Aboriginal Loans Commission Act 1974

Legislation au C2004A00161 Not in force Act

Legislation content

ABORIGINAL LOANS COMMISSION ACT

1974

No. 103 of 1974

An Act relating to the Provision of Financial Assistance for certain Purposes conducive to the Advancement of the Aboriginal People of Australia.

BE IT ENACTED by the Queen, the Senate and the House of Representatives of Australia, as follows:—

PART I—PRELIMINARY

Short title.

1. This Act may be cited as the Aboriginal Loans Commission Act 1974.

Commencement.

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

Repeal.

3.. The Aboriginal Enterprises (Assistance) Act 1968 is repealed.

Transitional.

4. (1) In this section—

“corporation” means the corporation established by the Aboriginal Enterprises (Assistance) Act 1968;

“previous fund” means the fund established by that Act;

“relevant date” means the date of commencement of this Act.

(2) All moneys that were, immediately before the relevant date, standing to the credit of the previous fund become, on that date, by force of this section, moneys of the Aboriginal Enterprises Fund.

(3) All rights and liabilities of the corporation subsisting immediately before the relevant date become, on that date, by force of this section, rights and liabilities of the Commission in its administration of the Aboriginal Enterprises Fund, and the moneys in that Fund may be used to discharge any such liabilities.

(4) All rights and liabilities of Australia subsisting immediately before the relevant date by virtue of a guarantee given under section 9 of the Aboriginal Enterprises (Assistance) Act 1968, or that Act as amended, become, on that date, by force of this section, rights and liabilities of the Commission as if that guarantee had been given under section 21 of this Act.

Definitions.

5. In this Act, unless the contrary intention appears—

“Aboriginal” means an indigenous inhabitant of Australia, and includes an indigenous inhabitant of the Torres Strait Islands;

“Aboriginal Advancement Trust Account” means the trust account of that name maintained under section 62a of the Audit Act 1901-1973;

“Aboriginal Enterprises Fund” means the Fund established by section 18;

“Aboriginal Housing and Personal Loans Fund” means the Fund established by section 23;

“approved bank” means the Commonwealth Trading Bank or another bank for the time being approved by the Treasurer;

“approved body” means a body corporate—

(a) that is controlled by Aboriginals; and

(b) the principal objects of which are conducive to the advancement of Aboriginals;

“Chairman” means the Chairman of the Commission and a person appointed to act in the office of the Chairman;

“Commission” means the Aboriginal Loans Commission established by this Act;

“Fund” means a Fund established by this Act;

“member” means a member of the Commission and a person appointed to act in the office of a member, and includes the Chairman;

“spouse”, in relation to an Aboriginal, means a person who, although not legally married to the Aboriginal, is living with the Aboriginal as the Aboriginal’s spouse on a permanent and bona fide domestic basis.

PART II—ESTABLISHMENT, FUNCTIONS AND…

Overview

The Aboriginal Loans Commission Act 1974, enacted by the Commonwealth Parliament, was introduced to address the gap in financial assistance for Aboriginal people to engage in successful business enterprises and personal needs. This Act repealed the earlier Aboriginal Enterprises (Assistance) Act 1968, establishing the Aboriginal Loans Commission to administer funds specifically for these purposes. The policy objective is to provide financial assistance conducive to the advancement of Aboriginal people by enabling them to participate in business and meet personal financial needs through loans and guarantees. The Act established two funds: the Aboriginal Enterprises Fund for business-related purposes and the Aboriginal Housing and Personal Loans Fund for personal needs such as housing and education. The Commission is responsible for the administration and control of these funds, including the power to guarantee loans and acquire property for re-sale or lease to eligible Aboriginals and their spouses.

Scope and Application

The Aboriginal Loans Commission Act 1974 establishes the Aboriginal Loans Commission, a body corporate tasked with administering and controlling funds specifically designated to provide financial assistance for purposes conducive to the advancement of Aboriginal people in Australia. The Act applies nationally, as it is a Commonwealth Act. It establishes two primary funds: the Aboriginal Enterprises Fund and the Aboriginal Housing and Personal Loans Fund. The Commission's functions include making loans, subscribing for shares, acquiring and disposing of property, and providing guarantees for loans made by banks and other lending institutions to eligible Aboriginal individuals and entities for business and personal purposes. The Commission is composed of a Chairman and four other members, at least two of whom must be Aboriginals, appointed by the Governor-General. The Act outlines the powers, functions, and operational procedures of the Commission, including the acquisition and disposal of assets, investment of funds, and reporting requirements. The Act also specifies conditions under which the Commission may make payments or enter into contracts, subject to approval by the Minister. Additionally, it exempts the income of the Funds and the transactions of the Commission from taxation and mandates annual audits by the Auditor-General. The Act extends its application through regulations that may be made by the Governor-General, provided they are not inconsistent with the Act.

Key Provisions

  • The Aboriginal Loans Commission Act 1974 (sections 6-14) establishes a Commission, known as the Aboriginal Loans Commission, to administer and control funds aimed at advancing the interests of Aboriginal Australians. The Commission is a body corporate with the authority to acquire, hold, and dispose of property, and to sue and be sued in its corporate name. Its primary functions, outlined in section 7, include administering and controlling the funds established by the Act, in accordance with directions from the Minister. Section 8 grants the Commission the necessary powers to carry out its functions, while section 9 allows for the delegation of its powers or functions to staff members, subject to ministerial approval.
  • The Act imposes several obligations on the Commission and its members. The Commission is required to hold meetings as necessary, maintain proper accounts and records, and submit annual and supplementary reports to the Minister (sections 16, 33, 36). Members of the Commission must disclose any direct or indirect pecuniary interest they may have in matters being considered by the Commission and abstain from deliberations and decisions related to those matters (section 17). Members can be appointed, their appointments terminated, and leave of absence granted under specific conditions set out in sections 10-14.
  • Breaches of the Act may result in various consequences. For instance, failure to disclose a pecuniary interest as required by section 17 could lead to disqualification from participating in decisions related to the matter of interest. Additionally, unauthorized acquisition, disposal, or contractual dealings exceeding $100,000 (or a higher prescribed amount) by the Commission are strictly prohibited without ministerial approval (section 30). Failure to comply with these provisions could result in civil or administrative penalties as determined by relevant authorities. The Act also includes provisions for auditing by the Auditor-General and the submission of audit reports to the Minister (section 35), ensuring transparency and accountability in the management of funds and operations of the Commission.

Legal classification tags

Area of Law
Indigenous Peoples & Native Title Law
Administrative Law
Finance & Banking Law
Instrument
Act
Concepts
Definitions & Interpretation
Commencement Provisions
Repeal & Amendment
Transitional Provisions
Reporting & Disclosure Obligations
Guarantees
Investment
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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.