Australian Shipping Commission Amendment Act 1980

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No. 39 of 1980

An Act to amend the Australian Shipping Commission Act 1956

[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 Shipping Commission Amendment Act 1980.

(2) The Australian Shipping Commission Act 1956 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 by adding at the end thereof the following definition and sub-section:

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

“(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 reselling securities;

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

Notices with respect to rates of charges

4. Section 19 of the Principal Act is amended—

(a) by inserting after sub-section (2) the following sub-section:

“(2a) A notice under sub-section (2) in respect of a service, other than a prescribed service, may, if the Commission thinks it appropriate and the Minister agrees, set out only the proposed basis for charging for the service (whether or not a charge is presently fixed for the service) and nothing more.”;

(b) by adding at the end of sub-section (3)”, or, where the notice is in the form specified in sub-section (2a), approving or disapproving the proposed basis set out in the notice for charging for a service”;

(d) by inserting after paragraph (a) of sub-section (5) the following paragraph:

“(aa) the Minister has approved the basis for charging for the service and the rate of charge is to be fixed on that basis; or”;

(e) by omitting from paragraph (a) of sub-section (6) “or”;

(f) by inserting after paragraph (a) of sub-section (6) the following paragraph:

“(aa) the Minister has approved the basis for charging for the service and the variation is to be made on that basis; or”; and

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

“(7) In this section, ‘prescribed service’ means—

(a) a shipping service for the transport of passengers; or

(b) a shipping service for the transport of cargo (other than bulk cargo) that is available for use by any shipper who wishes to use it, not being a service—

(i) between a place in Australia and a place in another country; or

(ii) between a place in a Territory and a place in another country.”.

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 Section 30 of the Principal Act is repealed and the following sections are substituted:

Borrowing from Commonwealth

“30. (1) 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.

“(2) The terms and conditions of a loan referred to in sub-section (1) shall be terms and conditions that are determined by the Minister for Finance to be equivalent to the terms and conditions that would be applicable to a loan made by a bank or other financial institution to a privately-owned shipping undertaking in Australia, being a shipping undertaking that provides shipping services comparable with those provided by the Commission.

Borrowing otherwise than from Commonwealth

“30a. (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

“30b. (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

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

(a) for the repayment of moneys borrowed under section 30a 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 30b,

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

“30d. The Commission shall not borrow, or otherwise raise, moneys except in accordance with sections 30, 30a and 30b.

Borrowings not to form part of capital of Commission

“30e. The moneys that may be borrowed, or otherwise raised, by the Commission under section 30, 30a or 30b do not form part of the capital of the Commission under section 28.”.

Liability of Commission to taxation

6. Section 36 of the Principal Act is amended—

(a) by omitting from sub-section (1) “The” and substituting “Subject to sub-section (4), the”; and

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

“(4) 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, resale, 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;

(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.

“(5) The power conferred on the Treasurer by sub-section (4) 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.”.

Overview

The Australian Shipping Commission Amendment Act 1980 was enacted to amend the Australian Shipping Commission Act 1956. This Act was passed by the Parliament of Australia and received Royal Assent on 23 May 1980. The primary objective of this legislation is to provide additional financial flexibility to the Australian Shipping Commission, enabling it to manage its operations more effectively. This is achieved by allowing the Commission to borrow money under certain conditions, deal with securities, and give security over its assets. Furthermore, the Act modifies the conditions under which the Commission is exempt from stamp duty and similar taxes, providing clarity and ensuring that the Commission can operate without unnecessary tax burdens.

Scope and Application

The Australian Shipping Commission Amendment Act 1980 amends the Australian Shipping Commission Act 1956 to expand the scope of activities that the Australian Shipping Commission can undertake. This includes enabling the Commission to deal with securities, such as stocks, debentures, and other financial instruments, and to borrow money under certain conditions. The Act allows the Commission to borrow from the Commonwealth and from other sources, provided that the borrowing terms are equivalent to those applicable to private shipping undertakings. Additionally, the Act specifies that the Commission can only borrow or raise funds in the ways prescribed and that these funds do not form part of the Commission's capital. The Act also grants the Treasurer the authority to determine that the Commonwealth guarantees the repayment of borrowed funds and interest, as well as exempting certain transactions from stamp duty or similar taxes when they are executed for borrowing purposes. These provisions apply nationally, affecting the Commission's financial operations and its dealings with securities, subject to the conditions and approvals outlined in the Act.

Key Provisions

The Australian Shipping Commission Amendment Act 1980 introduces several significant changes to the Australian Shipping Commission Act 1956. Firstly, it provides specific provisions that define and regulate certain activities. Section 3 amends the definition of "securities" to include a variety of financial instruments such as stocks, debentures, notes, and bonds. It also outlines the types of activities considered as dealing with securities, such as creating, selling, and purchasing these instruments. Section 4 modifies the procedure for setting rates of charges for services, allowing for a more flexible approach in certain circumstances where the Commission and the Minister agree. Section 5 revises the borrowing provisions, stipulating that the Minister for Finance can lend money to the Commission under specific terms and that the Commission can borrow from sources other than the Commonwealth with the Treasurer's approval. The Act imposes various obligations on the Commission and other parties. For instance, Section 30 mandates that any borrowing by the Commission must adhere to the terms and conditions set by the Minister for Finance or the Treasurer, ensuring they are comparable to those of private sector entities. Section 30b requires the Treasurer's approval for the Commission to engage in dealings with securities, and Section 30c allows the Commission to provide security over its assets for the repayment of borrowed funds or for the settlement of obligations arising from securities transactions. Additionally, Section 36 stipulates that the Treasurer can exempt the Commission from certain taxes, such as stamp duty, under specific conditions. The Act also delineates consequences for non-compliance. While the Act does not explicitly detail criminal penalties, the requirement for approval from the Minister or the Treasurer before certain actions can be taken suggests that proceeding without such approval could lead to legal repercussions. The omission of specific penalties within the text implies that breaches might be subject to general legal consequences as outlined in other relevant laws. However, the emphasis on regulatory oversight and the need for explicit approvals underscores the importance of compliance to avoid potential legal issues.

Area of Law: Commercial Law
Instrument: Amending Act
Concepts: Definitions & Interpretation; Commencement Provisions; Repeal & Amendment; Borrowing & Lending; Liability & Taxation; Dealings with Securities

Interactions

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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