Loans (Australian Shipping Commission) Act 1975 (Cth)

LOANS (AUSTRALIAN SHIPPING COMMISSION) ACT 1975 [Note: This Act is "repealed" by Act No. 127 of 1988]
(#DATE 30:09:1982)

- Reprinted as at 30 September 1982 *1* The Loans (Australian Shipping Commission) Act 1975 as shown in this reprint comprises Act No. 44, 1975 amended as indicated in the Tables below.

Table of Acts ----------------------------------------------------------------------------- Application, saving Number Date Date of or transitional Act and year of Assent commencement provisions ----------------------------------------------------------------------------- Loans (Australian Shipping Commission) Act 1975 44, 1975 31 May 1975 31 May 1975 Administrative Changes (Consequential Provisions Act 1978 36, 1978 12 June 1978 12 June 1978 S. 8 ----------------------------------------------------------------------------- Table of Amendments ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted ----------------------------------------------------------------------------- Provision affected How affected ----------------------------------------------------------------------------- S. 7 . . . . . . . . . am. No. 36, 1978 -----------------------------------------------------------------------------

LOANS (AUSTRALIAN SHIPPING COMMISSION) ACT 1975 - TABLE OF PROVISIONS 
TABLE

                             TABLE  OF  PROVISIONS

Section
  1.        Short title
  2.        Commencement
  3.        Interpretation
  4.        Authority to borrow $68,000,000
  5.        Moneys borrowed in other currencies
  6.        Security
  7.        Application of moneys
  8.        Appropriation
  9.        Exemption from taxes, &c.
  10.       National Debt Sinking Fund Act not to apply
  11.       Moneys made available do not form part of capital of Commission

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LOANS (AUSTRALIAN SHIPPING COMMISSION) ACT 1975 - LONG TITLE 
SECT

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

LOANS (AUSTRALIAN SHIPPING COMMISSION) ACT 1975 - SECT. 1. 
Short title 
SECT

  1. This Act may be cited as the Loans (Australian Shipping Commission) Act
1975.*1*

See notes to first article of this CHAPTER.

LOANS (AUSTRALIAN SHIPPING COMMISSION) ACT 1975 - 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 SHIPPING COMMISSION) ACT 1975 - SECT. 3. 
Interpretation 
SECT

  3. In this Act, "Commission" means the Australian Shipping Commission.

LOANS (AUSTRALIAN SHIPPING COMMISSION) ACT 1975 - SECT. 4. 
Authority to borrow $68,000,000 
SECT

  4. (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 the equivalent of $68,000,000 in the
currency of the United States of America.

  (2) Where, after 1 January 1975 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.

LOANS (AUSTRALIAN SHIPPING COMMISSION) ACT 1975 - SECT. 5. 
Moneys borrowed in other currencies 
SECT

  5. For the purposes of section 4, the equivalent in the currency of the
United States of America of moneys borrowed under an agreement made in
pursuance of this Act in another currency shall be taken to be the amount in
the currency of the United States of America that was equivalent to the moneys
so borrowed at the date of the agreement, as ascertained by the Reserve Bank
of Australia.

LOANS (AUSTRALIAN SHIPPING COMMISSION) ACT 1975 - SECT. 6. 
Security 
SECT

  6. 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.

LOANS (AUSTRALIAN SHIPPING COMMISSION) ACT 1975 - SECT. 7. 
Application of moneys 
SECT

  7. (1) Australia may, on such terms and conditions as the Minister for
Finance determines, for the purpose of the purchase by the Commission of 2
ships, being bulk ore carriers, 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.

LOANS (AUSTRALIAN SHIPPING COMMISSION) ACT 1975 - SECT. 8. 
Appropriation 
SECT

  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 commitment fees, interest and other charges), and the expenses of
borrowing any such moneys, are payable out of the Consolidated Revenue Fund,
which is appropriated accordingly.

LOANS (AUSTRALIAN SHIPPING COMMISSION) ACT 1975 - 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 Australia or
of a State or Territory.

LOANS (AUSTRALIAN SHIPPING COMMISSION) ACT 1975 - 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 SHIPPING COMMISSION) ACT 1975 - SECT. 11. 
Moneys made available do not form part of capital of Commission 
SECT

  11. Moneys made available to the Commission under sub-section 7 (1) do not
form part of the capital of the Commission under section 28 of the Australian
Shipping Commission Act 1956-1974.

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