Co-operative Farmers and Graziers Direct Meat Supply Limited (Loan Guarantee) Act 1978 (Cth)

Co‑operative Farmers and Graziers Direct Meat Supply Limited (Loan Guarantee) Act 1978

Act No. 16 of 1978 as amended

This compilation was prepared on 7 March 2005 taking into account amendments up to Act No. 8 of 2005

The text of any of those amendments not in force on that date is appended in the Notes section

The operation of amendments that have been incorporated may be affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing, Attorney‑General's Department, Canberra

Contents 1 Short title [see Note 1] 2 Commencement [see Note 1] 3 Definitions 4 Guarantee 5 Conditions of guarantee

Notes An Act to authorize the giving of a guarantee in respect of a borrowing by Co‑operative Farmers and Graziers Direct Meat Supply Limited

1 Short title [see Note 1]

This Act may be cited as the Co‑operative Farmers and Graziers Direct Meat Supply Limited (Loan Guarantee) Act 1978.

2 Commencement [see Note 1]

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

3 Definitions

In this Act, unless the contrary intention appears:

Finance Minister means the Minister who administers the Financial Management and Accountability Act 1997.

Society means the Co‑operative Farmers and Graziers Direct Meat Supply Limited.

4 Guarantee

(1) The Finance Minister may, on behalf of the Commonwealth, at the request of the Society and subject to the conditions required by this Act, give one guarantee in respect of the repayment by the Society of one‑half of the principal moneys in relation to a borrowing of moneys by the Society for the purpose of repaying debts owed by the Society.

(2) A guarantee shall not be given under subsection (1) that would render the Commonwealth liable to pay an amount that exceeds, or amounts that in the aggregate exceed, $4,500,000 or one‑half of so much of the principal moneys referred to in that subsection as have not for the time being been repaid by the Society, whichever is the less.