Queensland Phosphate Limited Guarantee Act 1975 (Qld)

585 Qlmrnslanbr ANNO VICESIMO QUARTO ELIZABETHAE SECUNDAE REGINAE No. 60 of 1975 An Act to authorize the Treasurer to guarantee on behalf of the State the repayment of certain moneys borrowed by Queensland Phosphate Limited in connexion with the mining of phosphate rock deposits in North Queensland and for matters incidental thereto [ASSENTED TO 27TH NOVEMBER, 1975] BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- 1. Short title . This Act may be cited as the Queensland Phosphate Limited Guarantee Act 1975. 2. Interpretation . In this Act, save where the contrary intention appears- Company " means the body corporate incorporated in the State of Victoria under the name Queensland Phosphate Limited; 20

586 Queensland Phosphate Limited Guarantee Act 1975, No. 60 lender " means a bank, financial institution or person that holds itself or who holds himself out as a lender of money; " project " means- (a) the establishment of a mine and supporting facilities at Phosphate Hill situated 70 kilometres south of Duchess. for the mining of phosphate rock deposits; (b) the construction of a mining town and port loading facilities in connexion therewith; and (c) the mining of 1 000 000 tonnes of phosphate rock at the least per annum from the mine so established; " Treasurer " means the Treasurer of the State. 3. Authority of Treasurer to guarantee . (1) The Treasurer is authorized to guarantee on behalf of the State the repayment of moneys borrowed by the Company, whether before or after the passing of this Act, from any lender or lenders for the purposes of the project and the lodgment- of the security deposit with the Commissioner for Railways for the shipment of phosphate rock to the extent of 1 000 000 tonnes at the least per annum in accordance with the terms and conditions of the agreement to be made by him with the Company and the payment by the Company of interest on moneys so borrowed. (2) The authority conferred on the Treasurer by subsection (1) is subject to compliance with the provisions of this Act that provide with respect to the giving of a guarantee. 4. Furnishment by Company of information to Treasurer . (1) Upon seeking a guarantee under this Act the Company shall furnish to the Treasurer- (a) evidence satisfactory to him that the Company has obtained the moneys necessary to finance the project and to lodge with the Commissioner for Railways the security deposit referred to in section 3 (1) or has entered into a binding commitment or binding commitments with any lender or lenders to obtain those moneys by way of loan or is in a position to obtain those moneys by way of loan or otherwise; (b) a copy of each loan agreement that evidences a commitment referred to in provision (a) of this subsection and such certificate as is required by the Treasurer certifying that such loan agreement has been entered into by the parties thereto; (c) such information as the Treasurer requires as to the ability of the Company to carry out the project satisfactorily. (2) The evidence, agreements and information furnished to the Treasurer pursuant to subsection (1) shall be treated as confidential and no part thereof shall be published to any person save to the extent necessary for giving effect to this Act.

Queensland Phosphate Limited Guarantee Act 1975, No. 60 587 5. Approval of giving of guarantee . (1) The Governor in Council may, on the recommendation of the Treasurer and subject to such terms and conditions as the Governor in Council thinks fit, approve that any guarantee or guarantees be given by the Treasurer under this Act. (2) Any borrowing of the Company to be guaranteed by the Treasurer under this Act shall be limited to the amount approved by the Governor in Council and shall otherwise be in accordance with the relevant loan agreement or agreements furnished to the Treasurer pursuant to section 4. (3) Upon the approval of the Governor in Council pursuant to subsection (1) with respect to the borrowing of moneys by the Company from a lender- (a) the repayment of the moneys borrowed by the Company from that lender in accordance with the relevant loan agreement or agreements furnished to the Treasurer pursuant to section 4; and (b) the payment of interest on the moneys so borrowed, are deemed to be guaranteed by the Treasurer on behalf of the State subject to the terms and conditions and to the extent approved by the Governor in Council. 6. Limitation of maximum liability of guarantor . The liability of the guarantor under a guarantee or guarantees given under this Act shall not exceed $20 000 000 in the aggregate in respect of the principal sum or principal sums borrowed by the Company. 7. Application of certain provisions of Local Bodies ' Loans Guarantee Act. Section 5 (other than provision (ii) thereof) and sections 6 and 7 of the Local Bodies' Loans Guarantee Act 1923-1975 shall, with all necessary modifications, apply in respect of a guarantee given under this Act as if- (a) the Company were a local body within the meaning of that Act; and (b) the guarantee or guarantees in question were given under that Act. 8. Restriction on charging mining tenements . (1) During the continuance of the guarantee or guarantees by the Treasurer, mining tenements being mining leases numbered 7829, 7830 and 7878 situated in the Mount Isa Warden's District shall not be charged as security for any further borrowings by the Company unless the approval of the Treasurer thereto has first been obtained. (2) A notation to the effect of subsection (1) as it affects each min; ng lease specified in that subsection shall be made in the proper register containing the registration of the mining lease.

588 Queensland Phosphate Limited Guarantee Act 1975, No. 60 (3) If a charge is created contrary to subsection (1) in respect of a mining lease specified therein then, notwithstanding the instrument of charge, it shall not be competent for a chargee to enter into possession of that mining lease for any purpose or dispose thereof by sale or otherwise in satisfaction or part satisfaction of that charge. 9. Exemption from stamp duty . Stamp duty shall not be payable on any instrument executed by the Treasurer for the purposes of this Act or any guarantee or indemnity executed by any person with respect to borrowings by the Company that are to be guaranteed by the Treasurer.