ABORIGINAL ENTERPRISES (ASSISTANCE) ACT 1968 [Note: This Act is "repealed" by Act No. 103 of 1974]
(#DATE 19:12:1973)
Compilation Information
- Reprinted as at 19 December 1973
ABORIGINAL ENTERPRISES (ASSISTANCE) ACT 1968-1973 - TABLE OF PROVISIONS
TABLE
ABORIGINAL ENTERPRISES (ASSISTANCE)
ACT 1968-1973
TABLE OF PROVISIONS
Section
1. Short title
2. Commencement
3. Definitions
4. Establishment of Fund
5. Object of Fund
6. Moneys in Fund to be kept in account with Commonwealth Trading Bank
7. Payments to the Fund
8. Application of Fund
9. Power of Minister to guarantee repayment of loan by bank to
Aboriginal enterprise
10. Fund not subject to taxation
11. Proper accounts to be kept
12. Audit
13. Annual report
ABORIGINAL ENTERPRISES (ASSISTANCE) ACT 1968-1973 - SECT. 1.
Short title.
SECT
ABORIGINAL ENTERPRISES (ASSISTANCE)
ACT 1968-1973
An Act to assist the Establishment and Development of Business Enterprises by
the Aboriginal People of Australia.
Short title amended; No. 32, 1918, s. 2.
1. This Act may be cited as the Aboriginal Enterprises (Assistance) Act
1968-1973.*
ABORIGINAL ENTERPRISES (ASSISTANCE) ACT 1968-1973 - SECT. 2.
Commencement.
SECT
2. This Act shall come into operation on the day on which it receives the
Royal Assent.*
ABORIGINAL ENTERPRISES (ASSISTANCE) ACT 1968-1973 - SECT. 3.
Definitions.
SECT
3. In this Act, unless the contrary intention appears-
''business enterprise'' includes an enterprise relating to primary
production;
''the Aboriginal Advancement Trust Account'' means the trust account of that
name established under section 62A of the Audit Act 1901-1966;
''the Fund'' means the Commonwealth Capital Fund for Aboriginal Enterprises
established under section 4 of this Act.
ABORIGINAL ENTERPRISES (ASSISTANCE) ACT 1968-1973 - SECT. 4.
Establishment of Fund.
SECT
4. (1) There is hereby established a fund to be known as the Commonwealth
Capital Fund for Aboriginal Enterprises.
(2) The Minister has the control and administration of the Fund.
ABORIGINAL ENTERPRISES (ASSISTANCE) ACT 1968-1973 - SECT. 5.
Object of Fund.
SECT
5. The object for which the Fund is established is to enable persons of the
Aboriginal race of Australia to engage in business enterprises that have
prospects of becoming or continuing to be successful and the Fund shall be
administered for that object.
ABORIGINAL ENTERPRISES (ASSISTANCE) ACT 1968-1973 - SECT. 6.
Moneys in Fund to be kept in account with Commonwealth Trading Bank.
SECT
6. (1) The Minister shall cause an account to be opened and maintained with
the Commonwealth Trading Bank of Australia for the purposes of the Fund.
(2) Payment into the account of moneys payable into the Fund shall be deemed
to be payment of those moneys into the Fund.
ABORIGINAL ENTERPRISES (ASSISTANCE) ACT 1968-1973 - SECT. 7.
Payments to the Fund.
SECT
7. (1) There shall be paid into the Fund, out of the Aboriginal Advancement
Trust Account, an amount of Four million six hundred and fifty thousand
dollars.
(2) There shall also be paid into the Fund-
(a) such further amounts out of the Aboriginal Advancement Trust Account as
the Treasurer from time to time directs;
(b) any moneys appropriated by law for the purposes of the Fund;
(c) any interest on, and repayments of, loans made out of the Fund;
(d) the proceeds of the sale of any property acquired out of moneys
standing to the credit of the Fund;
(e) any income derived from the investment of moneys standing to the credit
of the Fund; and
(f) any moneys paid by a person to the Commonwealth where payment of those
moneys into the Fund would be consistent with the purposes for which the
moneys are paid and the Treasurer considers it appropriate that the moneys
should be paid into the Fund.
ABORIGINAL ENTERPRISES (ASSISTANCE) ACT 1968-1973 - SECT. 8.
Application of Fund.
SECT
8. (1) For the purpose of carrying out the object for which the Fund is
established, moneys in the Fund may be applied-
(a) in making loans, or providing security for the making of loans by banks
approved by the Minister;
(b) in subscribing for, or otherwise acquiring, shares or stock in the
capital of a company;
(c) in making payments in respect of the investigation or supervision of a
business enterprise in relation to which-
(i) moneys may be, or have been, applied in accordance with either of
the last two preceding paragraphs; or
(ii) a guarantee may be, or has been, given under the next succeeding
section;
(d) in making any other payments incidental to the application of moneys in
accordance with paragraphs (a) and (b) of sub-section (1) of this section;
and
(e) in meeting any liability under a guarantee given in pursuance of the
next succeeding section.
(2) Moneys in the Fund not immediately required for the purposes specified
in the last preceding sub-section may be invested on fixed deposit with the
Commonwealth Trading Bank of Australia or in securities of the Commonwealth or
in such other securities as the Treasurer approves.
(3) The Minister shall, for the purposes of this section, be deemed to be a
corporation with perpetual succession, under the name of ''The Minister of
State of the Commonwealth of Australia administering the Aboriginal
Enterprises (Assistance) Act'', and any act or thing to be done in pursuance
of paragraph (a) or paragraph (b) of sub-section (1), or in pursuance of
sub-section (2), of this section shall be done in the name of the
corporation.
(4) The corporation referred to in the last preceding sub-section-
(a) shall have a seal; and
(b) is capable, in its corporate name, of acquiring, holding and disposing
of real and personal property and of suing and being sued.
(5) All courts, judges and persons acting judicially shall take judicial
notice of the seal of the corporation affixed to a document and shall presume
that it was duly affixed.
(6) The powers of the Minister as the person constituting the corporation
may be exercised by any other Minister for the time being acting for or on
behalf of the Minister.
ABORIGINAL ENTERPRISES (ASSISTANCE) ACT 1968-1973 - SECT. 9.
Power of Minister to guarantee repayment of loan by bank to Aboriginal
enterprise.
SECT
9. (1) Where the Minister is satisfied that the making of a loan by a bank
will further the object for which the Fund is established, the Minister may,
on behalf of the Commonwealth, guarantee the due payment of all moneys
(including interest) payable by the borrower in accordance with the terms and
conditions of the loan.
(2) The operation of this section is subject to such limits as the Treasurer
determines as to the total amount of moneys (other than interest) the payment
of which may at any time be the subject of guarantees under this section.
ABORIGINAL ENTERPRISES (ASSISTANCE) ACT 1968-1973 - SECT. 10.
Fund not subject to taxation.
SECT
Amended by No. 216, 1973, s. 3.
10. The income and transactions of the Fund are not subject to taxation
under any law of the Commonwealth, of a State or of a Territory.
ABORIGINAL ENTERPRISES (ASSISTANCE) ACT 1968-1973 - SECT. 11.
Proper accounts to be kept.
SECT
11. The Minister shall cause proper accounts and financial records to be
kept in relation to the Fund (including the acquisition, receipt, custody and
disposal of property of the corporation referred to in section 8 of this Act)
in accordance with generally accepted accounting principles.
ABORIGINAL ENTERPRISES (ASSISTANCE) ACT 1968-1973 - SECT. 12.
Audit.
SECT
12. (1) The Auditor-General shall, at least once in each year, inspect and
audit the accounts and financial records kept in accordance with the last
preceding section and shall forthwith draw the Minister's attention to any
irregularity disclosed by the inspection and audit that, in the opinion of the
Auditor-General, is of sufficient importance to justify his so doing.
(2) The Auditor-General shall, at least once in each year, report to the
Minister the result of the inspection and audit carried out under the last
preceding sub-section.
(3) The Auditor-General or an officer of the Public Service of the
Commonwealth authorized by him is entitled at all reasonable times to full and
free access to all accounts, records, documents and papers relating directly
or indirectly to the payment of moneys into or out of the Fund or the
acquisition, receipt, custody or disposal of property of the corporation
referred to in section 8 of this Act.
(4) The Auditor-General or an officer of the Public Service of the
Commonwealth authorized by him may make copies of, or take extracts from, any
such accounts, records, documents or papers.
(5) The Auditor-General or an officer of the Public Service of the
Commonwealth authorized by him may require any person to furnish him with such
information in the possession of that person or to which that person has
access as the Auditor-General or authorized officer considers necessary for
the purposes of an inspection or audit under this section, and the person
shall comply with the requirement.
ABORIGINAL ENTERPRISES (ASSISTANCE) ACT 1968-1973 - SECT. 13.
Annual report.
SECT
13. The Minister shall, as soon as practicable after the end of each
financial year, cause a report in relation to the operation of this Act during
that year to be prepared and to be laid before each House of the Parliament.
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ABORIGINAL ENTERPRISES (ASSISTANCE) ACT 1968-1973 - NOTE
NOTE
1. The Aboriginal Enterprises (Assistance) Act 1968-1973 comprises the
Aboriginal Enterprises (Assistance) Act 1968 as amended by the other Act
specified in the following table:
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Number Date of
Act and year Date of Assent commencement
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Aboriginal Enterprises
(Assistance) Act 1968 No. 154, 1968 10 Dec 1968 10 Dec 1968
Statute Law Revision Act 1973 No. 216, 1973 19 Dec 1973 31 Dec 1973
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