Raw Cotton Bounty Act 1941 (Cth)

RAW COTTON BOUNTY.

 

No. 9 of 1941.

An Act to amend the Raw Cotton Bounty Act 1940.

[Assented to 7th April, 1941.]

[Date of commencement, 5th May, 1941.]

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

Short title and citation.

1.—(1.) This Act may be cited as the Raw Cotton Bounty Act 1941.

(2.) The Raw Cotton Bounty Act 1940*, as amended by this Act, may be cited as the Raw Cotton Bounty Act 1940–1941.

Limit of annual bounty.

2. Section six of the Raw Cotton Bounty Act 1940 is amended by omitting from sub-section (1.) the word “fifty” and inserting in its stead the word “seventy”.

Rates of bounty.

3. Section nine of the Raw Cotton Bounty Act 1940 is amended by adding at the end thereof the following sub-sections:—

“(9.) Notwithstanding anything contained in this section, if the Minister is of opinion that, after taking into account bounty payable at the rates provided by this section, the average net return to any producer during the year ending on the thirty-first day of December, One thousand nine hundred and forty-one, or the year ending on the thirty-first day of December, One thousand nine hundred and forty-two, from all raw cotton of grades higher than the grade known as Strict Good Ordinary, and from all by-products of such raw cotton, is or will be less than twelve pence half-penny per pound of raw cotton, such additional amount of bounty shall be payable to that producer as is necessary to increase that average net return to twelve pence half-penny per pound of raw cotton.

 

“(10.) The additional amount of bounty payable to any producer under sub-section (9.) of this section in respect of either of the years mentioned in that sub-section may, if the Minister thinks fit, be paid in the form of not more than two interim payments at any time after that producer has ceased production of raw cotton for that year, and a final payment when the Minister is able to determine exactly the average net return to the producer for that year.”.