Loans (Australian National Airlines Commission) Act 1972 (Cth)

LOANS (AUSTRALIAN NATIONAL AIRLINES COMMISSION) ACT 1972 [Note: This Act is "repealed" by Act No. 6 of 1988]
(#DATE 30:06:1982)

- Reprinted as at 30 June 1982 *1* The Loans (Australian National Airlines Commission) Act 1972 as shown in

this reprint comprises Act No. 43, 1972 amended as indicated in the Tables
below.

(The citation "Loans (Australian National Airlines Commission) Act 1972" is provided for by the Amendments Incorporation Act 1905 and the Acts Citation Act
1976.)

Table of Acts
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Application, saving
Number Date Date of or
transitional Act and year of Assent commencement provisions
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Loans (Australian
National Airlines
Commission) Act 1972 43, 1972 7 June
1972 7 June 1972
Statute Law Revision
Act 1973 216, 1973 19 Dec
1973 31 Dec 1973 Ss. 9 (1)
and 10
Administrative
Changes
(Consequential
Provisions) Act 1978 36, 1978 12 June
1978 12 June 1978 S. 8
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Table of Amendments

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and
substituted
-----------------------------------------------------------------------------
Provision affected How affected
-----------------------------------------------------------------------------
S. 6 . . . . . . . . . am. No. 36, 1978

S. 9 . . . . . . . . . am. No. 216, 1973
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LOANS (AUSTRALIAN NATIONAL AIRLINES COMMISSION) ACT 1972 - TABLE OF PROVISIONS 
TABLE

                             TABLE  OF  PROVISIONS


Section

  1.       Short title

  2.       Commencement

  3.       Authority to borrow $34,000,000

  4.       Securities

  5.       Application of Act to disbursements not paid to Commonwealth

  6.       Application of moneys

  7.       Appropriation

  8.       Application of sub-section 31 (5) of Australian National Airlines
Act
  9.       Exemption from taxes, &c.

  10.      National Debt Sinking Fund Act not to apply

  11.      Insurance

  12.      Reports



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LOANS (AUSTRALIAN NATIONAL AIRLINES COMMISSION) ACT 1972 - LONG TITLE 
SECT

An Act to authorize the Raising of a certain sum of Money and to authorize the
Commonwealth to make certain Moneys available to the Australian National
Airlines Commission, and for purposes connected therewith

LOANS (AUSTRALIAN NATIONAL AIRLINES COMMISSION) ACT 1972 - SECT. 1. 
Short title 
SECT

  1. This Act may be cited as the Loans (Australian National Airlines
Commission) Act 1972.*1*


See notes to first article of this CHAPTER.

LOANS (AUSTRALIAN NATIONAL AIRLINES COMMISSION) ACT 1972 - SECT. 2. 
Commencement 
SECT

  2. This Act shall come into operation on the day on which it receives the
Royal Assent.*1*


See notes to first article of this CHAPTER.

LOANS (AUSTRALIAN NATIONAL AIRLINES COMMISSION) ACT 1972 - SECT. 3. 
Authority to borrow $34,000,000 
SECT

  3. (1) Approval is given to the making and carrying out by the Commonwealth
of an agreement or agreements for or in relation to the borrowing by the
Commonwealth of moneys not exceeding in the whole Thirty-four million dollars
in the currency of the United States of America.


  (2) Where moneys borrowed under an agreement made in pursuance of the last
preceding sub-section are borrowed in a currency other than the currency of
the United States of America, the amount borrowed in that other currency
shall, for the purposes of the last preceding sub-section, be taken to be the
amount in the currency of the United States of America that is equivalent to
the first-mentioned amount, as ascertained-



  (a)  in accordance with the effective parity relationship between those
currencies as fixed by a determination of the International Monetary Fund in
force at the date of the agreement for the borrowing; or



  (b)  if there is no such effective parity relationship, in accordance with
the corresponding official rate of exchange between that other currency and
the currency of the United States of America applicable at that date.

LOANS (AUSTRALIAN NATIONAL AIRLINES COMMISSION) ACT 1972 - SECT. 4. 
Securities 
SECT

  4. An agreement made in pursuance of this Act may provide for the issue and
delivery of promissory notes or other securities by or on behalf of the
Commonwealth in respect of any liability of the Commonwealth under the
agreement.

LOANS (AUSTRALIAN NATIONAL AIRLINES COMMISSION) ACT 1972 - SECT. 5. 
Application of Act to disbursements not paid to Commonwealth 
SECT

  5. Where the doing of an act or thing is, for the purposes of an agreement
made in pursuance of this Act, a disbursement by a person in discharge of a
liability of the Australian National Airlines Commission, but the act or thing
is not, and does not entail, the payment of moneys by that person to the
Commonwealth, the doing of that act or thing shall, for the purposes of this
Act, be taken to be a loan by that person to the Commonwealth of an amount
equal to the amount of the disbursement.

LOANS (AUSTRALIAN NATIONAL AIRLINES COMMISSION) ACT 1972 - SECT. 6. 
Application of moneys 
SECT

  6. (1) The Commonwealth may, on such terms and conditions as the Minister
for Finance determines, for the purposes of enabling the purchase by the
Australian National Airlines Commission of four Boeing 727-200 aircraft and
related spare parts and equipment, make available to the Commission, by way of
loan or other credit arrangements, amounts equivalent to the proceeds of any
loan raised under the authority of this Act.


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


  (3) The Minister for Finance may make available to the Australian National
Airlines Commission by way of loan or other credit arrangements, for the
purposes referred to in sub-section (1) of this section, an amount or amounts
of moneys standing to the credit of the Loan Fund and the Loan Fund is
appropriated accordingly.


  (4) Where the Minister for Finance has made an amount or amounts of moneys
available to the Australian National Airlines Commission under the last
preceding sub-section, the amount of moneys that may be borrowed under
sub-section (1) of section 3 of this Act shall be taken to be reduced by that
amount, or by the sum of those amounts, as the case requires.

LOANS (AUSTRALIAN NATIONAL AIRLINES COMMISSION) ACT 1972 - SECT. 7. 
Appropriation 
SECT

  7. Any moneys payable by the Commonwealth under an agreement made in
pursuance of this Act or under a promissory note or other security under such
an agreement, including the expenses of borrowing, commitment fees, interest
and other charges, are payable out of the Consolidated Revenue Fund, which is
appropriated accordingly.

LOANS (AUSTRALIAN NATIONAL AIRLINES COMMISSION) ACT 1972 - SECT. 8. 
Application of sub-section 31 (5) of Australian National Airlines Act 
SECT

  8. Amounts made available to the Australian National Airlines Commission by
the Commonwealth under sub-section (1) of section 6 of this Act or under
sub-section (3) of that section shall not be taken into account for the
purposes of sub-section (5) of section 31 of the Australian National Airlines
Act 1945-1970.

LOANS (AUSTRALIAN NATIONAL AIRLINES COMMISSION) ACT 1972 - SECT. 9. 
Exemption from taxes, &c. 
SECT

  9. Where an agreement made in pursuance of this Act provides that-



  (a)  the agreement or any matter or thing related to the agreement;



  (b)  a promissory note or other security under the agreement or for the
purposes of the agreement; or



  (c)  a payment made under the agreement or under such a promissory note or
other security,



is to be exempt or free from taxes, duties, fees, restrictions, charges or
other matters, that agreement, matter, thing, note, security or payment is so
exempt or free notwithstanding anything contained in any law of the
Commonwealth or of a State or Territory.

LOANS (AUSTRALIAN NATIONAL AIRLINES COMMISSION) ACT 1972 - SECT. 10. 
National Debt Sinking Fund Act not to apply 
SECT

  10. The National Debt Sinking Fund Act 1966-1967 does not apply in relation
to moneys borrowed under an agreement made in pursuance of this Act.

LOANS (AUSTRALIAN NATIONAL AIRLINES COMMISSION) ACT 1972 - SECT. 11. 
Insurance 
SECT

  11. If, under an agreement made in pursuance of this Act, the Commonwealth
is required to cause the Australian National Airlines Commission to do an act
or thing in relation to the insurance of the aircraft or other goods referred
to in section 6 of this Act, the Treasurer may require the Commission to do
that act or thing and the Commission shall comply with that requirement.

LOANS (AUSTRALIAN NATIONAL AIRLINES COMMISSION) ACT 1972 - SECT. 12. 
Reports 
SECT

  12. The Treasurer may, from time to time, require the Australian National
Airlines Commission to furnish to him such reports and information as are
necessary to enable the Commonwealth to carry out the obligations of the
Commonwealth under an agreement made in pursuance of this Act and the
Commission shall comply with that requirement.


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