Qantas Airways Limited (Loan Guarantee) Act 1985 (Cth)

Qantas Airways Limited (Loan Guarantee) Act 1985

No. 114 of 1985

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 1985

No. 114 of 1985

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

[Assented to 21 October 1985]

The Parliament of Australia enacts:

1 Short title This Act may be cited as the Qantas Airways Limited (Loan Guarantee) Act 1985.

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 in the aggregate the sum of the expenditure that the Treasurer is satisfied: (i) will be, or has been, incurred in connection with the purchase by it of a Boeing 747-300 Extended Upper Deck aircraft and related spare parts and equipment; and (ii) will be, or has been, met out of money owned or borrowed by it; and (b) the payment of interest (including any interest on that 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 $115,000,000 in the currency of the United States of America. (3) The power of the Treasurer to give a guarantee under this section includes: (a) a power to agree, on behalf of the Commonwealth, that proceedings under the guarantee may be taken in a court of a country other than Australia; and (b) a power to waive, on behalf of the Commonwealth, the immunity of the Commonwealth from suit in a court of a country other than Australia in relation to any proceedings that may be taken under the guarantee in such a court. (4) 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.