Victoria
Grant (Shepparton Preserving Company Limited)
No.
63 of 1971
An
Act relating to the Grant of Financial Assistance to the State of Victoria to
enable that State to make Loans to Shepparton Preserving Company Limited.
[Assented to 25 May 1971]
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.
1. This Act may be cited as the Victoria
Grant (Shepparton Preserving Company
Limited) Act 1971.
Commencement.
2.—(1.) Sections 1 and 2 of this Act shall come
into operation on the day on which this Act receives the Royal Assent.
(2.) The remaining provisions of this Act shall be
deemed to have come into operation on the thirty-first day of December, One
thousand nine hundred and seventy.
Approval
of agreement.
3. The agreement a copy of which is set out in the Schedule to this
Act is approved.
Appropriation.
4. The payments by the Commonwealth to the State of Victoria provided
for by the agreement referred to in the last preceding section may be made, by
way of financial assistance to that State on the terms and conditions contained
in that agreement, out of the Consolidated Revenue Fund, which is appropriated
accordingly.
THE
SCHEDULE Section
3.
——
An
Agreement made
as at the fifth day of May One thousand nine hundred and seventy-one between The Commonwealth of Australia (in this
agreement called “the Commonwealth”) of the one part and The State of Victoria (in this agreement
called “the State”) of the other part.
Whereas—
(A)
the State has requested the Commonwealth to grant financial assistance to the
State in order that the State may provide support for the canned deciduous
fruit industry at Shepparton in the State of Victoria;
(B)
it is proposed that the financial assistance be used for the making of advances
to the Shepparton Preserving Company Limited (in this agreement called “the
Company”), to enable the Company to make payments to growers of deciduous fruit
who have delivered fruit to the Company;
(C)
the Commonwealth recognizes that it is desirable for the stability of the said
industry and for the welfare of growers and the community of the Shepparton
area dependent on the industry that the financial assistance be granted;
(D)
the Parliament of the Commonwealth will be requested to approve this agreement
and to grant the financial assistance provided for by this agreement:
Now it
is hereby agreed as follows:—
Approval
by Parliament.
1. This agreement is subject to approval by the Parliament of the
Commonwealth and upon being so approved shall be deemed to have come into force
on the thirty-first day of December 1970.
Financial
Assistance.
2. Subject to compliance by the State with the provisions of this
agreement, the Commonwealth will provide financial assistance to the State (in
this agreement referred to as “the financial assistance”) for the purpose of
enabling the State to make advances to the Company so that the Company may pay
moneys owing to growers for deciduous fruits delivered by them to the Company.
Amount
of Financial Assistance.
3. The amount of the financial assistance shall be Four million two
hundred thousand dollars ($4,200,000).
Use
of Financial Assistance.
4. The State shall not use or apply the financial assistance or any
part thereof except for the purpose expressed in clause 2 of this agreement and
shall take all reasonable action to ensure that the financial assistance is
applied by the Company as provided in that clause.
Repayments
by the State.
5.—(1.) Subject to sub-clause (2.) of this clause,
the State shall repay to the Commonwealth the amount of the financial
assistance by sixteen (16) equal half-yearly payments, the first payment to be
made on the thirty-first day of December 1973 and subsequent payments to be
made on each thirtieth day of June and thirty-first day of December thereafter
until the full amount of the repayment has been made.
(2.) In addition to making payments in accordance
with sub-clause (1.) of this clause the State may at any time repay to the
Commonwealth the whole or any part of the unrepaid balance of the amount of the
financial assistance.
The Schedule—continued
Interest.
6.—(1.) Interest shall accrue on so much of each
amount that has been paid to the State under this agreement and has not for the
time being been repaid to the Commonwealth calculated from the date on which
the amount was paid by the Commonwealth at the rate of seven per centum per
annum.
(2.) The State shall pay to the Commonwealth the
interest for the time being that accrues under this clause on the thirtieth day
of June and the thirty-first day of December in each year, the first payment to
be made on the thirty-first day of December 1971.
Supply
of Information.
7. The State will from time to time at the request of the Commonwealth
furnish such information as may reasonably be required by the Commonwealth for
the purpose of or in relation to this agreement.
Certification
of Expenditure.
8. As soon as reasonably practicable after the thirtieth day of June
1971 the State shall furnish to the Commonwealth a certificate of the
Auditor-General of the State that the financial assistance provided by the
Commonwealth under this agreement has been expended in accordance with the
provisions of this agreement.
In witness
whereof this
agreement has been executed on behalf of the parties as at the day and year
first above written.
SIGNED
for and on behalf of THE COMMONWEALTH OF AUSTRALIA by the Right Honourable
WILLIAM McMAHON, the Prime Minister of the Commonwealth, in the presence of— |
WILLIAM McMAHON
|
C. R. Jones |
SIGNED
for and on behalf of THE STATE OF VICTORIA by the Honourable SIR HENRY BOLTE,
the Premier of that State, in the presence of— |
HENRY BOLTE
|
A. G. Coulthard |