RAW COTTON BOUNTY (No. 2).
No. 28 of 1941.
An Act to amend the Raw Cotton Bounty Act 1940–1941.
[Assented to 27th September, 1941.]
[Date of commencement, 25th October, 1941.]
BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—
Short title and citation.
1.—(1.) This Act may be cited as the Raw Cotton Bounty Act (No. 2) 1941.
(2.) Section one of the Raw Cotton Bounty Act 1941 is amended by omitting sub-section (3.).
(3.) The Raw Cotton Bounty Act 1940, as amended by the Raw Cotton Bounty Act 1941, is in this Act referred to as the Principal Act.
(4.) The Principal Act, as amended by this Act, may be cited as the Raw Cotton Bounty Act 1940–1941.
Specification of bounty
2. Section eight of the Principal Act is amended by adding at the end thereof the words “or the date on which sub-section (9.) of the next succeeding section ceases to be in force, whichever is the later”.
Rates of bounty.
3. Section nine of the Principal Act is amended—
(a) by inserting in paragraph (e) of sub-section (1.), after the word “forty-five”. the words “or any subsequent calendar year”;
(b) by adding at the end of sub-section (1.) the following proviso:—
“Provided that, if the Minister is of opinion that, after taking into account bounty payable at the rates provided by this sub-section, the average net return to any producer in respect of all raw cotton of grades higher than the grade known as Strict Good Ordinary and of all by-products of such raw cotton would in any year be more than Fifteen pence per pound of raw cotton, he may—
(a) withhold from the producer payment of such bounty as would result in the average net return, after the bounty is taken into account, exceeding that amount; or
(b) require the producer to give security by bond or guarantee that he will, on demand by the Minister, refund to the Commonwealth such portion of the bounty paid as results in the average net return, after the bounty is taken into account, exceeding that amount.”;
(c) by omitting sub-section (9.) and inserting in its stead the following sub-section:—
“(9.) Notwithstanding anything contained in this section, if the Minister is of opinion that, after taking into account bounty payable at the rates provided by this section, the average net return to any producer in respect of all raw cotton of grades higher than the grade known as Strict Good Ordinary, and of all by-products of such raw cotton, produced during the calendar year ending on the thirty-first day of December, One thousand nine hundred and forty-two or during any subsequent calendar year in which this sub-section is in force, is or will be less than Fifteen pence per pound of raw cotton, such additional amount of bounty shall be payable to the producer as is necessary to increase that average net return to Fifteen pence per pound of raw cotton. This sub-section shall continue in force until the thirty-first day of December next following the first day of February next following the date on which His Majesty ceases to be engaged in actual hostilities in the present war with Germany.”; and
(d) by omitting from sub-section (10.) the word “either” and inserting in its stead the word “any”.