TASMANIA
GRANT (ASSOCIATED PULP AND PAPER MILLS LIMITED) ACT 1975
No. 71
of 1975
An Act to Grant Financial Assistance to Tasmania in relation to
Associated Pulp and Paper Mills Limited.
BE IT ENACTED by the Queen, the Senate and the House of Representatives
of Australia, as follows:—
Short
title.
1. This Act may be cited as the Tasmania Grant
(Associated Pulp and Paper Mills Limited) Act 1975.
Commencement.
2. This
Act shall come into operation on the day on which it receives the Royal Assent.
Definitions.
3. In
this Act—
“Company” means the company incorporated in Victoria
by the name of Associated Pulp and Paper Mills Limited;
“prescribed interest” means interest payable by the
Company in respect of the period from and including 1 May 1975 to and including
31 December 1975 in respect of a loan of $8,000,000 made to the Company by the
Commonwealth Trading Bank.
Grant
of financial assistance.
4. (1) Subject to this Act, there are
payable to Tasmania, by way of financial assistance, amounts equal to amounts
paid by Tasmania to the Company in respect of amounts of prescribed interest
paid or payable by the Company.
(2) The total amount of financial
assistance to Tasmania under this Act shall not exceed $650,000.
Undertakings
by Company in relation to employment.
5. Tasmania
is not entitled to financial assistance under this Act unless undertakings to
the satisfaction of the Minister have been given by the Company to Tasmania,
before the commencement of this Act, with respect to the maintenance of
employment, and the furnishing of information, by the Company.
Failure
to comply with undertakings.
6. Where
the Minister notifies Tasmania that he is satisfied that the Company has,
whether before or after the commencement of this Act, acted contrary to an
undertaking referred to in section 5, Tasmania is not entitled to financial
assistance under this Act in relation to any payment made by Tasmania to the
Company after the notification.
Appropriation.
7. Amounts
payable to Tasmania under this Act are payable out of the Consolidated Revenue
Fund, which is appropriated accordingly.