Loan (Airlines Equipment) Act 1967 (Cth)

LOAN (AIRLINES EQUIPMENT) ACT 1967 [Note: This Act is "repealed" by Act No. 61 of 1981]

(#DATE 19:12:1973)

Compilation Information 

- Reprinted as at 19 December 1973

LOAN (AIRLINES EQUIPMENT) ACT 1967-1973 - TABLE OF PROVISIONS 
TABLE



                  LOAN  (AIRLINES  EQUIPMENT)  ACT  1967-1973



                             TABLE  OF  PROVISIONS

Section

  1.        Short title

  2.        Commencement

  3.        Definitions

  4.        Approval of execution of Agreement

  5.        Approval of borrowing

  6.        Approval of notes

  7.        Application of moneys

  8.        Terms and conditions of loans to the Commission

  9.        Expenses and charges

  10.       Repayment of loan moneys

  11.       Appropriation of Consolidated Revenue Fund

  12.       National Debt Sinking Fund Act not to apply

  13.       Application of sub-section 31 (5) of Australian National Airlines

            Act

  14.       Moneys to be paid free of taxes



                                 THE  SCHEDULE



                                   Agreement



                               -----------------

LOAN (AIRLINES EQUIPMENT) ACT 1967-1973 - SECT. 1. 
Short title. 
SECT

to be lent to the Australian National Airlines Commission, and for purposes
connected therewith.

Short title amended; No. 32, 1918, s. 2.

  1. This Act may be cited as the Loan (Airlines Equipment) Act 1967-1973.*

LOAN (AIRLINES EQUIPMENT) ACT 1967-1973 - SECT. 2. 
Commencement. 
SECT

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

LOAN (AIRLINES EQUIPMENT) ACT 1967-1973 - SECT. 3. 
Definitions. 
SECT

  3. In this Act-



  ''the Agreement'' means the agreement the execution of which is authorized
by the next succeeding section;



  ''the Commission'' means the Australian National Airlines Commission.

LOAN (AIRLINES EQUIPMENT) ACT 1967-1973 - SECT. 4. 
Approval of execution of Agreement. 
SECT

  4. The execution on behalf of the Commonwealth of an agreement between the
Commonwealth and Canadian Imperial Bank of Commerce, in accordance with the
form in the Schedule to this Act, is approved.

LOAN (AIRLINES EQUIPMENT) ACT 1967-1973 - SECT. 5. 
Approval of borrowing. 
SECT

  5. The borrowing by the Commonwealth, in accordance with the Agreement, of
moneys in the currency of Canada not exceeding in the whole Three million
dollars is approved.

LOAN (AIRLINES EQUIPMENT) ACT 1967-1973 - SECT. 6. 
Approval of notes. 
SECT

  6. The execution on behalf of the Commonwealth, and the delivery to Canadian
Imperial Bank of Commerce, of promissory notes referred to in the Agreement is
approved.

LOAN (AIRLINES EQUIPMENT) ACT 1967-1973 - SECT. 7. 
Application of moneys. 
SECT

  7. (1) For the purpose of making available to the Commission moneys required
by the Commission in connexion with the purchase by the Commission of certain
aircraft, the Commonwealth may lend to the Commission amounts equivalent to
the moneys borrowed under the Agreement.

  (2) Moneys required for the purpose of a loan under the last preceding
sub-section are payable out of the Loan Fund, which is to the necessary extent
appropriated accordingly.

LOAN (AIRLINES EQUIPMENT) ACT 1967-1973 - SECT. 8. 
Terms and conditions of loans to the Commission. 
SECT

  8. An amount lent to the Commission by the Commonwealth under this Act is
repayable by the Commission to the Commonwealth in accordance with such terms
and conditions as are determined by the Treasurer.

LOAN (AIRLINES EQUIPMENT) ACT 1967-1973 - SECT. 9. 
Expenses and charges. 
SECT

  9. The expenses of borrowing under the Agreement, any commitment fee,
interest or other charge payable under the Agreement, shall be paid out of the
Consolidated Revenue Fund.

LOAN (AIRLINES EQUIPMENT) ACT 1967-1973 - SECT. 10. 
Repayment of loan moneys. 
SECT

  10. Moneys borrowed under the Agreement shall be repaid out of the
Consolidated Revenue Fund in accordance with the provisions of the Agreement.

LOAN (AIRLINES EQUIPMENT) ACT 1967-1973 - SECT. 11. 
Appropriation of Consolidated Revenue Fund. 
SECT

  11. The Consolidated Revenue Fund is appropriated to the extent necessary
for the purposes of the last two preceding sections.

LOAN (AIRLINES EQUIPMENT) ACT 1967-1973 - SECT. 12. 
National Debt Sinking Fund Act not to apply. 
SECT

  12. The National Debt Sinking Fund Act 1966-1967 does not apply in relation
to moneys borrowed under the Agreement.

LOAN (AIRLINES EQUIPMENT) ACT 1967-1973 - SECT. 13. 
Application of sub-section 31 (5) of Australian National Airlines Act. 
SECT

  13. Amounts lent to the Commission by the Commonwealth under this Act shall
not be taken into account for the purposes of sub-section (5) of section 31 of
the Australian National Airlines Act 1945-1966.

LOAN (AIRLINES EQUIPMENT) ACT 1967-1973 - SECT. 14. 
Moneys to be paid free of taxes. 
SECT

Amended by No. 216, 1973, s. 3.

  14. Notwithstanding anything in any law of the Commonwealth or of a State or
Territory, whether passed or made before or after the commencement of this
Act, all moneys payable as mentioned in paragraph 4 of the Agreement shall be
paid free of all taxes as mentioned in that paragraph.

                                  -----------

LOAN (AIRLINES EQUIPMENT) ACT 1967-1973 - THE SCHEDULE 
SCH



                                 THE  SCHEDULE

                                                                       Section
4 



                     CANADIAN  IMPERIAL  BANK  OF  COMMERCE



                                  Head Office



                                TORONTO, CANADA



                                                                      (Date)
The Australian High Commissioner, Australian High Commission, Royal Bank
Building, 90 Sparks Street, Ottawa 4.

Dear Sir:



  We write to confirm that the Bank has approved a non-revolving credit of
$3,000,000 Canadian, in favour of the Commonwealth of Australia (the
''Commonwealth'').



  The arrangement concerning the credit is as follows:



   1. Each advance under the credit during the period December 1, 1967 to
December 31, 1968 shall be represented by a promissory note signed by the
Commonwealth in favour of the Bank (an ''Interim Note'') substantially in the
form of Exhibit ''A'' dated the date of the advance, bearing interest payable
monthly at 6% per annum as well after as before maturity and maturing on
December 31, 1968.



   2. The Commonwealth shall pay to the Bank a commitment fee in respect of
the period from December 1, 1967 to December 31, 1968 computed at the rate of
1/2 of 1% per annum (on the basis of a year of 365 days) on the daily average
unused portion of the credit.



   3. On December 31, 1968 the Interim Notes shall, upon payment of the
commitment fee and accrued interest, be surrendered by the Bank to the
Commonwealth in exchange for ten term promissory notes for an aggregate
principal amount equal to that of the Interim Notes. Interest shall not be
charged on the Interim Notes in respect of the day on which they are
surrendered in exchange for the term promissory notes. The term promissory
notes shall be signed by the Commonwealth in favour of the Bank, be
substantially in the form of Exhibit ''B'', be dated December 31, 1968, be for
equal principal amounts, be numbered, mature and bear interest at the rate per
annum all as set out below.



            Number                 Maturity              Interest Rate



               1              June      30, 1969              6%

               2              December  31, 1969              6%

               3              June      30, 1970             6 1/4%

               4              December  31, 1970             6 1/4%

               5              June      30, 1971             6 1/2%

               6              December  31, 1971             6 1/2%

               7              June      30, 1972             6 1/2%

               8              December  31, 1972             6 1/2%

               9              June      30, 1973             6 3/4%

              10              December  31, 1973             6 3/4%



   4. All moneys payable to the bank in respect of the credit shall be paid
free of all taxes now or at any time hereafter imposed by the Commonwealth, or
any taxing authority thereof or therein except to the extent that the right to
receive payment of the principal of or interest on any promissory note issued
hereunder is or comes to be beneficially owned by any person residing in or
ordinarily a resident of Australia or the Territory of Papua or the Territory
of New Guinea.



   5. The entire principal balance outstanding under the credit together with
interest thereon shall become due and payable forthwith upon default in
payment of any promissory note when due or upon default in payment of interest
or of the commitment fee if such default shall continue for more than ten days
after notice thereof to the Commonwealth by the Bank; presentment, demand and
protest or other notice of any kind in respect of advances under the credit
and the promissory notes representing the same shall not be required.



   6. The Bank's obligations hereunder shall be conditional upon receipt prior
to December 1, 1967 of an opinion of the Secretary or Acting Secretary to the
Attorney General's Department of the Commonwealth in form satisfactory to the
Bank's counsel, Messrs. Blake, Cassels & Graydon to the effect that



   (a)  borrowings on the terms and conditions herein provided and
confirmation hereof by the person signing the same on behalf of the
Commonwealth have been duly authorized in accordance with the laws of the
Commonwealth and any Order or Orders in Council applicable thereto; and



   (b)  promissory notes to be issued hereunder when executed and delivered on
behalf of the Commonwealth by the Australian Consul-General at New York or the
Australian Consul at New York or the Chief Finance Officer at the Australian
Consulate-General at New York will constitute valid, binding, absolute and
unconditional obligations of the Commonwealth in accordance with their terms
for the performance of which the faith and credit of the Commonwealth is
pledged.



   7. Notice to the Commonwealth may be effectually given by sending the same
by registered airmail addressed to the Treasurer of the Commonwealth of
Australia, Canberra, A.C.T., 2600, Australia. Any notice so mailed shall be
deemed to have been received on the seventh business day next following the
mailing thereof.

Please confirm your agreement to the foregoing by signing the enclosed copy of
this letter and returning the same to us.



                                                      Yours very truly

The foregoing arrangement is hereby confirmed.

Dated this          day of          , 1967.

Commonwealth of Australia

by



          Authorised Officer



                                 EXHIBIT  ''A''



                                                                      (Date)



                                                                TORONTO,
Canada 



  On December 31, 1968, for value received COMMONWEALTH OF AUSTRALIA promises
to pay to CANADIAN IMPERIAL BANK OF COMMERCE (the ''Bank'') or order, the
principal sum of Dollars at the 25 King Street West, Toronto, branch of the
Bank with interest, payable monthly, at the rate of 6% per annum, as well
after as before maturity, until paid.



                                                       COMMONWEALTH OF
AUSTRALIA 



                                       by



                                 EXHIBIT  ''B''



  No.                                                          December 31,
1968 



                                                                TORONTO,
Canada 



  On          ,19 , for value received COMMONWEALTH OF AUSTRALIA promises to
pay to CANADIAN IMPERIAL BANK OF COMMERCE (the ''Bank'') or order, the
principal sum of Dollars at the 25 King Street West, Toronto, branch of the
Bank with interest, payable monthly, at the rate of  per annum, as well after
as before maturity, until paid.



                                                       COMMONWEALTH OF
AUSTRALIA 



                                       by

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LOAN (AIRLINES EQUIPMENT) ACT 1967-1973 - NOTE 



                                      NOTE

1.  The Loan (Airlines Equipment) Act 1967-1973 comprises the Loan (Airlines
Equipment) Act 1967 as amended by the other Act specified in the following
table:

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                                Number                       Date of

    Act                         and year        Date of

                                                Assent       commencement

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    Loan (Airlines

    Equipment) Act 1967         No. 113, 1967   15 Nov 1967  15 Nov 1967

    Statute Law Revision Act

    1973                        No. 216, 1973   19 Dec 1973  31 Dec 1973

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