Commonwealth Numbered Acts

DAIRY ADJUSTMENT ACT 1974 No. 166 of 1974 - SECT 15

15. (1) The arrangements may provide for-

   (a)  the making of interest-free loans by the State or an authority of the
        State to the owners of dairy farms for the purpose of-

        (i)    meeting, in the case of a particular farm, the cost of the
               purchase and installation on the farm of a refrigerated vat for
               the storage of wholemilk intended for use as fluid milk for
               human consumption or in the manufacture of butter, cheese or
               other products; and

        (ii)   making such other improvements on the farm as are required to
               enable the wholemilk in the vat to be collected from the farm;
               and

   (b)  the making of interest-free loans by the State or an authority of the
        State to the owners of dairy farms for the purpose of repaying amounts
        borrowed by them on or after 23 July 1973 and before 21 August 1974
        for a purpose specified in paragraph (a) and not repaid, and the
        making of payments for the purpose of reimbursing the owners of dairy
        farms for the interest paid by them on amounts so borrowed.

(2) Where the arrangements make provision in accordance with a paragraph of
sub-section (1), the arrangements-

   (a)  shall further provide that the assistance specified in that paragraph
        shall not be given in the case of a particular farm unless the
        State Minister concerned or the authority of the State is satisfied
        that there is a reasonable prospect that, by reason of the assistance,
        the farm will produce a reasonable level of income, being a level
        ascertained in the manner provided by or under the agreement in which
        the arrangements are set out; and

   (b)  may also provide that it shall be a condition of the making of an
        interest-free loan that the borrower is to be required to pay a
        monetary penalty for failure to repay an instalment of the loan on, or
        within a specified period after, the due date for that repayment.