QUEENSLAND TOBACCO LEAF MARKETING BOARD GUARANTEE.
No. 17 of 1953.
An Act to authorize the Commonwealth to Guarantee the Repayment of certain Loans to be made by the Commonwealth Bank of Australia to the Queensland Tobacco Leaf Marketing Board.
[Assented to 8th April, 1953.]
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.
- This Act may be cited as the Queensland Tobacco Leaf Marketing Board Guarantee Act 1953.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Definition.
3. In this Act. “the Tobacco Leaf Marketing Board” means The Tobacco Leaf Marketing Board which was constituted by Order in Council made on the twenty-second day of July, One thousand nine hundred and forty-eight, under The Primary Producers’ Organisation and Marketing Acts, 1926 to 1946 of the State of Queensland.
Treasurer may guarantee loans to Board.
4. The Treasurer may, for and on behalf of the Commonwealth, guarantee—
(a) the repayment to the Commonwealth Bank of Australia of any loans, not exceeding in the aggregate the sum of One hundred thousand pounds, that are, during the period of three months which commenced on the nineteenth day of March, One thousand nine hundred and fifty-three, made by that bank to the Tobacco Leaf Marketing Board; and
(b) the payment to that bank of interest on those loans.
Overview
The Queensland Tobacco Leaf Marketing Board Guarantee Act 1953 was enacted to authorise the Commonwealth to guarantee the repayment of specific loans made by the Commonwealth Bank of Australia to the Queensland Tobacco Leaf Marketing Board. This Act was assented to on 8th April 1953 by the Queen's Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia. The legislation aims to facilitate financial support to the Tobacco Leaf Marketing Board, which was constituted under the Primary Producers’ Organisation and Marketing Acts, 1926 to 1946 of the State of Queensland, by ensuring the repayment of these loans. The policy objective is to provide financial stability and support to the board, enabling it to continue its operations effectively within the tobacco industry.
Scope and Application
The Queensland Tobacco Leaf Marketing Board Guarantee Act 1953 pertains specifically to the Commonwealth’s authority to guarantee the repayment of loans made by the Commonwealth Bank of Australia to the Queensland Tobacco Leaf Marketing Board. This Act applies to the Tobacco Leaf Marketing Board, which was constituted under the Primary Producers’ Organisation and Marketing Acts, 1926 to 1946 of the State of Queensland. The Act allows the Treasurer to guarantee the repayment of loans up to a total of one hundred thousand pounds and the payment of interest on those loans, made during a specific three-month period starting on the nineteenth day of March, 1953. The geographic reach of the Act is limited to the Commonwealth, specifically facilitating financial support to a state-level entity within Australia. The Act does not explicitly outline any exclusions, exemptions, or thresholds beyond the defined loan amount and timeframe. The application of the Act is potentially extended or restricted through subordinate instruments, although these are not detailed within the primary text of the Act.
Key Provisions
The Queensland Tobacco Leaf Marketing Board Guarantee Act 1953 (section 4) primarily empowers the Treasurer, on behalf of the Commonwealth, to guarantee the repayment of loans made by the Commonwealth Bank of Australia to the Tobacco Leaf Marketing Board. This guarantee extends to both the principal amount of the loans and the interest payable on those loans. The scope of the guarantee is limited to loans made within a specific three-month period starting from 19 March 1953, with an aggregate limit of One hundred thousand pounds. The Act does not specify any conditions or criteria for the loans beyond this time frame or amount, thus focusing its provisions strictly within these bounds.
The Act imposes certain obligations on the parties involved. For the Treasurer, the key obligation is to provide the guarantee for the specified loans and interest payments to ensure that the Commonwealth Bank of Australia is indemnified against potential losses. This guarantee is a commitment by the Commonwealth to cover any shortfalls, thereby facilitating the financial operations of the Tobacco Leaf Marketing Board during the designated period. Additionally, the Tobacco Leaf Marketing Board must ensure that the loans are used in accordance with the intended purpose and within the stipulated financial limits, thereby facilitating the effective administration of the guaranteed funds.
Under the Queensland Tobacco Leaf Marketing Board Guarantee Act 1953, there are no explicit provisions detailing offences, penalties, or civil/criminal consequences for breaches of the Act. The Act primarily focuses on the guarantee mechanism and the obligations of the Treasurer and the Tobacco Leaf Marketing Board. However, it is reasonable to infer that any failure by the Tobacco Leaf Marketing Board to comply with the conditions of the loans, or any mismanagement of the funds, could potentially lead to financial repercussions for the Board, although these are not explicitly stated within the text of the Act. The absence of penalties in the Act suggests that the primary focus is on the guarantee of the loans rather than punitive measures for non-compliance.