AIRLINE EQUIPMENT (LOAN GUARANTEE) ACT 1968
- Reprinted as at 19 December 1973 (HISTACT CHAP 1863 #DATE 19:12:1973)
AIRLINE EQUIPMENT (LOAN GUARANTEE) ACT 1968-1973 - TABLE OF PROVISIONS
TABLE
AIRLINE EQUIPMENT (LOAN GUARANTEE) ACT 1968-1973
TABLE OF PROVISIONS
Section
1. Short title
2. Commencement
3. Guarantee of certain loans
4. Financial conditions of guarantees
AIRLINE EQUIPMENT (LOAN GUARANTEE) ACT 1968-1973 - SECT. 1.
Short title.
SECT
AIRLINE EQUIPMENT (LOAN GUARANTEE) ACT 1968-1973
An Act relating to the provision of certain Equipment for a Domestic Airline.
Short title amended; No. 32, 1918, s. 2.
1. This Act may be cited as the Airline Equipment (Loan Guarantee) Act
1968-1973.*
AIRLINE EQUIPMENT (LOAN GUARANTEE) ACT 1968-1973 - SECT. 2.
Commencement.
SECT
2. This Act shall come into operation on the day on which it receives the
Royal Assent.*
AIRLINE EQUIPMENT (LOAN GUARANTEE) ACT 1968-1973 - SECT. 3.
Guarantee of certain loans.
SECT
3. (1) The Treasurer may, on behalf of the Commonwealth, at the request of
Ansett Transport Industries Limited and subject to the conditions required by
this Act, for the purpose of enabling the purchase by Ansett Transport
Industries (Operations) Proprietary Limited of one Boeing 727 aircraft and
related spare parts and equipment, guarantee the repayment of, and the payment
of interest on-
(a) a loan or loans of an amount or amounts not exceeding in the whole Two
million five hundred thousand dollars in the currency of the United States of
America; and
(b) a loan or loans of an amount or amounts not exceeding in the whole Two
million two hundred and fifty thousand dollars in Australian currency,
made or to be made to Ansett Transport Industries (Operations) Proprietary
Limited, being in each case a loan on terms of repayment under which every
amount of moneys received by the borrower by way of loan is to be repaid
within a period of seven years from the date on which the amount is received.
(2) The guarantee in respect of a loan or loans under this section does not
affect the rights of Ansett Transport Industries Limited or Ansett Transport
Industries (Operations) Proprietary Limited under clause 4 of the agreement
set out in the Second Schedule to the Airlines Agreements Act 1952-1961.
AIRLINE EQUIPMENT (LOAN GUARANTEE) ACT 1968-1973 - SECT. 4.
Financial conditions of guarantees.
SECT
Amended by No. 216, 1973, s. 3.
4. For the purposes of the protection of the financial interests of the
Commonwealth, the Treasurer shall not give a guarantee under the last
preceding section in respect of a loan unless-
(a) the moneys are borrowed upon reasonable terms and conditions;
(b) proper security is, or is to be, given to the Commonwealth over the
aircraft and related spare parts and equipment to which the loan relates;
(c) undertakings to the satisfaction of the Treasurer are given that the
aircraft and other assets over which security is to be taken in accordance
with the last preceding paragraph-
(i) will be insured, and kept insured, against all risks against which
it is customary to insure, and to their full insurable value;
(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
(iii) will not be taken out of Australia for a destination that is not
in Australia or a Territory except after the furnishing of such security as
the Treasurer requires;
(d) undertakings to the satisfaction of the Treasurer are given that, for
so long as the loan or any interest on the loan remains unpaid, officers
employed in the Commonwealth Service will have full access at all reasonable
times to the financial accounts of Ansett Transport Industries Limited and
Ansett Transport Industries (Operations) Proprietary Limited when authorized
in writing by the Minister for that purpose and each of those companies will
do everything within its power to ensure that the officers so authorized have
similar access to the financial accounts of any company or firm in which that
company at any time has, whether directly or indirectly, a controlling
interest; and
(e) such other conditions as the Treasurer thinks necessary are fulfilled.
------------------------------------------------------------------------------
--
AIRLINE EQUIPMENT (LOAN GUARANTEE) ACT 1968-1973 - NOTE
NOTE
1. The Airline Equipment (Loan Guarantee) Act 1968-1973 comprises the Airline
Equipment (Loan Guarantee) Act 1968 as amended by the other Act specified in
the following table:
----------------------------------------------------------------------------
Number Date of
Act and year Date of Assent commencement
----------------------------------------------------------------------------
Airline Equipment (Loan
Guarantee) Act 1968 No. 131, 1968 9 Dec 1968 9 Dec 1968
Statute Law Revision Act 1973 No. 216, 1973 19 Dec 1973 31 Dec 1973
----------------------------------------------------------------------------
|