Stevedoring Industry Finance Committee Amendment Act 1984
No. 140 of 1984
An Act to amend the Stevedoring Industry Finance Committee Act 1977
[Assented to 25 October 1984]
BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:
Short title, &c.
1. (1) This Act may be cited as the Stevedoring Industry Finance Committee Amendment Act 1984.
(2) The Stevedoring Industry Finance Committee Act 19771 is in this Act referred to as the Principal Act.
Commencement
2. This Act shall come into operation on the day on which it receives the Royal Assent.
3. After section 8 of the Principal Act the following section is inserted:
Payment to Association for repayment of certain advances
“8a. (1) The Committee may pay to the Association an amount that is sufficient to enable the Association—
(a) to repay the principal sum owing to the Australian Industry Development Corporation (in this sub-section referred to as the ‘Corporation’) in respect of advances made by the Corporation to the Association pursuant to an agreement made on 2 May 1983 between the Association of the one part and the Corporation of the other part;
(b) to pay to the Corporation the amount of any interest accruing under that agreement before repayment of that principal sum and remaining unpaid; and
(c) to pay to the Corporation the amounts payable under that agreement as a result of early repayment of that principal sum.
“(2) Payment of an amount to the Association under sub-section (1) is made on the condition that the Association will, without undue delay, apply an amount equal to the first-mentioned amount in the repayment of the principal sum referred to in paragraph (1) (a) and the payment to the Australian Industry Development Corporation of the amounts referred to in paragraphs (1) (b) and (c).
“(3) If the Association fails to comply with the condition referred to in sub-section (2), an amount equal to the amount of the payment to the Association under sub-section (1) is recoverable by the Committee from the Association in a court of competent jurisdiction as a debt due to the Committee.”.
NOTE
1. No. 123, 1977, as amended. For previous amendments, see No. 36, 1978.
Overview
The Stevedoring Industry Finance Committee Amendment Act 1984 was enacted to address a specific financial arrangement between the Australian Industry Development Corporation and the stevedoring industry, particularly regarding advances made to the industry association. This amendment was introduced to ensure that the financial obligations owed to the Australian Industry Development Corporation could be met by the stevedoring industry, thereby preventing financial strain on the industry association and maintaining the integrity of the financial agreement. The Act was enacted by the Parliament of Australia and received Royal Assent on 25 October 1984. The primary policy objective of this legislation is to facilitate the repayment of the principal sum, interest, and other amounts due to the Australian Industry Development Corporation by the stevedoring industry association.
Scope and Application
The Stevedoring Industry Finance Committee Amendment Act 1984 amends the Stevedoring Industry Finance Committee Act 1977, providing for the payment to the Stevedoring Industry Finance Committee Association by the Stevedoring Industry Finance Committee for the repayment of certain advances made by the Australian Industry Development Corporation to the Association. This Act applies to the Committee and the Association, which are entities established under the Principal Act, focusing on financial transactions related to advances made by the Australian Industry Development Corporation. The geographic reach of this Act is national, as it pertains to entities operating within the stevedoring industry across Australia. The Act does not explicitly state any exclusions, exemptions, or thresholds, but its application is limited to the specific financial arrangements outlined in the amended section. The Act may extend its application through subordinate instruments, which would be detailed in regulations or guidelines issued under the authority of the Act.
Key Provisions
The Stevedoring Industry Finance Committee Amendment Act 1984 (hereafter referred to as the "Act") makes amendments to the Stevedoring Industry Finance Committee Act 1977 (the "Principal Act"). The Act was assented to on 25 October 1984 and came into operation on the same date. The primary purpose of the Act is to insert a new section, 8a, after section 8 of the Principal Act, which addresses the repayment of certain advances made by the Australian Industry Development Corporation (the "Corporation") to the Association. Section 8a(1) allows the Committee to make a payment to the Association, provided that the Association will use this payment to repay the principal sum owed to the Corporation, along with any interest and early repayment amounts as specified in the agreement dated 2 May 1983. This payment is conditional on the Association fulfilling its obligation to repay the debt without undue delay (section 8a(2)). Failure to comply with this condition results in the amount paid becoming recoverable by the Committee as a debt owed to the Committee (section 8a(3)).
The Act imposes specific obligations on the parties involved. The Committee is obligated to make the specified payment to the Association under the terms set out in section 8a(1). The Association, on the other hand, is required to use the funds received to repay the principal amount owed to the Corporation, along with any interest and early repayment amounts, as per the conditions outlined in section 8a(2). Any failure by the Association to adhere to these conditions will result in the repayment of the amount paid by the Committee to the Association (section 8a(3)).
The Act also outlines the consequences for non-compliance with its provisions. Section 8a(3) states that if the Association fails to comply with the condition to use the payment to repay the principal sum and associated amounts to the Corporation, the Committee can recover the amount paid as a debt owed to the Committee in a court of competent jurisdiction. There are no other specific penalties or offences outlined within the Act; however, the recovery of the debt serves as a significant deterrent against non-compliance.