Iron and Steel Products Bounty Act 1929

Overview

The Iron and Steel Products Bounty Act 1929 was enacted to amend the Iron and Steel Products Bounty Act 1922-1927. This legislation was introduced to address the need for updated bounty rates for certain iron and steel products, reflecting changes in market conditions or the economic environment of the time. The Act was assented to on 17th December 1929 by the King's Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia. The policy objective behind the Act was to provide an appropriate financial incentive to the Australian iron and steel industry, thereby supporting its growth and competitiveness. The specific change introduced by the Act involved adjusting the bounty rate for galvanised sheets, increasing it from £3 12s. per ton to £4 10s. per ton, effective from 1st January 1930.

Scope and Application

The Iron and Steel Products Bounty Act 1929 amends the Iron and Steel Products Bounty Act 1922-1927, altering the bounty payable for specific iron and steel products manufactured in Australia. The Act applies to entities involved in the production of galvanised sheets within Australia, specifically those who manufacture and deliver these products from their factories on or after 1 January 1930. This alteration in the bounty rate is intended to address economic conditions and support the industry, with the new bounty rate of £4 10s. per ton replacing the previous rate of £3 12s. per ton. The Act's amendments are confined to the defined product and the specific bounty rate, without broader implications on other industries or products. The changes are effective from the specified date, and no additional exclusions, exemptions, or thresholds are mentioned in the text of the Act.

Key Provisions

The main operative sections of the Iron and Steel Products Bounty Act 1929 (hereinafter referred to as the 1929 Act) primarily focus on amending the bounty rates for certain iron and steel products as detailed in the Iron and Steel Products Bounty Act 1922-1927 (the Principal Act). Specifically, section 2(1) of the 1929 Act amends the schedule of the Principal Act by replacing the bounty rate for galvanised sheets. Instead of the previous rate of £3 12s. per ton, the new rate is set at £4 10s. per ton. This change applies to galvanised sheets manufactured in Australia and delivered from the factory on or after 1 January 1930, as stipulated in section 2(2). The 1929 Act imposes specific obligations and requirements on the entities involved in the production and delivery of galvanised sheets within Australia. Manufacturers must ensure that the galvanised sheets produced meet the specifications outlined in the Principal Act and any subsequent amendments. Furthermore, they are required to deliver these products from the factory on or after the effective date of 1 January 1930 to be eligible for the updated bounty rate. The Act also mandates that relevant authorities verify compliance with these provisions to ensure the bounty is correctly applied. Failure to comply with the provisions of the 1929 Act could result in various civil and criminal consequences. Although the specific penalties are not detailed within the text provided, under Australian law, breaches of legislative requirements can typically lead to fines, legal actions, and potentially criminal charges, depending on the severity and intent of the violation. The maximum penalties would be determined by relevant legal authorities and could include substantial financial penalties and imprisonment for more severe infractions. In summary, the 1929 Act serves to update the bounty rates for galvanised sheets, placing specific obligations on manufacturers to adhere to the new rates and comply with the amended schedule. Non-compliance could result in serious legal repercussions, including fines and potential criminal charges, although the exact penalties are not detailed in the provided text.