Industrial Development Act Amendment Act 1981 (Qld)

1025 (ueeztslnnh ANNO TRICESIMO ELIZABETHAE SECUNDAE REGINAE No. 99 of 1981 An Act to amend the Industrial DevelopmentAct 1963-1979 in certain particulars [ASSENTED TO 11TH DECEMBER, 1981]

1026 Industrial Development Act Amendment Act 1981, No. 99 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 1981. (2) In this Act the Industrial Development Act1963-1979 is referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Industrial Development Act1963-1981. 2. Amendment of s. 3. Interpretation of terms . Section 3 of the Principal Act is amended by- (a) numbering the provisions thereof as subsection (1); (b) in the definition "Applicant ", adding at the end thereof the words " and includes every person who for the time being is a successor to the contractual liabilities in respect of the advance by way of loan made or guaranteed under this Act of the person to whom the advance by way of loan was made or in respect of whom the guarantee was given "; (c) in the definition " Corporation ", omitting the words " a company formed and registered or deemed to be formed and registered under the Companies Act 1961-1972 " and substituting the words " a body that is accepted by the law of Queensland relating to companies as having corporate status ". (d) adding at the end of the section the following subsections:- (2) In this Act- (a) the expression " advance by way of loan " includes and shall be deemed always to have included the granting or extending of financial accommodation or credit to a person by any means whatever; (b) the expression " period of the loan " includes and shall be deemed always to have included the period over which or at the expiration of which the liability of a person in respect of financial accommodation or credit granted or extended to him is to be discharged; (c) the term " repayment " or " redemption " includes and shall be deemed always to have included the discharge of the liability of a person in respect of financial accommodation or credit granted or extended to him. (3) For the purposes of this Act engagement by a person in any industrial business may be taken to be on his own behalf notwithstanding that in the conduct of the business he is or will be acting- (a) as a legal personal representative of another person, living or dead;

Industrial Development Act Amendment Act 1981, No. 99 1027 (b) as a trustee; or (c) for the benefit of another person other than as a servant of that other person.". 3. Amendment of s. 18 . Powers as to advances . Section 18 of the Principal Act is amended by, in subsection (3), omitting the word " company " and substituting the word " corporation ". 4. Amendment of s. 20. Recovery of moneys paid under guarantee. Section 20 of the Principal Act is amended by omitting the words " six pounds " and substituting the words " twelve dollars ". 5. Amendment of s. 21. Obligations , etc. of applicant during existence of advance or guarantee . Section 21 of the Principal Act is amended by- (a) in subsection (1)- (i) omitting paragraph (a) and substituting the following paragraph:- (a) the applicant shall not sell or dispose of the business in relation to which the advance was made or the guarantee was given or of any of the liabilities of that business or, except in the ordinary course of carrying on the business, of any of the assets of that business without the express consent in writing of the Minister in that behalf first had and obtained upon the recommendation of the Board, and every agreement, contract, instrument or writing made or entered into contrary to this provision shall be void and of no effect whatsoever; "; (ii) inserting in paragraph (d) after the words " was given " the words ", or in relation to the assets used in that business,"; (b) inserting after subsection (1), the following subsection:- (1A). An applicant who fails to comply in all respects with a requisition issued for the purposes of subsection (1) by the Minister or the Board shall be guilty of an offence and liable to a penalty not exceeding $200, which may be recovered in a summary way under the JusticesAct1886-1980."; (c) in subsection (3), inserting after the words " in respect of " the words " or in connexion with ". 6. Amendment of s. 22 . Inspection , audit, etc . Section 22 of the Principal Act is amended by, in subsection (4), omitting the last paragraph and substituting the following paragraph:- "An applicant or other person who contravenes any provision of this subsection shall be guilty of an offence and liable to a penalty not exceeding $200, which may be recovered in a summary way under the Justices Act1886-1980.".

1028 Industrial Development Act Amendment Act 1981, No. 99 7. Amendment of s. 26D. Entitlement of holder of debenture . Section 26o of the Principal Act is amended by, in subsection (2), omitting the word " paragraph " and substituting the word " subsection ".