AUSTRALIAN COASTAL SHIPPING COMMISSION.
No. 87 of 1962.
An Act to amend the Australian Coastal Shipping Commission Act 1956.
[Assented to 14th December, 1962.]
[Date of commencement, 11th January, 1963.]
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 and citation.
1.—(1.) This Act may be cited as the Australian Coastal Shipping Commission Act 1962.
(2.) The Australian Coastal Shipping Commission Act 1956 is in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may be cited as the Australian Coastal Shipping Commission Act 1956–1962.
Definitions.
2. Section five of the Principal Act is amended by inserting before the definition of “Commissioner” the following definition:—
“‘approved bank’ means the Reserve Bank of Australia or another bank approved by the Treasurer for the purposes of the provision in which the expression occurs;”.
Borrowings by the Commission.
3. Section thirty of the Principal Act is amended by omitting sub-section (1.) and inserting in its stead the following sub-section:—
“(1.) The Commission may borrow money for temporary purposes on overdraft from an approved bank but the aggregate of the amounts borrowed by the Commission under this sub-section and not re-paid shall not exceed Five million pounds.”.
Bank accounts.
4. Section thirty-one of the Principal Act is amended by omitting sub-section (1.) and inserting in its stead the following sub-section:—
“(1.) The Commission may open an account or accounts with an approved bank or approved banks and shall maintain at all times at least one such account.”.
Application of moneys.
5. Section thirty-two of the Principal Act is amended by omitting from sub-section (2.) the words “the Commonwealth Bank of Australia or with any other bank approved by the Treasurer “and inserting in their stead the words “an approved bank”.
Third Schedule.
6. The Third Schedule to the Principal Act is amended—
(a) by omitting the words—
“Immigration Act 1901–1949.
Lighthouses Act 1911–1955.”,
and inserting in their stead the words—
“Lighthouses Act 1911–1955.
Migration Act 1958.”; and
(b) by omitting the words “Stevedoring Industry Act 1949–1954.”.