance Minister is satisfied that a loan of an amount not exceeding Sixty thousand dollars is proposed to be made by an ADI to an eligible person, and that the loan is required, and is intended to be used, by the eligible person:

                     (a)  for the purpose of making or erecting permanent improvements to or on the land comprised in his or her lease; or

                     (b)  partly for a purpose specified in the last preceding paragraph and partly for the purpose of discharging a mortgage or charge over his or her interest in the land comprised in his or her lease so as to enable him or her to give a first mortgage over that interest as security for the moneys to be borrowed for the first‑mentioned purpose;

the Finance Minister may, on behalf of the Commonwealth, guarantee the repayment to the ADI of a portion of the loan and of interest on that portion.

             (2)  The portion of the loan to be guaranteed shall be determined by the Finance Minister having regard to the extent to which the amount of the loan exceeds the amount that the ADI might have been expected to advance in the ordinary course of business without the guarantee.

             (3)  The terms and conditions of the guarantee shall be as agreed between the Finance Minister and the ADI.

             (4)  The Finance Minister may, by written instrument, delegate any of the Finance Minister’s powers or functions under this section to an official (within the meaning of the Public Governance, Performance and Accountability Act 2013) of a non‑corporate Commonwealth entity (within the meaning of that Act). In exercising powers or functions under a delegation, the official must comply with any directions of the Finance Minister.

             (5)  In this section:

Finance Minister means the Minister who administers the Public Governance, Performance and Accountability Act 2013.


Endnotes

Endnote 1—About the endnotes

The endnotes provide details of the history of this legislation and its provisions. The following endnotes are included in each compilation:

 

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Endnote 5—Uncommenced amendments

Endnote 6—Modifications

Endnote 7—Misdescribed amendments

Endnote 8—Miscellaneous

 

If there is no information under a particular endnote, the word “none” will appear in square brackets after the endnote heading.

 

Abbreviation key—Endnote 2

The abbreviation key in this endnote sets out abbreviations that may be used in the endnotes.

 

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

 

The legislation history in endnote 3 provides information about each law that has amended the compiled law. The information includes commencement information for amending laws and details of application, saving or transitional provisions that are not included in this compilation.

 

The amendment history in endnote 4 provides information about amendments at the provision level. It also includes information about any provisions that have expired or otherwise ceased to have effect in accordance with a provision of the compiled law.

 

Uncommenced amendments—Endnote 5

The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in endnote 5.

Modifications—Endnote 6

If the compiled law is affected by a modification that is in force, details of the modification are included in endnote 6.

 

Misdescribed amendments—Endnote 7

An amendment is a misdescribed amendment if the effect of the amendment cannot be incorporated into the text of the compilation. Any misdescribed amendment is included in endnote 7.

 

Miscellaneous—Endnote 8

Endnote 8 includes any additional information that may be helpful for a reader of the compilation.

 

Endnote 2—Abbreviation key

 

ad = added or inserted

pres = present

am = amended

prev = previous

c = clause(s)

(prev) = previously

Ch = Chapter(s)

Pt = Part(s)

def = definition(s)

r = regulation(s)/rule(s)

Dict = Dictionary

Reg = Regulation/Regulations

disallowed = disallowed by Parliament

reloc = relocated

Div = Division(s)

renum = renumbered

exp = expired or ceased to have effect

rep = repealed

hdg = heading(s)

rs = repealed and substituted

LI = Legislative Instrument

s = section(s)

LIA = Legislative Instruments Act 2003

Sch = Schedule(s)

mod = modified/modification

Sdiv = Subdivision(s)

No = Number(s)

SLI = Select Legislative Instrument

o = order(s)

SR = Statutory Rules

Ord = Ordinance

Sub‑Ch = Sub‑Chapter(s)

orig = original

SubPt = Subpart(s)

par = paragraph(s)/subparagraph(s)
/sub‑subparagraph(s)

 

 

Endnote 3—Legislation history

 

Act

Number and year

Assent

Commencement

Application, saving and transitional provisions

Northern Territory (Lessees’ Loans Guarantee) Act 1954

59, 1954

6 Nov 1954

6 Nov 1954

 

Northern Territory (Lessees’ Loans Guarantee) Act 1959

14, 1959

23 Apr 1959

14 Jan 1960 (s 2 and Gazette 1960, p 47)

Statute Law Revision (Decimal Currency) Act 1966

93, 1966

29 Oct 1966

1 Dec 1966

Commonwealth Banks Amendment Act 1984

76, 1984

25 June 1984

29 June 1984 (Gazette 1984, No S241)

Commonwealth Bank Sale Act 1995

161, 1995

16 Dec 1995

Sch (item 54): 19 July 1996 (a)

Financial Sector Reform (Consequential Amendments) Act 1998

48, 1998

29 June 1998

Sch 1 (items 123–126): 1 July 1999 (Gazette 1998, No S316) (b)

Financial Framework Legislation Amendment Act 2005

8, 2005

22 Feb 2005

Sch 2 (items 146–150, 174): 22 Feb 2005 (s 2(1) item 12)

Sch 2 (item 174)

Statute Law Revision Act 2008

73, 2008

3 July 2008

Sch 4 (items 403–405): 4 July 2008

Public Governance, Performance and Accountability (Consequential and Transitional Provisions) Act 2014

62, 2014

30 June 2014

Sch 10 (items 314, 315) and Sch 14 (items 1–4): 1 July 2014 (s 2(1) items 6, 14)

Sch 14 (items 1–4)

 

(a)             The Northern Territory (Lessees’ Loans Guarantee) Act 1954 was amended by the Schedule (item 54) only of the Commonwealth Bank Sale Act 1995, subsection 2(2) of which provides as follows:

                   (2)  Part 3, and all the items of the Schedule (except items 1, 12, 16, 17, 21, 22, 23, 26, 27, 31, 37 and 48), commence at the transfer time.

(b)             The Northern Territory (Lessees’ Loans Guarantee) Act 1954 was amended by Schedule 1 (items 123–126) only of the Financial Sector Reform (Consequential Amendments) Act 1998, subsection 2(2) of which provides as follows:

                   (2)  Subject to subsections (3) to (14), Schedules 1, 2 and 3 commence on the commencement of the Australian Prudential Regulation Authority Act 1998.

Endnote 4—Amendment history

 

Provision affected

How affected

s 3........................................

am No 14, 1959; No 76, 1984; No 161, 1995; No 48, 1998

hdg to s 4.............................

am No 8, 2005

s 4........................................

am No 93, 1966; No 48, 1998; No 8, 2005; No 73, 2008; No 62, 2014

s 5........................................

rep No 8, 2005

 

Endnote 5—Uncommenced amendments [none]

Endnote 6—Modifications [none]

Endnote 7—Misdescribed amendments [none]

Endnote 8—Miscellaneous [none]