Wool Industry

No. 53 of 1971

An Act to empower the Commonwealth to Guarantee the Repayment of Loans to the Australian Wool Board in connexion with Wool-selling Centres.

[Assented to 25 May 1971]

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.—(1.) This Act may be cited as the Wool Industry Act 1971.

(2.) The Wool Industry Act 1962–1970, as amended by this Act, may be cited as the Wool Industry Act 1962–1971.

Commencement.

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

Borrowing.

3. Section 33 of the Wool Industry Act 1962–1970 is amended by inserting after sub-section (1a.) the following sub-section:—

“(1b.) The Treasurer may, with the concurrence of the Minister, on behalf of the Commonwealth, guarantee—

(a) the repayment by the Board of amounts borrowed under the last preceding sub-section for the purposes of the function of the Board referred to in paragraph (ba) of sub-section (1.) of section twenty-four of this Act; and

(b) the payment of interest on amounts so borrowed.”.