Vinyl Resin Bounty Act 1966

Overview

The Vinyl Resin Bounty Act 1966 was enacted to amend the Vinyl Resin Bounty Act 1963. This legislation was introduced to address the need for updates to the bounty specifications and to adjust the monetary values in line with the introduction of decimal currency in Australia. Enacted by the Parliament of the Commonwealth of Australia, the Act received Royal Assent on 18 May 1966 and came into operation on the same day. Its policy objective is to ensure that the bounty scheme remains relevant and effective by extending the period during which the bounty is payable and updating the monetary values specified in the original Act to reflect the change to decimal currency. The Act references the original Act as the "Principal Act" and, as amended by this Act, it may be cited as the Vinyl Resin Bounty Act 1963–1966.

Scope and Application

The Vinyl Resin Bounty Act 1966 amends the Vinyl Resin Bounty Act 1963, introducing modifications to the duration of the bounty period and updating monetary values to reflect the decimal currency system introduced in Australia on 14 February 1966. This Act applies to individuals and entities involved in the production and sale of vinyl resin within Australia, including manufacturers, distributors, and related industries. The geographic reach of this legislation is national, applying throughout the Commonwealth of Australia. The Act does not explicitly state any exclusions, exemptions, or thresholds, but it is implicitly understood that it applies to all relevant entities operating within the specified bounty period and currency framework. The Act allows for further modifications and clarifications through subordinate instruments, such as proclamations or regulations, which may specify the exact dates for the bounty period or other operational details.

Key Provisions

The Vinyl Resin Bounty Act 1966 primarily amends the Vinyl Resin Bounty Act 1963, as indicated in section 1(2). Section 3 of the 1966 Act extends the period for which the bounty is payable, changing it from a three-year period starting on August 15, 1963, to a period extending until February 14, 1967, or an earlier date as may be proclaimed. This alteration is aimed at providing continued support to the vinyl resin industry over a longer timeframe. The Act imposes several obligations on entities governed by it, including adherence to the newly specified period for bounty payments as detailed in section 3. Furthermore, the amendments in relation to decimal currency, as outlined in the Schedule, require adjustments to the financial terms previously set out in the Principal Act. For instance, references to amounts in old currency, such as fourpence and fifty pounds, are updated to their equivalent values in decimal currency, such as three and one-third cents and one hundred dollars, respectively. Failure to comply with the provisions of the Act may lead to various consequences. While the Act does not explicitly detail offences, penalties, or specific consequences for non-compliance, breaches of the amended terms could potentially result in legal action. The penalties for such breaches would be consistent with the broader legal framework governing the administration and enforcement of bounties under Australian law. The maximum penalties could include fines or other civil remedies, depending on the nature and severity of the breach.