New South Wales Grant (Leeton Co-operative Cannery Limited)
No. 128 of 1971
An Act to make provision for the grant of Financial Assistance to the State of New South Wales to enable that State to make a Loan to Leeton Co-operative Cannery Limited.
[Assented to 16 December 1971]
BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—
Short title.
1. This Act may be cited as the New South Wales Grant (Leeton Co-operative Cannery Limited) Act 1971.
Commencement.
2. This Act shall be deemed to have come into operation on the twenty-third day of June, One thousand nine hundred and seventy-one.
Definition.
3. In this Act, “the State” means the State of New South Wales.
Grant of financial assistance.
4.—(1.) Subject to this Act, there is payable to the State, by way of financial assistance, an amount equal to the amount or amounts expended by the State in making advances to Leeton Co-operative Cannery Limited to enable that company to reduce its financial indebtedness.
(2.) The amount payable to the State under this Act shall not exceed Eight hundred and seventy-four thousand dollars.
Conditions.
5.—(1.) Payment of the amount payable to the State under this Act is subject to such conditions, if any, as the Minister, by instrument in writing, determines.
(2.) The conditions that may be determined by the Minister under the last preceding sub-section may include a condition as to repayment of the whole or part of the amount.
Appropriation.
6. The amount payable to the State under this Act is payable out of the Consolidated Revenue Fund, which is appropriated accordingly.
Overview
The New South Wales Grant (Leeton Co-operative Cannery Limited) Act 1971 was enacted to address a specific financial crisis faced by Leeton Co-operative Cannery Limited, a company in New South Wales that was struggling with significant financial indebtedness. The Act was passed by the Commonwealth Parliament to provide a financial lifeline to the company through a grant to the State of New South Wales, enabling it to make a loan to Leeton Co-operative Cannery Limited. The overarching policy objective was to assist a vital regional industry by alleviating the financial burden on the company, thereby supporting the local economy and employment in the region. The grant, subject to certain conditions and not exceeding $874,000, was intended to ensure that the company could stabilise its financial situation and continue its operations.
Scope and Application
The New South Wales Grant (Leeton Co-operative Cannery Limited) Act 1971 is a specific piece of Commonwealth legislation designed to facilitate financial assistance to the State of New South Wales, allowing it to extend a loan to Leeton Co-operative Cannery Limited. The Act applies to the State of New South Wales and the mentioned company, Leeton Co-operative Cannery Limited, with the primary purpose of enabling the company to alleviate its financial indebtedness. The Act applies only to the financial assistance to be provided by the Commonwealth to the State for this specific purpose. It is geographically confined to the State of New South Wales and does not extend beyond this jurisdictional reach. The Act explicitly limits the amount of financial assistance that can be provided to a maximum of Eight hundred and seventy-four thousand dollars. Additionally, the payment of this financial assistance is subject to conditions that may be determined by the Minister through a written instrument, potentially including terms for repayment of the amount. The funds for this assistance are appropriated from the Consolidated Revenue Fund of the Commonwealth.
Key Provisions
The New South Wales Grant (Leeton Co-operative Cannery Limited) Act 1971 (hereafter referred to as the Act) provides a specific financial assistance grant to the State of New South Wales (section 3) to support Leeton Co-operative Cannery Limited in reducing its financial indebtedness. Under section 4(1), the Commonwealth is obligated to pay an amount to the State that equals the financial advances made by the State to the cannery. However, this payment is capped at a maximum of eight hundred and seventy-four thousand dollars (section 4(2)). The conditions under which this payment is made are determined by the Minister and may include terms for repayment of the amount (section 5).
The Act imposes several obligations on the parties involved. The Commonwealth, through the Minister, is responsible for determining the conditions under which the financial assistance is paid (section 5). The State of New South Wales must ensure that the financial advances made to Leeton Co-operative Cannery Limited are used for the intended purpose of reducing the company’s financial indebtedness. The Minister is required to issue a written instrument detailing any conditions attached to the payment, which may involve repayment terms (section 5(1)). Additionally, the Act mandates that the payment be made from the Consolidated Revenue Fund, which is appropriated accordingly (section 6).
Breaches of the Act or non-compliance with the conditions set by the Minister may result in civil or criminal consequences. However, the Act does not explicitly state specific offences, penalties, or consequences for non-compliance. In the absence of explicit provisions, any legal action or enforcement would likely be based on the general principles of statutory interpretation and the specific circumstances of the breach. The maximum penalty for any potential breach would depend on the nature and severity of the violation, which could range from fines to more serious legal consequences if the breach is deemed to be of a criminal nature.