SUGAR PURCHASE.
No. 21 of 1917.
An Act to amend the Sugar Purchase Act 1915.
[Assented to 13th September, 1917.]
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, commencement, and citation.
1.—(1.) This Act may be cited as the Sugar Purchase Act 1917 and shall be deemed to have commenced on the sixth day of September, One thousand nine hundred and fifteen.
(2.) The Sugar Purchase Act 1915 is in this Act referred to as the Principal Act.
(3.) The Principal Act as amended by this Act may be cited as the Sugar Purchase Act 1915-1917.
2. Section four of the Principal Act is repealed and the following section inserted in its stead:—
Interest.
“4. Interest at the rate of Five pounds per centum per annum shall be payable on the amount of the indebtedness of the Commonwealth to the Commonwealth Bank under this Act, and such interest may be charged against the Commonwealth Treasurer Sugar Account.”
3. After section four of the Principal Act the following section is inserted:—
Interest to be credited to Consolidated Revenue Fund.
“4a. When the amount of the indebtedness of the Commonwealth to the Commonwealth Bank under this Act is less than the total amount standing in the Commonwealth Bank to the credit of the Commonwealth Public Account and the Commonwealth Departmental Accounts, the interest charged in accordance with the next preceding section shall be paid to the Consolidated Revenue Fund.”