Commonwealth Numbered Regulations

1987 No. 116 BOUNTY (SHIPS) (RESERVATION OF BOUNTY) REGULATIONS (AMENDMENT) - REG 2

2. Regulation 2 of the Principal Regulations is amended:
(a) by omitting the definition of "available amount" and substituting the
following definitions:

" 'available amount', in relation to payment of bounty or advances on account
of bounty in respect of the construction or modification of bountiable vessels
during the bounty period as referred to in subsection 6B (1) of the Act, means
the maximum amount available less the aggregate of:

   (a)  all amounts paid in meeting valid claims for payment of bounty or for
        advances on account of bounty in relation to the bounty period; and

   (b)  all amounts of bounty that are the subject of a reservation made and
        in force under these Regulations in relation to the bounty period;
'bounty period' means the period commencing on 1 July 1986 and ending on 30
June 1989;";

   (b)  by omitting the definition of "bountiable vessel";

   (c)  by omitting the definition of "maximum amount available" and
        substituting the following definition:

" 'maximum amount available' means the amount of $144,000,000 referred to in
paragraph 6B (1) (d) of the Act;"; and

   (d)  by omitting paragraph (b) from the definition of "prescribed period".