PRECIOUS METALS PROSPECTING.
No. 4 of 1926.
An Act relating to the Encouragement of
Prospecting for Precious Metals.
[Assented to 15th February, 1926.]
Preamble.
BE it enacted by the King’s Most Excellent Majesty, the Senate, and
the House of Representatives of the Commonwealth of Australia, for the purpose
of appropriating the grant originated in the House of Representatives, as
follows:—
Short title.
1.This
Act may be cited as the Precious Metals
Prospecting Act 1926.
Definition of precious metals,
2.For the purposes of
this Act, “precious metals” means gold and silver and such other metal as the
Minister, by notice in the Gazette, declares
to be a precious metal.
Establishment of Trust Account.
3.For the purposes of
this Act there shall be established in the books of the Treasury a Trust
Account which shall be known as the Prospecting for Precious Metals Trust
Account and that account shall be a Trust Account for the purposes of section
sixty-two a of the Audit Act 1901-1924.
Payments to Trust Account.
4.There shall be payable
out of the Consolidated Revenue Fund, which is hereby appropriated accordingly,
the sum of Forty thousand pounds for the purposes of this Act.
Advances from Trust Account.
5.—(1.) The
Minister may, out of the moneys standing to the credit of the Trust Account,
make advances to assist persons or companies engaged in prospecting for
precious metals in the Commonwealth.
(2.) Of the moneys appropriated for the purposes
of this Act, the sum of Fifteen thousand pounds shall be allocated for
expenditure in the Northern Territory of Australia and the sum of Twenty-five
thousand pounds shall be allocated for expenditure by the States in such
proportions as the Minister determines.
(3.) Any advances under this Act shall be made
upon such conditions and subject to such terms, as are prescribed.
Regulations.
6.