Commonwealth Numbered Acts

SHIP CONSTRUCTION BOUNTY ACT 1975 No. 79, 1975 - SECT 7

7. (1) Subject to this Act, the bounty in respect of the construction or
modification of a vessel is an amount calculated in accordance with this
section.

(2) Subject to sub-sections (4) and (5), the amount of the bounty in respect
of the construction of a vessel is an amount equal to such percentage of the
bounty price in respect of that construction as is calculated in accordance
with sub-section (3).

(3) For the purposes of sub-section (2), the percentage is a percentage equal
to 25 per centum plus 2.5 per centum for each thousand tons or part thereof of
the gross construction tonnage of the vessel in excess of the first thousand
tons, but so that the total percentage does not exceed the percentage set out
in column 2 of the Schedule opposite to the reference in column 1 of the
Schedule to the period that is the period that includes the date of
commencement of the construction.

(4) The amount of the bounty in respect of the construction of a vessel that
is-

   (a)  a vessel of less than 1,000 gross construction tons;

   (b)  a vessel of 92,000 tonnes deadweight or more; or

   (c)  a vessel designed for the exploration of submerged lands in search of
        petroleum or for the exploitation of petroleum found in submerged
        lands, is an amount equal to 25 per centum of the bounty price in
        respect of that construction.

(5) The amount of the bounty in respect of the construction of a vessel the
date of commencement of which occurs on or after 1 January 1981 is 25 per
centum of the bounty price in respect of that construction.

(6) The amount of the bounty in respect of the modification of a vessel is 25
per centum of the bounty price in respect of that modification.