Commonwealth Numbered Acts

BOUNTY (SHIPS) AMENDMENT ACT 1985 No. 76 of 1985 - SECT 8

8. After section 6 of the Principal Act the following section is inserted:
Limit of available bounty in respect of vessels constructed or modified for
export

"6A. (1) The amount available for payment of bounty in respect of the
construction or modification of bountiable vessels, being vessels that are, at
the time of the completion of the construction or modification of the vessels,
intended by the owners of the vessels to be exported from Australia, is-

   (a)  in relation to the period commencing on 10 December 1984 and ending on
        30 June 1985-$6,000,000;

   (b)  in relation to the financial year commencing on 1 July 1985-
        $10,000,000; and

   (c)  in relation to the financial year commencing on 1 July 1986 and each
        subsequent financial year-such amount (if any) as is prescribed in
        respect of the financial year for the purposes of this paragraph.



"(2) If the Comptroller-General is of the opinion, in relation to a period
referred to in sub-section (1), that the amount (in this sub-section referred
to as the 'relevant amount') available for payment of bounty in respect of the
construction or modification of bountiable vessels of the kind referred to in
sub-section (1) will be or is insufficient to meet all valid claims for bounty
in respect of the vessels, amounts of bounty in respect of the claims shall,
subject to the regulations, be approved for payment in such order as is
determined by the Comptroller-General in writing and, when the aggregate of
the amounts of bounty approved for payment in respect of the vessels equals
the relevant amount, no further amounts of bounty are payable in respect of
the vessels.

"(3) Without limiting the generality of sub-section (2), regulations made for
the purposes of that sub-section may make provision for and in relation to-

   (a)  the reservation of amounts available, in relation to a period referred
        to in sub-section (1), for payment of bounty in respect of the
        construction or modification of bountiable vessels of the kind
        referred to in that sub-section;

   (b)  amounts in respect of amounts of bounty so reserved to be approved for
        payment before any other amounts of bounty are approved for payment;
        and

   (c)  deeming the construction or modification of vessels that are completed
        outside such a period to have been completed within such a period.".