Commonwealth Numbered Acts

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BOUNTY (DRILLING BITS) ACT 1980 No. 33 of 1980 - SECT 9

Limit of available bounty
9. (1) The amount available for payment of bounty in respect of bountiable
drilling bits in respect of which bounty becomes payable during a bounty
period is-

   (a)  where the bounty period is a period of 12 months-$150,000; and

   (b)  where the bounty period is a lesser period-an amount that bears to
        $150,000 the same proportion as the number of days in the
        bounty period bears to 365.

(2) Where the amount available for the payment of bounty in respect of
bountiable drilling bits in respect of which bounty becomes payable during a
bounty period is insufficient for the payment in full of all valid claims in
respect of those bountiable drilling bits, the bounty otherwise payable in
respect of each of those claims shall be reduced to an amount that bears the
same proportion to the amount of the claim as the amount so available bears to
the total amount of all those claims.

(3) If the Minister is of the opinion that the amount available for the
payment of bounty in respect of bountiable drilling bits in respect of which
bounty becomes payable during a bounty period will be insufficient for the
payment in full of all valid claims in respect of those bountiable drilling
bits he may withhold payment of the whole or any part of the bounty otherwise
payable upon such a claim until he has ascertained the total amount of all
those claims. 


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