EXPLANATORY STATEMENT
BOUNTY (SHIPS) ACT 1980
BOUNTY (SHIPS) REGULATIONS
STATUTORY RULES 1988 NO. 148
ISSUED BY THE AUTHORITY OF THE MINISTER OF STATE FOR SCIENCE, CUSTOMS AND SMALL BUSINESS.
Section 22 of the Bounty (Ships) Act 1980 (“the Act”) provides that the Governor-General may make regulations not inconsistent with the Act, prescribing all matters permitted by the Act to be prescribed, or necessary or convenient to be prescribed for the carrying out or giving effect to the Act.
Paragraph 7(1)(g) of the Act provides that vessels that commenced construction between 1 January 1988 and 30 June 1989 that are “prescribed bountiable vessels” are entitled to receive bounty at a rate of 20% of the cost of the construction of the vessel (“non-prescribed vessels” are only eligible to receive bounty at a rate of 15% of the cost of construction).
The regulations prescribe bulk carriers, fishing vessels, rig service vessels and tugs as “prescribed bountiable vessels” for the purposes of the Act, with the effect that vessels that come within the above categories and have commenced construction since 1 January 1988 will now be eligible to receive bounty at the rate of 20% of the cost of construction of the vessel.