TASMANIA GRANT (THE MOUNT LYELL MINING AND RAILWAY COMPANY LIMITED) ACT 1977
No. 141 of 1977
An Act to grant financial assistance to Tasmania in relation to The Mount Lyell Mining and Railway Company Limited.
BE IT ENACTED by the Queen, and the Senate and House of Representatives of the Commonwealth of Australia, as follows:
Short title
1. This Act may be cited as the Tasmania Grant (The Mount Lyell Mining and Railway Company Limited) Act 1977.
Commencement
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Approval of execution of agreements
3. Approval is given to the execution, on behalf of the Commonwealth, whether before or after the commencement of this Act, of an agreement or agreements between the Commonwealth and Tasmania for the payment by the Commonwealth to Tasmania of amounts not exceeding in the aggregate one-half of the sum of any payments made by Tasmania to The Mount Lyell Mining and Railway Company Limited for the purpose of assisting the continuation of the operation of that Company’s mine at Mount Lyell in Tasmania from 15 August 1977 to a date not later than 30 June 1978.
Payments and advances under agreements
4. (1) Any payments (including advances) by the Commonwealth to Tasmania that are provided for in any agreement referred to in section 3 may be made to Tasmania, by way of financial assistance, on the terms and conditions contained in the agreement.
(2) The payments (including advances) referred to in sub-section (1) may be made out of the Consolidated Revenue Fund, which is appropriated accordingly.
Overview
The Tasmania Grant (The Mount Lyell Mining and Railway Company Limited) Act 1977 was enacted to provide financial assistance to Tasmania for the continuation of operations at The Mount Lyell Mining and Railway Company Limited's mine, specifically from 15 August 1977 to 30 June 1978. This Act, enacted by the Queen, and the Senate and House of Representatives of the Commonwealth of Australia, aims to support Tasmania in its efforts to sustain the economic activity associated with the Mount Lyell mining operations during a critical period. The primary objective is to ensure that Tasmania receives financial backing from the Commonwealth to the extent of one-half of any payments made by Tasmania to the mining company, facilitating the company's continued operation and thereby supporting regional economic stability.
This financial assistance is to be provided under any agreements executed between the Commonwealth and Tasmania, with payments being sourced from the Consolidated Revenue Fund, thereby formalising the commitment of federal resources towards this regional economic goal.
Scope and Application
The Tasmania Grant (The Mount Lyell Mining and Railway Company Limited) Act 1977 pertains specifically to the financial assistance to be granted by the Commonwealth of Australia to the state of Tasmania for the continuation of the operations of The Mount Lyell Mining and Railway Company Limited. This Act applies to the Commonwealth, Tasmania, and The Mount Lyell Mining and Railway Company Limited, and it is intended to facilitate a financial agreement between the Commonwealth and Tasmania, with the purpose of supporting the company's mining operations at Mount Lyell from 15 August 1977 until 30 June 1978. The Act allows for payments, including advances, to be made by the Commonwealth to Tasmania, up to a specified limit, as outlined in the agreement, and these payments may be sourced from the Consolidated Revenue Fund. The Act does not explicitly state any exclusions, exemptions, or thresholds, nor does it extend its application through subordinate instruments, focusing solely on the financial support framework for the mentioned period.
Key Provisions
The Tasmania Grant (The Mount Lyell Mining and Railway Company Limited) Act 1977 primarily addresses the financial assistance to be provided by the Commonwealth to Tasmania for the Mount Lyell Mining and Railway Company Limited. Section 3 of the Act grants approval for the execution of agreements between the Commonwealth and Tasmania, permitting the Commonwealth to contribute up to one-half of the payments made by Tasmania to the Mount Lyell Mining and Railway Company Limited. This financial aid is intended to support the company's operations from 15 August 1977 until 30 June 1978. Section 4 further outlines the manner in which these payments can be executed, specifying that they can be made from the Consolidated Revenue Fund and must adhere to the terms and conditions outlined in the relevant agreements.
Under this Act, the Commonwealth is obligated to provide financial assistance to Tasmania, ensuring that the Mount Lyell Mining and Railway Company Limited can continue its operations during the specified period. This assistance is contingent upon the execution of agreements that meet the criteria set out in Section 3. Additionally, Section 4 stipulates that any payments, including advances, must be made in accordance with the terms and conditions specified in these agreements, and that the funding for these payments will come from the Consolidated Revenue Fund.
In the event of non-compliance with the provisions of this Act, there are no explicitly stated offences or penalties within the text provided. However, the Act's primary focus is on the facilitation of financial assistance through approved agreements, and any breaches of the terms within these agreements could potentially lead to legal ramifications. The absence of specific penalties in the text suggests that any enforcement actions would likely stem from contractual obligations outlined in the agreements themselves rather than direct statutory penalties.