Qantas Airways Limited (Loan Guarantee) Act 1979 (Cth)

Qantas Airways Limited (Loan Guarantee) Act 1979

No. 51 of 1979

An Act relating to the provision of certain equipment for Qantas Airways Limited

Contents 1 Short title 2 Commencement 3 Provision of credit deemed to be a borrowing 4 Guarantee of certain loans 5 Conditions of guarantees 6 Delegation

Qantas Airways Limited (Loan Guarantee) Act 1979

No. 51 of 1979

An Act relating to the provision of certain equipment for Qantas Airways Limited

[Assented to 14 June 1979]

The Parliament of Australia enacts:

1 Short title This Act may be cited as the Qantas Airways Limited (Loan Guarantee) Act 1979.

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

3 Provision of credit deemed to be a borrowing For the purposes of this Act, the provision of credit shall be deemed to be a borrowing to the extent of the amount of that credit.

4 Guarantee of certain loans (1) The Treasurer may, on behalf of the Commonwealth, and subject to the conditions required by this Act, guarantee: (a) the repayment by Qantas Airways Limited of amounts borrowed by it not exceeding its expenditure in connection with the purchase by it of 2 Boeing 747 aircraft and related spare parts and equipment; and (b) the payment of interest on amounts so borrowed. (2) A guarantee or guarantees shall not be given under subsection (1) in respect of moneys borrowed in the currency of the United States of America, or in any other currency, exceeding in the aggregate $94,000,000 in the currency of the United States of America. (3) For the purposes of subsection (2), the amount of a borrowing in a currency other than the currency of the United States of America shall be taken to be the amount in the currency of the United States of America that was equivalent to the first-mentioned amount at the date of the borrowing, as ascertained by the Reserve Bank of Australia.