Loan (War Service Land Settlement) Act 1977
No. 40 of 1977
An Act to authorize the Raising and Expending of a sum not exceeding $3,000,000 for a Defence Purpose, namely, Financial Assistance to South Australia, Western Australia and Tasmania in connexion with War Service Land Settlement
Contents
1 Short title
2 Commencement
3 Authority to borrow $3,000,000
4 Application of moneys
Loan (War Service Land Settlement) Act 1977
No. 40 of 1977
An Act to authorize the Raising and Expending of a sum not exceeding $3,000,000 for a Defence Purpose, namely, Financial Assistance to South Australia, Western Australia and Tasmania in connexion with War Service Land Settlement
[Assented to 7 June 1977]
Be it enacted by the Queen, and the Senate and 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 1977.
2 Commencement
This Act shall come into operation on the day on which it receives the Royal Assent.
3 Authority to borrow $3,000,000
The Treasurer may, from time to time, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911, or in accordance with the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole $3,000,000.
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 South Australia, Western Australia and Tasmania in accordance with sub‑section 2(1) of the States Grants (War Service Land Settlement) Act 1952.
Overview
The Loan (War Service Land Settlement) Act 1977 was enacted to address the need for financial assistance to South Australia, Western Australia, and Tasmania in connection with war service land settlement. This legislation was introduced to provide a legal framework for the Commonwealth to offer financial support to these states. Assented to on 7 June 1977, the Act authorises the Treasurer to borrow up to $3,000,000 under the Commonwealth Inscribed Stock Act 1911 or any Act permitting the issue of Treasury Bills. The borrowed funds are to be used for borrowing expenses and as financial assistance to the specified states, in accordance with the provisions of the States Grants (War Service Land Settlement) Act 1952. The enactment of this Act by the Queen, the Senate, and the House of Representatives of the Commonwealth of Australia aims to facilitate the war service land settlement initiatives in the target states.
Scope and Application
The Loan (War Service Land Settlement) Act 1977 applies to the Commonwealth of Australia, specifically authorising the Treasurer to borrow a specified sum of up to $3,000,000 for a defence purpose, which in this case is financial assistance to South Australia, Western Australia and Tasmania in connection with war service land settlement. The Act comes into operation on the day it receives Royal Assent. The borrowed funds are to be applied solely for the expenses of borrowing and the provision of financial assistance as outlined in the States Grants (War Service Land Settlement) Act 1952. The Act’s application is limited to the borrowing and disbursement of the specified funds, and it does not extend to other financial activities or entities beyond the scope of war service land settlement assistance to the named states.
Key Provisions
The Loan (War Service Land Settlement) Act 1977 (ss 1-4) establishes the legal framework for the borrowing of up to $3,000,000 for the purpose of providing financial assistance to South Australia, Western Australia, and Tasmania in relation to war service land settlement. The act permits the Treasurer to borrow the specified amount in accordance with the Commonwealth Inscribed Stock Act 1911 or any Act that authorises the issuance of Treasury Bills (s 3). The borrowed funds are intended to cover the expenses associated with borrowing and to be used specifically for the purposes outlined in the States Grants (War Service Land Settlement) Act 1952 (s 4).
Under the provisions of this Act, the primary obligation imposed on the Treasurer is to ensure that the borrowed funds are applied strictly for the designated purposes. This includes using the moneys to cover the costs directly related to the borrowing process and to provide financial assistance to the specified states as intended (s 4). The act does not specify detailed procedural requirements beyond these general obligations.
Regarding potential breaches or non-compliance with the Act, the legislation does not explicitly outline specific offences, penalties, or consequences for failure to adhere to its provisions. Given the nature of the act, any misuse of the borrowed funds or non-compliance with the intended application of these funds could potentially lead to legal scrutiny and possible repercussions under broader financial and administrative laws. However, the Act itself does not provide explicit details on penalties or consequences for breaches.