PRECIOUS METALS PROSPECTING.
No. 4 of 1926.
An Act relating to the Encouragement of Prospecting for Precious Metals.
[Assented to 15th February, 1926.]
Preamble.
BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, for the purpose of appropriating the grant originated in the House of Representatives, as follows:—
Short title.
1. This Act may be cited as the Precious Metals Prospecting Act 1926.
Definition of precious metals,
2. For the purposes of this Act, “precious metals” means gold and silver and such other metal as the Minister, by notice in the Gazette, declares to be a precious metal.
Establishment of Trust Account.
3. For the purposes of this Act there shall be established in the books of the Treasury a Trust Account which shall be known as the Prospecting for Precious Metals Trust Account and that account shall be a Trust Account for the purposes of section sixty-two a of the Audit Act 1901-1924.
Payments to Trust Account.
4. There shall be payable out of the Consolidated Revenue Fund, which is hereby appropriated accordingly, the sum of Forty thousand pounds for the purposes of this Act.
Advances from Trust Account.
5.—(1.) The Minister may, out of the moneys standing to the credit of the Trust Account, make advances to assist persons or companies engaged in prospecting for precious metals in the Commonwealth.
(2.) Of the moneys appropriated for the purposes of this Act, the sum of Fifteen thousand pounds shall be allocated for expenditure in the Northern Territory of Australia and the sum of Twenty-five thousand pounds shall be allocated for expenditure by the States in such proportions as the Minister determines.
(3.) Any advances under this Act shall be made upon such conditions and subject to such terms, as are prescribed.
Regulations.
6. The Governor-General may make regulations, not inconsistent with this Act, prescribing all matters which are required or permitted to be prescribed, or which are necessary or convenient to be prescribed, for carrying out or giving effect to this Act.
Overview
The Precious Metals Prospecting Act 1926 was enacted by the Commonwealth Parliament to encourage the exploration and discovery of precious metals within Australia. The Act aimed to address a gap in the financial support available to those engaged in prospecting for precious metals, such as gold and silver, by establishing a dedicated Trust Account through which financial assistance could be provided. The primary objective was to facilitate the exploration of precious metals, thereby contributing to the economic development of the nation. The Act authorised the Minister to make advances from the Prospecting for Precious Metals Trust Account to individuals or companies involved in prospecting activities, with specific allocations for the Northern Territory and the states.
This legislation was enacted to provide a structured financial support mechanism for precious metal prospecting, ensuring that adequate resources were available to encourage and sustain exploration efforts. The Act also provided the Governor-General with the authority to make regulations necessary for the effective implementation of the Act, thereby ensuring that the provisions could be adapted to meet the evolving needs of the prospecting industry.
Scope and Application
The Precious Metals Prospecting Act 1926 is an Australian Commonwealth Act aimed at encouraging the exploration of precious metals, specifically gold and silver, and potentially other metals as declared by the Minister through a notice in the Gazette. This Act applies to persons or companies engaged in the prospecting of these metals within the Commonwealth of Australia. The geographic scope of the Act includes the entire Commonwealth, with specific allocations for the Northern Territory and the States, the latter of which are to be determined by the Minister. The Act establishes a Prospecting for Precious Metals Trust Account within the Treasury, which is governed by the Audit Act 1901-1924, and authorises a sum of Forty thousand pounds to be paid from the Consolidated Revenue Fund for the purposes of the Act. The Minister is empowered to make advances from this Trust Account to assist prospecting entities, subject to prescribed conditions and terms. Additionally, the Governor-General is authorised to make regulations that are necessary or convenient for the Act's implementation, provided they do not conflict with the Act itself.
Key Provisions
The main sections of the Precious Metals Prospecting Act 1926 include the establishment of a Trust Account (section 3), the allocation of funds for prospecting activities (section 4), and the authority for the Minister to make advances to assist persons or companies engaged in prospecting (section 5). The Act defines "precious metals" (section 2) to include gold, silver, and any other metals declared by the Minister through a notice in the Gazette. The Act also provides for the Governor-General to make regulations necessary for the implementation of the Act (section 6).
The Act imposes several obligations on the parties it governs. The Minister is tasked with managing the Prospecting for Precious Metals Trust Account (section 3) and is authorised to make advances to assist prospecting activities, subject to prescribed conditions and terms (section 5). The Minister must also allocate funds for prospecting in the Northern Territory and other states as determined (section 4). Additionally, the Governor-General has the power to issue regulations to facilitate the Act's objectives (section 6).
Breaches of the Act or its regulations may result in various civil or criminal consequences. While the Act itself does not explicitly state penalties for non-compliance, breaches of regulations made under the Act could attract penalties as prescribed by those regulations. Furthermore, actions that contravene the terms and conditions of the advances provided under the Act may also result in financial penalties or legal action to recover funds. It is important to note that specific penalties would be detailed in the regulations made under the authority of this Act.