Qantas Airways Limited (Loan Guarantee) Act 1989 (Cth)

Qantas Airways Limited (Loan Guarantee) Act 1989

No. 19 of 1989

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

Contents 1 Short title 2 Commencement 3 Interpretation 4 Guarantee of certain loans 5 Conditions of guarantees 6 Delegation

Qantas Airways Limited (Loan Guarantee) Act 1989

No. 19 of 1989

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

[Assented to 20 April 1989]

The Parliament of Australia enacts:

1 Short title This Act may be cited as the Qantas Airways Limited (Loan Guarantee) Act 1989.

2 Commencement This Act commences on the day on which it receives the Royal Assent.

3 Interpretation (1) In this Act: borrow includes borrow, or otherwise raise money, by dealing in securities. (2) For the purposes of this Act, the obtaining of credit shall be taken to be a borrowing of an amount equal to the value of the credit obtained.

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 payment by Qantas Airways Limited of amounts that Qantas Airways Limited is liable to pay with respect to so much of the money borrowed by it as does not exceed the total expenditure that, to the satisfaction of the Treasurer: (i) will be, or has been, incurred by Qantas Airways Limited in connection with the purchase by it of 3 Boeing 747-400 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 money so borrowed. (2) A guarantee or guarantees shall not be given under subsection (1) in respect of money borrowed in the currency of the United States of America, or in any other currency, exceeding in the aggregate $385,000,000 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.