ANL Guarantee Act 1994
Act No. 145 of 1994 as amended
This compilation was prepared on 21 February 2000
taking into account amendments up to Act No. 146 of 1999
The text of any of those amendments not in force
on that date is appended in the Notes section
Prepared by the Office of Legislative Drafting,
Attorney‑General’s Department, Canberra
Contents
1 Short title [see Note 1]...........................
2 Commencement [see Note 1].......................
3 Definitions..................................
4 Treasurer may guarantee loans.......................
5 Delegation..................................
6 Regulations..................................
Notes
An Act to provide for the guarantee of loans made in relation to ANL Limited, and for related purposes
1 Short title [see Note 1]
This Act may be cited as the ANL Guarantee Act 1994.
2 Commencement [see Note 1]
This Act commences on the day on which it receives the Royal Assent.
3 Definitions
In this Act, unless the contrary intention appears:
ANL Limited means the company of that name referred to in the ANL Act 1956.
payments under a loan agreement means repayments of principal, payments of interest, or both, under a loan agreement (including a loan agreement made before the commencement of this Act).
4 Treasurer may guarantee loans
(1) To help ANL Limited to continue to trade in an orderly fashion or restructure its business interests, the Treasurer may make determinations, and enter into agreements, under this section.
(2) If the Treasurer makes a written determination that the Commonwealth guarantees payments under a loan agreement, the payments are guaranteed by the Commonwealth by force of this subsection. The guarantee is subject to any terms and conditions set out in the determination.
(3) On behalf of the Commonwealth, the Treasurer may enter into a written agreement under which the Commonwealth guarantees payments under a loan agreement.
(4) This section does not limit the Commonwealth's executive power, or its power under any other Act, to give guarantees.
5 Delegation
(1) The Treasurer may delegate by written instrument any of the Treasurer’s powers under this Act to a person who is an SES employee or acting SES employee in the Department.
(2) In exercising any of the powers under the delegation, the person must comply with any directions of the Treasurer.
6 Regulations
The Governor‑General may make regulations prescribing matters:
(a) required or permitted by this Act to be prescribed; or
(b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.
Notes to the ANL Guarantee Act 1994
Note 1
The ANL Guarantee Act 1994 as shown in this compilation comprises Act No. 145, 1994 amended as indicated in the Tables below.
Table of Acts
Act | Number
and year | Date
of Assent | Date of commencement | Application, saving or transitional provisions |
ANL Guarantee Act 1994 | 145, 1994 | 8 Dec 1994 | 8 Dec 1994 | |
Public Employment (Consequential and Transitional) Amendment Act 1999 | 146, 1999 | 11 Nov 1999 | Schedule 1 (items 96, 97): 5 Dec 1999 (see Gazette 1999, No. S584) (a) | — |
(a) The ANL Guarantee Act 1994 was amended by Schedule 1 (items 96 and 97) only of the Public Employment (Consequential and Transitional) Amendment Act 1999, subsections 2(1) and (2) of which provide as follows:
(1) In this Act, commencing time means the time when the Public Service Act 1999 commences.
(2) Subject to this section, this Act commences at the commencing time.
Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected | How affected |
S. 5.................... | am. No. 146, 1999 |
| |
Overview
The ANL Guarantee Act 1994, enacted by the Australian Parliament, was introduced to address the financial difficulties faced by ANL Limited, a company previously involved in shipping and logistics. This Act provides the Treasurer with the authority to guarantee loans made in relation to ANL Limited, ensuring the company can continue trading or restructure its business interests. The policy objective of the Act is to support the financial stability of ANL Limited, thereby protecting jobs and maintaining economic activity within the shipping sector. Through this Act, the Commonwealth can offer financial assurances under specified terms and conditions, empowering the Treasurer to delegate certain powers to Senior Executive Service employees within the Department. The Act was amended in 1999 to align with the commencement of the Public Service Act 1999.
Scope and Application
The ANL Guarantee Act 1994 is a Commonwealth Act that provides for the guarantee of loans made in relation to ANL Limited, a company referred to in the ANL Act 1956. This legislation applies specifically to the financial arrangements of ANL Limited, enabling the Treasurer to guarantee payments under a loan agreement to assist the company in trading or restructuring. The guarantee is subject to the terms and conditions specified by the Treasurer in a written determination or an agreement. The Act does not limit the Commonwealth's broader executive or legislative powers to provide guarantees. The Treasurer may delegate their powers under the Act to a Senior Executive Service employee or an acting SES employee in the Department, who must adhere to the Treasurer's directions. The Act allows for the making of regulations to prescribe matters required or permitted by the Act, or necessary for its implementation. The Act's application can be extended or modified through subordinate instruments, such as regulations, which the Governor-General may enact. The geographic reach of the Act is limited to the Commonwealth, and it applies to all loan agreements entered into by ANL Limited, regardless of where the transactions occur.
Key Provisions
The ANL Guarantee Act 1994 provides a framework for the Australian Treasurer to guarantee loans made to ANL Limited, a company referred to in the ANL Act 1956. Section 4 of the Act allows the Treasurer to make written determinations guaranteeing payments under a loan agreement, subject to any terms and conditions set out in the determination. The guarantee is effective by force of subsection (1). Additionally, the Treasurer can enter into written agreements on behalf of the Commonwealth to guarantee such payments, as outlined in subsection (3). This Act does not limit the Commonwealth's broader executive power or its power under other Acts to provide guarantees.
The Act imposes certain obligations on the parties involved. Section 4(2) requires that any guarantee made by the Commonwealth is subject to the terms and conditions specified in the written determination by the Treasurer. Section 5 allows the Treasurer to delegate their powers under the Act to an SES employee or acting SES employee in the Department, provided the delegated person complies with any directions from the Treasurer. This delegation mechanism ensures that the Act's provisions are implemented effectively and in accordance with the Treasurer's directions.
The Act does not explicitly detail offences, penalties, or consequences for breaches. However, it is reasonable to infer that failure to comply with the terms and conditions of the guarantee could lead to legal consequences under the loan agreement itself or other relevant legislation. Additionally, any misuse of the delegation powers or improper execution of the guarantee could potentially lead to administrative or disciplinary actions against the responsible officials, as per other governing laws and departmental policies. While the Act itself does not specify maximum penalties, breaches of related contractual or legal obligations could attract penalties under other applicable laws.