Commonwealth legislation

Federal Capital Commission (Finance) Regulations

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

40 of 1928

Collection

legislative instrument

Plain English Summary

1/10 complexity

These regulations set the interest rate that the Federal Capital Commission (the body building Canberra) had to pay to the Commonwealth Government on public money it used.

What it does:

Sets the interest rate at £2 10 shillings per £100 per year (2.5% per annum) on the Commission's debts
Regulation 2 applies to money spent before the Seat of Government Act started operating. Interest on this spending ran from 1 July after each financial year ended until 31 December 1924.
Regulation 3 applies to debts the Commission already owed when the Act first commenced.

Why it matters: These rules established the financial cost of borrowing for the construction of the national capital, ensuring the Commission paid interest on public funds used to develop Canberra, rather than receiving interest-free government money.

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Current sections

Direct links to the current provisions in Federal Capital Commission (Finance) Regulations.

Federal Capital Commission (Finance) Regulations

STATUTORY RULES.

1928. No. 40.

REGULATIONS UNDER THE SEAT OF GOVERNMENT (ADMINISTRATION) ACT 1924-1926.

I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Seat of Government (Administration) Act 1924-1926, to come into operation forthwith.

Dated this fifteenth day of May, 1928.

STONEHAVEN

Governor-General.

By His Excellency’s Command,

NEVILLE HOWSE

Minister of State for Home and Territories.

Federal Capital Commission (Finance) Regulations.

Short title.

These Regulations may be cited as the Federal Capital Commission (Finance) Regulations.

Rate of Interest under section 21 (1) of the Act.

2.—(1.) The rate of interest for which the Commission shall be liable, under sub-section (1.) of section 21 of the Seat of Government (Administration) Act 1924-1926, shall be Two pounds ten shillings per centum per annum.

(2.) The periods in respect of which interest shall be calculated shall be, in respect of the expenditure in each financial year prior to the commencement of that Act, the period commencing on the first day of July next after the close of that financial year and ending on the thirty-first day of December, 1924.

Rate of Interest under section 21 (s) of the Act.

The rate of interest for which the Commission shall be liable under sub-section (3.) of section 21 of the Seat of Government (Administration) Act 1924-1926 upon the amount of the liability of the Commission as at the commencement of that Act shall be Two pounds ten shillings per centum per annum.

By Authority: H. J. Green, Government Printer, Canberra.

606.—Price 3d.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Federal Capital Commission (Finance) Regulations