Loan (Farmers' Debt Adjustment) Act 1971 (Cth)

Loan (Farmers’ Debt Adjustment)

No. 62 of 1971

An Act to amend the Loan (Farmers’ Debt Adjustment) Act 1935–1950.

[Assented to 25 May 1971]

BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation.

1.—(1.) This Act may be cited as the Loan (Farmers’ Debt Adjustment) Act 1971.

(2.) The Loan (Farmers’ Debt Adjustment) Act 1935–1950 is in this Act referred to as the Principal Act.

(3.) The Principal Act, as amended by this Act, may be cited as the Loan (Farmers’ Debt Adjustment) Act 1935–1971.

Commencement

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

Application of moneys paid under section 6.

3. Section 7 of the Principal Act is amended by omitting from paragraph (g)of sub-section (1.) the words “the next succeeding section” and inserting in their stead the words “section eight of this Act”.

4.After section 7 of the Principal Act the following sections are inserted:—

Additional purposes for which moneys may be used.

“7a.—(1.) Notwithstanding anything to the contrary in the last two preceding sections, but subject to this section, moneys granted or deemed to be granted to a State under this Act may be used by the State for the purposes for which those moneys could lawfully be used if they had been paid to the State by the Commonwealth under the States Grants (Rural Reconstruction) Act 1971.

“(2.) Notwithstanding anything to the contrary in paragraph (d)of sub-section (1.) of the last preceding section, where any moneys used by a State for the purposes referred to in the last preceding sub-section are repaid wholly or in part to the State, the moneys so repaid may be used by the State for those purposes.

“(3.) In relation to moneys used for the purposes referred to in subsection (1.) of this section—

(a) the conditions specified in paragraphs (a), (b), (c) and (d)of sub-section (1.) of the last preceding section do not apply;

 

(b) the condition specified in paragraph (i)of sub-section (1.) of that section applies as if the words ‘the conditions specified in the foregoing provisions of this section’ were omitted and the words ‘the provisions of section seven a of this Act’ were inserted in their stead; and

(c)section eight of this Act applies as if the provisions of this section were conditions of the grant of those moneys.

Payments by State of Tasmania for drought relief.

“7b. Notwithstanding anything to the contrary in sections six and seven of this Act, the amount of Two hundred and eighty-eight thousand dollars paid by the State of Tasmania before the commencement of this section to farmers for the purpose of relief of financial distress caused by drought shall, for the purposes of this Act, be deemed to have been paid out of moneys granted or deemed to be granted to that State under this Act and to have been used in accordance with the conditions specified in section seven of this Act.”.

Repeal of section 9.

5. Section 9 of the Principal Act is repealed.

Protection of payments to creditors.

6. Section 10 of the Principal Act is amended by adding at the end thereof the words “or of the Bankruptcy Act 1966