Australian National Airlines Act 1961 (Cth)

AUSTRALIAN NATIONAL AIRLINES.

No. 71 of 1961.

An Act to amend the Australian National Airlines Act 1945–1959.

[Assented to 27th October, 1961.]

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 Australian National Airlines Act 1961. (2.) The Australian National Airlines Act 1945–1959 is in this Act referred to as the Principal Act. (3.) The Principal Act, as amended by this Act, may be cited as the Australian National Airlines Act 1945–1961.

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

Capital of the Commission. 3. Section thirty of the Principal Act is amended by inserting in sub-section (5.), after the words "have regard to", the words "the determination made under sub-section (1.) of section thirty-two of this Act in respect of the relevant financial year and to". 4. Section thirty-two of the Principal Act is repealed and the following section inserted in its stead:—

Financial policy of Commission. "32.—(1.) The Minister, with the concurrence of the Treasurer and after consultation with the Commission— (a) shall, not later than one month before the commencement of each financial year, determine the percentage of the capital of the Commission that would represent a reasonable return to the Commonwealth from the operations of the Commission in that financial year, and give notice in writing to the Commission of the percentage so determined; and (b) may, at any time during a financial year, by reason of a change in circumstances, by notice in writing to the Commission, amend a determination under the last preceding paragraph.

"(2.) In performing their functions under the last preceding sub-section, the Minister and the Treasurer shall take into account, in addition to other relevant matters— (a) the profits, in relation to capital employed, that have been, and are expected to be, made by privately-owned air transport undertakings in Australia; (b) all matters tending to create disparity with respect to costs between the Commission and privately-owned air transport undertakings, including— (i) any loans made by the Commonwealth to the Commission at interest rates less than current commercial rates; (ii) the fact that moneys representing provision made by the Commission for staff superannuation are available for use in the business of the Commission; (iii) the conduct by, or by undertakings associated with, privately-owned air transport undertakings of commercial activities other than air transport services; (iv) the operation of developmental services and essential rural services; and (v) the extent of their non-competitive air transport operations. "(3.) The Commission shall pursue a policy directed towards making, in each financial year, profits sufficient to enable the Commission to pay to the Commonwealth, out of those profits, an amount equal to the percentage of its capital determined under sub-section (1.) of this section in respect of that financial year. "(4.) After receipt of notice of the determination made under sub-section (1.) of this section in respect of a financial year, the Commission shall, having full regard to its duty under the last preceding sub-section, prepare estimates, in such form as the Minister directs, of its revenue and expenditure for that financial year and submit those estimates to the Minister. "(5.) The Commission shall, from time to time as provided in the next succeeding sub-section, review the financial results of its operations during the current financial year and if, upon any such review, the Commission finds that the revenue and expenditure of the Commission during the preceding part of the financial year have not been as favorable to the profitable conduct of the business of the Commission as those specified in the estimates submitted to the Minister and, having regard to that fact, it appears likely that, unless special measures are taken, the Commission will not make sufficient profits in that year to enable it to pay to the Commonwealth, out of those profits, an amount