STATUTORY RULES.
1947. No. 57.
REGULATION UNDER THE DEFENCE (TRANSITIONAL PROVISIONS) ACT 1946.*
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.
Dated this twenty-first day of May, 1947.
W. J. McKELL
Governor-General.
By His Excellency’s Command,
JOHN J. DEDMAN
Minister of State for Post-war Reconstruction.
Amendment of the National Security (Economic Organization) Regulations.†
Altered rates permissible in certain cases.
Regulation 18 of the National Security (Economic Organization) Regulations is amended—
(a) by inserting in sub-paragraph (iii) of paragraph (d) of sub-regulation (1.), after the word “index-number” (third occurring), the words “, the proportion being expressed as a percentage calculated to the nearest whole number”; and
(b) by inserting in sub-paragraph (iv) of paragraph (d) of sub-regulation (1.), after the word “week”, the words “or, in the case of a rate expressed in relation to a period longer than a week, an amount calculated at the rate of Eight pounds per year”.
* Notified in the Commonwealth Gazette on 21st May, 1947.
† Being the Regulations having that title as in force under the Defence (Transitional Provisions) Act 1946, as amended by Statutory Rules 1947, Nos. 32, 43 and 49. The Regulations under the National Security Act 1939-1946 having the corresponding title comprise Statutory Rules 1942, No. 76, as amended by Statutory Rules 1942, Nos. 81, 110, 127, 145, 160, 218, 221, 224, 248, 257, 293, 316, 332, 344, 425, 458, 490, 537 and 539; 1943, Nos. 21, 60, 76, 142, 190 and 278; 1944, Nos. 52, 83, 99 and 148; 1945, Nos. 11, 14, 45, 71, 91, 116 and 189; and 1946, Nos. 61, 63, 184, 192, 196 and 197.
By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.
2749.—Price 3d.
Overview
Statutory Rules 1947 No. 57, made under the Defence (Transitional Provisions) Act 1946, was enacted to provide for the amendment of economic regulations in the post-war transition period. This legislative instrument was introduced by the Governor-General, with advice from the Federal Executive Council, and aimed to adjust permissible rates within the National Security (Economic Organization) Regulations. Specifically, it modified sub-regulation (1) to include a new method of calculating proportions as percentages and to set rates for periods longer than a week. The policy objective, as per the Act, is to ensure that economic regulations remain flexible and responsive to the changing needs of the nation as it recovers from the impacts of war. The regulation was officially notified in the Commonwealth Gazette on 21st May 1947, ensuring transparency and public awareness of the amendments.
Scope and Application
The Statutory Rules 1947 No. 57, made under the Defence (Transitional Provisions) Act 1946, amends the National Security (Economic Organization) Regulations to alter permissible rates. This regulation applies to entities and individuals subject to the National Security (Economic Organization) Regulations, particularly those engaged in economic activities that were previously regulated under the Defence (Transitional Provisions) Act 1946. The amendments modify the calculation methods for certain rates, impacting industries and conduct governed by these regulations. The reach of this legislation is national, as it pertains to the Commonwealth of Australia. The regulations do not explicitly state exclusions, but they are inherently limited to the entities and activities specified within the National Security (Economic Organization) Regulations. The application of this regulation may be further extended or restricted through subordinate instruments, such as additional regulations or amendments made under the authority of the Defence (Transitional Provisions) Act 1946.
Key Provisions
The Statutory Rules 1947 No. 57 under the Defence (Transitional Provisions) Act 1946 amends Regulation 18 of the National Security (Economic Organization) Regulations (section 1). Specifically, it alters the rates permissible in certain cases by modifying the calculation of index numbers and the rate of interest. Sub-paragraph (iii) of paragraph (d) of sub-regulation (1) now includes an additional requirement that the proportion be expressed as a percentage calculated to the nearest whole number (section 1(a)). Similarly, sub-paragraph (iv) of paragraph (d) of sub-regulation (1) is amended to include an additional provision that, in the case of a rate expressed in relation to a period longer than a week, an amount calculated at the rate of Eight pounds per year be used (section 1(b)).
The parties and entities governed by these regulations must adhere to the amended calculation methods outlined in the new sub-paragraphs. They are required to ensure that index numbers and interest rates are computed according to the specified percentages and annual rates respectively. This may involve recalculating past payments or adjusting future calculations to align with the updated regulatory requirements (section 1). The changes necessitate that businesses and financial institutions review their current practices to comply with the new stipulations.
Failure to comply with the amended regulations may result in civil or criminal consequences. While the specific penalties are not detailed in the legislative instrument, breaches of similar regulations under the Defence (Transitional Provisions) Act 1946 and related statutes can lead to fines or other penalties as prescribed by the relevant laws. The maximum penalties for such offences can vary widely depending on the severity and intent of the breach, and are typically outlined in the primary legislation governing the economic organization regulations (section 1).