LOAN (WAR SERVICE LAND SETTLEMENT).
No. 81 of 1956.
An Act to approve the Borrowing of Moneys for a Defence Purpose, namely Financial Assistance to the States in connexion with War Service Land Settlement, and to authorize the expending of those Moneys.
[Assented to 7th November, 1956.]
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 (War Service Land Settlement) Act 1956.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Authority to borrow £8,500,000.
3. 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 whole Eight million five hundred thousand pounds.
Application of moneys.
4. Moneys borrowed under this Act shall be issued and applied only for the expenses of borrowing and for the purpose of financial assistance to the States in connexion with war service land settlement.
Overview
The Loan (War Service Land Settlement) Act 1956 was enacted to provide financial assistance to Australian states for war service land settlement. Enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, the Act authorises the borrowing of up to £8,500,000 to support this purpose. The moneys borrowed under the Act are to be applied exclusively to the expenses of borrowing and for providing financial assistance to the states in connection with war service land settlement. The policy objective of the Act is to facilitate the settlement of land for returning service personnel, ensuring that they have the necessary support to transition into civilian life and contribute to the agricultural sector post-war.
Scope and Application
The Loan (War Service Land Settlement) Act 1956 applies to the Commonwealth of Australia and specifically authorises the Treasurer to borrow a specified amount of money for the purpose of financial assistance to the states in connection with war service land settlement. This Act serves a very particular and narrowly defined purpose, which is to facilitate the borrowing and application of funds to support land settlement initiatives for war service members. The Act's reach is limited to the Commonwealth and its application is confined to the specific financial assistance for war service land settlement as outlined in the Act. The Act itself does not extend its application through subordinate instruments and there are no stated exclusions, exemptions, or thresholds apart from the specific borrowing limit and purpose for which the borrowed funds can be used.
Key Provisions
The Loan (War Service Land Settlement) Act 1956, as referenced in section 1, establishes the framework for borrowing and utilising funds for war service land settlement. Under section 3, the Treasurer is authorised to borrow up to £8,500,000, adhering to the provisions of the Commonwealth Inscribed Stock Act 1911–1946 or any subsequent Act allowing the issuance of Treasury Bills. The funds obtained under this Act, as per section 4, must be used exclusively for the expenses related to borrowing and for providing financial assistance to the states involved in war service land settlement.
The Act imposes certain obligations on the Treasurer and relevant state governments. The Treasurer is mandated to ensure that the borrowed funds are managed strictly in accordance with the Act’s provisions, specifically for the outlined purposes of borrowing expenses and financial assistance for war service land settlement. State governments, on the other hand, must ensure that the financial assistance they receive is applied in a manner consistent with the Act, specifically for the purposes of facilitating war service land settlement.
The Loan (War Service Land Settlement) Act 1956 does not explicitly outline specific offences or penalties for breaches of the Act. However, any misuse of the funds or failure to comply with the Act's stipulations could potentially lead to legal consequences under general legislative principles or related financial legislation. For example, if the funds are misappropriated or used for purposes outside the scope of the Act, the involved parties could face legal actions, including financial penalties and recovery of misused funds. The Act’s brevity in detailing penalties may imply that adherence to its directives is of utmost importance, with potential ramifications under broader legal frameworks.