Australian National Railways Amendment Act 1980

Legislation au C2004A02239 Not in force Act

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Australian National Railways Amendment Act 1980

No. 38 of 1980

 

 

An Act to amend the Australian National Railways Act 1917

[Assented to 23 May 1980]

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

Short title, &c.

1. (1) This Act may be cited as the Australian National Railways Amendment Act 1980.

(2) The Australian National Railways Act 1917 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 4 of the Principal Act is amended—

(a) by inserting after the definition of “railway service” 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:

“(2) 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

(c) entering into agreements or other arrangements relating to securities.”.

4. Section 57b of the Principal Act is repealed and the following sections are substituted:

Borrowing from Commonwealth

“57b. The Minister for Finance may, on behalf of the Commonwealth, out of moneys appropriated by the Parliament for the purpose, lend moneys to the Commission on such terms and conditions as the Minister for Finance determines.

Borrowing otherwise than from Commonwealth

“57ba. (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 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

“57bb. (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 amount 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

“57bc. The Commission may give security over the whole or any part of its assets—

(a) for the repayment of moneys borrowed under section 57ba 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 57bb,

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

Borrowings not otherwise permitted

“57bd. Subject to sub-section 55(2), the Commission shall not borrow, or otherwise raise, moneys except in accordance with sections 57b, 57ba and 57bb.”.

Liability to taxation

5. Section 57h of the Principal Act is amended—

(a) by inserting after sub-section (1) the following sub-sections:

“(1a) Where the Treasurer so determines by notice published in the Gazette, stamp duty, or any similar tax, is not payable by the Commission or any other person under a law of the Commonwealth or of a State or Territory in respect of—

(a) a security dealt with by the Commission;

(b) the issue, redemption, transfer, sale, purchase, re-sale, acquisition or discounting of such a security by the Commission or any other person, not including a transaction done without consideration or for an inadequate consideration;

(c) any other transaction done for the purposes of a borrowing or other raising of moneys by the Commission; or

(d) any other document executed by or on behalf of the Commission for the purposes of a borrowing or other raising of moneys by the Commission.

“(1b) The power conferred on the Treasurer by sub-section (1a) to make a determination extends to the making of a determination in respect of securities included in a specified class or specified classes of securities and in respect of documents or transactions included in a specified class or specified classes of documents or transactions.”; and

(b) by omitting from sub-section (2) “The regulations” and substituting “Subject to sub-section (1a), the regulations”.


Formal Amendments

6. The following provisions of the Principal Act are amended by omitting “Australia” (wherever occurring) and substituting “the Commonwealth”:

Section 31a, paragraph 55(1)(e), sub-sections 56(1) and (2), paragraph 57a(1)(c), paragraph 57a(2)(b), paragraph 57c(1)(a), sub-section 57c(2), sub-section 57h(1) and sub-section 63(2a).

 

 

Overview

The Australian National Railways Amendment Act 1980 (No. 38 of 1980) was enacted to address certain financial and operational gaps in the management of the Australian National Railways Commission (the Commission). This Act amends the Australian National Railways Act 1917 to update and refine the financial and borrowing powers of the Commission, including the introduction of new provisions for dealing with securities and taxation. The Act was passed by the Queen, with the advice and consent of the Senate and the House of Representatives of the Commonwealth of Australia, with the aim of enhancing the financial flexibility and operational efficiency of the Commission. The policy objective of the Act is to provide the Commission with more effective financial management tools while ensuring that any borrowing or financial transactions are subject to appropriate oversight and regulation.

Scope and Application

The Australian National Railways Amendment Act 1980 amends the Australian National Railways Act 1917, which pertains to the Australian National Railways Commission (the Commission). The Act applies specifically to the Commission, governing its financial operations, particularly in relation to borrowing and dealing with securities. It outlines the conditions under which the Commission may borrow money, either from the Commonwealth or from other sources, and how it may engage in transactions involving securities. The Act also specifies that the Commission can only borrow or raise funds under the conditions set out in the Act, with certain exceptions, and that the Commonwealth may guarantee the repayment of funds borrowed under specific conditions. The Act's geographic reach is limited to the Commonwealth of Australia, with no explicit mention of territories or states, implying its application is national in scope. There are no stated exclusions or exemptions within the text provided, though the Act does provide for specific circumstances under which stamp duty and similar taxes may be exempted by the Treasurer. The Act does not explicitly extend or restrict its application through subordinate instruments within the text provided.

Key Provisions

The Australian National Railways Amendment Act 1980 primarily modifies the Australian National Railways Act 1917 (Principal Act) by introducing new provisions regarding borrowing, dealing with securities, and tax liabilities. Section 4 of the Principal Act is amended to define 'securities' and to detail the types of dealings that are included in the term. Section 57b is repealed and replaced with new provisions that allow the Minister for Finance to lend money to the Commission (section 57b), and permit the Commission to borrow money from sources other than the Commonwealth, subject to the Treasurer's approval (section 57ba). Additionally, section 57bb permits the Commission to deal with securities, with the Treasurer having the authority to guarantee repayment and interest on such dealings. Under the Act, the Commission is granted the power to provide security over its assets to ensure the repayment of moneys borrowed and to cover any liabilities arising from securities dealings (section 57bc). The Act restricts the Commission from borrowing or raising moneys except as permitted under sections 57b, 57ba, and 57bb (section 57bd). Furthermore, section 57h is amended to allow the Treasurer to exempt the Commission and others from paying stamp duty or similar taxes on securities and related transactions, at the Treasurer's discretion (section 57h(1a)). The Act also updates references within the Principal Act from "Australia" to "the Commonwealth" across several sections (section 6). The obligations imposed on the Commission by the Act include seeking approval from the Treasurer for borrowing and securities dealings, and providing security over its assets as needed. The Treasurer has the responsibility to approve borrowings and to determine whether to guarantee repayments and interest on securities dealings. The Act also places a duty on the Treasurer to determine whether stamp duty or similar taxes are payable on certain transactions involving securities, with the power to exempt these taxes under certain conditions. Breaches of the Act's provisions could lead to various consequences. While the Act does not explicitly state offences or penalties, it is implied that failure to comply with the Treasurer's approval requirements for borrowing and securities dealings could result in unauthorised financial activities, potentially leading to legal action. Additionally, any tax exemptions granted by the Treasurer without proper authority could result in civil penalties for tax evasion or similar offences under other tax legislation. The Act itself does not specify maximum penalties but references to related laws would apply.

Legal classification tags

Area of Law
Commercial Law
Corporate Law & Governance
Instrument
Act
Concepts
Definitions & Interpretation
Borrowing & Lending Powers
Dealings with Securities
Liability to Taxation
Repeal & Amendment

Interactions

Authorises

All Versions

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.