Commonwealth Housing Regulations (Amendment)

Overview

The Statutory Rules 1929, No. 11, Regulations under the Commonwealth Housing Act 1927-1928, were enacted by the Governor-General in Council to amend existing regulations. This legislative instrument aimed to address the need for broadening the scope of financial institutions eligible to participate in the Commonwealth Housing scheme. By amending the Commonwealth Housing Regulations, the enacting body sought to include the State Bank of South Australia, established under the State Bank Act 1925, and the Government Savings Bank of New South Wales, established by the Government Savings Bank Act 1906, as authorised institutions under the Act. This extension facilitated greater participation from state-level financial entities in the national housing initiative, thereby enhancing the availability of housing finance options.

Scope and Application

The Commonwealth Housing Regulations, as amended under the Commonwealth Housing Act 1927-1928, extend the definition of an "authority" to include the State Bank of South Australia, established by the State Bank Act 1925, and the Government Savings Bank of New South Wales, established by the Government Savings Bank Act 1906. This inclusion means that these two entities are now deemed authorities for the purposes of the Commonwealth Housing Act, allowing them to participate in activities and transactions related to housing under the Act. The regulations are applicable on a national level, extending across state boundaries to incorporate specific financial institutions into the framework of Commonwealth housing initiatives. This amendment does not specify any exclusions or exemptions from the application of the Act; rather, it broadens the scope of eligible authorities involved in housing-related matters within the Commonwealth. The application of these regulations is further defined and potentially extended by subordinate instruments, which may provide additional details on the roles and responsibilities of these newly included authorities in the context of housing policies and programs.

Key Provisions

The key operative sections of these Regulations (sections 3 and 4) deem the State Bank of South Australia, established under the State Bank Act 1925, and the Government Savings Bank of New South Wales, established under the Government Savings Bank Act 1906, to be authorities for the purposes of the Commonwealth Housing Act 1927-1928. This designation implies that these entities are recognised as eligible to participate in the housing programs and initiatives outlined in the principal Act. These sections impose obligations on the two specified banks, recognising them as authorities within the scope of the Commonwealth Housing Act. This recognition allows them to engage in activities related to housing finance, including the provision of loans and other financial services that support housing initiatives as defined by the Act. In terms of consequences, the Regulations themselves do not explicitly state offences or penalties for non-compliance. However, the designation as an authority under the Commonwealth Housing Act implies adherence to the regulatory framework established by the Act. Non-compliance with the Act's provisions could potentially lead to civil or criminal liabilities as outlined in the principal Act, though the specific penalties would be detailed within the Commonwealth Housing Act 1927-1928. For instance, unauthorised activities or breaches of the Act could result in fines, legal actions, or other penalties as prescribed by the Act.