Commonwealth act

Queensland Tobacco Leaf Marketing Board Guarantee Act 1953

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

17 of 1953

Collection

act

Plain English Summary

1/10 complexity

The Act authorises the Commonwealth Treasurer to guarantee up to £100,000 of bank loans (principal and interest) made in a three‑month window from 19 March 1953 to the Queensland Tobacco Leaf Marketing Board. It binds the Commonwealth to pay the lender if the Board defaults, affecting the Board, the Commonwealth Bank as lender, and ultimately taxpayers. The guarantee provided a short‑term federal backstop so the Board could buy tobacco crops at harvest.

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Current sections

Direct links to the current provisions in Queensland Tobacco Leaf Marketing Board Guarantee Act 1953.

Queensland Tobacco Leaf Marketing Board Guarantee Act 1953

QUEENSLAND TOBACCO LEAF MARKETING BOARD GUARANTEE.

No. 17 of 1953.

An Act to authorize the Commonwealth to Guarantee the Repayment of certain Loans to be made by the Commonwealth Bank of Australia to the Queensland Tobacco Leaf Marketing Board.

[Assented to 8th April, 1953.]

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.

This Act may be cited as the Queensland Tobacco Leaf Marketing Board Guarantee Act 1953.

Commencement.

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

Definition.

In this Act. “the Tobacco Leaf Marketing Board” means The Tobacco Leaf Marketing Board which was constituted by Order in Council made on the twenty-second day of July, One thousand nine hundred and forty-eight, under The Primary Producers’ Organisation and Marketing Acts, 1926 to 1946 of the State of Queensland.

Treasurer may guarantee loans to Board.

The Treasurer may, for and on behalf of the Commonwealth, guarantee—

(a) the repayment to the Commonwealth Bank of Australia of any loans, not exceeding in the aggregate the sum of One hundred thousand pounds, that are, during the period of three months which commenced on the nineteenth day of March, One thousand nine hundred and fifty-three, made by that bank to the Tobacco Leaf Marketing Board; and

(b) the payment to that bank of interest on those loans.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Queensland Tobacco Leaf Marketing Board Guarantee Act 1953