STATUTORY RULES.
1942. No. 197.
REGULATION UNDER THE NATIONAL SECURITY ACT 1939-1940.*
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 National Security Act 1939-1940.
Dated this twenty-seventh day of April, 1942.
GOWRIE
Governor-General.
By His Excellency’s Command,
J. B. CHIFLEY
for and on behalf of the Minister of State for Defence.
Amendment of the National Security (Supplementary) Regulations. †
After regulation 43 of the National Security (Supplementary) Regulations the following regulation is inserted:—
Calculation of interest on deposits with State Savings Bank of Victoria.
“43a.—(1.) Interest on money deposited (other than money on fixed deposit) with the State Savings Bank of Victoria shall be calculated and computed up to the thirty-first day of May instead of the thirtieth day of June.
“(2) Interest shall be carried to the credit of the account of the depositor not later than the eighth day of June in each year and shall thereupon become principal, but shall, subject to the State Savings Bank Act 1928 of the State of Victoria, bear interest as from the first day of June in the same year.”.
* Notified in the Commonwealth Gazette on 27th April, 1942.
† Statutory Rules 1940, No. 126, as amended by Statutory Rules 1940, Nos. 151, 160, 213, 228, 233, 234, 245 and 257; 1941, Nos. 75, 88, 100, 140, 197, 200, 222, 249, 288, 297, 303, 314, 318, 320 and 323; and 1942, Nos. 16, 20, 21, 36, 40, 50, 57, 62, 63, 72, 78, 90, 111, 125, 132, 147, 150, 153, 154, 157 and 161.
By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.
2874.—Price 3d.
Overview
Statutory Rules 1942, No. 197 amends the National Security (Supplementary) Regulations under the National Security Act 1939-1940. Enacted by the Governor-General in Council, the regulation was introduced to address a specific issue relating to the calculation and crediting of interest on certain deposits with the State Savings Bank of Victoria. This amendment was made to align the interest calculation period with the fiscal year of the Commonwealth, ensuring that interest is credited to depositors' accounts by June 8 each year and treated as principal from June 1. The policy objective appears to be to streamline financial processes during a time of national emergency, reflecting the broader national security aims of the overarching Act.
This legislative instrument highlights the Government's proactive measures to maintain economic stability and efficiency during wartime, ensuring that financial practices are harmonised to support national interests. The regulation was notified in the Commonwealth Gazette on April 27, 1942, and is part of a series of amendments to the National Security (Supplementary) Regulations designed to adapt to the evolving demands of the war effort.
Scope and Application
The Statutory Rules 1942, No. 197, made under the National Security Act 1939-1940, specifically address the calculation of interest on deposits with the State Savings Bank of Victoria, adjusting the interest computation date from the thirtieth of June to the thirty-first of May. This regulation impacts individuals and entities with deposits in the State Savings Bank of Victoria, affecting their financial interests by altering the timing of interest accrual and crediting. The regulation's reach is confined to the State Savings Bank of Victoria, thereby applying to all accounts held with this institution, excluding those on fixed deposit. The amendment is a direct adjustment to the National Security (Supplementary) Regulations and does not extend its application through subordinate instruments beyond this specific adjustment to the interest calculation and crediting timeline.
Key Provisions
The main operative section of this Statutory Rule, inserted as regulation 43a, pertains to the calculation of interest on deposits with the State Savings Bank of Victoria. According to regulation 43a(1), interest on money deposited with the bank, excluding fixed deposits, is to be calculated and computed up to the 31st of May instead of the 30th of June. This change shifts the interest calculation period by about one month, from June to May. Regulation 43a(2) further stipulates that interest must be credited to the depositor's account by the 8th of June each year, at which point it becomes principal. However, the interest will continue to accrue as per the State Savings Bank Act 1928 from the 1st of June in the same year.
This regulation imposes specific obligations on the State Savings Bank of Victoria. It mandates that the bank must adjust its interest calculation period for non-fixed deposits to end on the 31st of May instead of the 30th of June. Additionally, the bank is required to credit the depositors' accounts with the calculated interest by the 8th of June. These obligations ensure that the depositors receive their interest payments promptly and in accordance with the new schedule. The regulation also references the State Savings Bank Act 1928, indicating that any further interest accrual after the 1st of June must comply with that Act.
There are no explicit offences, penalties, or consequences outlined for breach of this regulation within the text of the Statutory Rule itself. The regulation primarily focuses on the procedural changes to interest calculation and crediting dates, without detailing any specific enforcement measures or penalties for non-compliance. However, any breach of this regulation might be subject to the general enforcement mechanisms available under the National Security Act 1939-1940 or other relevant legislation. Given the historical context, the potential consequences might have included administrative or financial penalties, but these are not specified in the Statutory Rule.