1Loans (Australian National Airlines Commission) Act 1972

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Loans (Australian National Airlines Commission)

No. 43 of 1972

An Act to authorize the Raising of a certain sum of Money and to authorize the Commonwealth to make certain Moneys available to the Australian National Airlines Commission, and for purposes connected therewith.

[Assented to 7 June 1972]

BE it enacted by the Queen’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 Loans (Australian National Airlines Commission) Act 1972.

Commencement.

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Authority to borrow $34,000,000.

3.—(1.) Approval is given to the making and carrying out by the Commonwealth of an agreement or agreements for or in relation to the borrowing by the Commonwealth of moneys not exceeding in the whole Thirty-four million dollars in the currency of the United States of America.

(2.) Where moneys borrowed under an agreement made in pursuance of the last preceding sub-section are borrowed in a currency other than the currency of the United States of America, the amount borrowed in that other currency shall, for the purposes of the last preceding sub-section, be taken to be the amount in the currency of the United States of America that is equivalent to the first-mentioned amount, as ascertained—

(a) in accordance with the effective parity relationship between those currencies as fixed by a determination of the International Monetary Fund in force at the date of the agreement for the borrowing; or

(b) if there is no such effective parity relationship, in accordance with the corresponding official rate of exchange between that other currency and the currency of the United States of America applicable at that date.

Securities.

4. An agreement made in pursuance of this Act may provide for the issue and delivery of promissory notes or other securities by or on behalf of the Commonwealth in respect of any liability of the Commonwealth under the agreement.

Application of Act to disbursements not paid to Commonwealth.

5. Where the doing of an act or thing is, for the purposes of an agreement made in pursuance of this Act, a disbursement by a person in discharge of a liability of the Australian National Airlines Commission, but the act or thing is not, and does not entail, the payment of moneys by that person to the Commonwealth, the doing of that act or thing shall, for the purposes of this Act, be taken to be a loan by that person to the Commonwealth of an amount equal to the amount of the disbursement.