Industrial Development Act Amendment Act 1976 (Qld)

545 tlceitshnlb' ANNO VICESIMO QUINTO ELIZABETHAR SECUNDAE REGINAE No. 61 of 1976 An Act to amend the Industrial DevelopmentAct 1963-1975 in certain particulars and to declare with respect to the validity and recovery of advances claimed to have been made under the authority of that Act and with respect to the enforcement of securities taken in relation to such advances and for related purposes [ASSENTED TO 3RD NOVEMBER, 1976] 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 PART I-PRELIMINARY 1. Short title and citation . (1) This Act may be cited as the Industrial Development Act Amendment Act 1976. (2) In this Act the Industrial Development Act1963-1975 is referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Industrial Development Act1963-1976.

546 Industrial Development Act Amendment Act 1976, No. 61 2. Arrangement of Act. This Act is arranged in Parts as follows:-- PART I-PRELIMINARY (SS. 1-3); PART II-AMENDMENT OF PRINCIPAL ACC (ss. 4-7); PART III-DECLARATORY PROVISIONS (SS. 8-10); SCHEDULE. 3. Meaning of terms. An expression to which a meaning is assigned by the Principal Act has that meaning when the expression is used in this Act. PART II-AMENDMENT OF PRINCIPAL Ac--r 4. Amendment of s. 16. Section 16 of the Principal Act is amended by adding at the end of the section the following subsection:- " (8) The Governor in Council may from time to time by Order in Council vary any specification made by him in an Order in Council made pursuant to this section including any specification as previously varied pursuant to this subsection. if an Order in Council that varies any specification- (a) is expressed to have taken effect on a specified date; or (h) while not expressed to have taken effect on a specified date, purports to have taken effect on a particular date or at a particular time, the order shall be deemed to have taken effect on or at that date or time notwithstanding that it is a date or time prior to the date of publication of the order in the Gazette.". 5. Amendment of s. 18. Section 18 of the Principal Act is amended by adding at the end of the section the following subsection: - •' (5) Where the Governor in Council has varied the specifications in an Order in Council under the authority of which an advance has been made or has varied such specifications as previously varied - (a) the Minister shall give effect to the variation made; and (h) whether or not the Minister has done all things necessary to comply with provision (a), on and from the date when the variation takes or is deemed to have taken effect the advance shall be deemed to be subject to the terms and conditions to which it is then subject as varied by the variation made to the specifications.". 6. Amendment of s. 19. Section 19 of the Principal Act is amended by adding at the end of the section the following subsection:- '° (5) Where the Governor in Council has varied the specifications in an Order in Council under the authority of which a guarantee has been given or has varied such specifications as previously varied - (a) the Minister shall give effect to the variation made; and

Industrial Development tt<•t tfinendbnent t1iv 1976. ;Vu. 61 547 (h) whether or not the Minister has done all things necessary to comply with provision (a), on and from the date when the variation takes or is deemed to have taken effect the guarantee shall he deemed to he subject to the terms and conditions to which it is then subject as varied by the variation made to the specifications.". 7. Amendment of s. 28. Section 28 of the Principal Act is amended by, in subsection ( I), inserting in provision (c) before the words " take etlect - where they first occur the words " save where this Act otherwise provides,". PART III-DECLARATORY PROVISIONS 8. Validity of certain advances and securities . Where financial assistance has been given by the Minister by way of an advance to which an Order in Council specified in the Schedule relates it shall he deemed- (a) that such advance was validly made under the Principal Act and under the authority of such order: and (h) that each security taken by the Minister in respect of such advance was validly taken and has effect in law according to its terms notwithstanding that the steps required by the Principal Act to he taken as a condition precedent to the making of the advance were not duly taken. 9. Repayment and recovery of s. 8 advances . The principal sum of an advance referred to in section 8 together with interest thereon shall he payable to the Minister at the times and on the terms and conditions provided for in the Order in Council Specified in the Schedule that relates to the advance (or, where that order is varied, provided for in that order as so varied) and on the terms and conditions provided for in the securities taken in respect of the advance before or after the commencement of this Act and may he recovered by the Minister accordingly. 10. Power of Minister to take fresh securities. The Minister is hereby empowered and it shall he deemed that he has at all times been empowered to take in respect of an advance referred to in section 8 such securities as he thinks' fit in addition to or in substitution for all or any of the securities previously taken by him in respect of the advance and in the latter case to release all or any of such securities as he thinks fit. Setn:I^ui.a [s. 8 Order in Council made pursuant to the Principal Act dated 2 May 1974 Order in Council made pursuant to the Principal Act dated 23 May 1974 Order in Council made pursuant to the Principal A ct dated 20 June 1974 Order in Council made pursuant to the Principal Act dated I August !977/4 Order in Council made pursuant to the Principal Act dated 15 Auuust 1974

548 Industrial Development Act Amendment Act 1976, No. 61 Order in Council made pursuant to the Principal Act dated 17 October 1974 Order in Council made pursuant to the Principal Act dated 28 November 1974 Order in Council made pursuant to the Principal Act dated 17 July 1975 each Order in Council being one that approves applications for financial assistance by way of loan advance.