LOAN (WAR SERVICE LAND SETTLEMENT).
No. 36 of 1951.
An Act to authorize the Raising and Expending of a certain Sum of Money.
[Assented to 24th November, 1951.]
BE it enacted by the King’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 (War Service Land Settlement) Act 1951.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Authority to borrow £4,125,000.
3. The Treasurer may, from time to time, borrow, under the provisions of the Commonwealth Inscribed Stock Act 1911-1946, or under the provisions of any Act authorizing the issue of Treasury Bills, moneys not exceeding in the whole the amount of Four million one hundred and twenty-five thousand pounds.
Purposes for which money may be borrowed.
4. The amount borrowed shall be issued and applied only for the expenses of borrowing and for the purposes of appropriations made or to be made by law.
Issue and application of £4,125,000.
5. There may be issued and applied out of the proceeds of any loan raised under the authority of this Act, or any other Act, the sum of Four million one hundred and twenty-five thousand pounds for the purpose set forth in the Schedule to this Act.
Sec. 5. THE SCHEDULE.
—
WAR AND REPATRIATION SERVICES.
| Appropriated by this Act. |
War Service Land Settlement— | £ |
Financial assistance to the States in connexion with War Service Land Settlement. | 4,125,000 |
Overview
The Loan (War Service Land Settlement) Act 1951 was enacted by the Commonwealth Parliament to address the financial needs associated with the post-World War II land settlement programs for returning servicemen. As assented to on 24th November 1951, the Act authorises the Treasurer to borrow up to £4,125,000 for the purposes of facilitating the War Service Land Settlement, specifically providing financial assistance to the states involved in this initiative. The borrowed funds are intended to cover the expenses of borrowing and other appropriations as determined by law, aiming to support the settlement of service personnel on land as part of their post-war rehabilitation and reintegration into civilian life. This legislative measure underscores the government's commitment to honouring the service and sacrifices of its military personnel by ensuring their smooth transition back into society through practical support mechanisms.
Scope and Application
The Loan (War Service Land Settlement) Act 1951 pertains to the financial provisions for war service land settlement, specifically authorising the Treasurer to borrow up to £4,125,000 for this purpose. This Act applies to the Commonwealth of Australia and enables the Treasurer to raise the specified funds under the existing provisions of the Commonwealth Inscribed Stock Act 1911-1946 or any Act authorising the issuance of Treasury Bills. The borrowed money is intended solely for expenses related to the borrowing process and for appropriations made or to be made by law, as outlined in the Schedule of the Act. The funds are to be applied towards the war service land settlement, specifically providing financial assistance to the states involved in this initiative. The Act came into operation on the day it received Royal Assent, which was 24th November, 1951.
Key Provisions
The Loan (War Service Land Settlement) Act 1951 primarily authorises the borrowing of a specified amount of money to fund war service land settlement (section 3). Under section 4, the borrowed funds are designated for expenses related to borrowing and specific appropriations made by law, while section 5 outlines that the sum of Four million one hundred and twenty-five thousand pounds will be issued and applied for the purpose of war service land settlement as detailed in the Act's Schedule. This Schedule specifies that the funds will be used for financial assistance to the states in connection with war service land settlement.
The Act imposes obligations on the Treasurer to borrow the specified amount of money under the authority of the Commonwealth Inscribed Stock Act 1911-1946 or any Act authorising the issue of Treasury Bills (section 3). The funds must be applied strictly to the expenses of borrowing and the specified appropriations (section 4). The Act also requires that the sum of Four million one hundred and twenty-five thousand pounds be issued and applied for war service land settlement, ensuring that the borrowed funds are used in accordance with the Act’s purpose (section 5).
Breach of the provisions of this Act does not explicitly state specific offences, penalties, or consequences for non-compliance. However, given the nature of legislative enactments, any failure to comply with the specified uses of the borrowed funds could potentially lead to legal scrutiny or accountability measures under general principles of statutory interpretation and financial governance. The absence of explicit penalties in the Act suggests that compliance is expected to be maintained through adherence to the stated purposes and legal obligations, with potential repercussions stemming from non-compliance with financial and legislative standards.