Snowy Mountains Engineering Corporation Act 1973

Overview

The Snowy Mountains Engineering Corporation Act 1973 was enacted to amend the Snowy Mountains Engineering Corporation Act 1970–1971. This legislation aimed to address the need for updated provisions to better support the engineering corporation's activities, both within Australia and internationally. Enacted by the Queen, the Senate, and the House of Representatives of Australia, the Act specifically seeks to refine the powers and functions of the Snowy Mountains Engineering Corporation, including amendments to borrowing provisions, the scope of works, and asset management capabilities. This amendment ensures the Corporation can effectively carry out its functions with enhanced flexibility and oversight.

Scope and Application

The Snowy Mountains Engineering Corporation Act 1973 applies to the Snowy Mountains Engineering Corporation, providing legislative authority for its operations, functions, and financial activities. The Act applies to the Corporation’s activities both within Australia and overseas, encompassing engineering works and related transactions. The Act amends the scope of the Corporation's activities to include the construction or performance of work in relation to engineering projects in Australia or elsewhere, either alone or in association with other entities. The Act allows the Corporation to borrow funds with the Treasurer's approval for exercising its powers and performing its functions, including the capacity to provide security over its assets and to receive guarantees for repayment from the Commonwealth. The Act also regulates the Corporation's ability to enter into leases exceeding ten years or agreements for the provision of services exceeding specified monetary thresholds, and mandates that land acquisitions be conducted under the Lands Acquisition Act 1955–1966. The Act’s application extends nationally, with no specific exclusions or exemptions outlined within the text, though subordinate instruments may further define its application.

Key Provisions

The Snowy Mountains Engineering Corporation Act 1973 primarily amends the Snowy Mountains Engineering Corporation Act 1970–1971, introducing changes to the Corporation's operational scope and borrowing powers. Section 3 of the Act amends the membership of the Consultative Committee, replacing the existing member with two new members, one from the Department of Foreign Affairs and one from the Department of Overseas Trade, to better represent the Corporation's international engineering works. Section 4 extends the Corporation's activities to include the construction or performance of work in relation to engineering projects both in Australia and abroad, either independently or in association with other entities. This amendment is intended to expand the Corporation's capability and reach in undertaking engineering projects. The Act imposes several obligations on the Snowy Mountains Engineering Corporation. Firstly, under Section 4, the Corporation must now include the construction or performance of work on engineering projects outside Australia in its activities, with a clear directive from the Minister on whether certain classes of matters are exempt from specific subsections. Additionally, Section 6 mandates that any land or building acquisitions for the Corporation's purposes be conducted under the Lands Acquisition Act 1955–1966. The borrowing provisions in Section 27 require the Corporation to seek approval from the Treasurer before borrowing any funds, ensuring that borrowing activities are closely monitored and authorised by the Commonwealth. Failure to comply with the provisions of the Act can result in significant consequences. While the Act does not explicitly state offences or penalties, it does outline strict borrowing conditions in Section 27. Any deviation from these borrowing conditions could potentially lead to legal ramifications, as the Corporation is strictly bound to borrow only with the approval of the Treasurer. The absence of specific penalties in the Act suggests that breaches might be subject to general legal consequences, including potential litigation for non-compliance with statutory requirements or mismanagement of funds.