Commonwealth Numbered Acts

PRIMARY INDUSTRY BANK AMENDMENT ACT (No. 2) 1978 No. 167, 1978 - SECT 3

3. Section 8 of the Principal Act is amended-

   (a)  by omitting sub-sections (2) and (3) and substituting the following
        sub-sections:

''(2) A loan to the Bank under section 7 may, notwithstanding anything in the
Loan (Income Equalization Deposits) Act 1976, but subject to sub-section (3),
be made by-

   (a)  investing on deposit in the Bank moneys standing to the credit of the
        Income Equalization Deposits Trust Account; or

   (b)  paying to the Bank moneys paid out of that Account.

''(3) A loan to the Bank in accordance with sub-section (2) shall not be made
except in accordance with regulations made for the purposes of this
sub-section that-

   (a)  prescribe maximum limits with respect to the amounts that may from
        time to time be lent to the Bank in accordance with sub-section (2);
        and

   (b)  prescribe rates of interest to be payable in respect of loans made to
        the Bank in accordance with sub-section (2).''; and

   (b)  by adding at the end thereof the following sub-sections:

''(5) Notwithstanding anything contained in any other Act, where a loan made
to the Bank, whether before or after the commencement of this sub-section, by
the payment to the Bank of moneys paid out of the Income Equalization Deposits
Trust Account is repaid, the moneys repaid shall be paid into that Account.

''(6) At any time when-

   (a)  moneys standing to the credit of the Income Equalization Deposits
        Trust Account are invested on deposit in the Bank in accordance with
        sub-section (2); or

   (b)  the sum of moneys paid out of that Account and paid to the Bank
        exceeds the sum of such moneys that have been repaid,

there may be paid to the credit of that Account, out of the Consolidated
Revenue Fund, which is appropriated accordingly, an amount not greater than
the sum of the amount of any moneys referred to in paragraph (a) and the
amount of any excess referred to in paragraph (b) less the sum of any payments
previously made under this sub-section and not repaid.

''(7) Notwithstanding anything in the Loan (Income Equalization Deposits)  Act
1976 , moneys paid out of the Consolidated Revenue Fund under sub-section (6)
may be repaid out of the Income Equalization Deposits Trust Account, and, if,
at any time, the sum of the moneys so paid out of the Fund and not repaid
exceeds the sum of the amount of any moneys standing to the credit of that
Account invested on deposit in the Bank and the amount of any moneys paid out
of that Account and paid to the Bank and not repaid, an amount equal to the
amount of that excess shall be repaid under this sub-section.''.
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