LOANS (AUSTRALIAN SHIPPING
COMMISSION) ACT 1975
No. 44 of 1975
An Act to authorize the Raising of a certain sum of Money and to authorize Australia to make certain Moneys available to the Australian Shipping 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 Shipping Commission) Act 1975.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Definition.
3. In this Act, “Commission” means the Australian Shipping Commission.
Authority to borrow $68,000,000.
4. (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 the equivalent of $68,000,000 in the currency of the United States of America.
(2) Where, after 1 January 1975 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.
5. For the purposes of section 4, the equivalent in the currency of the United States of America of moneys borrowed under an agreement made in pursuance of this Act in another currency shall be taken to be the amount in the currency of the United States of America that was equivalent to the moneys so borrowed at the date of the agreement, as ascertained by the Reserve Bank of Australia.
Security.
6. 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 or moneys.
7. (1) Australia may, on such terms and conditions as the Treasurer determines, for the purpose of the purchase by the Commission of 2 ships, being bulk ore carriers, 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 commitment fees, interest and other charges), and the expenses of borrowing any such moneys, are payable out of the Consolidated Revenue Fund, which is appropriated accordingly.
Exemption 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.
Moneys made available do not form part of capital of Commission.
11. Moneys made available to the Commission under sub-section 7 (1) do not form part of the capital of the Commission under section 28 of the Australian Shipping Commission Act 1956-1974.