Co-operative Farmers and Graziers Direct Meat Supply Limited (Loan Guarantee) Act 1978

Co‑operative Farmers and Graziers Direct Meat Supply Limited (Loan Guarantee) Act 1978

Act No. 16 of 1978 as amended

This compilation was prepared on 7 March 2005
taking into account amendments up to Act No. 8 of 2005

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General’s Department, Canberra

Contents

1 Short title [see Note 1]

2 Commencement [see Note 1]

3 Definitions

4 Guarantee

5 Conditions of guarantee

Notes

An Act to authorize the giving of a guarantee in respect of a borrowing by Co‑operative Farmers and Graziers Direct Meat Supply Limited

1  Short title [see Note 1]

  This Act may be cited as the Co‑operative Farmers and Graziers Direct Meat Supply Limited (Loan Guarantee) Act 1978.

2  Commencement [see Note 1]

  This Act shall come into operation on the day on which it receives the Royal Assent.

3  Definitions

  In this Act, unless the contrary intention appears:

Finance Minister means the Minister who administers the Financial Management and Accountability Act 1997.

Society means the Co‑operative Farmers and Graziers Direct Meat Supply Limited.

4  Guarantee

 (1) The Finance Minister may, on behalf of the Commonwealth, at the request of the Society and subject to the conditions required by this Act, give one guarantee in respect of the repayment by the Society of one‑half of the principal moneys in relation to a borrowing of moneys by the Society for the purpose of repaying debts owed by the Society.

 (2) A guarantee shall not be given under subsection (1) that would render the Commonwealth liable to pay an amount that exceeds, or amounts that in the aggregate exceed, $4,500,000 or one‑half of so much of the principal moneys referred to in that subsection as have not for the time being been repaid by the Society, whichever is the less.

5  Conditions of guarantee

  For the purpose of the protection of the financial interests of the Commonwealth, the Finance Minister shall not give a guarantee under section 4 in relation to a borrowing of moneys by the Society unless:

 (a) a like guarantee is given by the Treasurer of the State of Victoria on behalf of that State in respect of the repayment by the Society of one‑half of the principal moneys in relation to the same borrowing;

 (b) the moneys are borrowed for a period not exceeding 3 years and on such other terms and conditions as the Finance Minister is satisfied are reasonable;

 (c) undertakings to the satisfaction of the Finance Minister are given that, so long as the amount borrowed remains unpaid, persons appointed or engaged under the Public Service Act 1999 will have full access at all reasonable times to the financial accounts of the Society when authorized in writing by the Minister for that purpose; and

 (d) such other conditions as the Finance Minister thinks necessary are fulfilled.

Notes to the Co-operative Farmers and Graziers Direct Meat Supply Limited (Loan Guarantee) Act 1978

Note 1

The Co‑operative Farmers and Graziers Direct Meat Supply Limited (Loan Guarantee) Act 1978 as shown in this compilation comprises Act No. 16, 1978 amended as indicated in the Tables below.

For all relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

(a) The Co‑operative Farmers and Graziers Direct Meat Supply Limited (Loan Guarantee) Act 1978 was amended by Schedule 1 (item 337) only of the Public Employment (Consequential and Transitional) Amendment Act 1999, subsections 2(1) and (2) of which provide as follows:

 (1) In this Act, commencing time means the time when the Public Service Act 1999 commences.

 (2) Subject to this section, this Act commences at the commencing time.

Table of Amendments

Table A

Application, saving or transitional provisions

Financial Framework Legislation Amendment Act 2005 (No. 8, 2005)

Schedule 2

174  Saving provision—provisions that formerly referred to the Treasurer

(1) Any thing that:

 (a) was done by the Treasurer, or by a delegate of the Treasurer, before the commencing time under an affected provision; and

 (b) was in effect immediately before the commencing time;

continues to have effect after the commencing time as if it had been done by the Finance Minister under the affected provision.

(2) In this item:

affected provision means a provision that is amended by an item in this Schedule so as to replace references to the Treasurer with references to the Finance Minister.

commencing time means the day this Act receives the Royal Assent.

Finance Minister means the Minister who administers the Financial Management and Accountability Act 1997.