LOAN (WAR SERVICE LAND SETTLEMENT).
No. 55 of 1963.
An Act to authorize the raising and expending of a sum not exceeding Four million two hundred and twenty-five thousand pounds for a Defence Purpose, namely Financial Assistance to the States of South Australia, Western Australia and Tasmania in connexion with War Service Land Settlement.
[Assented to 18th October, 1963.]
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 1963.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Authority to borrow £4,225,000.
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 Four million two hundred and twenty-five 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 of South Australia, Western Australia and Tasmania in accordance with the provisions of sub-section (1.) of section two of the States Grants (War Service Land Settlement) Act 1952-1953.
Overview
The Loan (War Service Land Settlement) Act 1963 was enacted to address the need for financial assistance to the states of South Australia, Western Australia, and Tasmania in relation to war service land settlement. This Act was passed by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, with the assent given on 18 October 1963. It authorises the Treasurer to borrow up to £4,225,000 for Defence purposes, specifically to provide financial support to the designated states for war service land settlement, in accordance with the provisions of the States Grants (War Service Land Settlement) Act 1952-1953. The borrowed funds are to be applied solely towards the expenses of borrowing and the intended financial assistance, ensuring a clear and direct use of the allocated resources.
Scope and Application
The Loan (War Service Land Settlement) Act 1963 applies specifically to the Treasurer of the Commonwealth of Australia, who is authorised to borrow up to a specified sum of Four million two hundred and twenty-five thousand pounds for the purpose of financial assistance to the states of South Australia, Western Australia, and Tasmania in relation to war service land settlement. This legislation was enacted to support these states in their war service land settlement efforts and is restricted to this particular purpose, with any borrowing done in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911-1946 or any Act that allows for the issuance of Treasury Bills. The Act is a Commonwealth law, extending its jurisdictional reach across the entire nation. There are no stated exclusions, exemptions, or thresholds within the Act itself; however, the application of the borrowed funds is governed by the provisions of the States Grants (War Service Land Settlement) Act 1952-1953. The Act does not explicitly mention any subordinate instruments extending or restricting its application.
Key Provisions
The primary operative sections of the Loan (War Service Land Settlement) Act 1963 (the "Act") establish the authority for borrowing and the application of funds. Section 3 of the Act allows the Treasurer to borrow up to £4,225,000, with the borrowing to be conducted under the Commonwealth Inscribed Stock Act 1911-1946 or any Act authorizing the issuance of Treasury Bills. Section 4 specifies that the borrowed funds are to be applied for the expenses of borrowing and for the purpose of providing financial assistance to the States of South Australia, Western Australia, and Tasmania, in accordance with the provisions of section 2(1) of the States Grants (War Service Land Settlement) Act 1952-1953.
The Act imposes specific obligations and requirements on the Treasurer and other relevant parties. The Treasurer is tasked with borrowing the specified amount and ensuring that these funds are applied strictly as outlined in Section 4. The Act mandates that the borrowed moneys can only be used for the specified purposes, ensuring that the financial assistance is directed towards the intended beneficiaries—the states of South Australia, Western Australia, and Tasmania. These obligations are clearly defined to maintain transparency and accountability in the use of the borrowed funds.
Regarding the consequences of breaches, the Act does not explicitly outline specific offences, penalties, or civil/criminal consequences for non-compliance. However, the strict application and purpose-driven allocation of funds imply that any deviation from the prescribed use could potentially lead to legal scrutiny and implications. Although the Act does not detail penalties, it is implicit that adherence to the outlined provisions is crucial, and failure to comply could result in legal action or other consequences under broader legislative frameworks that govern financial administration and public funds.