LOAN (WAR SERVICE LAND SETTLEMENT).
No. 86 of 1964.
An Act to authorize the Raising and Expending of a sum not exceeding Four million five hundred 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 5th November, 1964.]
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 1964.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Authority to borrow £4,500,000.
3. The Treasurer may, from time to time, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911–1963, or in accordance with the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole Four 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 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 1964 was enacted to address the need for financial assistance to the States of South Australia, Western Australia, and Tasmania in connection with war service land settlement. The Act authorises the Commonwealth to borrow a sum not exceeding £4,500,000 for this purpose. Enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, the Act allows the Treasurer to borrow the specified amount under the provisions of the Commonwealth Inscribed Stock Act 1911–1963 or any Act authorising the issue of Treasury Bills. The borrowed funds are to be used for the expenses of borrowing and for financial assistance to the specified states, in accordance with the provisions of the States Grants (War Service Land Settlement) Act 1952–1953. The policy objective of this Act is to provide the necessary financial support to facilitate war service land settlement in the targeted states.
Scope and Application
The Loan (War Service Land Settlement) Act 1964 applies to the financial assistance provided by the Commonwealth of Australia to the states of South Australia, Western Australia, and Tasmania for war service land settlement. Authorised by this Act, the Treasurer is empowered to borrow up to £4,500,000, which is to be used exclusively for the expenses of borrowing and to provide financial assistance to the mentioned states in accordance with the States Grants (War Service Land Settlement) Act 1952–1953. This Act applies to the Commonwealth of Australia and the three specified states, establishing a financial mechanism to support war service land settlement initiatives. The borrowing is subject to the provisions of the Commonwealth Inscribed Stock Act 1911–1963 or any Act authorizing the issue of Treasury Bills. This Act does not specify exclusions, exemptions, or thresholds, but its application is confined to the specified purpose of financial assistance for war service land settlement.
Key Provisions
The Loan (War Service Land Settlement) Act 1964 (section 1) provides the legal framework for the borrowing of up to £4,500,000 for financial assistance to the states of South Australia, Western Australia, and Tasmania in connection with war service land settlement. This Act commences on the day it receives Royal Assent (section 2). The Treasurer is authorised to borrow this sum under the provisions of the Commonwealth Inscribed Stock Act 1911–1963 or any Act permitting the issuance of Treasury Bills (section 3). The funds raised through this borrowing are designated for the expenses related to the borrowing process and for providing financial assistance to the aforementioned states, in line with the stipulations of the States Grants (War Service Land Settlement) Act 1952–1953 (section 4).
The Act imposes several obligations on the parties involved. The Treasurer is responsible for borrowing the specified amount of money and ensuring that the funds are applied correctly. This includes adhering to the terms of either the Commonwealth Inscribed Stock Act 1911–1963 or any relevant Treasury Bills Act. Additionally, the financial assistance provided to South Australia, Western Australia, and Tasmania must align with the provisions outlined in the States Grants (War Service Land Settlement) Act 1952–1953. These obligations ensure that the borrowing and subsequent financial aid are conducted in a lawful and efficient manner.
Under the Loan (War Service Land Settlement) Act 1964, there are no specific offences, penalties, or civil/criminal consequences outlined for breaches of the Act. However, failure to comply with the requirements for borrowing or the application of funds could potentially lead to legal scrutiny or repercussions under the relevant Acts governing the issuance of stock or Treasury Bills. It is important for the parties involved to ensure strict adherence to the legislative provisions to avoid any unintended legal complications.