LOANS (AUSTRALIAN NATIONAL AIRLINES
COMMISSION) ACT 1974
No. 97 of 1974
An Act to authorize the Raising of a certain sum of Money and to authorize Australia to make certain Moneys available to the Australian National Airlines Commission, and for purposes connected therewith.
BE IT ENACTED by the Queen, the Senate and the House of Representatives of Australia, as follows:—
Short title.
1. This Act may be cited as the Loans (Australian National Airlines Commission) Act 1974.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Authority to borrow $19,000,000.
3. (1) Approval is given to the making and carrying out by Australia of an agreement or agreements for or in relation to the borrowing by Australia, in the currency of the United States of America or in any other currency, of moneys not exceeding in the aggregate $19,000,000 in the currency of the United States of America.
(2) Where, after 30 June 1974 and before the commencement of this Act, Australia has, for the purpose referred to in sub-section 7(1), entered into an agreement for or in relation to the borrowing of moneys by Australia—
(a) the amount of money that may be borrowed in accordance with sub-section (1) of this section shall be taken to be reduced by the amount borrowed under that agreement; and
(b) this Act applies to and in relation to that agreement as if it were an agreement made in pursuance of this Act.
Moneys borrowed in other currencies.
4. Where moneys borrowed under an agreement made in pursuance of this Act are borrowed in a currency other than the currency of the United States of America, the amount borrowed in that other currency shall, for the purposes of section 3, be taken to be the amount in the currency of the United States of America that was equivalent to the first-mentioned amount at the date of the agreement, as ascertained by the Reserve Bank of Australia.
Securities.
5. 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.
Application of Act to disbursements not paid to Australia.
6. Where the doing of an act or thing is, for the purposes of an agreement made in pursuance of this Act, a disbursement by a person in discharge of a liability of the Australian National Airlines Commission, but the act or thing is not, and does not entail, the payment of moneys by that person to Australia, the doing of that act or thing shall, for the purposes of this Act, be taken to be a loan by that person to Australia of an amount equal to the amount of the disbursement.
Application of moneys.
7. (1) Australia may, on such terms and conditions as the Treasurer determines, for the purpose of the purchase by the Australian National Airlines Commission of 2 Boeing 727-200 aircraft and related spare parts and equipment, make available to the Commission, by way of loan or other credit arrangements, amounts equivalent to the proceeds of any loan raised by means of an agreement made in pursuance of this Act.
(2) Moneys required for the purpose of sub-section (1) are payable out of the Loan Fund, which is appropriated accordingly.
Appropriation.
8. 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.
Exemptions from taxes, &c.
9. 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.
National Debt Sinking Fund Act not to apply.
10. The National Debt Sinking Fund Act 1966-1967 does not apply in relation to moneys borrowed under an agreement made in pursuance of this Act.
Insurance.
11. If, under any agreement made in pursuance of this Act, Australia is required to cause the Australian National Airlines Commission to do an act or thing in relation to the insurance of the aircraft or other goods referred to in section 7, the Treasurer may require the Commission to do that act or thing and the Commission shall comply with that requirement.
Reports.
12. The Treasurer may, from time to time, require the Australian National Airlines Commission to furnish to him such reports and information as are necessary to enable Australia to carry out the obligations of Australia under an agreement made in pursuance of this Act and the Commission shall comply with that requirement.