LOANS
(AUSTRALIAN NATIONAL AIRLINES
COMMISSION) ACT 1974
No.
97 of 1974
An Act
to authorize the Raising of a certain sum of Money and to authorize Australia
to make certain Moneys available to the Australian National Airlines
Commission, and for purposes connected therewith.
BE IT ENACTED by the
Queen, the Senate and the House of Representatives of Australia, as follows:—
Short title.
1. This Act may be cited as the Loans (Australian National Airlines
Commission) Act 1974.
Commencement.
2. This
Act shall come into operation on the day on which it receives the Royal Assent.
Authority to
borrow $19,000,000.
3. (1) Approval is given to the making and
carrying out by Australia of an agreement or agreements for or in relation to
the borrowing by Australia, in the currency of the United States of America or
in any other currency, of moneys not exceeding in the aggregate $19,000,000 in
the currency of the United States of America.
(2)
Where, after 30 June 1974 and before the commencement of this Act, Australia
has, for the purpose referred to in sub-section 7(1), entered into an agreement for or in relation to the
borrowing of moneys by Australia—
(a) the amount of
money that may be borrowed in accordance with sub-section (1) of this section
shall be taken to be reduced by the amount borrowed under that agreement; and
(b) this
Act applies to and in relation to that agreement as if it were an agreement
made in pursuance of this Act.
Moneys borrowed
in other currencies.
4. Where moneys borrowed under an
agreement made in pursuance of this Act 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 section 3, be taken to be the amount in the
currency of the United States of America that was equivalent to the
first-mentioned amount at the date of the agreement, as ascertained by the
Reserve Bank of Australia.
Securities.
5. 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 Australia in respect
of any liability of Australia under the agreement.
Application
of Act to disbursements not paid to Australia.
6. 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 Australia, the doing of that act or thing shall, for
the purposes of this Act, be taken to be a loan by that person to Australia of
an amount equal to the amount of the disbursement.
Application
of moneys.
7.
(1) Australia may, on such terms and conditions as the Treasurer determines,
for the purpose of the purchase by the Australian National Airlines Commission
of 2 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 by means of an agreement
made in pursuance of this Act.
(2) Moneys required for the purpose of
sub-section (1) are payable out of the Loan Fund, which is appropriated
accordingly.
Appropriation.
8. Any moneys payable by Australia 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.
Exemptions
from taxes, &c.
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 Australia or of a State or Territory.
National
Debt Sinking Fund Act not to apply.
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.
Insurance.
11. If, under any agreement made in pursuance of
this Act, Australia 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 7, the Treasurer may require the
Commission to do that act or thing and the Commission shall comply with that
requirement.
Reports.
12.