FINANCES ADJUSTMENT ACT 1932 - As at 2 September 1992 - Act 27 of 1932 TABLE OF PROVISIONS TABLE OF PROVISIONS PART 1 - PRELIMINARY 1. Name of Act 2. (Repealed) PART 2 - REDUCTION OF INTEREST 3. Interest PARTS 3–6 - (Repealed) None FINANCES ADJUSTMENT ACT 1932 - LONG TITLE An Act to make provision for reducing in certain cases the charges on public funds; to make further provision in relation to the rate of interest to be paid on certain debts to the Crown and to certain statutory bodies; to amend the Widows’ Pensions Act 1925–1929, the Family Endowment Act 1927–1932, the Prevention and Relief of Unemployment Act 1930–1932, the Local Government Act 1919, the Crown Lands Consolidation Act 1913, the Closer Settlement Acts, the Pastures Protection Act 1912, the Western Lands Act of 1901, and certain other Acts, and for purposes connected therewith. FINANCES ADJUSTMENT ACT 1932 - SECT 1 Name of Act 1 Name of Act This Act may be cited as the Finances Adjustment Act 1932. FINANCES ADJUSTMENT ACT 1932 - SECT 3 Interest 3 Interest (1) Subsection two of this section shall apply to and in respect of all debts to the Crown, to the Water Conservation and Irrigation Commission or to a Pastures Protection Board, incurred before the commencement of this section, under or by operation of any of the following enactments, namely: The Crown Lands Consolidation Act 1913, The Returned Soldiers Settlement Act 1916, The Closer Settlement Acts, The Pastures Protection Act 1912, The Western Lands Act of 1901, The Wentworth Irrigation Act, The Hay Irrigation Act 1902, The Irrigation Act 1912, The Water Act 1912, Part 14 or Part 26 of the Local Government Act 1919, The Grafton and South Grafton Water Supply Administration Act 1915, or any Act amending any of such enactments. (2) Where on the thirty-first day of December, one thousand nine hundred and thirty-two, a debt to which this section applies bears interest at a rate exceeding four per centum per annum, the rate of interest shall, as from the first day of January, one thousand nine hundred and thirty-three, be reduced to four per centum per annum. (3A) Where any debt to the Crown, to the Water Conservation and Irrigation Commission or to a Pastures Protection Board is incurred after the thirty-first day of December, one thousand nine hundred and thirty-two, under or by operation of the Crown Lands Consolidation Act 1913, the Pastures Protection Act 1912, the Pastures Protection Act 1934, the Western Lands Act of 1901, the Irrigation Act 1912, or any Act amending any of such enactments, and such debt is to bear interest, the maximum rate of such interest shall be four per centum per annum. (3B) Subsection (3A) shall not apply to interest in respect of any debt to the Crown incurred under or by operation of section 64B of the Crown Lands Consolidation Act 1913, as amended by subsequent Acts. (3C) Subsection (3A) shall not apply to interest accruing due after the commencement of section six of the Crown Lands and Closer Settlement (Amendment) Act 1968 in respect of any sum payable to the Crown or the Water Conservation and Irrigation Commission, incurred under or by operation of section 36B or 36C of the Western Lands Act of 1901, as subsequently amended, or section one hundred and eighty, 180B or two hundred and seventy-eight of the Crown Lands Consolidation Act 1913, as subsequently amended, or section five of the Crown Lands (Amendment) Act 1932, as subsequently amended. (3D) Subsection (3A) shall not apply to interest accruing due after the commencement of section nine of the Crown Lands and Closer Settlement (Amendment) Act 1968 in respect of any sum payable to the Crown, the Water Conservation and Irrigation Commission or the Rural Bank under or by operation of Part 6 of the Crown Lands Consolidation Act 1913, as subsequently amended. (3E) Subsection (3A) shall not apply to interest accruing due: (a) on or after the commencement of the Crown Lands and Other Acts (Amendment) Act 1971 in respect of a conditional purchase made before the tenth day of August, one thousand eight hundred and seventy-five, which is not under the instalment system, (b) in respect of the balance of purchase money payable on a conditional purchase the title to which commences after the commencement of section eight of the Crown Lands and Other Acts (Amendment) Act 1970. (3F) Subsection (3A) shall not apply to interest accruing due on deferred payments of purchase money on lands sold at auction under section sixty-three of the Crown Lands Consolidation Act 1913 where the place and time of sale were notified in the Gazette after the commencement of the Crown Lands (Amendment) Act 1971, or on lands sold under section sixty-four of the Crown Lands Consolidation Act 1913 pursuant to an application made and approved after such commencement. (3G) Subsection (3A) shall not apply to interest accruing due on or after the day upon which section 3 of the Irrigation (Amendment) Act 1976 commences in respect of any sum payable to the Crown, the Water Administration Ministerial Corporation or the Rural Bank under or by operation of the Irrigation Act 1912. (3H) Subsection (3A) does not apply to interest accruing due on or after the commencement of a provision of the Crown Lands (Continued Tenures) Act 1989 or Schedule D to the Western Lands Act 1901 in respect of money payable to the Crown under that provision. (4) This section shall commence upon the first day of January, one thousand nine hundred and thirty-three. (5) Subsection (3A) does not apply to any debt incurred after the commencement of section 3 of the Finances Adjustment (Amendment) Act 1975. (6) Nothing in subsection (5) affects the operation of subsection (3B), (3C), (3D), (3E) or (3F). FINANCES ADJUSTMENT ACT 1932 - NOTES Reprint history (since 1972): Reprint No 1 2 June 1983 Reprint No 2 26 November 1991 FINANCES ADJUSTMENT ACT 1932 - NOTES Historical notes The following abbreviations are used in the Historical notes: ______________________________________________________________________ |______________________________________________________________________| |______________________________________________________________________| |______________________________________________________________________| |______________________________________________________________________| |______________________________________________________________________| |______________________________________________________________________| |______________________________________________________________________| See also Western Lands Act 1901, sec 31 (2). Table of amending instrumentsFinances Adjustment Act 1932 No 27. Assented to 25.10.1932. Date of commencement of sec 3, 1.1.1933, sec 3 (4); date of commencement of sec 4, 1.7.1932, sec 4 (1); date of commencement of Part 4, 1.2.1933, sec 5 (3) and GG No 16 of 27.1.1933, p 427; date of commencement of sec 8, 1.7.1932, sec 8 (1); date of commencement of Part 6, 2.1.1933, sec 9 (1) and GG No 191 of 23.12.1932, p 4587. This Act has been amended as follows: _____________________________________________________________________________ |1932|No 64 |Finances Adjustment (Further | |_____________________________________________________________________________| | | |Pastures Protection Act 1934. Assented to 14.11.1934. | |1934|No 35 | | | | |Date of commencement, 29.3.1935, sec 1 (2) and GG No 66 of | |_____________________________________________________________________________| | | |Finances Adjustment Act 1937. Assented to 30.11.1937. | |1937|No 16 | | |_____________________________________________________________________________| | | |Broken Hill Water and Sewerage Act 1938. Assented to 3.11.1938. | |1938|No 20 | | | | |Date of commencement of sec 17, 1.1.1939, sec 1 (2) (b) and GG No| |_____________________________________________________________________________| |1960|No 32 |Crown Lands (Amendment) Act | |_____________________________________________________________________________| | | |Decimal Currency Act | | | |1965. Assented to 20.12.1965. | |1965|No 33 | | | | |Date of commencement of sec 4, 14.2.1966, secs 1 (3), 2 (1) and | | | |the Currency Act | |_____________________________________________________________________________| | | |Crown Lands and Closer Settlement (Amendment) Act | | | |1968. Assented to 16.12.1968. | |1968|No 61 | | | | |Date of commencement of sec 6, 1.7.1969, sec 1 (4) and GG No 67 | | | |of 13.6.1969, p 2217; date of commencement of sec 9, 15.10.1969, | |_____________________________________________________________________________| | | |Crown Lands and Other Acts (Amendment) Act 1970. Assented to | | | |8.4.1970. | |1970|No 28 | | | | |Date of commencement (sec 2 excepted), 4.5.1970, sec 1 (2) and GG| |_____________________________________________________________________________| |1971|No 2 |Crown Lands (Amendment) Act | |_____________________________________________________________________________| | |No 35 |Crown Lands and Other Acts | |_____________________________________________________________________________| | | |Finances Adjustment (Amendment) Act 1975. Assented to 10.4.1975. | |1975|No 13 | | | | |Date of commencement of sec 3, 1.1.1976, sec 2 (2) and GG No 132 | |_____________________________________________________________________________| | |No 96 |Crown Lands and Other Acts (Rents | |_____________________________________________________________________________| | | |Irrigation (Amendment) Act 1976. Assented to 31.3.1976. | |1976|No 14 | | | | |Date of commencement of sec 4, 23.4.1976, sec 2 (2) and GG No 57 | |_____________________________________________________________________________| | |No 63 |Statute Law Revision Act | |_____________________________________________________________________________| | | |Miscellaneous Acts (Community Welfare) Repeal and Amendment Act | | | |1982. Assented to 25.5.1982. | | | | | | | |Amended by Miscellaneous Acts (Community Welfare) Amendment Act | |1982|No 88 |1983 No 3. Assented to 29.3.1983. The provisions of Sch 1 | | | |relating to the Finances Adjustment Act 1932 were not commenced | | | |and the Act was repealed by the Miscellaneous Acts (Community | | | |Welfare) Repeal and Amendment Act | |_____________________________________________________________________________| | | |Miscellaneous Acts (Water Administration) Amendment Act | | | |1986. Assented to 18.12.1986. | |1986|No 205| | | | |Date of commencement of Sch 2, 1.1.1987, sec 2 (2) and GG No 195 | |_____________________________________________________________________________| | | |Miscellaneous Acts (Community Welfare) Repeal and Amendment Act | | | |1987. Assented to 29.5.1987. | |1987|No 58 | | | | |Date of commencement of the provisions of Sch 4 relating to the | |_____________________________________________________________________________| | | |Miscellaneous Acts (Prickly Pear) Repeal and Amendment Act | | |No 203|1987. Assented to 8.12.1987. | | | | | |_____________________________________________________________________________| | | |Miscellaneous Acts (Crown Lands) Amendment Act | | | |1989. Assented to 21.3.1989. | |1989|No 9 | | | | |Date of commencement, 1.5.1990, sec 2 and GG No 51 of 20.4.1990, | |_____________________________________________________________________________| Table of amendmentsNo reference is made to certain amendments made by the Decimal Currency Act 1965. _____________________________________________________________________________ |_____________________________________________________________________________| |_____________________________________________________________________________| | |Am 1932 No 64, sec 11; 1934 No 35, sec 173 (3); 1938 No | | |20, sec 17 (2); 1960 No 32, sec 2 (2); 1968 No 61, secs 6 | |Sec 3 |(10), 9 (3); 1970 No 28, sec 8 (3); 1971 No 2, sec 3 (2); | | |1971 No 35, sec 2 (7); 1975 No 13, sec 3; 1975 No 96, sec | | |4 (2); 1976 No 14, sec 4; 1986 No 205, Sch 2; 1987 No 203,| |_____________________________________________________________________________| |_____________________________________________________________________________| |_____________________________________________________________________________| |_____________________________________________________________________________| |_____________________________________________________________________________| |_____________________________________________________________________________| |_____________________________________________________________________________|