Qantas Empire Airways Act 1948 (Cth)

QANTAS EMPIRE AIRWAYS.

No. 30 of 1948.

An Act to approve the purchase by the Commonwealth of certain Shares in Qantas Empire Airways Limited and subscription by the Commonwealth to issues of Capital by that Company, and for other purposes.

[Assented to 24th June, 1948.]

Preamble.

WHEREAS the Qantas Empire Airways Agreement Act 1946 authorized the execution of an agreement for the purchase by the Commonwealth of the shares held by British Overseas Airways Corporation in Qantas Empire Airways Limited:

And whereas the agreement so authorized was made and carried out, so that the Commonwealth became the owner of the said shares:

And whereas all the remaining shares in Qantas Empire Airways Limited (numbering Two hundred and sixty-one thousand and five hundred shares) were owned by The Queensland and Northern Territory Aerial Services Limited:

And whereas the Government of the Commonwealth, on or about the third day of July, One thousand nine hundred and forty-seven, purchased the said remaining shares:

And whereas it is desirable that the Commonwealth should subscribe to issues of capital by Qantas Empire Airways Limited:

And whereas it is desirable that the Parliament should approve the purchase of the said remaining shares and any subscription by the Commonwealth to such issues of capital:

And whereas it is necessary that the Parliament should appropriate the Consolidated Revenue Fund for the purposes of the purchase of the said remaining shares and for the purposes of the said subscriptions to issues of capital:

Be it therefore enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title.

1.This Act may be cited as the Qantas Empire Airways Act 1948.

Commencement.

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

Approval of purchase of shares.

3.Approval is given to the purchase made on or about the third day of July, One thousand nine hundred and forty-seven, by the Commonwealth from The Queensland and Northern Territory Aerial Services Limited of Two hundred and sixty-one thousand and five hundred shares in Qantas Empire Airways Limited.

 

Subscription to Share Capital.

4.Approval is given to subscription by the Commonwealth, to such extent as the Treasurer thinks fit, to issues of capital by Qantas Empire Airways Limited, and the amount of any such subscription shall, to the extent to which that amount is not available out of moneys appropriated by this Act, be paid out of sums from time to time appropriated by the Parliament for the purpose.

Appropriation.

5.There shall be payable out of the Consolidated Revenue Fund, which is hereby appropriated accordingly—

(a) the sum of Four hundred and fifty-five thousand pounds, being the purchase price of the shares specified in section three of this Act; and

(b) the sum of Two million pounds to meet subscriptions, approved by the last preceding section, by the Commonwealth to issues of capital by Qantas Empire Airways Limited.