Australian Shipping Commission (Additional Capital) Act 1985

No. 57 of 1985

An Act to authorize the payment of additional capital to the Australian Shipping Commission

[Assented to 4 June 1985]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title

1. This Act may be cited as the Australian Shipping Commission (Additional Capital) Act 1985.

Commencement

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

Additional capital for Commission

3. (1) Subject to this section, there is payable to the Australian Shipping Commission, for the purpose of providing additional capital for the Commission, the sum of $70,541,000.

(2) Payments to the Australian Shipping Commission under sub-section (1) shall be made in such amounts and at such times as the Minister for Finance determines.

(3) Payments to the Australian Shipping Commission under sub-section (1) shall be made out of the Consolidated Revenue Fund, which is appropriated accordingly.

(4) If, before the commencement of this Act, an amount (in this sub-section referred to as the “relevant amount”) has been paid to the Commission as additional capital out of money appropriated from the Consolidated Revenue Fund by the Appropriation Act (No. 2) 1984-85 by way of an Advance to the Minister for Finance—

(a) the relevant amount shall, for the purposes only of sub-section (1), be deemed to have been paid to the Australian Shipping Commission under that sub-section; and

(b) if this Act comes into operation before 1 July 1985, the relevant amount shall be deemed not to have been paid out of the appropriation of the Consolidated Revenue Fund made in the Appropriation Act (No. 2) 1984-85 by way of an Advance to the Minister for Finance.

[Minister’s second reading speech made in—

House of Representatives on 8 May 1985

Senate on 20 May 1985]