Loan (War Service Land Settlement) Act 1970
No. 40 of 1970
An Act to authorize the Raising and Expending of a sum not exceeding Four million five hundred 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
Contents
1 Short title
2 Commencement
3 Authority to borrow $4,500,000
4 Application of moneys
Loan (War Service Land Settlement) Act 1970
No. 40 of 1970
An Act to authorize the Raising and Expending of a sum not exceeding Four million five hundred 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 24 June 1970]
BE it enacted by the Queen’s Most Excellent, Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—
1 Short title
This Act may be cited as the Loan (War Service Land Settlement) Act 1970.
2 Commencement
This Act shall come into operation on the day on which it receives the Royal Assent.
3 Authority to borrow $4,500,000
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 Four million five hundred thousand dollars.
4 Application of moneys
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 subsection (1) of section 2 of the States Grants (War Service Land Settlement) Act 1952‑1953.
Overview
The Loan (War Service Land Settlement) Act 1970 was enacted to address the financial needs associated with the war service land settlement in South Australia, Western Australia, and Tasmania. This Act authorises the Commonwealth to borrow up to four million five hundred thousand dollars for the purpose of providing financial assistance to these states. Authorised by the Queen's Most Excellent Majesty, the Senate, and the House of Representatives, the Act allows the Treasurer to borrow the specified amount under the Commonwealth Inscribed Stock Act 1911-1966 or any other applicable Act authorising the issue of Treasury Bills. The funds raised will be used strictly for borrowing expenses and to support the war service land settlement as detailed in the States Grants (War Service Land Settlement) Act 1952-1953.
Scope and Application
The Loan (War Service Land Settlement) Act 1970 applies to the Commonwealth Government, specifically empowering the Treasurer to borrow a sum not exceeding Four million five hundred thousand dollars for a specific defence purpose. This purpose is to provide financial assistance to the states of South Australia, Western Australia, and Tasmania in relation to war service land settlement, as outlined in the States Grants (War Service Land Settlement) Act 1952-1953. The borrowing and application of funds are subject to the provisions of the Commonwealth Inscribed Stock Act 1911-1966 or any Act authorizing the issue of Treasury Bills. The Act came into effect on the day it received Royal Assent and does not extend beyond its specified monetary limit or the designated states and purposes. There are no stated exclusions or exemptions within the text of the Act, and its application is confined to the financial assistance outlined for the specified states.
Key Provisions
The Loan (War Service Land Settlement) Act 1970 (sections 1-4) establishes the framework for the Commonwealth government to provide financial assistance to the states of South Australia, Western Australia, and Tasmania. Section 3 grants the Treasurer the authority to borrow up to $4,500,000 to support war service land settlement. This borrowing must comply with the provisions outlined in the Commonwealth Inscribed Stock Act 1911-1966 or any Act authorising the issue of Treasury Bills. Section 4 specifies that the borrowed funds can only be used for the expenses related to borrowing and for providing financial assistance to the three states, in line with the provisions of the States Grants (War Service Land Settlement) Act 1952-1953.
The Act imposes several obligations on the parties involved. The Treasurer must ensure that the borrowing process adheres to the specified legislative frameworks. Furthermore, the funds borrowed must be applied strictly to the purposes outlined in the Act. This includes managing the costs associated with borrowing and providing financial support to the three states for war service land settlement. The Act does not specify detailed administrative procedures or additional compliance requirements beyond these core obligations.
There are no explicit provisions detailing offences, penalties, or consequences for non-compliance within the Loan (War Service Land Settlement) Act 1970. The Act focuses primarily on authorising the borrowing and application of funds for a specific purpose. Consequently, any breaches of the obligations would likely be addressed under broader legal principles or related legislation, but the Act itself does not outline specific sanctions or penalties for non-compliance.