Atomic Energy Amendment Act (No. 2) 1980

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No. 119 of 1980

An Act to amend the Atomic Energy Act 1953

[Assented to 11 September 1980]

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

Short title

1. (1) This Act may be cited as the Atomic Energy Amendment Act (No. 2) 1980.

(2) The Atomic Energy Act 1953 is in this Act referred to as the Principal Act.

Commencement

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

Interpretation

3. Section 5 of the Principal Act is amended—

(a) by inserting after the definition of “restricted information” in sub-section (1) the following definition:

“‘securities’ includes stocks, debentures, debenture stocks, notes, bonds, promissory notes, bills of exchange and similar instruments or documents;”; and

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

“(6) In this Act, a reference to dealing with securities shall be read as including a reference to—

(a) creating, executing, entering into, drawing, making, accepting, indorsing, issuing, discounting, selling, purchasing or re-selling securities;

(b) creating, selling, purchasing or re-selling rights or options in respect of securities; and

4. Section 30 of the Principal Act is repealed and the following sections are substituted:

Borrowing otherwise than from the Commonwealth

“30. (1) The Commission may, with the approval of the Treasurer but not otherwise, from time to time, borrow moneys (otherwise than from the Commonwealth) on such terms and conditions as the Treasurer approves.

“(2) Approvals for the purposes of sub-section (1) may be in respect of particular borrowings or in respect of borrowings included within a specified class, or specified classes, of borrowings.

“(3) The Treasurer may, on behalf of the Commonwealth, guarantee the repayment by the Commission of amounts borrowed under this section and the payment of interest on amounts so borrowed.

Dealings with securities

“30aa. (1) The Commission may, with the approval of the Treasurer but not otherwise, deal with securities.

“(2) Where the Commission borrows or otherwise raises moneys by dealing with securities, the Treasurer may determine that the repayment by the Commission of the amounts borrowed or raised, and the payment by the Commission of interest (if any) on those amounts, are, by force of this sub-section, guaranteed by the Commonwealth.

“(3) The power of the Treasurer to make a determination for the purposes of sub-section (2) extends to the making of a determination in respect of—

(a) securities included in a specified class, or specified classes, of securities; and

(b) transactions included in a specified class, or specified classes, of transactions.

Commission may give security

“30ab. The Commission may give security over the whole or any part of its assets—

(a) for the repayment of moneys borrowed under section 30 and the payment of any moneys that the Commission is otherwise liable to pay in respect of those borrowings; and

(b) for the payment of any moneys that the Commission is liable to pay in respect of dealings with securities in accordance with section 30aa,

including, but without limiting the generality of the foregoing, security for the payment of interest (if any) on moneys borrowed or otherwise raised by the Commission.

Borrowings not otherwise permitted

“30ac. The Commission shall not borrow, or otherwise raise, moneys except in accordance with sections 29, 30 and 30aa.”.

Authority to mine prescribed substances on behalf of or in association with the Commonwealth

5. Section 41 of the Principal Act is amended by inserting after sub-section (2) the following sub-sections:

“(2aa) Operations carried on on the Ranger Project Area by the person or persons specified in an authority under this section (being an authority, whether granted before or after the commencement of this sub-section, that authorizes, or purports to authorize, that person, or those persons as joint venturers, to carry on, on behalf of the Commonwealth, operations in accordance with this section on the Ranger Project Area subject to conditions and restrictions specified in the authority) shall, if carried on as provided by the authority and in accordance with the Ranger Project agreement, be deemed, for the purposes of this Act, to be carried on on behalf of the Commonwealth and to be authorized by the authority.

“(2ab) The reference in sub-section (2aa) to the Ranger Project agreement shall be construed as a reference to the agreement known as the Ranger Uranium Project Government Agreement that was made on 9 January 1979 between the Commonwealth, Peko-Wallsend Operations Ltd., Electrolytic Zinc Company of Australasia Limited and the Commission or, if that agreement is amended, that agreement as amended.”.

Overview

The Atomic Energy Amendment Act (No. 2) 1980, enacted by the Queen and the Senate and the House of Representatives of the Commonwealth of Australia, is an amendment to the Atomic Energy Act 1953. This Act was introduced to address certain financial and operational provisions related to atomic energy activities, including the ability of the Australian Atomic Energy Commission to borrow money and deal with securities, as well as to formalise the operations of the Ranger Uranium Project. The primary objective of this legislation is to provide the Commission with the necessary financial tools and regulatory clarity to manage its activities effectively. The Act came into effect upon receiving Royal Assent.

Scope and Application

The Atomic Energy Amendment Act (No. 2) 1980 amends the Atomic Energy Act 1953 by expanding the activities of the Australian Atomic Energy Commission (the Commission), primarily through the amendment of Section 30. This Act applies to the Commonwealth of Australia, specifically to the Commission as an entity, and regulates its financial activities, including borrowing and dealing with securities. The Act permits the Commission to borrow money from sources other than the Commonwealth, subject to the approval of the Treasurer, and to deal with securities such as stocks, debentures, and bonds, again with the Treasurer's approval. Additionally, the Act allows the Commission to provide security over its assets for the repayment of borrowed funds and interest. The Act specifies that borrowings and securities transactions must be in accordance with Sections 29, 30, and 30aa of the Principal Act. The Act also includes provisions for the Commission to engage in mining activities on the Ranger Project Area, subject to the terms of the Ranger Uranium Project Government Agreement. The Act's provisions apply nationally, extending the financial capabilities of the Commission within the regulatory framework established by the Atomic Energy Act 1953.

Key Provisions

The Atomic Energy Amendment Act (No. 2) 1980 introduces several key amendments to the Atomic Energy Act 1953. Firstly, it introduces new definitions and provisions regarding financial securities, such as stocks and bonds, and specifies that any dealings with these securities must be approved by the Treasurer (sections 3 and 30aa). It also allows the Commonwealth to guarantee the repayment of moneys borrowed or raised through these securities (section 30aa(2)). Secondly, it outlines the conditions under which the Australian Atomic Energy Commission can borrow money from sources other than the Commonwealth, including the requirement for the Treasurer's approval (section 30). Additionally, the Act permits the Commission to pledge its assets as security for these borrowings and dealings with securities (section 30ab). Importantly, it restricts the Commission from borrowing or raising funds in any other manner unless explicitly permitted under the Act (section 30ac). The Act imposes several obligations on the Australian Atomic Energy Commission. It mandates that any borrowings or financial dealings must be approved by the Treasurer (sections 30 and 30aa). The Commission is also required to adhere strictly to the conditions specified in any authority granted for operations on the Ranger Project Area, which must be carried out on behalf of the Commonwealth (section 41(2aa)). Moreover, the Act requires that all financial transactions related to securities must be transparent and approved, ensuring that the Commission’s financial activities are regulated and overseen by the appropriate authorities. Failure to comply with the provisions of the Atomic Energy Amendment Act (No. 2) 1980 can result in significant legal consequences. The Act does not explicitly state specific offences or penalties, but violations of the financial provisions could potentially lead to civil or criminal charges under related financial laws. For example, unauthorized borrowing or dealings with securities might be prosecuted under general financial misconduct laws, which could include substantial fines and imprisonment. The precise penalties would depend on the specific nature of the breach and the relevant statutory provisions governing financial misconduct in Australia.

Area of Law: Environmental Law; Energy Law
Instrument: Act
Concepts: Definitions & Interpretation; Offence Provisions; Licensing & Registration; Enforcement Powers

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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.

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