Commonwealth Numbered Acts

BOUNTY AND SUBSIDY LEGISLATION AMENDMENT ACT (No. 2) 1986 No. 119 of 1986 - SECT 5

5. Section 6 of the Principal Act is amended by inserting after subsection
(3B) the following sub-sections:

"(3BA) Bounty is not payable in respect of the construction or modification of
a bountiable vessel the construction or modification of which, as the case may
be, is completed after 1 July 1986 unless the amount of bounty is reserved, in
accordance with the regulations referred to in sub-section 6B (2), in relation
to the vessel.

"(3BB) Bounty is not payable to a shipbuilder in respect of the construction
or modification of a vessel the construction or modification of which, as the
case may be, is completed after 1 July 1986 unless -

   (a)  the construction or modification of the vessel is carried out pursuant
        to a contract between the shipbuilder and another person and the
        shipbuilder is not the owner of the vessel; or

   (b)  the vessel was under construction or being modified, as the case may
        be, on 28 August 1986.".