CELLULOSE ACETATE FLAKE BOUNTY.

No. 48 of 1964.

An Act to amend the Cellulose Acetate Flake Bounty Act 1956-1961.

[Assented to 28th May, 1964.]

[Date of commencement, 25th June, 1964.]

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 and citation.

1.—(l.) This Act may be cited as the Cellulose Acetate Flake Bounty Act 1964.

(2.) The Cellulose Acetate Flake Bounty Act 1956-1961 is in this Act referred to as the Principal Act.

(3.) The Principal Act, as amended by this Act, may be cited as the Cellulose Acetate Flake Bounty Act 1956-1964.

Specification of bounty.

2. Section five of the Principal Act is amended by adding at the end thereof the following sub-section:—

“(2.) The bounty is also payable in respect of cellulose acetate flake produced at a factory and, in the period commencing on the first day of July, One thousand nine hundred and sixty-four, and ending on the thirty-first day of December in that year, sold for use in the manufacture in Australia of cellulose acetate rayon yarn.”.

3. Section eight of the Principal Act is repealed and the following section inserted in its stead:—

Limit of bounty.

“8.—(1.) The amount available for payment of bounty is—

(a) in respect of cellulose acetate flake sold in each of the last two years to which this Act applies—Ninety thousand pounds; and

(b) in respect of cellulose acetate flake sold in the period referred to in sub-section (2.) of section five of this Act—Forty-five thousand pounds.

“(2.) Where the amount available for the payment of bounty in respect of cellulose acetate flake sold in a year or other period referred to in the last preceding sub-section is insufficient for the payment in full of all valid claims, the bounty otherwise payable in respect of each of those claims shall be reduced to an amount that bears the same proportion to the amount of the claim as the amount so available bears to the total amount of all of those claims.

“(3.) If the Minister is of the opinion that the amount available for the payment of bounty in respect of cellulose acetate flake sold in a year or other period referred to in sub-section (1.) of this section will be insufficient for the payment in full of all valid claims, he may withhold payment of the whole or any part of the bounty otherwise payable upon any of those claims until he has ascertained the total value of all of those claims.”.