Loans (Australian National Airlines Commission) Act 1976

Legislation au C2004A01453 Not in force Act

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LOANS (AUSTRALIAN NATIONAL AIRLINES COMMISSION) ACT 1976

No. 22 of 1976

An Act to authorize the Borrowing by the Commonwealth of a certain sum of Money and to authorize the Commonwealth to make certain Moneys available to the Australian National Airlines Commission, and for purposes connected therewith.

BE IT ENACTED by the Queen, and the Senate and House of Representatives of the Commonwealth of Australia, as follows:—

Short title.

1. This Act may be cited as the Loans (Australian National Airlines Commission) Act 1976.

Commencement.

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

Authority to borrow $9,302,400.

3. Approval is given to the making and carrying out by the Commonwealth of an agreement or agreements for or in relation to the borrowing by the Commonwealth, in the currency of the United States of America or in any other currency, of moneys not exceeding in the aggregate $9,302,400 in the currency of the United States of America.

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 the Commonwealth in respect of any liability of the Commonwealth under the agreement.

Application of Act to disbursements not paid to the Commonwealth.

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 Commonwealth or 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 the Commonwealth, the doing of that act or thing shall, for the purposes of this Act, be taken to be a loan by that person to the Commonwealth of an amount equal to the amount of the disbursement.

Application of moneys.

7. (1) The Commonwealth may, on such terms and conditions as the Treasurer determines, for the purpose of the purchase by the Australian National Airlines Commission of a Boeing 727-276 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 the Commonwealth 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 the Commonwealth 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 to moneys borrowed under an agreement made in pursuance of this Act.

Insurance.

11. If, under any agreement made in pursuance of this Act, the Commonwealth 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 the Commonwealth to carry out its obligations under an agreement made in pursuance of this Act and the Commission shall comply with that requirement.


NOTE

1. Act No. 22, 1976; assented to 12 April 1976.

Overview

The Loans (Australian National Airlines Commission) Act 1976 was enacted by the Queen, the Senate, and the House of Representatives of the Commonwealth of Australia to address a specific financial requirement for the Australian National Airlines Commission. The Act authorises the Commonwealth to borrow up to $9,302,400 in US dollars or equivalent in other currencies to facilitate the Commission's acquisition of a Boeing 727-276 aircraft and related spare parts and equipment. This borrowing is intended to support the operations of the Australian National Airlines Commission, ensuring they have the necessary funds for critical purchases. The Act outlines the conditions under which the borrowing can occur, including the issuance of securities and the exemption from certain taxes and duties. It also stipulates that the borrowed funds will be managed through the Loan Fund and Consolidated Revenue Fund, ensuring transparency and accountability in the financial process. The policy objective is to provide the Australian National Airlines Commission with the financial resources needed to acquire essential assets, thereby supporting its operations and objectives.

Scope and Application

The Loans (Australian National Airlines Commission) Act 1976 applies to the Commonwealth of Australia and specifically authorises the borrowing of up to $9,302,400 by the Commonwealth to facilitate a loan to the Australian National Airlines Commission (ANAC) for the purchase of a Boeing 727-276 aircraft and related spare parts and equipment. This Act authorises the Commonwealth to enter into agreements for borrowing in the currency of the United States of America or any other currency, with the amount in other currencies converted to the equivalent in US dollars as determined by the Reserve Bank of Australia. The Act further provides for the issue of promissory notes or other securities by the Commonwealth to cover liabilities under the borrowing agreements. The Act also extends to acts or things done as disbursements by a person in discharge of a liability of the Commonwealth or ANAC, even if no money is directly paid to the Commonwealth, treating such acts or things as loans to the Commonwealth. The borrowed funds are exempt from taxes, duties, fees, restrictions, charges or other matters, and the National Debt Sinking Fund Act 1966-1967 does not apply to moneys borrowed under the Act. The Treasurer may require ANAC to provide reports and information necessary for the Commonwealth to fulfil its obligations under the Act. The Act applies to the entire Commonwealth of Australia, covering both the federal and state jurisdictions.

Key Provisions

The Loans (Australian National Airlines Commission) Act 1976 (the "Act") primarily authorises the Commonwealth to borrow up to $9,302,400, either in US Dollars or in another currency, for the purpose of facilitating the purchase of a Boeing 727-276 aircraft by the Australian National Airlines Commission. Section 3 of the Act allows for this borrowing, while Section 4 ensures that if borrowed in a currency other than US Dollars, the equivalent amount in US Dollars will be used for the purposes of the Act. Section 5 provides the flexibility for the issuance of promissory notes or other securities in respect of any liability incurred by the Commonwealth under agreements made under this Act. The Act imposes several obligations on the parties it governs. The Commonwealth is authorised to make available funds, either by way of a loan or credit arrangement, to the Australian National Airlines Commission for the specified purpose, as per Section 7. The Commission is required to comply with any insurance-related requirements imposed by the Treasurer, as per Section 11, and must furnish necessary reports and information to the Treasurer to enable the Commonwealth to carry out its obligations under the Act, as per Section 12. Breach of the obligations imposed by the Act may have legal consequences. Although the Act does not explicitly state any offences or penalties, failure to comply with the reporting obligations in Section 12 could potentially be considered a breach of trust or mismanagement, with civil or criminal consequences depending on the severity of the breach. Additionally, the Act provides that any agreement made under it, or any promissory note or other security issued under such an agreement, is exempt from any taxes, duties, fees, restrictions, charges or other matters, as per Section 9, which could have implications for parties that attempt to enforce payment or other obligations in a manner that is inconsistent with the terms of the Act.

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Area of Law
Commercial Law
Instrument
Act
Concepts
Commencement Provisions
Definitions & Interpretation
Reporting & Disclosure Obligations
Exemptions & Exclusions

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.