Industrial Development Act Amendment Act 1975 (Qld)

515 ANNO VICESIMO QUARTO ELIZABETHAE SECUNDAE REGINAE No. 44 of 1975 An Act to amend the Industrial DevelopmentAct 1963-1973 in certain particulars [ASSENTED TO 9TH OCTOBER, 1975] BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same , as follows:- 1. Short title and citation . (1) This Act may be cited as the Industrial Development Act Amendment Act 1975. (2) The Industrial Development Act 1963-1973 is in this Act referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Industrial Development Act1963-1975. 2. Amendment of s. 13 . Section 13 of the Principal Act is amended by, in subsection (1), omitting subparagraph (b) and substituting the following subparagraph:- (b) guaranteeing the repayment of an advance by way of loan or of any part of such an advance made to such person by some other person and the payment of interest in respect of such advance or the part thereof repayment whereof is guaranteed.".

516 Industrial Development Act Amendment Act 1975, No. 44 3. Amendment of s. 16. Section 16 of the Principal Act is amended by- (a) in subsection (6), (i) in the first paragraph, (A) omitting the words "the amount of the loan that may be guaranteed " and substituting the words " the amount repayment whereof may be guaranteed "; (B) omitting the words " such loan including " and substituting the words " the loan in respect whereof the guarantee^is approved including the whole amount thereof and "; (ii) in the second paragraph, (A) omitting subparagraph (a) and substituting the following subparagraph:- (aa) ) the terms, provisions and conditions of the advance by way of loan in respect whereof the guarantee is to be given or, where the guarantee is to be given in respect of part only of such an advance, the terms, provisions and conditions of that part of the advance, including but -without limit to the power of the Minister to so specify with respect to the repayment of such advance or, as the case may be, part of such advance and the payment of interest in respect thereof;"; (B) in subparagraph (b) inserting after the words " to be given " the words " (in respect of the amount guaranteed) "; (b) adding at the end of the section the following subsection:- " (7) In the Order in Council approving financial assistance by way of a guarantee pursuant to section 17 (c) it shall be specified that the premises and land the subject of the loan be included in the security taken by the lender for the advance.". 4. Amendmen t of s. 17. Section 17 of the Principal Act is amended by ins . e ., rting at the end of subparagraph (b) the following proviso:- Provided that (c) in the case of an industry located outside the Area of the City of Brisbane which industry- (i) is the first of its kind to be established in the. place or locality; or (ii) has as its object the production of marketable products or things in respect of which in the opinion of the Minister there is an unsatisfied demand, the Minister may, if he sees fit, financially assist that person by way of a guarantee under this Act On addition to or in the stead of a guarantee pursuant to provision (ii) of subparagraph (b)) of a loan obtained from a person named by the Minister not exceeding in amount nine - tenths of the estimated construction cost of the premises proposed to be used in the industry and the vac of the land on which those premises are to be constructed , such cost and value to be such as are ac cepta ble to the Minister ".

Industrial Development Act Amendment Act 1975, No. 44 517 5. Amendment of s. 19. Section 19 of the Principal Act is amended by- (a) in subsection (1), (i) in the first paragraph, omitting the words " the sum which the Minister may guarantee " and substituting the following subparagraphs :- 4' (a) where the approval is of a guarantee of the repayment of part only of an advance by way of loan, the amount specified in the Order in Council as the whole amount of such advance; or (b) in.any other case, the amount repayment whereof the Minister may guarantee "; (ii) in the second paragraph, omitting the word " advance " and substituting the words " amount approved by the Governor in Council or the amount to be guaranteed by the Minister " ; (b)-adding at the end of subsection (3) the following paragraph:- Where the guarantee is given by the Minister in respect of part only of an advance by way of loan the expression " loan " and the expression " advance ", used in this subsection, shall be construed as a reference to that part of the loan or, as the case may be, advance in respect of which the guarantee is given.".