Financial (Military) Regulations (Amendment)

Overview

Statutory Rules 1955, No. 56, issued under the Defence Act 1903-1953, represents an amendment to the Financial (Military) Regulations made by the Governor-General in and over the Commonwealth of Australia, acting on the advice of the Federal Executive Council. This legislative instrument specifically repeals Regulation 25 of the Financial (Military) Regulations, a move that was notified in the Commonwealth Gazette in 1955. The primary objective of this regulation was to address a gap or issue related to the financial management and oversight of military resources, although the exact nature of the problem it sought to resolve is not explicitly stated in the text. The regulation reflects the legislative authority vested in the Federal Executive Council to enact necessary changes to military financial regulations to better align with current administrative needs and practices.

Scope and Application

The Statutory Rules 1955 No. 56, made under the Defence Act 1903-1953, pertains specifically to the amendment of the Financial (Military) Regulations, with a primary focus on the repeal of regulation 25. This legislative instrument applies to the Commonwealth of Australia and impacts entities and persons involved in financial transactions within the military sector. Its reach is confined to federal jurisdiction, thus it applies uniformly across the Commonwealth. The regulation does not explicitly state exclusions, exemptions, or thresholds, but it is implicit that the repealed regulation 25, which likely dealt with specific financial management within the military, no longer applies. Any further extensions or restrictions of the regulation's application would be detailed in subordinate instruments or subsequent legislative amendments.

Key Provisions

The main operative section of this legislation is the repeal of regulation 25 of the Financial (Military) Regulations (section 1). This repeal removes a previously existing provision within the regulations, potentially altering the financial obligations or processes related to military matters. The obligations and requirements imposed by this legislation pertain to the entities governed by the Financial (Military) Regulations. With the repeal of regulation 25, these entities must now adjust their practices or procedures to accommodate the absence of this particular regulation. This could involve revising internal policies, updating financial reporting mechanisms, or otherwise ensuring compliance with the now-amended regulations. The legislation does not explicitly detail offences, penalties, or civil/criminal consequences for non-compliance with the repealed regulation 25. However, failure to adhere to the updated Financial (Military) Regulations could lead to legal repercussions. Potential consequences might include financial penalties, legal action, or administrative sanctions, depending on the specific nature and extent of the non-compliance. The exact penalties would be determined in the context of any resulting legal proceedings or administrative reviews.