STATUTORY RULES.
1918. No. 97.
REGULATION UNDER THE WAR PRECAUTIONS ACT 1914-1916.
I, 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 1914-1916 to come into operation forthwith.
Dated this tenth day of April, 1918.
R. M. FERGUSON,
Governor-General.
By His Excellency’s Command,
G. F. PEARCE,
Minister of State for Defence.
_________
Amendment of War Precautions (Supplementary) Regulations.
Statutory Rules 1916, No. 97, as amended by Statutory Rules 1916, Nos. 112, 122, 128, 129, 135, 167, 218, 219, 250, 254, 255, 263, 271, 272, 289, 293, 300, 301, 303, 328, and Statutory Rules 1917, Nos. 12, 17, 37, 56, 65, 73, 94, 183, 196, 211, 222, 243, 254, 281, 282, and Statutory Rules 1918, Nos. 56, 77, and 85.)
After regulation 39 of the War Precautions (Supplementary) Regulations the following regulation is inserted:—
Bank may advance money to employees for investment in War Loan.
“40. Notwithstanding the provisions of any law or of any charter or of the memorandum, articles of association, rules or regulations of any company carrying on in Australia the business of banking any such company may make advances to any officer or employee of the company for the purpose of investment by that officer or employee in any loan raised by the Government of the Commonwealth for the purposes of the war”.
Printed and Published for the Government of the Commonwealth of Australia by Albert J. Mullett, Government Printer for the State of Victoria.
Overview
The Statutory Rules 1918, No. 97, made under the War Precautions Act 1914-1916, was introduced by the Governor-General, acting with the advice of the Federal Executive Council, to address the need for facilitating financial support for the war effort. This legislative instrument aims to enable banks operating in Australia to make financial advances to their employees to invest in war loans issued by the Commonwealth Government, thus encouraging participation in the national war effort through financial contributions. The enactment reflects the policy objective of bolstering the war effort by securing additional funds through public investment in government war loans.
Scope and Application
The War Precautions (Supplementary) Regulations 1918, made under the War Precautions Act 1914-1916, extend to all companies operating in Australia that are involved in the business of banking. The regulation specifically allows these banking entities to make financial advances to their officers or employees for the purpose of investing in any war loan issued by the Government of the Commonwealth. This provision overrides any contrary provisions in the companies' charters, memorandums, articles of association, rules, or regulations. The regulation applies across the Commonwealth of Australia, indicating its national reach. Notably, there are no explicit exclusions or exemptions mentioned in the regulation, suggesting a broad application across the banking sector. The regulation also implies that further amendments and clarifications may be introduced through subordinate instruments, as evidenced by the numerous subsequent Statutory Rules referenced in the document.
Key Provisions
The primary provision of this legislation is the insertion of a new regulation (40) into the War Precautions (Supplementary) Regulations (paragraph 1). This new regulation allows banking companies operating in Australia to make financial advances to their officers or employees for the sole purpose of investing in government war loans (regulation 40). This provision operates notwithstanding any contrary provisions in existing laws, charters, or the company's internal rules or regulations (regulation 40).
Under this Act, banking companies are required to facilitate loans to their employees for the explicit purpose of investing in government war loans, aligning with the national effort to fund the war. These loans are to be made in accordance with the terms specified in the new regulation, which overrides any conflicting provisions in other legal documents (regulation 40).
Failure to comply with the provisions of this regulation may result in legal consequences. However, the specific offences, penalties, or civil/criminal consequences for non-compliance are not explicitly stated within the text of this legislation. It is important to note that any breaches of the War Precautions Act 1914-1916 or its subsidiary regulations could potentially lead to legal actions as prescribed by the overarching Act. The penalties for such breaches could range from fines to imprisonment, depending on the severity and nature of the offence.
This regulation aims to support the national war effort by ensuring that banking companies actively participate in government war financing through their employees' investments. By overriding other legal provisions, the regulation ensures that there are no barriers to this financial support mechanism.