National Security (Economic Organization) Regulations (Amendment) (Cth)

STATUTORY RULES.

1946. No. 192.

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REGULATIONS UNDER THE NATIONAL SECURITY ACT 1939-1946.*

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 National Security Act 1939-1946.

Dated this eighteenth day of December, 1946.

HENRY

Governor-General.

By His Royal Highness’s Command,

J. B. CHIFLEY

for and on behalf of the Minister of State for Defence.

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Amendments of the National Security (Economic Organization) Regulations.

Certain land transactions forbidden.

1. Regulation 6 of the National Security (Economic Organization) Regulations is amended—

(a) by inserting after sub-regulation (8.) the following sub-regulations:—

“(8a.) An applicant for the Treasurer’s consent under this regulation shall set out in his application full and correct particulars (including the amount of the consideration paid or payable) of any option which has been granted to or by the applicant, or to the wife or husband of the applicant, in relation to the land or lease specified in the application.

“(8b.) Where an applicant fails to comply with the last preceding sub-regulation, any consent given under this regulation to the transaction the subject of the application shall be void and of no effect.”;

* Notified in the Commonwealth Gazette on 19th December, 1946.

  Statutory Rules 1942, No. 76, as amended by Statutory Rules 1942, Nos. 81, 110, 127, 145, 160, 218, 221, 224, 248, 257, 293, 318, 332, 344, 425, 458, 490, 587 and 539; 1943, Nos. 21, 60, 76, 142, 190 and 278; 1944, Nos. 52, 83, 99 and 148; 1945, Nos. 11, 14, 45, 71, 91, 116 and 189; and 1946, Nos. 61, 63 and 184.

7641.—Price 3d.

 

(b)by inserting after sub-regulation (10.) the following sub-regulation:—

“(10a.) Notwithstanding anything contained in this regulation, the Treasurer shall not refuse to grant his consent under sub-regulation (1.) of this regulation, or make the granting of his consent subject to any condition, except for the purpose of giving effect to a policy of—

(a)preventing or limiting increases in prices of land;

(b)preventing or limiting increases in rates of interest; or

(c) restricting the borrowing of money for use in investment in land.”; and

(c) by adding at the end of sub-regulation (11.) the following definition:—

“‘land’ includes every share, interest or right in a tenement or claim under the Mining Act, 1906, of the State of New South Wales, or under that Act as amended at any time.”.

2. After regulation 6a of the National Security (Economic Organization) Regulations the following regulation is inserted:—

Excess consideration may be recovered.

“6ab.—(1.) Where, after the commencement of this regulation, consent has been given under regulation 6 of these Regulations to any transaction or proposed transaction, and the person from whom the land, option or lease is to be or has been purchased, taken or otherwise acquired accepts or has accepted in respect of the transaction or proposed transaction any consideration in excess of the consideration provided for in the terms of the transaction or proposed transaction as so consented to, the person who has paid or given the excess consideration may, notwithstanding that he is or may be concerned in a contravention of these Regulations in relation to the transaction, but subject to the next succeeding sub-regulation, recover the amount or value of the excess consideration as a debt from the person to whom it was so paid or given by action in any court of competent jurisdiction.

(2.) The court in which any such action is brought may, if, in its discretion, it considers that the circumstances of the case so warrant, refuse to give judgment for the plaintiff, or give judgment for the plaintiff in respect of part only of the amount or value of the excess consideration.”.

3. After regulation 10c of the National Security (Economic Organization) Regulations, the following regulation is inserted in Part IV.:—

Definitions.

“10d. In this Part—

‘building society’ means any body registered as a building society or co-operative housing society under the law of any State or Territory of the Commonwealth;

 

‘co-operative society’ means any body registered under the law of any State or Territory of the Commonwealth as a co-operative society, co-operative company or co-operative association, and includes any body which the Treasurer, by order, declares to be a co-operative society for the purposes of this Part;

‘deposit’ means unsecured loan.”.

Fixing of interest rates.

4. Regulation 11 of the National Security (Economic Organization) Regulations is amended by adding at the end of paragraph (b)of sub-regulation (2.) the words “a building society, a co-operative society or any such declared pastoral company”.

5. After regulation 12 of the National Security (Economic Organization) Regulations the following regulation is inserted:—

Certain shares in building societies deemed to be deposits.

“12a. Where any principal money paid in respect of a share in a building society is withdrawn within five years after the date of allotment, that principal money shall be deemed to have been a deposit from the date of the allotment until the date the principal money is withdrawn, and the building society shall not pay to the owner of the share any amount so that the total amount paid in respect of principal, interest, dividends and other sums of a like nature exceeds the total amount which would have been paid or payable, in respect of a deposit equal in amount to the principal amount withdrawn and made for the same period, under the National Security (Capital Issues) Regulations as in force from time to time during that period, or under any order made under these Regulations.”.

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