Loans (Australian Industry Development Corporation) Act 1974

Loans (Australian Industry Development Corporation) Act 1974

Act No. 156 of 1974 as amended

[Note: This Act is to be repealed by Act No. 67 of 1997 on Proclamation]

This compilation was prepared on 28 February 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 Interpretation

4 Authority to borrow $250,000,000

5 Moneys borrowed in foreign currencies

6 Securities

7 Application of moneys

8 Appropriation

9 Exemptions from taxes etc.

Notes

An Act to authorize the Raising of a certain sum of Money and to authorize Australia to make certain Moneys available to the Australian Industry Development Corporation, and for purposes connected therewith

1  Short title [see Note 1]

  This Act may be cited as the Loans (Australian Industry Development Corporation) Act 1974.

2  Commencement [see Note 1]

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

3  Interpretation

  In this Act, Corporation means the Australian Industry Development Corporation.

4  Authority to borrow $250,000,000

  Approval is given to the borrowing by Australia of amounts in foreign currency not exceeding in the aggregate the equivalent in Australian currency of $250,000,000, being amounts that the Treasurer is satisfied are required for the purpose of making advances to the Corporation in accordance with this Act, and to the making and carrying out by Australia of an agreement or agreements for or in relation to any such borrowing.

5  Moneys borrowed in foreign currencies

  The equivalent in Australian currency of amounts borrowed in foreign currency under an agreement made in pursuance of this Act shall, for the purposes of section 4, be taken to be the amount in Australian currency that was equivalent to the first-mentioned amount at the date of the agreement, as ascertained by the Reserve Bank of Australia.

6  Securities

  An agreement made in pursuance of this Act may provide for the issue and delivery of promissory notes or other securities by or on behalf of Australia in respect of any liability of Australia under the agreement.

7  Application of moneys

 (1) At the request of the Corporation, Australia may, on such terms and conditions as the Minister for Finance determines, for the purpose of assisting the Corporation to perform its functions under the Australian Industry Development Corporation Act 1970-1973, make available to the Corporation, by way of loan, such amount or amounts, not exceeding in the aggregate the amounts borrowed by Australia under this Act, as the Minister for Finance determines.

 (2) In determining the terms and conditions of a loan to the Corporation under subsection (1), the Minister for Finance shall ensure, as far as is reasonably practicable, that the financial terms on which the loan is made are not less favourable to Australia than those upon which Australia borrowed the moneys out of which the loan is made.

 (3) For the purposes of subsection (2), amounts received by Australia by borrowing under this Act shall be deemed to be applied in the making of loans to the Corporation in the order in which those amounts are received.

 (4) Moneys required for the purposes of subsection (1) are payable out of the Consolidated Revenue Fund, which is appropriated accordingly.

 (5) Loans made by Australia to the Corporation under subsection (1), shall, for the purposes of subsections 7(4) and (5) of the Australian Industry Development Corporation Act 1970-1973, be deemed to be borrowings by the Corporation outside Australia.

 (6) Nothing in this Act authorizes the Corporation to borrow moneys that, by reason of subsection 7(3) of the Australian Industry Development Corporation Act 1970-1973, the Corporation would not otherwise be permitted to borrow.

8  Appropriation

  Any moneys payable by Australia under an agreement made in pursuance of this Act or under a promissory note or other security under such an agreement, including the expenses of borrowing, commitment fees, interest and other charges, are payable out of the Consolidated Revenue Fund, which is appropriated accordingly.

9  Exemptions from taxes etc.

  Where an agreement made in pursuance of this Act provides that:

 (a) the agreement or any matter or thing related to the agreement;

 (b) a promissory note or other security under the agreement or for the purposes of the agreement; or

 (c) a payment made under the agreement or under such a promissory note or other security;

is to be exempt or free from taxes, duties, fees, restrictions, charges or other matters, that agreement, matter, thing, note, security or payment is so exempt or free notwithstanding anything contained in any law of Australia or of a State or Territory.

Notes to the Loans (Australian Industry Development Corporation) Act 1974

Note 1

The Loans (Australian Industry Development Corporation) Act 1974 as shown in this compilation comprises Act No. 156, 1974 amended as indicated in the Tables below.

Table of Acts

(a) Section 2 of the National Debt Sinking Fund Repeal Act 1994 provides as follows:

 2. This Act commences immediately after the Financial Agreement Act 1994 commences.

 The Financial Agreement Act 1994 came into operation on 1 July 1995 (see Gazette 1995, No. S218).

(b) The Loans (Australian Industry Development Corporation) Act 1974 was amended by Schedule 2 (item 8) only of the AIDC Sale Act 1997,  subsection 2(2) of which provides as follows:

 (2) Schedule 2 commences on a day to be fixed by Proclamation. The day must not be earlier than the day on which the Minister gives the Governor-General a written certificate stating that the Minister is satisfied that the Australian Industry Development Corporation has no assets and no liabilities. [see Note 2]

Table of Amendments

Note 2

AIDC Sale Act 1997 (No. 67, 1997)

The following amendment commences on Proclamation:

Schedule 2

8  The whole of the Act

Repeal the Act.

Subsection 2(2) of the AIDC Sale Act 1997 provides as follows:

 (2) Schedule 2 commences on a day to be fixed by Proclamation. The day must not be earlier than the day on which the Minister gives the Governor-General a written certificate stating that the Minister is satisfied that the Australian Industry Development Corporation has no assets and no liabilities.

As at 28 February 2005 the repeal is not incorporated in this compilation.