Sulphuric Acid Bounty Act 1965 (Cth)

Sulphuric Acid Bounty

No. 36 of 1965

An Act to amend the Sulphuric Acid Bounty Act 1954-1960.

[Assented to 2 June, 1965]

BE it enacted by the Queen’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 Sulphuric Acid Bounty Act 1965.

(2.) The Sulphuric Acid Bounty Act 1954-1960 is in this Act referred to as the Principal Act.

 

(3.) The Principal Act, as amended by this Act, may be cited as the Sulphuric Acid Bounty Act 1954-1965.

Commencement.

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

Interpretation.

3. Section 4 of the Principal Act is amended—

(a) by adding at the end of the definition of “year to which this Act applies” in sub-section (1.) the words “,and includes the period of six months commencing on the first day of July, One thousand nine hundred and sixty-five”; and

(b) by adding at the end thereof the following sub-sections:—

“(4.) The Governor-General, may, by Proclamation, specify a date, being a date before the thirty-first day of December, One thousand nine hundred and sixty-five, but not before the date on which the Proclamation is published in the Gazette, as the date on which bounty shall cease to be payable.

“(5.) Where a Proclamation has been made under the last preceding sub-section, then, for the purposes of this Act, the period commencing on the first day of July, One thousand nine hundred and sixty-five, and ending on the date specified in the Proclamation shall be deemed to be, and at all times from the first day of July, One thousand nine hundred and sixty-five, to have been, substituted for the period of six months commencing on the last-mentioned date referred to in the definition of ‘year to which this Act applies’ in sub-section (1.) of this section.”.

Reduction of bounty where profits exceed 12½ per centum per annum.

4. Section 10 of the Principal Act is amended by inserting after sub-section (1.) the following sub-section:—

“(1a.) In relation to profit derived during the period of six months commencing on the first day of July, One thousand nine hundred and sixty-five, the last preceding sub-section shall be read—

(a) as though for the words ‘one-eighth of the capital’ in that sub-section there were substituted the words ‘profit at the rate of twelve and one-half per centum per annum on the capital’;

(b) as though for the words ‘one-eighth of that capital’ in paragraph (a) of that sub-section there were substituted the words ‘profit at the rate of twelve and one-half per centum per annum on that capital’; and

(c) as though for the words ‘one-eighth of that capital’ in paragraph (b) of that sub-section there were substituted the words ‘profit at the rate of twelve and one-half per centum per annum on that capital’.”.

 

Application of regulations.

5.