Supply and Development (Flax Production) Regulations 1940 (Amendment)

Overview

The Statutory Rules 1941 No. 119, enacted under the Supply and Development Acts 1939, were introduced to address the need for more stringent financial reporting requirements for the flax production sector. This legislative instrument was issued by the Governor-General in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, with the aim of enhancing transparency and accountability in the management of funds allocated for flax production. The primary objective was to ensure that the Committee submits detailed financial statements to the Minister at specified intervals, thereby providing a clear and accurate picture of the financial activities and status of the Trust Fund—Flax Production Account.

Scope and Application

The Supply and Development (Flax Production) Regulations, as amended by Statutory Rules 1941, No. 119, apply to the Committee responsible for flax production, specifically the Flax Producers' Trust Fund Committee, and its financial activities. The regulation mandates that the Committee submit detailed financial statements to the Minister for Supply and Development by certain deadlines each year. These statements include a comprehensive overview of all moneys disbursed from the Trust Fund—Flax Production Account, and additional accounts such as a manufacturing account, a profit and loss account, and a statement of assets and liabilities. This regulation extends to the Commonwealth of Australia and is designed to ensure transparency and accountability in the management of flax production funds. No exclusions, exemptions, or thresholds are specified in this regulation, though its application may be subject to further clarification or expansion through subordinate instruments.

Key Provisions

The key operative sections of this regulation are found in Regulation 17, which replaces the repealed Regulation 17 of the Supply and Development (Flax Production) Regulations. This regulation requires the Committee to submit two financial reports to the Minister. Firstly, as soon as possible after the end of each financial year, the Committee must provide a statement detailing all moneys paid out of the Trust Fund—Flax Production Account (Regulation 17(a)). Secondly, within 30 days following 30 November each year, the Committee must present a manufacturing account, a profit and loss account, and a statement of assets and liabilities for the calendar year that ended on 30 November (Regulation 17(b)). The obligations imposed by this regulation primarily concern the Committee, which must ensure that the required financial statements are prepared and submitted to the Minister in a timely manner. Specifically, the Committee must account for all payments made from the Trust Fund—Flax Production Account and provide detailed financial reports that include manufacturing accounts, profit and loss accounts, and statements of assets and liabilities. These obligations are intended to ensure transparency and accountability in the management of the flax production fund. There are no explicit offences, penalties, or consequences mentioned in the regulation for non-compliance. However, failure to submit the required financial statements on time could lead to administrative or legal consequences under the broader legislative framework of the Supply and Development Acts 1939. Such consequences might include actions to enforce compliance or other measures to rectify the situation. The precise nature of these consequences would depend on the context and the specific provisions of the overarching legislation.