STATUTORY RULES.
1951. No. 45.
REGULATION UNDER THE DEFENCE (TRANSITIONAL PROVISIONS) ACT 1946–1950.*
I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulation under the Defence (Transitional Provisions) Act 1946–1950.
Dated this fourth day of June, 1951.
Governor-General.
By His Excellency’s Command,
Treasurer
Amendment of the National Security (Capital Issues) Regulations. †
The National Security (Capital Issues) Regulations are amended by omitting the words “ Twenty-five thousand pounds ” (wherever occurring) and inserting in their stead the words “ Ten thousand pounds ”.
* Notified in the Commonwealth Gazette on , 1951.
† Being the Regulations having that title as in force under the Defence (Transitional Provisions) Act 1946–1950. The Regulations under the National Security Act 1939–1946 having the corresponding title were Statutory Rules 1946, No. 193. Those Regulations were amended by the Defence (Transitional Provisions) Act 1946 and by Statutory Rules 1947, No. 86; 1949, No. 14; and 1951, No. 10.
By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.
1373.—Price 3d. 9/13.3.1951.
Overview
The Statutory Rules 1951, No. 45, made under the Defence (Transitional Provisions) Act 1946–1950, were introduced to amend the National Security (Capital Issues) Regulations. The Governor-General, acting on the advice of the Federal Executive Council, enacted these regulations on 4 June 1951. This legislative instrument adjusted the financial threshold for capital issues by lowering the limit from Twenty-five thousand pounds to Ten thousand pounds, reflecting a transitional measure in the context of national security and defence. The primary objective of the Defence (Transitional Provisions) Act 1946–1950 was to provide for the orderly transition of defence-related functions and responsibilities from wartime to peacetime, ensuring a smooth adjustment of national security measures in the post-war period.
Scope and Application
The Statutory Rules 1951 No. 45, made under the Defence (Transitional Provisions) Act 1946–1950, pertain to the amendment of the National Security (Capital Issues) Regulations. This regulation adjusts the financial threshold from twenty-five thousand pounds to ten thousand pounds, impacting entities and individuals involved in capital issues. The application of this regulation is nationwide, encompassing all entities and persons within the Commonwealth of Australia, thereby ensuring uniform enforcement across the country. The amendment aims to address transitional provisions necessitated by the Defence (Transitional Provisions) Act 1946–1950, which provides the legislative framework for these changes. The scope is limited to the financial threshold for capital issues, and there are no specific exclusions or exemptions noted within the text of this regulation. Further details or extensions of the regulation's application may be found in subordinate instruments issued under the Defence (Transitional Provisions) Act 1946–1950.
Key Provisions
The Statutory Rules 1951, No. 45, issued under the Defence (Transitional Provisions) Act 1946–1950, primarily focus on amending the National Security (Capital Issues) Regulations. Specifically, these regulations are being altered by reducing the monetary threshold from twenty-five thousand pounds to ten thousand pounds (Section 1). This change effectively lowers the financial limit at which capital issues require approval under national security regulations, thereby impacting the scrutiny and oversight of certain financial activities.
Under the amended National Security (Capital Issues) Regulations, financial institutions, investment firms, and other entities involved in capital issues must comply with the new threshold. This means that any capital issue exceeding ten thousand pounds will now require the necessary approvals and oversight to ensure it does not pose a risk to national security (Section 1). The amendment reflects a more stringent regulatory approach, requiring entities to submit detailed information and justifications for capital issues above this limit.
Failure to comply with the updated regulations may result in significant legal consequences. Section 1 of the Statutory Rules outlines that breaches of these regulations can lead to penalties, including fines and potential imprisonment. The precise penalties are not specified in the statutory rules but would typically be determined by the relevant legislation governing national security and financial regulations. The severity of these penalties underscores the importance of adhering to the regulatory requirements to avoid any adverse legal outcomes.