Re-establishment and Employment (Allowances and Loans) Regulations (Amendment) (Cth)

STATUTORY RULES.

1948. No..

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REGULATION UNDER THE RE-ESTABLISHMENT AND EMPLOYMENT ACT 1945.*

I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulation under the Re-establishment and Employment Act 1945.

Dated this twenty-third day of June, 1948.

W.J McKell

Governor-General.

By His Excellency’s Command,

for and on behalf of the Minister of State for Post-war Reconstruction.

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Amendment of the Re-establishment and Employment (Allowances and Loans) Regulations.

Regulation 15 of the Re-establishment and Employment (Allowances and Loans) Regulations is repealed and the following regulation inserted in its stead:—

Interest on loans.

“15.—(1.) For the purposes of this regulation—

(a)any reference to ‘ loans under the Australian Soldiers’ Repatriation Regulations’ shall be read as a reference to ‘loans’ within the meaning of regulation 53 of those Regulations; and

(b)‘training loan’ means any loan, made under Part III. of the Act to a trainee under the Commonwealth Reconstruction Training Scheme, which has become due for repayment to the Commonwealth.

“(2.) For the purpose of ascertaining the rate of interest (if any) payable on a loan, or portion of a loan, made to any one eligible person, whether before or after the commencement of this regulation, the amounts of all loans granted to that person shall be added to the amounts of all loans under Division 3 of Part VI. of the Act in respect of an agricultural occupation, all training loans, all loans under the Australian Soldiers’ Repatriation Regulations and all loans under the Interim Forces Benefits Regulations made or granted to that person and—

(a)where the aggregate amount of the loans does not exceed Fifty pounds, no interest shall be charged;

 

* Notified in the Commonwealth Gazette on , 1948.

  Statutory Rules 1945, No. 190, as amended by Statutory Rules 1946, No. 181.

1498.—Price 3d. 10/19.4.1048.

 

(b)where the aggregate amount of the loans exceeds Fifty pounds, but does not exceed Two hundred and fifty pounds, interest at the rate of two per centum per annum shall be charged on the amount by which the aggregate amount exceeds Fifty pounds;

(c)where the aggregate amount of the loans exceeds Two hundred and fifty pounds, but does not include a training loan, or includes a training loan of Two hundred and fifty pounds or less, interest shall be charged at the rate of two per centum per annum on the first Two hundred pounds of the aggregate amount in excess of Fifty pounds and at the rate of three and three-quarters per centum, per annum on so much of the aggregate amount as exceeds Two hundred and fifty pounds; or

(d)where the aggregate amount of the loans exceeds Two hundred and fifty pounds and includes a training loan of more than Two hundred and fifty pounds, interest at the rate of two per centum per annum shall be charged on the amount by which the training loan exceeds Fifty pounds, and interest at the rate of three and three-quarters per centum per annum on the amount by which the aggregate amount exceeds the amount of the training loan.”.

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