Australian Coastal Shipping Commission Act 1964

Overview

The Australian Coastal Shipping Commission Act 1964 was enacted by the Commonwealth Parliament to amend the Australian Coastal Shipping Commission Act 1956–1962. This amendment was primarily introduced to address the need for adjustments in the terms and conditions of employment within the Commission, as well as to provide the Commission with clearer guidelines on borrowing and investment practices. The Act sets forth revised employment terms, such as increasing the specified monetary amount from two thousand five hundred to three thousand five hundred. It also replaces the previous borrowing provisions with new, more detailed regulations allowing the Commission to borrow moneys with the approval of the Treasurer, with the borrowing amount not to exceed five million pounds. Additionally, the Act outlines how moneys not immediately required for the Commission’s purposes can be invested, ensuring compliance with financial regulations and maximising returns on investments.

Scope and Application

The Australian Coastal Shipping Commission Act 1964 applies to the Australian Coastal Shipping Commission, established under the Principal Act, and governs its operations and financial activities. This legislation amends the Australian Coastal Shipping Commission Act 1956–1962, primarily altering the terms and conditions of employment and the borrowing capacity of the Commission. The Act applies nationally across Australia, reflecting its Commonwealth nature. The Act allows the Commission to borrow money with the approval of the Treasurer, subject to certain conditions and limitations, including a cap on the total amount that can be borrowed. The Act further outlines how surplus funds of the Commission can be invested, specifying approved methods such as fixed deposits with banks or investments in Commonwealth securities, with additional conditions set by the Treasurer. This Act does not explicitly state any exclusions or exemptions, and its application is not extended through subordinate instruments beyond the specified provisions.

Key Provisions

The Australian Coastal Shipping Commission Act 1964 introduces several amendments to the Australian Coastal Shipping Commission Act 1956–1962. Section 3 amends the terms and conditions of employment by changing the annual salary limit for certain employees from Two thousand five hundred pounds to Three thousand five hundred pounds. This modification is aimed at providing updated remuneration standards for the roles within the Commission. Section 4 repeals the previous borrowing provisions and replaces them with a new framework that allows the Commission to borrow moneys with the approval of the Treasurer, subject to certain conditions and limitations. Specifically, the Commission can borrow up to Five million pounds, but only with the Minister's certification and at interest rates determined by the Treasurer. The obligations imposed by the Act on the Commission include adherence to the borrowing provisions outlined in Section 30. The Commission must obtain the approval of the Treasurer before borrowing any moneys, and it can only borrow up to the specified limit of Five million pounds. Additionally, the Commission must ensure that the borrowed funds are used strictly for meeting its obligations or discharging its functions under the Act. Furthermore, Section 5 outlines how the Commission can invest its moneys not immediately required, allowing for investments in fixed deposits with approved banks, securities of the Commonwealth, or loans to approved persons secured by Commonwealth securities. In terms of consequences for breach, the Act does not explicitly outline specific offences, penalties, or consequences within the provided text. However, the stringent borrowing conditions and limitations imply that any unauthorised borrowing or misuse of funds could potentially lead to legal repercussions, including possible financial penalties and other legal actions. Given that the Act is designed to regulate the financial activities of the Commission, adherence to the specified terms and conditions is crucial to avoid any legal consequences.