War Precautions (Enemy Shareholders) Regulations 1916 (Amendment) (Provisional)

Overview

The Provisional Regulation under the War Precautions Act 1914-1915, numbered 1916 No. 42, was enacted to address the immediate need for adjustments to existing wartime regulations concerning enemy shareholders. This regulation was introduced due to the urgency of the situation during World War I, as evidenced by its immediate operational status. The Governor-General, acting on the advice of the Federal Executive Council, certified the necessity of this Provisional Regulation to come into effect immediately. The amendment to the War Precautions (Enemy Shareholders) Regulations, specifically altering Regulation 10, aimed to refine the criteria for identifying enemy shareholders by specifying a particular date, the twenty-ninth day of January, 1916, thereby ensuring that the regulations were applied consistently and accurately within the context of the wartime emergency.

Scope and Application

The Provisional Regulation under the War Precautions Act 1914-1915 applies to the amendment of the War Precautions (Enemy Shareholders) Regulations, specifically altering Regulation 10. This alteration affects the criteria for determining when shares in Australian companies were held by enemy shareholders, changing the reference from "were or are held" to "were, on the twenty-ninth day of January, 1916, held." This amendment impacts the identification and potential acquisition of shares held by individuals or entities from enemy nations as of the specified date. The regulation operates on a national level, governed by the Commonwealth of Australia, and is applicable to all entities within the country's jurisdiction that are subject to the War Precautions Act. The regulation does not specify any exclusions or thresholds but is subject to further amendments or clarifications through subsequent legislative instruments.

Key Provisions

The main operative sections of the Provisional Regulation under the War Precautions Act 1914-1915 focus on amending the War Precautions (Enemy Shareholders) Regulations. Specifically, Regulation 10 is amended to change the reference date from "were or are held" to "were, on the twenty-ninth day of January, 1916, held" (Reg. 10). This amendment ensures that the regulation only applies to shares held on a specific date, rather than any shares held at any time. The Act imposes several obligations on parties and entities governed by it. Primarily, it requires that any shares held by enemy shareholders be identified and accounted for as of the specified date, 29th January 1916. This means that businesses and individuals must provide documentation and details about such shares to the relevant authorities to ensure compliance with the regulation. Breach of the provisions within this legislation can lead to various consequences. Although specific offences, penalties, and maximum penalties are not explicitly detailed in the document, it is implied that failure to comply with the requirement to report enemy shareholders could result in civil or criminal liability under the broader War Precautions Act 1914-1915. Such breaches might be treated with severity, given the context of wartime regulations and the necessity to safeguard national security by preventing enemy interests from influencing critical sectors of the economy.