STATUTORY RULES.
1949. No. .
REGULATION UNDER THE DEFENCE (TRANSITIONAL PROVISIONS) ACT 1946-1948.*
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 1946-1948.
Dated this Second day of March, 1949.
W. J. McKell
Governor-General.
By His Excellency’s Command,
J.B CHIFLEY
for and on behalf of the Minister of State for Post-war Reconstruction.
Amendment of the National Security (Capital Issues) Regulations. †
Securities, &c., not to be issued without consent.
Regulation 11 of the National Security (Capital Issues) Regulations is amended by inserting in paragraph (b) of sub-regulation (2.), after the word “State” (first occurring), the words “or a Minister of State for that State acting on his behalf”.
* Notified in the Commonwealth Gazette on , 1949.
† Being the Regulations having that title as in force under the Defence (Transitional Provisions) Act 1946-1948, as amended by Statutory Rules 1947, No. 86. (Statutory Rules 1947, No. 14, which purported to amend these Regulations, were not tabled within the prescribed time and, by virtue of section 48 of the Acts Interpretation Act 1901-1948, are void and of no effect). The Regulations under the National Security Act 1939-1946 having the corresponding title comprise Statutory Rules 1946, No. 193.
By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.
767.—Price 3d. 9/10.2.1949.
Overview
The Defence (Transitional Provisions) Act 1946-1948 was enacted to provide for transitional arrangements following the cessation of hostilities in World War II. This act aimed to address the need for a smooth transition from wartime measures to peacetime governance, ensuring that defence-related provisions were appropriately adjusted to align with the new post-war context. The Act was introduced by the Australian Parliament to facilitate this transition, allowing for the necessary legal and administrative changes required to adapt to the peacetime environment. The policy objective of the Act was to maintain stability and order by providing clear guidelines for the implementation of transitional provisions in the defence sector, ensuring that the country could effectively move from wartime regulations to peacetime governance.
Scope and Application
The Defence (Transitional Provisions) Act 1946-1948, as amended by the Statutory Rules 1949 No. 1, pertains to the amendment of the National Security (Capital Issues) Regulations, specifically targeting the issuance of securities without consent. This regulation applies to entities and individuals involved in capital issues, requiring them to obtain consent from the relevant authorities, including state ministers, before issuing securities. The application of these regulations is nationwide, operating within the Commonwealth of Australia, and they extend to both public and private entities involved in capital markets. Exclusions or exemptions from these requirements are not explicitly detailed in the statutory rules, suggesting a broad application to all capital issues unless otherwise specified through subordinate instruments. These subordinate instruments may further define specific conditions or sectors exempt from these regulations, thereby extending or restricting the application of the overarching Act.
Key Provisions
The Regulation primarily amends the National Security (Capital Issues) Regulations by modifying the consent requirements for issuing securities (Reg. 1, Reg. 11). Specifically, Regulation 11(2)(b) is updated to include Ministers of State acting on behalf of their respective states in the list of entities requiring consent for certain securities issuances. This means that securities related to states or their ministers must now be approved by the relevant authorities before they can be issued.
The obligation imposed by this Regulation is on entities intending to issue securities that are subject to the National Security (Capital Issues) Regulations. These entities must now ensure that they have obtained the necessary consent from either the state or a Minister of State acting on the state's behalf before proceeding with the issuance. This requirement aims to maintain oversight and control over potentially sensitive financial activities that could impact national security.
A breach of these Regulations could lead to various consequences. For example, if a security is issued without the required consent, it may be deemed illegal, and the issuing entity could face penalties. While the specific penalties are not detailed in this Regulation, under the broader framework of the National Security Act, penalties could include fines, imprisonment, or both. The exact penalties would depend on the severity of the breach and the discretion of the court or regulatory body handling the case.