GOLD-MINING INDUSTRY ASSISTANCE.
No. 52 of 1962.
An Act to extend by Three Years the Period of Operation of the Gold-Mining Industry Assistance Act 1954–1961, and for purposes connected therewith.
[Assented to 28th May, 1962.]
[Date of commencement, 25th June, 1962.]
BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, for the purpose of appropriating the grant originated in the House of Representatives, as follows:—
Short title and citation.
1.—(1.) This Act may be cited as the Gold-Mining Industry Assistance Act 1962.
(2.) The Gold-Mining Industry Assistance Act 1954–1961 is in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may be cited as the Gold-Mining Industry Assistance Act 1954–1962.
Interpretation
2. Section four of the Principal Act is amended by omitting from the definition of “small producer” in sub-section (1.) all the words after the word “ounces,” and inserting in their stead
the words “and, in relation to a year referred to in the next succeeding section, includes a person who has, under that section, elected to be treated as a small producer in relation to that year”.
Election by large producer to be treated as small producer.
3. Section four a of the Principal Act is amended by omitting the words “the year ending on” and inserting in their stead the words “a year ending on or after”.
Years to which Act applies.
4. Section six of the Principal Act is amended by omitting the word “seven” and inserting in its stead the word “ten”.
Rate of subsidy.
5. Section nine of the Principal Act is amended by omitting from sub-section (4.) the words “the year ending on the thirtieth day of June, One thousand nine hundred and sixty-two,” and inserting in their stead the words “a year”.
Overview
The Gold-Mining Industry Assistance Act 1962 was enacted to extend the period of operation of the Gold-Mining Industry Assistance Act 1954–1961 by three years. This Act was introduced to address the need for continued support for the gold-mining industry during a period of economic adjustment and development. Enacted by the Parliament of the Commonwealth of Australia, the primary policy objective of this Act was to provide ongoing financial assistance to the gold-mining sector, ensuring its stability and growth during a critical phase. The Act modifies the Principal Act to allow for a broader inclusion of small producers and extends the timeframe for eligibility, reflecting an ongoing commitment to the industry’s viability.
Scope and Application
The Gold-Mining Industry Assistance Act 1962 extends the provisions of the Gold-Mining Industry Assistance Act 1954–1961, providing continued support and assistance to the gold-mining industry within the Commonwealth of Australia. This Act applies to persons who are engaged in gold mining operations, particularly focusing on small producers within the industry. By amending the Principal Act, this legislation extends the period of operation from seven to ten years, thereby including years ending on or after a specified date. The Act allows for large producers to elect to be treated as small producers for the purposes of the subsidy scheme, thereby broadening the scope of those who may benefit from the financial assistance provided under the Act. The geographic reach of this Act is national, applying across Australia, and it is subject to amendment and extension through subordinate instruments, providing flexibility in its application and scope over time.
Key Provisions
The Gold-Mining Industry Assistance Act 1962 (sections 1-5) primarily serves to extend the operational period of the Gold-Mining Industry Assistance Act 1954–1961 by an additional three years, effectively covering the period until 1965. It also introduces amendments to the Principal Act to refine the eligibility criteria for small producers and the duration of the Act's applicability. Specifically, Section 2 modifies the definition of "small producer" to include those who have elected to be treated as such for a particular year, as outlined in Section 3. Section 3, in turn, adjusts the time frame in which a large producer can elect to be treated as a small producer to cover any year ending on or after a specified date. Section 4 extends the period covered by the Act from seven to ten years, while Section 5 removes the specific end date from the subsidy rate provisions, making it applicable to any year under the Act.
The Act imposes several obligations on gold-mining entities and producers. Under Section 2, entities must ensure their eligibility criteria align with the new definition of "small producer", which now includes those who have elected to be treated as such. This necessitates accurate record-keeping and timely declarations to maintain compliance. Furthermore, producers must adhere to the extended operational period as stipulated in Section 4, ensuring their operations and submissions for assistance are valid within the ten-year timeframe. Additionally, the amendment to the election period in Section 3 requires producers to make their election decisions well in advance to ensure compliance with the new provisions.
Breach of the provisions under the Gold-Mining Industry Assistance Act 1962 could lead to various civil or criminal consequences. Although specific offences and penalties are not detailed in the provided sections, any non-compliance with the amended definitions or operational periods could result in penalties as prescribed under the Principal Act or other relevant legislation. Such penalties may include fines, revocation of subsidies, or other administrative sanctions. The maximum penalties would depend on the nature and severity of the breach, as well as any additional provisions or amendments introduced by subsequent legislation.