Commonwealth act

Wheat Pool Advances Act 1923

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

32 of 1923

Collection

act

Plain English Summary

2/10 complexity

This Act lets the Commonwealth, through the Treasurer, guarantee bank loans taken by wheat farmers' collective marketing schemes ("pools") to finance the 1923–24 wheat harvest, enabling banks to lend with government backing.

Guarantees are at the Treasurer's discretion, capped at 3 shillings 8 pence per bushel, may be cancelled if conditions are breached, and any payments on guarantees come from the Consolidated Revenue Fund. It was a temporary, harvest‑specific support measure.

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Current sections

Direct links to the current provisions in Wheat Pool Advances Act 1923.

Wheat Pool Advances Act 1923

WHEAT POOL ADVANCES.

No. 32 of 1923.

An Act to authorize the Treasurer of the Commonwealth to guarantee advances made to finance Schemes for the Marketing of Wheat

[Assented to 1st September, 1923.]

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.

This Act may be cited as the Wheat Pool Advances Act 1923.

Guarantee of advances and overdraft to wheat pool.

2.—(1.) Where an association of persons formed for the purpose of controlling a scheme to secure the marketing of any Australian wheat to be harvested during the financial year ending the thirtieth day of June One thousand nine hundred and twenty-four has arranged to receive an advance from, or to have an overdraft with, a banking corporation in connexion with the financing of the scheme, the Treasurer of the Commonwealth may, if he thinks fit, guarantee to the banking corporation the repayment of the advance or the settlement of the overdraft as the case may be:

Provided that the amount so guaranteed shall not exceed the sum of three shillings and eight pence per bushel of wheat marketed under the scheme.

(2.) Any guarantee under this section may be subject to such conditions as the Treasurer specifies.

(3.) Where a guarantee is subject to conditions and it appears to the Treasurer that any of those conditions have not been observed, he may revoke the guarantee, and, upon notice in writing of the revocation of the guarantee being given to the banking corporation to which the guarantee was given, the Treasurer and the Commonwealth shall be relieved of all liability under the guarantee.

(4.) The Treasurer may pay, out of the Consolidated Revenue Fund, which is hereby appropriated accordingly, any amounts which become due and payable under any guarantee given by him in pursuance of this Act.

Source text

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

1 Wheat Pool Advances Act 1923