Loans (Qantas Airways Limited) Act 1974

Loans (Qantas Airways Limited) Act 1974

Act No. 98 of 1974 as amended

[Note: This Act was repealed by Act No. 8 of 2005 on 22 February 2005]

This compilation was prepared on 11 September 2000
taking into account amendments up to Act No. 107 of 1994

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,
Attorney‑General’s Department, Canberra

Contents

1 Short title [see Note 1]

2 Commencement [see Note 1]

3 Interpretation

4 Authority to borrow $91,000,000

5 Moneys borrowed in other currencies

6 Securities

7 Application of Act to disbursements not paid to Australia

8 Application of moneys

9 Appropriation

10 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 Qantas Airways Limited, and for purposes connected therewith

1  Short title [see Note 1]

  This Act may be cited as the Loans (Qantas Airways Limited) 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, Qantas means Qantas Airways Limited.

4  Authority to borrow $91,000,000

 (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 $91,000,000 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 subsection 8(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 subsection (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.

5  Moneys borrowed in other currencies

  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 4, 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.

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 Act to disbursements not paid to Australia

  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 Qantas, 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.

8  Application of moneys

 (1) Australia may, on such terms and conditions as the Minister for Finance determines, for the purpose of the purchase by Qantas of 3 Boeing 747 aircraft and related spare parts and equipment, make available to Qantas, 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 subsection (1) are payable out of the Loan Fund, which is appropriated accordingly.

9  Appropriation

  Any moneys payable by Australia under an agreement made in pursuance of this Act or under a promissory note of 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.

10  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 (Qantas Airways Limited) Act 1974

Note 1

The Loans (Qantas Airways Limited) Act 1974 as shown in this compilation comprises Act No. 98, 1974 amended as indicated in the Tables below.

Table of Acts

(a) 2. This Act commences immediately after the Financial Agreement Act 1994.

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

Table of Amendments