TASMANIAN LOAN REDEMPTION.
No. 19 of 1919.
An Act to authorize the raising of moneys for paying off, repurchasing or redeeming certain Debentures issued by the State of Tasmania.
[Assented to 28th October, 1919.]
BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—
Short title and citation.
1. This Act may be cited as the Tasmanian Loan Redemption Act 1919.
Authority to borrow.
2. The Treasurer may borrow moneys to such an amount that, after discount and expenses incurred in connexion with the borrowing are allowed for, there will remain an amount not exceeding Three hundred thousand pounds.
Conditions of loan.
3. The rate of interest, the date of repayment and the form of security issued in respect of borrowings under this Act may be such as are approved by the Governor-General.
Payment of principal and interest.
4. The principal moneys borrowed under this Act shall be repayable, and the interest thereon shall be payable, out of the Consolidated Revenue Fund, which is hereby appropriated for the purpose.
Application of moneys.
5. Moneys borrowed under this Act shall be issued and applied only for the expenses of borrowing and for the purpose of paying off repurchasing or redeeming debentures issued by the State of Tasmania under the authority of Act 44 Victoria No. 34 of that State.
Regulations.
6. The Governor-General may make regulations, not inconsistent with this Act, prescribing all matters which by this Act 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 Tasmanian Loan Redemption Act 1919 was enacted to address the financial obligations of the State of Tasmania in relation to certain debentures issued under prior authority. This Act was passed by the Commonwealth of Australia's Parliament, specifically by the King’s Most Excellent Majesty, the Senate, and the House of Representatives, to facilitate the raising of funds required for the repayment, repurchase, or redemption of these debentures. The overarching policy objective of this legislation is to enable the Treasurer to borrow moneys, ensuring that after accounting for discount and associated expenses, the remaining amount does not exceed three hundred thousand pounds. The borrowed funds are to be directed towards these specific financial obligations, with repayment and interest to be covered from the Consolidated Revenue Fund, which is appropriated for this purpose. The Governor-General has the authority to approve the terms of the loan, including interest rates and repayment schedules, and to issue necessary regulations for the effective implementation of the Act.
Scope and Application
The Tasmanian Loan Redemption Act 1919 applies to the authority vested in the Treasurer to borrow funds, specifically for the purpose of redeeming certain debentures issued by the State of Tasmania. The Act authorises the Treasurer to raise a total amount, after accounting for discount and associated expenses, not exceeding Three hundred thousand pounds. The borrowing is subject to the conditions approved by the Governor-General, which may include the rate of interest, repayment date, and form of security. The principal and interest on the borrowed funds are to be repaid from the Consolidated Revenue Fund, which is appropriated for this purpose. Additionally, the borrowed funds are to be used exclusively for the expenses related to the borrowing and for redeeming the specified Tasmanian debentures. The Governor-General may also enact regulations to facilitate the implementation of the Act, provided they do not conflict with its provisions. The Act applies within the jurisdiction of the Commonwealth of Australia and is limited to the specific purposes outlined within its text.
Key Provisions
The Tasmanian Loan Redemption Act 1919 (sections 1-6) primarily authorises the raising of funds to repay, repurchase, or redeem certain debentures issued by the State of Tasmania. Section 1 provides the title and citation of the Act. Section 2 empowers the Treasurer to borrow moneys, ensuring that after accounting for discount and expenses, the remaining amount does not exceed three hundred thousand pounds. Section 3 stipulates that the terms of the loan, including the interest rate, repayment date, and security form, must be approved by the Governor-General. Section 4 mandates that the principal and interest of the borrowed funds are to be repaid from the Consolidated Revenue Fund, which is appropriated for this purpose. Section 5 specifies that the borrowed moneys can only be used for the expenses of borrowing and for the purpose of redeeming Tasmanian debentures. Section 6 grants the Governor-General the authority to make regulations that are necessary or convenient for implementing the Act.
The Act imposes specific obligations and requirements on the parties involved. The Treasurer must borrow within the prescribed limits and ensure the terms of the loan are approved by the Governor-General (section 2). The Governor-General has the responsibility to approve the terms of the loan (section 3) and to make regulations as necessary for the Act's implementation (section 6). The Consolidated Revenue Fund must be used for repaying the principal and interest on the borrowed funds (section 4). The borrowed funds are strictly earmarked for the specified purposes of borrowing expenses and redeeming Tasmanian debentures (section 5).
Breaching the provisions of this Act could lead to various civil or criminal consequences, though the Act does not explicitly state penalties. Non-compliance with the approved terms of the loan or misapplication of funds could potentially result in legal action. The Act empowers the Governor-General to make regulations necessary for enforcement, which might include penalties for non-compliance. However, specific penalties are not detailed in the Act itself.