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This is a Bill, not an Act. For current law, see the Acts databases.
Western Australia
Loans (Co-operative Companies) Bill 2004
CONTENTS
1. Short title 1
2. Commencement 2
3. Terms used in this Act 2
4. Fund established 2
5. Loans by State to eligible co-operatives 3
6. Power to borrow money for the purposes of this Act 3
338--1 page i
Western Australia
LEGISLATIVE ASSEMBLY
Loans (Co-operative Companies) Bill 2004
A Bill for
An Act to enable loans to be made by the State to certain
co-operative companies and for related purposes.
The Parliament of Western Australia enacts as follows:
1. Short title
This Act may be cited as the Loans (Co-operative Companies)
Act 2004.
page 1
Loans (Co-operative Companies) Bill 2004
s. 2
2. Commencement
This Act comes into operation on the day on which it receives the
Royal Assent.
3. Terms used in this Act
5 In this Act --
"eligible co-operative" means a co-operative company as
defined in section 117 of the Income Tax Act that has as its
primary object the acquisition of commodities or animals
from its shareholders for disposal or distribution;
10 "Income Tax Act" means the Income Tax Assessment Act 1936
of the Commonwealth.
4. Fund established
(1) There is to be an account called the "Co-operative Companies
Loans Fund" held as part of the Trust Fund constituted under
15 section 9 of the Financial Administration and Audit Act 1985.
(2) There are to be credited to the Co-operative Companies Loans
Fund --
(a) all sums transferred to it under section 6(2);
(b) moneys paid by eligible co-operatives by way of --
20 (i) repayment of loans made under section 5; and
(ii) interest on, and administration charges relating
to, loans made under section 5;
and
(c) any other moneys lawfully received for the purposes of
25 this Act.
(3) There are to be charged to the Co-operative Companies Loans
Fund --
(a) all loans made under section 5 and the costs of
administering them; and
page 2
Loans (Co-operative Companies) Bill 2004
s. 5
(b) moneys necessary to be paid by way of --
(i) repayment of principal moneys borrowed under
section 6; and
(ii) interest on and other expenses of borrowings
5 under section 6.
5. Loans by State to eligible co-operatives
(1) The Minister acting on behalf of, and in the name of, the State
may make a loan to an eligible co-operative for a purpose
mentioned in section 120(1)(c) of the Income Tax Act.
10 (2) A loan under this section may be made on such terms and
conditions as the Minister thinks fit as to --
(a) repayment;
(b) interest and administration charges;
(c) security to be provided to protect the State from the risk
15 of default; or
(d) any other matter.
(3) Without limiting subsection (2), a loan is not to be made under
this section unless the --
(a) repayment of it; and
20 (b) payment of interest and administration charges relating
to it,
are secured by a guarantee of a kind approved by the Treasurer.
6. Power to borrow money for the purposes of this Act
(1) The Minister may, if the Treasurer approves, borrow sums of
25 money from the Western Australian Treasury Corporation for
the purposes of this Act.
(2) All sums borrowed under subsection (1) are to be credited to the
Consolidated Fund and transferred to the Co-operative
Companies Loans Fund.
page 3
Loans (Co-operative Companies) Bill 2004
s. 6
(3) The Consolidated Fund is appropriated to the extent necessary
for the purposes of subsection (2).
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