National Security (Capital Issues) Regulations (Amendment) (Cth)

STATUTORY RULES.

1951. No.10.

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REGULATIONS UNDER THE DEFENCE (TRANSITIONAL PROVISIONS) ACT 1946-1950.*

I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Defence (Transitional Provisions) Act 1946-1950.

Dated this day of , 1951.

Governor-General.

By His Excellency’s Command,

Treasurer.

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AMENDMENTS OF THE NATIONAL SECURITY (CAPITAL ISSUES) REGULATIONS. 

1. After regulation 7 of the National Security (Capital Issues) Regulations the following regulation is inserted :—

Calls on shares.

“ 7A. A company, or any person acting for, or on behalf of, a company, shall not, without the consent in writing of the Treasurer, in respect of any authorized capital issued by the company in pursuance of a consent granted under regulation 7 of these Regulations on or after the thirteenth day of January, 1950, and before the date of commencement of this regulation, make a call upon shares issued by the company unless the whole of the moneys to be paid as a result of the call are required to be paid not later than the thirty-first day of December, 1951.”.

Consent of Treasurer.

2. Regulation 21 of the National Security (Capital Issues) Regulations is amended by omitting sub-regulation (3.) and inserting in its stead the following sub-regulation :—

“ (3.) Where the consent of the Treasurer is granted, or has been granted on or after the date of commencement of the Defence (Transitional Provisions) Act 1950, under any provision of these Regulations but no period is specified in the consent as the period of its operation, the consent shall cease to be in force at the expiration of the period of six months after the date on which the consent is or was granted.”.

 

* Notified in the Commonwealth Gazette on , 1951.

  Being the Regulations having that title as in force under the Defence (Transitional Provisions) Act 1946-1950. The Regulations under the National Security Act 1939-1946 having the corresponding title were Statutory Rules 1946, No. 193. Those Regulations were amended by the Defence (Transitional Provisions) Act 1946 and by Statutory Rules 1947, No. 86; and 1949, No. 14.

311.—PRICE 3D. 8/5.2.1951.

 

3. After regulation 21 of the National Security (Capital Issues) Regulations the following regulation is inserted :—

Savings of consents.

“ 21A.—(1.) Every consent of the Treasurer granted or purporting to have been granted under these Regulations before the date of commencement of the Defence (Transitional Provisions) Act 1950 which was in force or purported to be in force immediately before the date of commencement of this regulation shall, to the extent to which it has not been acted upon before that last-mentioned date, be deemed to have been granted under these Regulations as in force by virtue of that Act.

“ (2.) Where any such consent specifies a period as the period of its operation, it shall cease to be in force at the expiration of that period.

“ (3.) Where any such consent does not specify a period as the period of its operation, it shall cease to be in force—

(a) at the expiration of the period of six months after the date on which the consent was granted ; or

(b) at the expiration of the period of three months after the commencement of this regulation,

whichever is the later.”.

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By Authority: L. F. JOHNSTON, Commonwealth Government Printer, Canberra.