Commonwealth Numbered Acts

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BOUNTY (DRILLING BITS) ACT 1980 No. 33 of 1980 - SECT 7

Specification of bounty
7. (1) Bounty is payable in accordance with this Act on the production in
Australia of bountiable drilling bits.

(2) Bounty in respect of a bountiable drilling bit is payable to the
manufacturer of the drilling bit.

(3) A manufacturer is not entitled to receive a payment of bounty in respect
of a bountiable drilling bit unless-

   (a)  the manufacture of the bountiable drilling bit has been carried out by
        the manufacturer at registered premises and has been completed during
        a bounty period;

   (b)  during that bounty period or a later bounty period, the drilling bit
        has been sold by the manufacturer for use in Australia without having
        previously been used by the manufacturer, or by another person,
        otherwise than for the purpose of testing, or demonstrating the
        operation of, the drilling bit; and

   (c)  the Australian factory cost of the drilling bit exceeds 50% of the
        factory cost of the drilling bit.

(4) Where-

   (a)  by virtue of sub-section 12 (7), the Minister determines that the
        registration of premises shall be deemed to have taken effect on and
        from 1 October 1979; and

   (b)  the person who applied for the registration of the premises was, on 1
        October 1979, the owner of a bountiable drilling bit that was
        manufactured by him at those premises before 1 October 1979, that
        drilling bit shall, for the purposes of this Act, be deemed to be a
        bountiable drilling bit manufactured by the first-mentioned person at
        the registered premises on 1 October 1979. 

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