Wire and Wire Netting Advances Regulations (Amendment)

Overview

The Wire and Wire Netting Act 1927-1932, enacted by the Parliament of Australia, aimed to regulate the supply and distribution of wire and wire netting, particularly in the context of advancing funds for such purposes. The legislation sought to address the need for structured financial mechanisms to facilitate the acquisition and distribution of wire and wire netting, crucial for various agricultural and industrial applications. The Wire and Wire Netting Advances Regulations 1933, made under this Act, further refined these mechanisms by amending existing regulations to adapt to changing administrative structures and economic conditions, such as adjusting interest rates and altering references to reflect the consolidation of Northern Territory governance under the Land Board of the Northern Territory. The policy objective was to ensure a stable and efficient supply of essential materials while supporting the development and settlement of the Northern Territory.

Scope and Application

The Regulations under the Wire and Wire Netting Act 1927-1932 govern the administration and application of the Act within the Commonwealth of Australia, particularly in relation to the Northern Territory. These Regulations apply to entities and individuals who engage in the supply, sale, or use of wire and wire netting, ensuring compliance with the provisions set forth by the Act. The amendments to the Wire and Wire Netting Advances Regulations, as outlined in these statutory rules, specifically address the replacement of certain terms such as "Commission" with "Board" and adjust interest rates and definitions relevant to the Northern Territory. The Regulations also detail the repayment schedules for advances, setting out a clear framework for financial transactions under the Act. The scope of these Regulations is comprehensive, impacting various aspects of wire and wire netting activities, including the amendment of interest rates and definitions, and they apply uniformly across the Northern Territory. The stated amendments and new schedules provide a structured and updated approach to the administration of wire and wire netting advances, ensuring that the regulatory framework remains relevant and effective.

Key Provisions

The primary sections of these Regulations amend the existing Wire and Wire Netting Advances Regulations to reflect changes in nomenclature and authority under the Crown Lands Ordinance 1931 of the Northern Territory. Specifically, Regulation 1 replaces the term "Commission" with "Board" throughout the regulations except in Regulation 2, and Regulation 2 makes several amendments to the definitions and references to authorities. Regulation 3 adjusts the interest rate from 5% to 4½%, while Regulation 4 replaces "Home and Territories" with "the Interior". Regulation 5 updates references from "North Australia or Central Australia" to "the Northern Territory". Finally, Regulation 6 repeals the existing schedule and replaces it with a new table of repayments. These Regulations impose several obligations on the entities they govern. The most significant obligation is the requirement to make repayments in 25 equal annual instalments to repay advances of wire and wire netting, plus interest at 4½ per cent on the outstanding balance. The repayments are detailed in the new Schedule, which specifies the interest for each year, the annual payment made at the end of each year, the principal included in that payment, and the outstanding advance at the end of each year. Additionally, the Regulations require the Board to oversee and administer the repayments and advances, as well as to ensure compliance with the new interest rate and repayment schedule. The Regulations also outline potential consequences for breach. Although the specific penalties are not detailed within these Regulations, breaches of the Wire and Wire Netting Act 1927-1932 or any associated regulations could result in civil or criminal penalties. Civil penalties may include fines, while criminal penalties could involve imprisonment. The exact penalties would depend on the nature and severity of the breach, as well as any relevant case law or statutory provisions that apply. It is essential for the governed entities to adhere strictly to the terms of these Regulations to avoid any legal repercussions.