Shale Oil Bounty Act 1923

Overview

The Shale Oil Bounty Act 1923 was enacted to address gaps in the original Shale Oil Bounty Act 1917–1922, primarily to extend the period during which a bounty on shale oil production would be payable. This Act was passed by the Australian Parliament to amend the principal Act to better support the shale oil industry during a period of economic and industrial transition. The key policy objective was to provide a longer period of financial support to the industry, thereby encouraging continued investment and production within this sector. By extending the duration of the bounty, the Act aimed to stabilise and support the shale oil industry, ensuring its viability over a more extended timeframe. The Act amends the original Act by extending the period of bounty payments from six to nine years, ensuring that the financial support mechanism remains effective for a longer duration. This amendment is reflected in various sections and the Schedule of the Principal Act, thereby reinforcing the commitment to the shale oil industry and addressing the identified need for prolonged financial assistance. The changes made by this Act are intended to create a more stable economic environment for the industry, thereby facilitating its growth and development within the Australian economy.

Scope and Application

The Shale Oil Bounty Act 1923 applies to those entities involved in the production of shale oil within the Commonwealth of Australia. This legislation amends the original Shale Oil Bounty Act 1917–1922, extending the period during which a bounty can be paid from six years to nine years. The amendment also modifies the schedule to reflect this extended period, ensuring that the bounty payments are aligned with the new timeframe. The Act is specific to the production of shale oil, targeting industries and individuals engaged in this particular sector. There are no stated exclusions or exemptions within the text of the Act itself, although the scope and application may be further defined or restricted through subordinate instruments issued under the authority of this legislation.

Key Provisions

The main operative sections of the Shale Oil Bounty Act 1923 (referred to as the Act) amend the earlier Shale Oil Bounty Act 1917–1922 (referred to as the Principal Act). Section 1 of the Act establishes the title and citation of the legislation, allowing it to be referred to as the Shale Oil Bounty Act 1923. The Act also updates the citation of the Principal Act to include the changes made by the 1923 Act, so it may now be referred to as the Shale Oil Bounty Act 1917–1923. Section 2 amends the period during which the bounty is payable from six years to nine years. Section 3 further specifies the bounty over the same extended period of nine years, and Section 4 makes corresponding amendments to the Schedule of the Principal Act to reflect this extended duration, changing the figures from 6 to 9 and from 1923 to 1926. The Act imposes specific obligations and requirements on the parties or entities it governs. It mandates that the period during which the bounty is payable is extended from six years to nine years. This means that any qualifying entity that meets the criteria for receiving the bounty under the Principal Act will now receive it over a longer period. Additionally, the Act requires that any references to the bounty period in the Schedule and other relevant sections of the Principal Act be updated to reflect this change. This ensures that all parts of the legislation are consistent and correctly reflect the new bounty period. The Act does not explicitly outline specific offences, penalties, or consequences for breach within its text. However, it is likely that any failure to comply with the amended provisions of the bounty period would be subject to the general legal consequences of not adhering to legislative requirements. This could potentially include civil or administrative penalties, depending on the context in which the Act is applied. For the most accurate and specific information on penalties, one would need to refer to the broader legislative framework or associated regulations that govern the implementation and enforcement of the bounty provisions.