[pic] Northern Territory (Lessees' Loans Guarantee) Act 1954 Act No. 59 of 1954 as amended This compilation was prepared on 10 July 2008 taking into account amendments up to Act No. 73 of 2008 The text of any of those amendments not in force on that date is appended in the Notes section The operation of amendments that have been incorporated may be affected by application provisions that are set out in the Notes section Prepared by the Office of Legislative Drafting and Publishing, Attorney-General's Department, Canberra Contents 1 Short title [see Note 1] 1 2 Commencement [see Note 1] 1 3 Interpretation 1 4 Finance Minister may guarantee loans 1 Notes 6 An Act to facilitate the Borrowing of Money by the Holders of certain Crown Leases of Land in the Northern Territory of Australia 1 Short title [see Note 1] This Act may be cited as the Northern Territory (Lessees' Loans Guarantee) Act 1954. 2 Commencement [see Note 1] This Act shall come into operation on the day on which it receives the Royal Assent. 3 Interpretation In this Act, unless the contrary intention appears: ADI (authorised deposit-taking institution) means: (a) a body corporate that is an ADI for the purposes of the Banking Act 1959; or (b) the Reserve Bank of Australia. eligible person means the holder of a pastoral homestead lease or an agricultural lease granted under an Ordinance of the Northern Territory of Australia relating to Crown lands, but does not include a company. loan includes an advance by way of overdraft. 4 Finance Minister may guarantee loans (1) Where the Finance Minister is satisfied that a loan of an amount not exceeding Sixty thousand dollars is proposed to be made by an ADI to an eligible person, and that the loan is required, and is intended to be used, by the eligible person: (a) for the purpose of making or erecting permanent improvements to or on the land comprised in his or her lease; or (b) partly for a purpose specified in the last preceding paragraph and partly for the purpose of discharging a mortgage or charge over his or her interest in the land comprised in his or her lease so as to enable him or her to give a first mortgage over that interest as security for the moneys to be borrowed for the first-mentioned purpose; the Finance Minister may, on behalf of the Commonwealth, guarantee the repayment to the ADI of a portion of the loan and of interest on that portion. (2) The portion of the loan to be guaranteed shall be determined by the Finance Minister having regard to the extent to which the amount of the loan exceeds the amount that the ADI might have been expected to advance in the ordinary course of business without the guarantee. (3) The terms and conditions of the guarantee shall be as agreed between the Finance Minister and the ADI. (4) The Finance Minister may, by written instrument, delegate any of the Finance Minister's powers or functions under this section to an official (within the meaning of the Financial Management and Accountability Act 1997). In exercising powers or functions under a delegation, the official must comply with any directions of the Finance Minister. (5) In this section: Finance Minister means the Minister who administers the Financial Management and Accountability Act 1997. Notes to the Northern Territory (Lessees' Loans Guarantee) Act 1954 Note 1 The Northern Territory (Lessees' Loans Guarantee) Act 1954 as shown in this compilation comprises Act No. 59, 1954 amended as indicated in the Tables below. For all relevant information pertaining to application, saving or transitional provisions see Table A. Table of Acts |Act |Number |Date |Date of |Applica| | |and year|of Assent|commencement|tion, | | | | | |saving | | | | | |or | | | | | |transit| | | | | |ional | | | | | |provisi| | | | | |ons | |Northern |59, 1954|6 Nov |6 Nov 1954 | | |Territory | |1954 | | | |(Lessees' Loans | | | | | |Guarantee) Act | | | | | |1954 | | | | | |Northern |14, 1959|23 Apr |14 Jan 1960 |- | |Territory | |1959 |(see s. 2 | | |(Lessees' Loans | | |and Gazette | | |Guarantee) Act | | |1960, p. 47)| | |1959 | | | | | |Statute Law |93, 1966|29 Oct |1 Dec 1966 |- | |Revision | |1966 | | | |(Decimal | | | | | |Currency) Act | | | | | |1966 | | | | | |Commonwealth |76, 1984|25 June |29 June 1984|- | |Banks Amendment | |1984 |(see Gazette| | |Act 1984 | | |1984, No. | | | | | |S241) | | |Commonwealth |161, |16 Dec |Schedule |- | |Bank Sale Act |1995 |1995 |(item 54): | | |1995 | | |19 July 1996| | | | | |(a) | | |Financial Sector|48, 1998|29 June |Schedule 1 |- | |Reform | |1998 |(items 123-1| | |(Consequential | | |26): 1 July | | |Amendments) Act | | |1999 (see | | |1998 | | |Gazette | | | | | |1998, No. | | | | | |S316) (b) | | |Financial |8, 2005 |22 Feb |Schedule 2 |Sch. 2 | |Framework | |2005 |(items 146-1|(item 1| |Legislation | | |50, 174): |74) | |Amendment Act | | |Royal Assent| | |2005 | | | | | |Statute Law |73, 2008|3 July |Schedule 4 |- | |Revision Act | |2008 |(items 403-4| | |2008 | | |05): 4 July | | | | | |2008 | | (a) The Northern Territory (Lessees' Loans Guarantees) Act 1954 was amended by the Schedule (item 54) only of the Commonwealth Bank Sale Act 1995, subsection 2(2) of which provides as follows: (2) Part 3, and all the items of the Schedule (except items 1, 12, 16, 17, 21, 22, 23, 26, 27, 31, 37 and 48), commence at the transfer time. (b) The Northern Territory (Lessees' Loans Guarantees) Act 1954 was amended by Schedule 1 (items 123-126) only of the Financial Sector Reform (Consequential Amendments) Act 1998, subsection 2(2) of which provides as follows: (2) Subject to subsections (3) to (14), Schedules 1, 2 and 3 commence on the commencement of the Australian Prudential Regulation Authority Act 1998. Table of Amendments |ad. = added or inserted am. = amended rep. = | |repealed rs. = repealed and substituted | |Provision affected|How affected | |S. 3 |am. No. 14, 1959; No. 76, 1984; | | |No. 161, 1995; No. 48, 1998 | |Heading to s. 4 |am. No. 8, 2005 | |S. 4 |am. No. 93, 1966; No. 48, 1998; | | |No. 8, 2005; No. 73, 2008 | |S. 5 |rep. No. 8, 2005 | Table A Application, saving or transitional provisions Financial Framework Legislation Amendment Act 2005 (No. 8, 2005) Schedule 2 174 Saving provision-provisions that formerly referred to the Treasurer (1) Any thing that: (a) was done by the Treasurer, or by a delegate of the Treasurer, before the commencing time under an affected provision; and (b) was in effect immediately before the commencing time; continues to have effect after the commencing time as if it had been done by the Finance Minister under the affected provision. (2) In this item: affected provision means a provision that is amended by an item in this Schedule so as to replace references to the Treasurer with references to the Finance Minister. commencing time means the day this Act receives the Royal Assent. Finance Minister means the Minister who administers the Financial Management and Accountability Act 1997.