Loan (Farmers' Debt Adjustment) Repeal Act 1979 (Cth)

Loan (Farmers’ Debt Adjustment) Repeal Act 1979

No. 158 of 1979

An Act to repeal the Loan (Farmers’ Debt Adjustment) Act 1935, and for related purposes.

BE IT ENACTED by the Queen, and the Senate and House of Representatives of the Commonwealth of Australia, as follows:

Short title

1. This Act may be cited as the Loan (Farmers’ Debt Adjustment) Repeal Act 1979.

Commencement

2. This Act shall come into operation on the day on which the States and Northern Territory Grants (Rural Adjustment) Act 1979 comes into operation.

Repeal

3. The following Acts are repealed:

Loan (Farmers’ Debt Adjustment) Act 1935;

Loan (Farmers’ Debt Adjustment) Act 1936;

Loan (Farmers’ Debt Adjustment) Act 1971.

Application of certain moneys

4. On the day on which the Commonwealth and a State enter into an agreement substantially in accordance with the form set out in the Schedule to the States and Northern Territory Grants (Rural Adjustment) Act 1979—

(a) the conditions that were, immediately before that day, applicable, by virtue of the Loan (Farmers’ Debt Adjustment) Act 1935, in relation to moneys granted, or deemed to have been granted, to the State under that Act and held by or repayable to the State cease to apply in relation to those moneys; and

(b) those moneys shall be deemed to have been paid to the State upon the condition that those moneys shall be expended by the State in accordance with the provisions of that agreement relating to the expenditure of those moneys by the State.