Iron and Steel Industry Act Amendment Act 1951 (WA)

1951.] Iron and Steel Industry. [No. 51.

IRON AND STEEL INDUSTRY.

15° and 16° Geo. VI., No. LI.

No. 51 of 1951.

AN ACT to amend the Iron and Steel Industry

Act, 1947.

[Assented to 2nd January, 1952.]

RE it enac ted by the King's Most Excellent

Majesty, by and with the advice and consent

of the Legislative Council and the Legislative

Assembly of Western Australia, in this present

Parliament assembled, and by the authority of the

same, as follows:—

1.   This Act may be cited as the Iron and Steel Short title.

Industry Act Amendment Act, 1951, and shall be

read as one with the Iron and Steel Industry Act, 1947 (Act No. 67 of 1947), referred to in this Act as the principal Act.

2. The principal Act, as amended by this Act, principaloi,ct

may be cited as the Iron and Steel Industry Act, is,;earraTj

1947-1951.

3.    The following section is added to the principal S. B added.

Act:—

Ccell- an a

6. (1) In this section, unless the context on of	tl
leases on

requires otherwise—

determina-

tion of

"agreement" means the agreement set out agreement.

in the Schedule to this Act and ratified

by the last preceding section;

"deed of covenant" means the deed of covenant made on the twenty-sixth day of May, one thousand nine hundred and forty-eight, between the Govern- ment and the new company as author- ised by clause ten of the agreement by

No. 51.] Iron and Steel Industry. [1951.

Cf. a. 10

of the	which deed of covenant the Govern-
agreement.
ment consented to the transfer of the leases and the new company coven- anted to perform and observe and be bound by the provisions of the agree- ment as if it were the original company;

"leases" mean the leases mentioned in the

agreement as the said leases;

"new company" means Koolan Iron Mines Limited, a duly registered company whose office is situate at Granite House, Cannon Street, L o n d o n, England, referred to in the deed of covenant as the company;

"original company" means H. A. Brassert & Co. Ltd., of Granite House, Cannon Street, London, England, referred to in the agreement as the company.

Cf. c1.7	(2) The Government not having been satis- fied with the progress achieved by the new company during the period of four years men- tioned in clause seven of the agreement and being of the opinion that a further extension was unlikely to achieve the production of iron ore in substantial quantities within what was considered by the Government to be a reasonable time, and having on the twenty-ninth day of October, one thousand nine hundred and fifty- one, pursuant to the provisions of that clause given written notice to the new company forfeiting the leases after having by notice in writing dated the fourth day of that month,
of the
agreement.
Cf. el. 12
of the	invited the new company to show cause why
agreement.
the leases should not be so forfeited, the forfeiture of the leases is hereby ratified and confirmed, and the . agreement is cancelled, rescinded and determined.
Cf. cl. 17
of the	(3) The forfeiture of the leases and the cancellation, rescission and determination of the agreement do not give rise to any claims for compensation expenses or otherwise by any of the parties to the agreement or the deed of covenant against any other party thereto.
agreement.