Commonwealth Numbered Acts

BOUNTY AND SUBSIDY LEGISLATION AMENDMENT ACT (No. 2) 1986 No. 119 of 1986 - SECT 7

7. After section 6A of the Principal Act the following section is inserted:
Limit of available bounty in respect of vessels constructed or modified during
certain period

"6B. (1) The amount available for payment of bounty or advances in respect of
the construction or modification of bountiable vessels the construction or
modification of which, as the case may be, is completed during the period
commencing on 1 July 1986 and ending on 30 June 1989 is -

   (a)  in relation to the financial year commencing on 1 July 1986 -
        $42,000,000;

   (b)  in relation to the financial year commencing on 1 July 1987 -
        $45,000,000;

   (c)  in relation to the financial year commencing on 1 July 1988 -
        $45,000,000; and

   (d)  in relation to the period commencing on 1 July 1989 and ending on 30
        June 1991 - an amount equal to the difference between $144,000,000 and
        the sum of the amounts of bounty or advances paid in the financial
        years referred to in paragraphs (a), (b) and (c).

"(2) The regulations (in this section referred to as the 'reservation
regulations') shall make provision for and in relation to the reservation of
amounts available, for payment of bounty in respect of the construction or
modification of bountiable vessels to which sub-section (1) applies.

"(3) Amounts may be reserved in accordance with the reservation regulations
notwithstanding that at the time the application for the reservation is dealt
with, funds are not available for the payment of bounty or of advances or that
the sum of the amounts reserved exceeds $144,000,000.

"(4) Notwithstanding any other provision of this Act, if the
Comtroller-General is of the opinion that the amount available in a financial
year referred to in sub-section (1) for payment of bounty and advances will be
insufficient to meet all valid claims for the payment of bounty or advances in
that year, the Comptroller-General may, subject to the regulations -

   (a)  defer the making of such payments of bounty as the Comptroller-General
        considers appropriate; and

   (b)  make payments of bounty in such order as the Comptroller-General
        considers appropriate.

"(5) If the Comptroller-General is of the opinion, in relation to the period
referred to in paragraph (1) (d), 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 to which
sub-section (1) applies 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.

"(6) The regulations may make provision for and in relation to deeming the
construction or modification of vessels the construction or modification of
which is completed outside a financial year referred to in sub-section (1) to
have been completed within such a year.

"(7) Notwithstanding any other provison of this Act, if money is not
appropriated by the Parliament for the purpose of the payment of bounty in a
period referred to in sub-section (1), a person is not entitled to be paid
bounty in that period.

"(8) In this section, 'advance' means an advance on account of bounty under
section 8.".