TASMANIA GRANT (THE MOUNT LYELL MINING AND RAILWAY COMPANY LIMITED)
AMENDMENT ACT (No. 2) 1978
No. 157 of 1978
An Act to amend the Tasmania Grant (The Mount Lyell Mining and Railway Company Limited) Act 1977.
BE IT ENACTED by the Queen, and the Senate and House of Representatives of the Commonwealth of Australia, as follows:
Short title, &c.
1. (1) This Act may be cited as the Tasmania Grant (The Mount Lyell Mining and Railway Company Limited) Amendment Act (No. 2) 1978.
(2) The Tasmania Grant (The Mount Lyell Mining and Railway Company Limited) Act 1977 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.
Approval of execution of agreements
3. Section 3 of the Principal Act is amended by—
(a) omitting “30 June 1978” and substituting “30 September 1978”; and
(b) adding at the end thereof the following sub-section:
“(2) Approval is given to the execution, on behalf of the Commonwealth, of an agreement or agreements between the Commonwealth and Tasmania for the payment by the Commonwealth to Tasmania, for the purpose of assisting the continuation of the operation of The Mount Lyell Mining and Railway Company Limited’s mine at Mount Lyell in Tasmania from 1 October 1978 to 30 June 1980, inclusive, of amounts not exceeding in the aggregate whichever is the lesser of—
(a) one-half of the sum of any payments made by Tasmania to the Company for the purpose of assisting the continuation of the operation of that mine during that period; or
Overview
The Tasmania Grant (The Mount Lyell Mining and Railway Company Limited) Amendment Act (No. 2) 1978 was enacted by the Queen, in accordance with the authority of the Senate and House of Representatives of the Commonwealth of Australia. This legislation serves as an amendment to the Tasmania Grant (The Mount Lyell Mining and Railway Company Limited) Act 1977, extending the deadline for the execution of agreements related to financial assistance for the Mount Lyell Mining and Railway Company Limited. The primary objective of this Act is to facilitate the continuation of the company's operations at Mount Lyell, Tasmania, by authorising the Commonwealth to contribute funds to Tasmania for this purpose from 1 October 1978 to 30 June 1980, not exceeding a specified amount. This Act was designed to address the need for continued support for the mining operations at Mount Lyell, ensuring the company could maintain its activities during the specified period.
Scope and Application
The Tasmania Grant (The Mount Lyell Mining and Railway Company Limited) Amendment Act (No. 2) 1978 amends the Tasmania Grant (The Mount Lyell Mining and Railway Company Limited) Act 1977, extending the timeframe for the approval of certain agreements and financial assistance for the continuation of The Mount Lyell Mining and Railway Company Limited's operations at Mount Lyell in Tasmania. This Act applies to the Commonwealth of Australia, the state of Tasmania, and The Mount Lyell Mining and Railway Company Limited, focusing on the financial support for the mining operations at Mount Lyell. The geographic reach of the Act is limited to Tasmania. The Act extends the approval period for the execution of agreements related to financial assistance until 30 September 1978 and authorises the Commonwealth to pay up to one-half of the sum paid by Tasmania to the Company, or $3,800,000, whichever is less, for the period from 1 October 1978 to 30 June 1980. The Act does not specify any exclusions, exemptions, or thresholds beyond those outlined within its provisions.
Key Provisions
The Tasmania Grant (The Mount Lyell Mining and Railway Company Limited) Amendment Act (No. 2) 1978 amends the Tasmania Grant (The Mount Lyell Mining and Railway Company Limited) Act 1977. The key amendment involves extending the deadline for the approval of agreements related to the Mount Lyell Mining and Railway Company Limited’s operations, from 30 June 1978 to 30 September 1978 (Section 3(a)). Additionally, it authorises the Commonwealth to enter into agreements with Tasmania for financial assistance to support the continuation of the mine's operation from 1 October 1978 to 30 June 1980. The financial assistance provided by the Commonwealth will not exceed half of any payments made by Tasmania to the Company, or $3,800,000, whichever is less (Section 3(2)).
Under this Act, the Commonwealth is obligated to approve the execution of agreements with Tasmania for financial assistance, provided that the assistance does not exceed the specified limits. The Act imposes a requirement on the Commonwealth to engage with Tasmania to formalise these agreements and to ensure the stipulated financial support is provided within the defined parameters. The obligations are primarily directed towards facilitating the continuation of the mining operations at Mount Lyell by offering financial assistance, thereby supporting the economic viability of the mine during the specified period.
Breaches of the provisions outlined in the Act may result in legal consequences. While the Act does not explicitly outline specific offences, penalties, or consequences for non-compliance, it can be inferred that failure to adhere to the agreed financial assistance terms could lead to legal disputes or challenges regarding the validity of the agreements. However, the primary focus of the Act is to ensure that the financial support is provided within the stipulated limits and timeframe, and any failure to do so might be subject to scrutiny under the existing legal frameworks governing the execution and enforcement of such agreements. The potential consequences might include financial penalties or legal actions to enforce the terms of the agreement.