WESTRALIAN FARMERS AGREEMENT.
No. 2 of 1921.
An Act to authorize the Acting Prime Minister of the Commonwealth to enter into an agreement with Basil Lathrop Murray, Esquire, and the West Australian Grain Growers’ Co-operative Elevators Limited, varying and supplementing the Agreement contained in the Schedule to the Westralian Farmers Agreement Act 1920.
[Assented to 27th May, 1921.]
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.
1. This Act may be cited as the Westralian Farmers Agreement Act 1921.
Power to enter into agreement.
2. The Acting Prime Minister may, on behalf of the Commonwealth, enter into an agreement, in accordance with the form in the Schedule, with Basil Lathrop Murray, Esquire, and the West Australian Grain Growers’ Co-operative Elevators Limited, varying and supplementing the Agreement contained in the Schedule to the Westralian Farmers Agreement Act 1920.
THE SCHEDULE.
Agreement made this day of between the West Australian Grain Growers’ Co-operative Elevators Limited a Company registered under the Companies Acts in force in Western Australia (hereinafter called the “Company”) of the first part Basil Lathrop Murray of Perth in the said State of the second part and The Commonwealth of Australia (hereinafter called the “Commonwealth”) of the third part.
Whereas by the Agreement (hereinafter called the “Principal Agreement”) made on the thirteenth day of August Nineteen hundred and twenty a copy of which is set forth in the Schedule to the Westralian Farmers Agreement Act 1920 it is provided (inter alia) that—
(a) The Commonwealth will make advances to the Company by way of loan under the conditions of the Principal Agreement when not less than 300,000 shares have been allotted to shareholders approved by the Commonwealth; and
(b) The amount to be provided and advanced by the Commonwealth to the Company shall not exceed in all the sum of £550,000.
And whereas it is desired to vary and supplement the Principal Agreement in the manner hereinafter appearing.
The schedule—continued.
Now it is hereby agreed as follows :—
1. Clause 12 (a) of the Principal Agreement is varied by the substitution of the figures “240,000” for the figures “300,000” therein appearing
2. Clause 13 of the Principal Agreement is varied by the substitution of the amount “£440,000” for the amount “£550,000” therein appearing.
3. Notwithstanding the provisions of clause 2 of this Agreement the maximum amount to be provided and advanced by the Commonwealth to the Company under the terms of the Principal Agreement shall be £500,000 when not less than 300,000 shares have been allotted to shareholders approved by the Commonwealth and paid up to Ten shillings per share.
4. Except as herein agreed the Principal Agreement shall remain in full force and effect and shall be read and construed as if the provisions of this Agreement were incorporated therein.
In witness whereof the parties hereto have executed these presents the day and year first above-mentioned.
The Common Seal of The West Australian Grain Growers’ Co-operative Elevators Limited was hereunto affixed in the presence of— | |
Signed sealed and delivered by the said Basil Lathrop Murray in the presence of— | |
Signed sealed and delivered by The Right Honorable Sir Joseph Cook Acting Prime Minister of the Commonwealth for and on behalf of the said Commonwealth in the presence of— | |
Overview
The Westralian Farmers Agreement Act 1921 was enacted to allow the Acting Prime Minister of the Commonwealth to enter into an agreement with Basil Lathrop Murray, Esquire, and the West Australian Grain Growers’ Co-operative Elevators Limited. This Act was introduced to vary and supplement an earlier agreement, specifically addressing certain financial conditions and loan provisions outlined in the Westralian Farmers Agreement Act 1920. The enactment was authorised by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, and it aims to facilitate the modification of the original agreement to better meet the needs of the parties involved. The policy objective of the Act is to provide flexibility in the financial arrangements for grain growers in Western Australia by allowing for adjustments in the terms of the loan provided by the Commonwealth.
Scope and Application
The Westralian Farmers Agreement Act 1921 applies to the Acting Prime Minister of the Commonwealth, Basil Lathrop Murray, and the West Australian Grain Growers’ Co-operative Elevators Limited, a company registered under the Companies Acts in force in Western Australia. This Act authorises the Acting Prime Minister to enter into an agreement that varies and supplements the original Agreement set out in the Schedule to the Westralian Farmers Agreement Act 1920. The Act facilitates financial arrangements between the Commonwealth and the West Australian Grain Growers’ Co-operative Elevators Limited, specifically concerning the allotment of shares and the maximum amount of financial advances to be made. The Act operates within the Commonwealth of Australia and does not specify exclusions, exemptions, or thresholds beyond those outlined in the amended Agreement in the Schedule. The application of the Act may be further defined or extended through subordinate instruments, although such provisions are not detailed within the primary text of the Act itself.
Key Provisions
The Westralian Farmers Agreement Act 1921 (sections 1 and 2) authorises the Acting Prime Minister of the Commonwealth to enter into an agreement with Basil Lathrop Murray, Esquire, and the West Australian Grain Growers' Co-operative Elevators Limited, modifying and supplementing the Agreement contained in the Schedule to the Westralian Farmers Agreement Act 1920. The Act outlines the parameters within which the agreement can be varied, specifically reducing the number of shares required for loan eligibility from 300,000 to 240,000, as detailed in the Schedule (section 1). Additionally, the Act modifies the maximum loan amount from £550,000 to £440,000, while still retaining the condition that the maximum amount provided and advanced by the Commonwealth to the Company shall not exceed £500,000 when not less than 300,000 shares have been allotted to shareholders approved by the Commonwealth and paid up to Ten shillings per share. All other terms of the original Principal Agreement shall remain in full force and effect.
The obligations imposed by the Act on the parties primarily involve adherence to the modified terms of the agreement. The Commonwealth is required to provide loans under the new conditions stipulated in the modified agreement, while the West Australian Grain Growers' Co-operative Elevators Limited must ensure that the specified number of shares is allotted and paid up to the required amount per share. Basil Lathrop Murray, as a signatory, must also ensure the terms of the agreement are met on his part.
The Act does not explicitly state any offences or penalties for breach of the agreement. However, failure to comply with the terms of the agreement could potentially lead to legal consequences under the common law or any other relevant legislation. The exact consequences would depend on the specific nature of the breach and the remedies available under other applicable laws. It is important for all parties to strictly adhere to the terms of the agreement to avoid any legal repercussions.