Document ID: chunk:federal_register_of_legislation:C2004C00122:schedule:1:p3
Version: federal_register_of_legislation:C2004C00122
Segment Type: schedule
Provision Reference: sch 1 (pt 3/7)
Character Range: 8393–11195

Commission and the British Phosphate Commissioners and approved by the said Governments.

Article 5

The Commission shall—
       (a) subject to the provisions of sub‑paragraph (b) of this Article, ensure that, so far as is practicable, phosphate obtained from Christmas Island shall be disposed of in Australia and New Zealand in conjunction with phosphate supplied by the British Phosphate Commissioners from Nauru and Ocean Island and other sources in such a manner as to give the lowest possible average c.i.f. cost for phosphate supplied to Australia and New Zealand;
       (b) fix the f.o.b. price of phosphate supplied to Australia and New Zealand on a basis which will cover working expenses, depreciation, the administration expenses of the Commission (including the remuneration of the Commissioners), interest on moneys provided by the said Governments under the Christmas Island Agreement 1949 or under this Agreement, or borrowed under the Christmas Island Agreement 1949 or under Article 7 of this Agreement, contributions to any sinking fund for the redemption of such moneys, and the payment of the amounts referred to in Article 6 of this Agreement, the amounts payable by the Commission under Article 9 of this Agreement, and such other charges as the said Governments may agree upon;
       (c) subject to the provisions of sub‑paragraph (d) of this Article, refrain from supplying any phosphate to or for shipment to any country or place other than Australia or New Zealand except with the unanimous approval of the Commissioners;
       (d) continue to supply to Malaya as much as possible of Malaya's requirements of ground phosphate (phosphate dust) up to thirty thousand (30,000) tons per annum or such greater quantity as the Commissioners may unanimously approve;
       (e) carry out and perform all the acts, promises and obligations in connexion with the working of the said property which the said Governments have undertaken to carry out or perform under and by virtue of the Agreement dated the thirty‑first day of December, 1948, between the Christmas Island Phosphate Company Limited of the one part and Her Majesty's Government of the Commonwealth of Australia and Her Majesty's Government in New Zealand of the other part;
       (f) keep proper books and accounts and other records in relation to the working of the said property, the records so kept to include full particulars of all the phosphate and other minerals extracted or obtained and all the timber cut in on and from Christmas Island;
       (g) as soon as possible after the end of the Commission's financial year, which shall run from the first day of July to the thirtieth day of June in each year, prepare and furnish to each of the said Governments, in respect of that financial year, a report of