Rayon Yarn Bounty Act 1962

Overview

The Rayon Yarn Bounty Act 1962 was enacted to amend the Rayon Yarn Bounty Act 1954–1959, addressing specific issues within the existing legislative framework regarding the bounty provided for rayon yarn. This Act was assented to on 28 May 1962 and is part of the legislative efforts by the Commonwealth of Australia to regulate and support the rayon yarn industry. The policy objective behind this Act is to adjust the bounty rates and the limits on the available bounty to better support the industry, reflecting the economic conditions and needs of the time. The Act was enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia.

Scope and Application

The Rayon Yarn Bounty Act 1962 amends the Rayon Yarn Bounty Act 1954–1959, which is now collectively referred to as the Rayon Yarn Bounty Act 1954–1962. This legislation applies to entities involved in the production and sale of rayon yarn within the Commonwealth of Australia. Specifically, it provides for the payment of a bounty on rayon yarn sold within the designated periods and at specified rates. The bounty rate changes from six pence per pound for rayon yarn sold on or before 2 May 1962, to nine pence per pound for rayon yarn sold thereafter. The Act also revises the limit of available bounty for different periods, with a cap of one hundred thousand pounds for the period ending before 1 July 1962, and one hundred and thirty thousand pounds for any subsequent period. The Act's provisions are effective from the date of Royal Assent, and while it primarily extends to the bounty rates and limits, it does not explicitly mention exclusions, exemptions, or thresholds beyond those specified.

Key Provisions

The Rayon Yarn Bounty Act 1962 introduces several amendments to the Rayon Yarn Bounty Act 1954–1959, primarily concerning the rate of bounty and the limit of available bounty for rayon yarn. Section 1 clarifies the citation of the Act, referring to it as the Rayon Yarn Bounty Act 1962 after its amendments. The Principal Act, as amended, will be referred to as the Rayon Yarn Bounty Act 1954–1962. This Act came into operation on the day it received Royal Assent, as stipulated in section 2. Section 3 modifies the interpretation of the Principal Act by altering the definition in paragraph (d) of subsection (2), changing the numerical value from "two" to "five." Section 4 repeals section seven of the Principal Act and replaces it with a new section that sets the rate of bounty. Specifically, it states that the bounty rate for rayon yarn sold on or before 2 May 1962 is six pence per pound, and for yarn sold after that date, it is nine pence per pound. This change in bounty rates aims to provide a more favourable financial incentive for the rayon yarn industry during different periods. The obligations imposed by this Act primarily revolve around the payment of bounty to eligible entities. As per the amendments in section 5, the limit of available bounty for rayon yarn sold within specific periods is adjusted. For periods ending before 1 July 1962, the limit is set at one hundred thousand pounds, whereas for any other period, it increases to one hundred and thirty thousand pounds. These adjustments ensure that the bounty scheme remains financially viable and aligned with industry needs. Failure to comply with the provisions of the Rayon Yarn Bounty Act 1962 may lead to civil or criminal consequences. While the specific offences and penalties are not detailed in the provided text, breaches of bounty regulations could potentially result in fines, legal action, or other penalties as stipulated by relevant laws. The exact nature and extent of these penalties would depend on the specifics of the breach and applicable legal frameworks.