LOAN (EMERGENCY WHEAT STORAGE).
No. 37 of 1955.
An Act to authorize the Raising of Moneys to be advanced to the Australian Wheat Board for the purpose of enabling the Board to meet its liabilities in relation to emergency Wheat Stores and to empower the Board to borrow Moneys to be so advanced.
[Assented to 26th September, 1955.]
BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—
Short title.
1. This Act may be cited as the Loan (Emergency Wheat Storage) Act 1955.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Definitions.
3. In this Act, unless the contrary intention appears—
“emergency wheat stores” means wheat stores erected or to be erected by or on behalf of the Australian Wheat Board between the first day of May, One thousand nine hundred and fifty-four, and the thirtieth day of June, One thousand nine hundred and fifty-six, and includes land acquired for the purposes of such a store;
“the Australian Wheat Board” or “the Board” means the Australian Wheat Board constituted under the Wheat Marketing Act 1948-1953 and continued in existence by the Wheat Industry Stabilization Act 1954.
Authority to borrow £3,500,000.
4. The Treasurer may, from time to time, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911-1946, or in accordance with the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the aggregate Three million five hundred thousand pounds.
Application of moneys.
5. Moneys borrowed under this Act shall be issued and applied only for the expenses of borrowing and for making advances to the Board in accordance with this Act.
Treasurer may make advances to Australian Wheat Board.
6. The Treasurer may, out of moneys borrowed under this Act, make advances to the Board of such amounts and on such terms and conditions as the Treasurer determines for the purpose of enabling the Board to meet its liabilities in relation to emergency wheat stores.
Power of Australian Wheat Board to borrow from the Commonwealth.
7. Notwithstanding anything contained in the Wheat Industry Stabilization Act 1954, the Board may, for the purpose of meeting its liabilities in relation to emergency wheat stores, borrow from the Commonwealth, on such terms and conditions as the Treasurer determines, moneys that by this Act the Treasurer is authorized to advance to the Board.
Purpose of advances deemed to be prescribed purpose under section 9 (1.) (d) (iv) of National Debt Sinking Fund Act.
8. The purpose referred to in section six of this Act shall be deemed to be a prescribed purpose for the purposes of sub-paragraph (iv) of paragraph (d) of sub-section (1.) of section nine of the National Debt Sinking Fund Act 1923-1950.
Overview
The Loan (Emergency Wheat Storage) Act 1955 was enacted to address the financial needs of the Australian Wheat Board in managing emergency wheat stores constructed between May 1954 and June 1956. This Act was passed by the Queen's Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, and received Royal Assent on 26th September 1955. The primary purpose of this legislation is to authorise the Treasurer to borrow up to £3,500,000 to be advanced to the Australian Wheat Board. These funds are to be used specifically for the expenses of borrowing and for making advances to the Board to meet its liabilities related to the emergency wheat stores. Additionally, the Act allows the Australian Wheat Board to borrow moneys from the Commonwealth under terms determined by the Treasurer, for the same purpose of meeting liabilities related to emergency wheat stores. This legislative action was necessary to ensure that the Australian Wheat Board could adequately manage its financial obligations during a critical period in the wheat industry.
Scope and Application
The Loan (Emergency Wheat Storage) Act 1955 applies to the Australian Wheat Board, as defined, and the Treasurer of the Commonwealth of Australia. It authorises the Treasurer to borrow up to £3,500,000 to facilitate financial support for the Australian Wheat Board in relation to emergency wheat stores erected between May 1954 and June 1956. This Act is effective from the date of Royal Assent and allows for the Treasurer to make advances to the Australian Wheat Board under the conditions specified. Additionally, the Act empowers the Australian Wheat Board to borrow from the Commonwealth for the same purpose, subject to the terms set by the Treasurer. The proceeds from these borrowings are to be used solely for the expenses related to borrowing and for advancing funds to the Board. Notably, the purpose of these advances is deemed to be a prescribed purpose under the National Debt Sinking Fund Act 1923-1950. The Act's application is nationwide, as it is a Commonwealth Act, and there are no stated exclusions or exemptions within the text itself, although the application might be extended or restricted through subordinate instruments.
Key Provisions
The Loan (Emergency Wheat Storage) Act 1955 (section 1) authorises the raising of funds to be advanced to the Australian Wheat Board to assist in meeting liabilities related to emergency wheat storage facilities. This Act came into operation on the day it received Royal Assent (section 2). It defines "emergency wheat stores" as those constructed or to be constructed by or on behalf of the Australian Wheat Board between May 1, 1954, and June 30, 1956, including any land acquired for such stores (section 3). The Australian Wheat Board, referred to as "the Board," is the entity constituted under the Wheat Marketing Act 1948-1953 and continued by the Wheat Industry Stabilization Act 1954 (section 3).
The Act allows the Treasurer to borrow up to £3,500,000 to support these emergency wheat storage initiatives (section 4). These funds are intended solely for the expenses related to borrowing and for making advances to the Board in accordance with the Act (section 5). The Treasurer has the authority to make advances to the Board from the borrowed funds, determining the amounts and conditions as necessary to meet the Board's liabilities concerning the emergency wheat stores (section 6). Additionally, the Board is permitted to borrow from the Commonwealth under the terms and conditions set by the Treasurer for the purpose of meeting its liabilities related to these stores (section 7). The purpose of these advances is deemed to be a prescribed purpose under section 9(1)(d)(iv) of the National Debt Sinking Fund Act 1923-1950 (section 8).
The Act imposes specific obligations on the Treasurer and the Australian Wheat Board. The Treasurer is tasked with borrowing the specified amount and making advances to the Board for the intended purpose, ensuring that the funds are used efficiently and effectively to meet the Board's liabilities related to emergency wheat storage (sections 4 and 6). The Board is responsible for utilising the received funds to meet its financial obligations concerning the emergency wheat stores (section 6). Furthermore, the Board may borrow from the Commonwealth under the terms set by the Treasurer, which adds another layer of financial management and accountability (section 7).
The Act does not explicitly outline offences, penalties, or civil/criminal consequences for breaches within its text. However, any failure to adhere to the specified terms and conditions for borrowing and making advances could potentially lead to financial mismanagement or misuse of funds. Given the nature of the Act, breaches might result in legal actions for mismanagement of public funds or other related civil consequences, although these are not detailed within the text of the Act.