Federal Capital Commission (Finance) Regulations

Overview

The Federal Capital Commission (Finance) Regulations 1928 were enacted under the Seat of Government (Administration) Act 1924-1926 to provide specific financial guidelines for the Federal Capital Commission. This legislative instrument was introduced to address the need for clear financial regulations governing the administration of the Seat of Government, particularly in relation to interest rates on liabilities. The regulations were made by the Governor-General in Council, reflecting the authority granted under the Act. The policy objective was to establish a consistent and transparent financial framework for the Commission, ensuring that interest rates were clearly defined and applied uniformly. This was essential for the effective administration of the Federal Capital, providing clarity and predictability in financial matters related to the Commission's operations.

Scope and Application

The Federal Capital Commission (Finance) Regulations, made under the Seat of Government (Administration) Act 1924-1926, establish specific financial obligations for the Federal Capital Commission. These regulations apply directly to the Commission and dictate the rate of interest it must pay on certain debts, as well as the periods for which such interest is to be calculated. The Act and these Regulations have a jurisdictional reach limited to the Australian Capital Territory, where the Federal Capital Commission is based. The specified interest rates of Two pounds ten shillings per centum per annum apply to debts incurred prior to the commencement of the Act and to the liability as at the Act's commencement. The Regulations do not extend to other entities or industries but are strictly confined to the financial obligations of the Federal Capital Commission as outlined in the Seat of Government (Administration) Act 1924-1926.

Key Provisions

The Federal Capital Commission (Finance) Regulations, made under the Seat of Government (Administration) Act 1924-1926, set out specific financial obligations for the Federal Capital Commission. Section 2 of the Regulations specifies that the rate of interest for which the Commission shall be liable, as per section 21(1) of the Act, is Two pounds ten shillings per centum per annum. This interest is calculated from the first day of July following the close of each financial year until 31 December 1924. Additionally, Section 3 of the Regulations outlines that the rate of interest on the Commission's liability as at the commencement of the Act is also Two pounds ten shillings per centum per annum, as per section 21(3) of the Act. These Regulations impose clear financial obligations on the Federal Capital Commission, primarily concerning the payment of interest on certain liabilities. The Commission must ensure that it adheres to the specified interest rates and calculation periods, as outlined in the Regulations. Failure to do so could result in the Commission being liable for additional interest, potentially increasing its financial burden. In terms of consequences for non-compliance, the Regulations do not explicitly state penalties or specific civil or criminal consequences for breaching the financial obligations. However, non-compliance could lead to increased financial liabilities due to the accrual of additional interest. While the Regulations themselves do not prescribe maximum penalties, any resultant financial discrepancies or failures to meet obligations might attract scrutiny or enforcement actions under the broader provisions of the Seat of Government (Administration) Act 1924-1926 or other relevant legislation.