1
Short title [see Note 1]
1 Short title [see Note 1]
This Act may be cited as the Co‑operative Farmers and Graziers Direct Meat Supply Limited (Loan Guarantee) Act 1978.
//
© 2026 Zoe. All rights reserved.
Zoe is a legal information platform. Always consult the Federal Register of Legislation for authoritative text.
Commonwealth act
This Act lets the Commonwealth, through the Finance Minister, provide one guarantee for half the principal of a single loan taken by the Co‑operative Farmers and Graziers Direct Meat Supply Limited to repay its debts, subject to a cap of $4,500,000 (or half of outstanding principal, if less).
Guarantees are conditional on a matching Victoria State guarantee, a maximum three‑year loan term, written access by Commonwealth public servants to the Society’s financial accounts while debt remains unpaid, and any other conditions the Finance Minister requires (ss 3–5).
Want the full deep dive?
Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.
Direct links to the current provisions in Co-operative Farmers and Graziers Direct Meat Supply Limited (Loan Guarantee) Act 1978.
This Act may be cited as the Co‑operative Farmers and Graziers Direct Meat Supply Limited (Loan Guarantee) Act 1978.
This Act shall come into operation on the day on which it receives the Royal Assent.
In this Act, unless the contrary intention appears:
Finance Minister means the Minister who administers the Financial Management and Accountability Act 1997.
Society means the Co‑operative Farmers and Graziers Direct Meat Supply Limited.
(1) The Finance Minister may, on behalf of the Commonwealth, at the request of the Society and subject to the conditions required by this Act, give one guarantee in respect of the repayment by the Society of one‑half of the principal moneys in relation to a borrowing of moneys by the Society for the purpose of repaying debts owed by the Society. (2) A guarantee shall not be given under subsection (1) that would render the Commonwealth liable to pay an amount that exceeds, or amounts that in the aggregate exceed, $4,500,000 or one‑half of so much of the principal moneys referred to in that subsection as have not for the time being been repaid by the Society, whichever is the less.
For the purpose of the protection of the financial interests of the Commonwealth, the Finance Minister shall not give a guarantee under section 4 in relation to a borrowing of moneys by the Society unless: (a) a like guarantee is given by the Treasurer of the State of Victoria on behalf of that State in respect of the repayment by the Society of one‑half of the principal moneys in relation to the same borrowing; (b) the moneys are borrowed for a period not exceeding 3 years and on such other terms and conditions as the Finance Minister is satisfied are reasonable; (c) undertakings to the satisfaction of the Finance Minister are given that, so long as the amount borrowed remains unpaid, persons appointed or engaged under the Public Service Act 1999 will have full access at all reasonable times to the financial accounts of the Society when authorized in writing by the Minister for that purpose; and (d) such other conditions as the Finance Minister thinks necessary are fulfilled.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Act may be cited as the Co‑operative Farmers and Graziers Direct Meat Supply Limited (Loan Guarantee) Act 1978.
This Act shall come into operation on the day on which it receives the Royal Assent.
In this Act, unless the contrary intention appears:
Finance Minister means the Minister who administers the Financial Management and Accountability Act 1997.
Society means the Co‑operative Farmers and Graziers Direct Meat Supply Limited.
(1) The Finance Minister may, on behalf of the Commonwealth, at the request of the Society and subject to the conditions required by this Act, give one guarantee in respect of the repayment by the Society of one‑half of the principal moneys in relation to a borrowing of moneys by the Society for the purpose of repaying debts owed by the Society. (2) A guarantee shall not be given under subsection (1) that would render the Commonwealth liable to pay an amount that exceeds, or amounts that in the aggregate exceed, $4,500,000 or one‑half of so much of the principal moneys referred to in that subsection as have not for the time being been repaid by the Society, whichever is the less.
For the purpose of the protection of the financial interests of the Commonwealth, the Finance Minister shall not give a guarantee under section 4 in relation to a borrowing of moneys by the Society unless: (a) a like guarantee is given by the Treasurer of the State of Victoria on behalf of that State in respect of the repayment by the Society of one‑half of the principal moneys in relation to the same borrowing; (b) the moneys are borrowed for a period not exceeding 3 years and on such other terms and conditions as the Finance Minister is satisfied are reasonable; (c) undertakings to the satisfaction of the Finance Minister are given that, so long as the amount borrowed remains unpaid, persons appointed or engaged under the Public Service Act 1999 will have full access at all reasonable times to the financial accounts of the Society when authorized in writing by the Minister for that purpose; and (d) such other conditions as the Finance Minister thinks necessary are fulfilled.