Co-operative Farmers and Graziers Direct Meat Supply Limited Act 1978 (Vic)

Version No. 001

Co-operative Farmers and Graziers Direct Meat Supply Limited Act 1978

Act No. 9092/1978

Version as at 1 November 1999

TABLE OF PROVISIONS

Section  Page

1.Short title, commencement and definition

2.Additional powers to Society

3.As to guarantee by Treasurer

4.Limitation on guarantee by Treasurer

═══════════════

ENDNOTES

1.  General Information

2.  Table of Amendments

3.  Explanatory Details

Version No. 001

Co-operative Farmers and Graziers Direct Meat Supply Limited Act 1978

Act No. 9092/1978

Version as at 1 November 1999

An Act to authorize the Co-operative Farmers and Graziers Direct Meat Supply Limited to obtain certain financial accommodation and to authorize the giving of a guarantee in respect of financial accommodation obtained by the said Co‑operative and for other purposes.

Preamble

WHEREAS the Co-operative Farmers and Graziers Direct Meat Supply Limited is a society incorporated under the Co-operation Act 1958:

AND WHEREAS the Society is in receivership:

AND WHEREAS the Society proposes to obtain financial accommodation to enable it to satisfy its liabilities and to resume trading operations:

AND WHEREAS the Government of the Commonwealth of Australia and the Government of the State of Victoria have agreed to assist the Society by the provision of guarantees to secure the financial accommodation so obtained:

BE IT THEREFORE ENACTED by the Queen's Most Excellent Majesty by and with the advice and consent of the Legislative Council and the Legislative Assembly of Victoria in this present Parliament assembled and by the authority of the same as follows (that is to say):

1.Short title, commencement and definition

(1)This Act may be cited as the Co-operative Farmers and Graziers Direct Meat Supply Limited Act 1978.

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

(3)In this Act the Co-operative Farmers and Graziers Direct Meat Supply Limited is called "the Society".

2.Additional powers to Society

In addition to any accommodation that the Society may obtain pursuant to the powers conferred on it by the Co-operation Act 1958 the Society may obtain advances or financial accommodation from any person whether in Victoria or elsewhere of such amount and secured and arranged in such manner and for such period as is approved by the Treasurer.

3.As to guarantee by Treasurer

(1)The Treasurer may on behalf of the State of Victoria at the request of the Society and subject to the conditions required by this Act give one guarantee in respect of the repayment by the Society of one-half of the principal moneys in relation to the financial accommodation obtained by the Society for the purpose of repaying debts owed by the Society.

(2)A guarantee shall not be given under sub-section (1) that would render the State of Victoria liable to pay an amount that exceeds or amounts that in the aggregate exceed $4 500 000 or one-half of so much of the principal moneys referred to in that sub-section as have not for the time being been repaid by the Society, whichever is the less.

(3)Such sums as may from time to time be deemed payable by the Treasurer of Victoria under any guarantee authorized by this Act shall be paid out of the Consolidated Fund (which is hereby to the necessary extent appropriated accordingly).

4.Limitation on guarantee by Treasurer

For the purpose of the protection of the financial interests of the State the Treasurer shall not give a guarantee under section 3 in relation to financial accommodation obtained by the Society unless—

(a)a like guarantee is given by the Treasurer of the Commonwealth on behalf of the Commonwealth in respect of the repayment by the Society of one-half of the principal moneys in relation to the same borrowing;

(b)the accommodation is obtained for a period not exceeding three years and on such other terms and conditions as the Treasurer is satisfied are reasonable; and

(c)such other conditions as the Treasurer thinks necessary are fulfilled.

═══════════════

ENDNOTES

1.     General Information

The Co-operative Farmers and Graziers Direct Meat Supply Limited Act 1978 was assented to on 18 April 1978 and came into operation on 18 April 1978: section 1(2).

2.     Table of Amendments

There are no amendments made to the Co-operative Farmers and Graziers Direct Meat Supply Limited Act 1978 by Acts and subordinate instruments.

3.     Explanatory Details

No entries at date of publication.