Loan (War Service Land Settlement) Act 1972
No. 91 of 1972
An Act to authorize the Raising and Expending of a sum not exceeding Six 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 $6,500,000
4 Application of moneys
Loan (War Service Land Settlement) Act 1972
No. 91 of 1972
An Act to authorize the Raising and Expending of a sum not exceeding Six 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 18 October 1972]
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 1972.
2 Commencement
This Act shall come into operation on the day on which it receives the Royal Assent.
3 Authority to borrow $6,500,000
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 Six 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 subsection (1) of section 2 of the States Grants (War Service Land Settlement) Act 1952‑1953.
Overview
The Loan (War Service Land Settlement) Act 1972 was enacted to address a specific financial need related to war service land settlement in the states of South Australia, Western Australia, and Tasmania. The Commonwealth Parliament enacted this legislation to authorise the raising and expending of a sum not exceeding six million five hundred thousand dollars for this purpose. The Act allows the Treasurer to borrow the specified amount under certain conditions, primarily to provide financial assistance to these states in accordance with the provisions of the States Grants (War Service Land Settlement) Act 1952-1953. The policy objective is to support the settlement efforts of war service members by providing necessary financial resources to facilitate land acquisitions and related expenses.
Scope and Application
The Loan (War Service Land Settlement) Act 1972 applies to the Commonwealth Treasurer, who is authorised to borrow up to a maximum of six million five hundred thousand dollars for the purpose of providing financial assistance to the states of South Australia, Western Australia, and Tasmania. This Act serves as an enabling statute that permits the Treasurer to issue loans in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911-1966 or any other Act that authorises the issuance of Treasury Bills. The funds raised under this Act are specifically earmarked for the expenses related to borrowing and are to be used exclusively for the financial assistance outlined in the States Grants (War Service Land Settlement) Act 1952-1953. The Act came into effect on the day it received Royal Assent, thus commencing its operations immediately upon enactment. The jurisdictional reach of this Act is limited to the Commonwealth level, as it pertains to federal financial operations and does not extend to state or territory laws. There are no stated exclusions or exemptions within the text, and the Act itself does not extend or restrict its application through subordinate instruments.
Key Provisions
The Loan (War Service Land Settlement) Act 1972 (sections 3 and 4) authorises the Treasurer to borrow up to $6,500,000 for a specific defence purpose, namely, providing financial assistance to the states of South Australia, Western Australia, and Tasmania for war service land settlement. The borrowed funds are to be used exclusively for the expenses of borrowing and for the intended financial assistance purposes outlined in the States Grants (War Service Land Settlement) Act 1952-1953. The Act comes into operation on the day it receives Royal Assent (section 2).
Under the Loan (War Service Land Settlement) Act 1972, the primary obligation of the Treasurer is to ensure that the borrowed funds are applied strictly in accordance with the provisions outlined in the Act. This means that the Treasurer must borrow the money under the authority granted by the Commonwealth Inscribed Stock Act 1911-1966 or any other relevant Act allowing the issue of Treasury Bills (section 3). Furthermore, the Treasurer must ensure that these funds are only used for the specified purposes: covering the expenses of borrowing and providing financial assistance to the designated states (section 4).
The Loan (War Service Land Settlement) Act 1972 does not explicitly outline specific offences, penalties, or consequences for breach. However, any misuse of the borrowed funds outside the specified purposes would likely be considered a breach of trust and could result in legal consequences under broader financial management laws and regulations. While the Act itself does not specify maximum penalties, breaches of financial management and trust could lead to civil or criminal charges, depending on the severity and intent behind the breach.