Canned Fruits Export Marketing Act 1968

Overview

The Canned Fruits Export Marketing Act 1968 was enacted to address gaps in the financial mechanisms available to the Australian Canned Fruits Board, specifically concerning the making of advances for the export marketing of canned fruits. The Act amends the Canned Fruits Export Marketing Act 1963-1966, introducing provisions that allow for the making of advances by the Reserve Bank of Australia, with the guarantee of repayment by the Commonwealth. This was achieved with the concurrence of the Treasurer, enabling the Minister to arrange for such financial support on behalf of the Commonwealth. The Act was passed by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, with a clear policy objective to enhance the financial capabilities of the Board in effectively performing its functions and exercising its powers under the Act.

Scope and Application

The Canned Fruits Export Marketing Act 1968 amends the Canned Fruits Export Marketing Act 1963-1966 to facilitate the Australian Canned Fruits Board in its export activities by enabling the provision of financial advances. This Act applies to the Australian Canned Fruits Board, which is responsible for the marketing and export of canned fruits. It allows the Minister, with the concurrence of the Treasurer, to arrange with the Reserve Bank of Australia for making advances to the Board to assist in its functions or powers under the Act. Additionally, the Commonwealth can guarantee the repayment of such advances and the payment of interest to the Bank. The Act does not specify any exclusions, exemptions, or thresholds, but it does detail the obligation of the Board to credit all advances to the Canned Fruits Excise Fund and use the fund’s money for the repayment and interest payments on these advances. The scope of the Act is limited to the operations and financial arrangements of the Australian Canned Fruits Board in relation to the export of canned fruits, without any mention of its application to other industries or entities.

Key Provisions

The Canned Fruits Export Marketing Act 1968 primarily amends the Canned Fruits Export Marketing Act 1963-1966, with key changes introduced in section 3 and the newly inserted section 28a. Section 3 removes subsection (3) of section 18 from the Principal Act, effectively altering the Board's power to purchase canned fruits for export. Section 28a introduces a new provision allowing the Minister, with the concurrence of the Treasurer, to arrange for the Reserve Bank of Australia to make advances to the Board. These advances are to be used in connection with the Board's functions or powers under this Act. Additionally, the Minister can guarantee the repayment of these advances and the payment of interest on them. Under this Act, the Australian Canned Fruits Board is granted specific powers and responsibilities. For instance, section 28a empowers the Board to receive advances from the Reserve Bank, subject to certain conditions. These conditions include the necessity for the Minister's concurrence with the Treasurer, and the requirement for the Board to credit all such advances to the Canned Fruits Excise Fund. Furthermore, the Board is obligated to use the Fund's moneys to repay these advances and to cover any associated interest payments. In terms of compliance and enforcement, the Act does not explicitly outline offences or penalties for breaches. However, given the financial nature of the amendments, it is reasonable to infer that any failure to adhere to the stipulated conditions for the use and repayment of advances could potentially lead to legal repercussions. While the Act does not specify the exact penalties, breaches could result in civil or criminal consequences, depending on the severity and intent of the non-compliance. Typically, such breaches might attract penalties under general legislation governing financial mismanagement or breaches of statutory duties.