Commonwealth legislation

National Security (Gifts and Loans) Regulations

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

106 of 1940

Collection

legislative instrument

Plain English Summary

1/10 complexity

What it does: This 1940 wartime regulation gives companies (bodies corporate) special permission to financially support Australia's World War II effort.

Key points:

Gifts: Companies can donate money directly to the Commonwealth government for war purposes
Loans: Companies can lend money to the government on whatever terms they choose (interest rates, repayment periods, etc.)
Overrides normal rules: Even if a company's internal rules or constitution normally prohibit giving away money or lending to governments, this regulation makes it legal anyway

Why it matters: During WWII, the government needed fast access to private funds. Without this regulation, company directors might have broken the law or exceeded their authority (acting "ultra vires") by giving shareholder money to the war effort. This provided legal cover for patriotic corporate donations and emergency war financing.

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Current sections

Direct links to the current provisions in National Security (Gifts and Loans) Regulations.

National Security (Gifts and Loans) Regulations

STATUTORY RULES.

1940. No. 106.

––––––

REGULATIONS UNDER THE NATIONAL SECURITY ACT 1939.*

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 National Security Act 1939.

Dated this Twelfth

day of June, 1940

(SGD.) GOWRIE.

Governor-General.

By His Excellency’s Command,

unidentified signature

for and on behalf of the Minister of State for Defence Co-ordination.

––––––

National Security (Gifts and Loans) Regulations.

Citation.

These Regulations may be cited as the National Security (Gifts and Loans) Regulations.

Powers of bodies corporate in relation to gifts and loans.

Every body corporate is hereby authorized and empowered—

(a) to make a gift of moneys to the Commonwealth for war purposes; or

(b) to lend moneys to the Commonwealth for war purposes on such terms as it thinks fit,

notwithstanding that, apart from this regulation, the body corporate has not power to make such a gift, to lend moneys to the Commonwealth, or to lend moneys to the Commonwealth on the terms referred to.

*Notified in the Commonwealth Gazette on , 1940.

By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.

3428.—10/30.5.1940—Price 3d.

Source text

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

1 National Security (Gifts and Loans) Regulations

STATUTORY RULES.

1940. No. 106.

––––––

REGULATIONS UNDER THE NATIONAL SECURITY ACT 1939.*

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 National Security Act 1939.

Dated this Twelfth

day of June, 1940

(SGD.) GOWRIE.

Governor-General.

By His Excellency’s Command,

for and on behalf of the Minister of State for Defence Co-ordination.

––––––

National Security (Gifts and Loans) Regulations.

Citation.

These Regulations may be cited as the National Security (Gifts and Loans) Regulations.

Powers of bodies corporate in relation to gifts and loans.

Every body corporate is hereby authorized and empowered—

(a) to make a gift of moneys to the Commonwealth for war purposes; or

(b) to lend moneys to the Commonwealth for war purposes on such terms as it thinks fit,

*Notified in the Commonwealth Gazette on , 1940.

By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.

3428.—10/30.5.1940—Price 3d.