Dairy Produce Export Control
No. 3 of 1972
An Act to amend the Dairy Produce Export Control Act 1924–1966.
[Assented to 7 March 1972]
BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—
Short title and citation.
1.—(1.) This Act may be cited as the Dairy Produce Export Control Act 1972.
(2.) The Dairy Produce Export Control Act 1924–1966 is in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may be cited as the Dairy Produce Export Control Act 1924–1972.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Power and functions of Board.
3. Section 13a of the Principal Act is amended by omitting paragraph (c) and inserting in its stead the following paragraph:—
“(c) subject to the approval of the Minister, on its own behalf or in collaboration with any other person, authority or association of persons, take, or arrange for the taking of, any action in Australia or elsewhere that, in the opinion of the Board, is likely—
(i) to lead to the improvement of the quality of dairy produce or the prevention of deterioration, before or during transport from Australia, of dairy produce; or
(ii) to expand existing markets or to secure new markets for dairy produce,”.
Finance.
4. Section 20b of the Principal Act is amended—
(a) by omitting from sub-section (1.) the word “Commonwealth” and inserting in its stead the word “Reserve”; and
(b) by omitting sub-section (2.) and inserting in its stead the following sub-section:—
“(2.) The Minister may arrange with the Reserve Bank of Australia for the making by that Bank of advances to the Board for use by the Board—
(a) in payment for purchases by the Board of dairy produce intended for export; and
(b) in payment of expenses and other charges incurred by the Board in the exercise of its powers under this Act in relation to dairy produce so purchased,
and may guarantee to the Bank the repayment, out of moneys made available by the Parliament, of any advance made by the Bank in pursuance of the arrangement.”.
Application of moneys paid into accounts or fund.
5.—(1.) Section 22 of the Principal Act is amended—
(a) by omitting the words “The moneys” and inserting in their stead the words “—(1.) Subject to the next succeeding sub-section, the moneys”; and
(b) by adding at the end thereof the following sub-sections:—
“(2.) Where the Board is of the opinion that the expansion of existing markets, or the securing of new markets, for dairy produce is likely to be assisted by—
(a) the acquisition by the Board, by subscription or otherwise, of an interest in a corporation incorporated in Australia or elsewhere; or
(b) the making by the Board, whether in Australia or elsewhere,
of a loan of moneys to a corporation, an association of persons or a person,
the Board may apply moneys held in an account opened by the Board under sub-section (1.) of section twenty b of this Act or in the fund in the acquisition of that interest or the making of that loan.
“(3.) For the purposes of the last preceding sub-section, ‘interest’, in relation to a corporation, includes—
(a) a share in the capital of the corporation; and
(b) stock of the corporation.”.
(2.) An application of moneys by the Board that was made before the commencement of this Act shall be deemed, for all purposes, to be as valid as if it had been made after the commencement of this Act.
Moneys in fund uninvested may be lodged in bank.
6. Section 23 of the Principal Act is amended by omitting the words “Commonwealth Bank” and inserting in their stead the words “Reserve Bank of Australia”.