STATUTORY RULES.
1919. No. 202.
REGULATIONS UNDER THE WAR PRECAUTIONS ACT 1914-1918.
I, SIR WILLIAM HILL IRVINE, the Deputy of the Governor-General in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulation under the War Precautions Act 1914-1918, to come into operation forthwith.
Dated this eighth day of August, 1919.
W. H. IRVINE.
Deputy of the Governor-General.
By His Excellency’s Command,
E. J. RUSSELL,
Acting Minister of State for Defence.
Amendment of the War Precautions (Moratorium) Regulations.
(Statutory Rules 1916, No. 284, as amended by Statutory Rules 1918, No. 324; 1917, Nos. 13, 76, and 253; 1918, Nos. 28 and 191; and 1919, Nos. 36, 140. and 172.)
Regulation 13 of the War Precautions (Moratorium) Regulations is amended—
(a) by omitting the table in sub-regulation (1.) thereof and inserting in its stead the following table:—
First Column. —— | Second Column. —— |
Period within which, apart from these Regulations, the principal sum secured by a mortgage to which these Regulations apply is due for repayment. | Prescribed Month for Repayment. |
Period before 1st January, 1915.............................. | February, 1920 |
Period between 1st January and 31st December, 1915, both dates inclusive | March, 1920 |
Period between 1st January and 31st December, 1916, both dates inclusive | April, 1920 |
Period between 1st January and 31st December, 1917, both dates inclusive | May, 1920 |
Period between 1st January and 31st December, 1918, both dates inclusive | June, 1920 |
Period between 1st January, 1919, and the date of the termination of the war as declared by Proclamation, both dates inclusive | July, 1920 |
(b) by omitting from sub-regulation (3.) thereof the words “thirty-first day of August, 1919” and inserting in their stead the words “twenty-ninth day of February, 1920”; and
(c) by omitting from sub-regulation (4.) thereof the words “thirty-first day of August, 1919” and inserting in their stead the words “twenty-ninth day of February, 1920”.
Printed and Published for the Government of the Commonwealth of Australia by Albert J. Mullett, Government Printer for the State of Victoria.
Overview
The War Precautions (Moratorium) Regulations, enacted under the War Precautions Act 1914-1918, were introduced by the Australian Government in 1919 to address the financial strain placed on individuals and businesses due to the cessation of World War I. These regulations aimed to provide relief by amending the existing moratorium on mortgage repayments, extending the period within which principal sums secured by mortgages could be repaid. The Deputy of the Governor-General, Sir William Hill Irvine, made these regulations with the advice of the Federal Executive Council, with a view to providing a clear and structured approach to the repayment of these debts in the post-war period. This legislative instrument underscores the government's commitment to supporting the financial recovery of the nation by easing the burden on mortgage holders during a time of significant economic transition.
Scope and Application
The Statutory Rules 1919, No. 202, made under the War Precautions Act 1914-1918, amends the War Precautions (Moratorium) Regulations to extend the period during which certain mortgage repayments are deferred. This legislation applies to all mortgages that were due for repayment during the period of the war and is enacted across the Commonwealth of Australia, reflecting the federal jurisdiction of the War Precautions Act. The new regulations extend the repayment dates of these mortgages in a staggered manner, aligning the end dates with months in the year 1920 based on the original due dates of the mortgages. The amendment is specifically crafted to provide relief to those affected by the financial disruptions caused by the war, ensuring that the repayment obligations are adjusted to a post-war economic environment. The new regulations do not introduce any exclusions or exemptions but rather provide a clear framework for the deferral period based on the original due dates of the mortgages. Subordinate instruments may further extend or modify the application of these regulations as deemed necessary by the relevant authorities.
Key Provisions
The key provisions of these Regulations, found in Regulation 13, primarily pertain to the amendment of the repayment schedule for mortgages affected by the War Precautions (Moratorium) Regulations (Regulation 13(a)). This amendment introduces a new table that specifies the prescribed month for repayment of the principal sum secured by a mortgage, contingent upon the period within which the sum was due for repayment prior to the War Precautions Act 1914-1918. For instance, mortgages due for repayment before January 1, 1915, are now due in February 1920. This amendment extends the repayment period for mortgages due in various periods from January 1915 to the end of the war, with the latest repayments scheduled for July 1920. Additionally, Regulation 13(b) and (c) amend the dates referenced in sub-regulations (3) and (4) from August 31, 1919, to February 29, 1920.
These Regulations impose specific obligations on mortgagees and mortgagors concerning the revised repayment dates. Mortgagees must adhere to the new prescribed repayment schedule, while mortgagors are required to make their repayments in accordance with the newly specified months. Both parties must ensure that their records and transactions reflect these changes to comply with the amended regulations.
Failure to comply with the amended repayment schedule set forth in Regulation 13 could lead to legal consequences. While the specific penalties or consequences are not detailed in the provided text, non-compliance with statutory regulations typically results in civil or criminal penalties, depending on the severity and intent of the breach. The exact nature of these penalties would be governed by the broader provisions of the War Precautions Act 1914-1918 and any related legislation. It is advisable for parties affected by these Regulations to consult with legal counsel to fully understand the implications of non-compliance and to ensure adherence to the prescribed timelines and obligations.