Loan (War Service Land Settlement)
No. 6 of 1967
An Act to authorize the Raising and Expending of a sum not exceeding Six million seven hundred and fifty thousand dollars 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 13 April 1967]
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 1967.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Authority to borrow $6,750,000.
3. The Treasurer may, from time to time, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911–1966, or in accordance with the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole Six million seven hundred and fifty thousand dollars.
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 2 of the States Grants (War Service Land Settlement) Act 1952–1953.
Overview
The Loan (War Service Land Settlement) Act 1967 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 empowers the Treasurer to borrow up to six million seven hundred and fifty thousand dollars for this specific defence purpose. The enacting body for this legislation is the Queen's Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, reflecting the collaborative legislative process in Australia. The policy objective of the Act is to provide financial support for the settlement of war service land, ensuring that returned servicemen and women can benefit from land grants as part of their post-war resettlement efforts. The borrowed funds are to be used strictly for the expenses associated with the borrowing process and the financial assistance to the specified states, as outlined in the States Grants (War Service Land Settlement) Act 1952–1953.
Scope and Application
The Loan (War Service Land Settlement) Act 1967 is enacted to facilitate the borrowing of funds necessary to support war service land settlement initiatives in the states of South Australia, Western Australia, and Tasmania. The Act applies to the Treasurer who is authorised to borrow up to a specified amount of six million seven hundred and fifty thousand dollars, to be used exclusively for the expenses of borrowing and for financial assistance as outlined in the States Grants (War Service Land Settlement) Act 1952–1953. The borrowed funds are to be applied to support the states in their war service land settlement efforts. The Act's jurisdiction is limited to the Commonwealth of Australia, and it does not explicitly outline any exclusions or exemptions. The application of the Act may be extended or restricted through subordinate instruments in line with the Commonwealth Inscribed Stock Act 1911–1966 or any Act permitting the issuance of Treasury Bills.
Key Provisions
The Loan (War Service Land Settlement) Act 1967 authorises the Treasurer to borrow up to $6,750,000 (s. 3). This borrowing is to be used for expenses related to the borrowing process and for providing financial assistance to South Australia, Western Australia, and Tasmania (s. 4). The financial assistance is intended to support war service land settlement, as outlined in the States Grants (War Service Land Settlement) Act 1952–1953.
The Act imposes certain obligations on the Treasurer, including the requirement to borrow and allocate funds strictly according to the provisions set out in the Commonwealth Inscribed Stock Act 1911–1966 or any other relevant Act, such as one authorising the issuance of Treasury Bills (s. 3). These obligations ensure that the borrowed funds are used exclusively for the purposes outlined in the Act, namely for the expenses of borrowing and the specified financial assistance to the three states.
There are no explicit provisions within the Act detailing offences, penalties, or consequences for breach. However, any failure to comply with the borrowing and application of funds as prescribed by the Commonwealth Inscribed Stock Act 1911–1966 or the relevant Treasury Bills Act could potentially result in civil or administrative consequences under those Acts. These could include the requirement to repay borrowed funds or other financial liabilities. The absence of specific penalties in the Loan (War Service Land Settlement) Act 1967 suggests that any breaches would be addressed under the broader legislative framework governing the issuance and management of public debt in Australia.