PAPUA NEW GUINEA LOANS GUARANTEE ACT 1973 NO. 124, 1973 

PAPUA NEW GUINEA LOANS GUARANTEE ACT 1973 NO. 124, 1973 
- TABLE OF PROVISIONS

1. Short title.  
2. Commencement.  
3. Application of Act.  
4. Interpretation.  
5. Approval of guarantees.  
6. Appropriation.  
7. Moneys to be paid free of taxes, &c.  

PAPUA NEW GUINEA LOANS GUARANTEE ACT 1973 No. 124, 1973
- SECT 1
Short title.

Loans to be raised Overseas by Papua New Guinea, and for purposes connected
therewith.
  1. This Act may be cited as the Papua New Guinea Loans Guarantee Act 1973.*

PAPUA NEW GUINEA LOANS GUARANTEE ACT 1973 No. 124, 1973
- SECT 2
Commencement.

  2. This Act shall come into operation on the day on which it receives the
Royal Assent.*

PAPUA NEW GUINEA LOANS GUARANTEE ACT 1973 No. 124, 1973
- SECT 3
Application of Act.

  3. This Act extends to Papua New Guinea.

PAPUA NEW GUINEA LOANS GUARANTEE ACT 1973 No. 124, 1973
- SECT 4
Interpretation.

  4. (1) In this Act, unless the contrary intention appears-

  ''guarantee'' means a guarantee under sub-section 5 (1) and includes any
agreement entered into for the purposes of a guarantee;

  ''Papua New Guinea'' means the Administration or Government of Papua New
Guinea.
  (2) For the purposes of this Act, where an amount in foreign currency is
borrowed under an agreement, the equivalent of that amount in Australian
currency is the amount determined by the Reserve Bank of Australia, having
regard to the exchange rates of that bank for Australian Government
transactions, to be so equivalent at the time when the agreement is entered
into.

PAPUA NEW GUINEA LOANS GUARANTEE ACT 1973 No. 124, 1973
- SECT 5
Approval of guarantees.

  5. (1) Subject to this section, if Papua New Guinea enters into an agreement
under which Papua New Guinea is to, or may, borrow, by way of the sale of
bonds or otherwise, an amount in a foreign currency, the Treasurer, or a
person authorized by him, may, on behalf of Australia, give a guarantee in
respect of the payment of all moneys, including interest, payable by Papua New
Guinea under the agreement and may, for the purposes of the guarantee, enter
into an agreement containing such terms as are approved by the Treasurer and
the Minister for External Territories.
  (2) A guarantee or guarantees shall not be given under sub-section (1) in
relation to the borrowing, whether under one agreement or two or more
agreements, of foreign currency the equivalent of which in Australian currency
exceeds Twenty-four million dollars.
  (3) For the purposes of sub-section (1), any form of undertaking of
liability to pay any moneys shall be deemed to be a guarantee in respect of
the payment of those moneys.
  (4) A guarantee, when given, constitutes a valid and binding obligation of
Australia in accordance with its terms.
  (5) The power conferred by sub-section (1) shall not be exercised on or
after 1 July 1974.

PAPUA NEW GUINEA LOANS GUARANTEE ACT 1973 No. 124, 1973
- SECT 6
Appropriation.

  6. Any payments by Australia under a guarantee are payable out of the
Consolidated Revenue Fund, which is appropriated accordingly.

PAPUA NEW GUINEA LOANS GUARANTEE ACT 1973 No. 124, 1973
- SECT 7
Moneys to be paid free of taxes, &c.

  7. A provision of a guarantee or of an agreement to which a guarantee
relates providing for-

  (a)  payments to be made without deduction for, or to be free from, taxes,
imposts or duties;

  (b)  documents to be free from taxes or duties; or

  (c)  payments to be free from restrictions, regulations, controls or
moratoria,
has effect as if enacted by this Act and operates notwithstanding anything in
any law of Australia or of a State or Territory, whether passed or made before
or after the commencement of this Act.
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PAPUA NEW GUINEA LOANS GUARANTEE ACT 1973 No. 124, 1973 - NOTE

                                      NOTE
1.  Act No. 124, 1973; assented to 30 October 1973.