Loan (War Service Land Settlement) Act 1971
No. 121 of 1971
An Act to authorize the Raising and Expending of a sum not exceeding Four million 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 $4,000,000
4 Application of moneys
Loan (War Service Land Settlement) Act 1971
No. 121 of 1971
An Act to authorize the Raising and Expending of a sum not exceeding Four million 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 December 1971]
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 1971.
2 Commencement
This Act shall come into operation on the day on which it receives the Royal Assent.
3 Authority to borrow $4,000,000
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 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 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 1971 was enacted to address the financial needs of South Australia, Western Australia, and Tasmania concerning war service land settlement. This Act was introduced to provide a legislative framework for the Commonwealth to offer financial assistance to these states. Authorised 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 up to four million dollars to fund this purpose. The borrowed funds are to be used strictly for the expenses of borrowing and for providing financial assistance as outlined in the States Grants (War Service Land Settlement) Act 1952-1953, thereby ensuring that the financial aid reaches the intended recipients effectively and efficiently.
Scope and Application
The Loan (War Service Land Settlement) Act 1971 authorises the Commonwealth to borrow up to $4,000,000 to provide financial assistance to the States of South Australia, Western Australia, and Tasmania for war service land settlement. The Act empowers the Treasurer to borrow these funds under the provisions of the Commonwealth Inscribed Stock Act 1911-1966 or any Act permitting the issuance of Treasury Bills. The borrowed funds are specifically intended for the expenses related to the borrowing process and for financial aid to the specified states, as outlined in section 2 of the States Grants (War Service Land Settlement) Act 1952-1953. The Act applies to the specified states and to the federal government in its capacity to provide financial assistance through loans. The Act’s geographic reach is limited to the Commonwealth and the specified states, and there are no stated exclusions, exemptions, or thresholds within the Act itself, though its application may be further defined through subordinate instruments or regulations.
Key Provisions
The Loan (War Service Land Settlement) Act 1971 (section 3) authorises the Treasurer to borrow a sum not exceeding Four million dollars. This borrowing is specifically intended for financial assistance to the states of South Australia, Western Australia, and Tasmania in relation to war service land settlement. The money borrowed under this Act can only be used for the expenses of borrowing and for the specific purpose of providing financial assistance, as outlined in section 4 of the Act.
In terms of obligations and requirements, the Act imposes a clear directive that the borrowed funds are to be applied strictly for the intended purpose of financial assistance to the specified states. This ensures that the funds are used effectively for the war service land settlement, which aligns with the defence purpose stated in the Act. The Treasurer must follow the guidelines set out in the Commonwealth Inscribed Stock Act 1911-1966 or any Act authorizing the issue of Treasury Bills when borrowing the money.
There are no explicit offences, penalties, or consequences for breach stated in the Act. However, the strict application of the borrowed funds implies that any misuse or deviation from the intended purpose could be considered a breach of the Act. While the Act does not specify penalties, it is clear that adherence to the stipulated purposes and application of funds is mandatory to avoid any potential repercussions or legal issues.