{"id":"C1940A00045","name":"Loan Act (No. 2) 1940","slug":"loan-act-no-2-1940","collection":"act","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":"45 of 1940","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":3937,"registerId":"commonwealth-C1940A00045-current","compilationNumber":null,"startDate":"2026-03-30","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Loan Act (No. 2) 1940","content":"LOAN (No. 2).\n\nNo. 45 of 1940.\n\nAn Act to authorize the Raising and Expending of a certain Sum of Money, and for other purposes.\n\n\\[Assented to 22nd June, 1940.\\]\n\nBE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—\n\nShort title.\n\n1. This Act may be cited as the Loan Act (No. 2) 1940.\n\nCommencement.\n\n2. This Act shall come into operation on the day on which it receives the Royal Assent.\n\nAuthority to borrow £20,000,000.\n\n3. The Treasurer may, from time to time, borrow, under the provisions of the Commonwealth Inscribed Stock Act 1911-1940, or under the provisions of any Act authorizing the issue of Treasury Bills, moneys not exceeding in the whole the amount of Twenty million pounds.\n\nPurposes for which money may be expended.\n\n4. The amount borrowed may be issued and applied for the expenses of borrowing and for the purposes of appropriations made, or to be made, by law.\n\nIssue and application of £20,000,000.\n\n5. There may be issued and applied out of the proceeds of any loan raised under the authority of this Act, or of any other Act, the sum of Twenty million pounds for war purposes.\n\nApplication of moneys appropriated for Department of Supply and Development for Department of Munitions.\n\n6. Notwithstanding anything contained in the Loan Act 1939\\. the Loan Act (No. 2) 1939 or the Loan Act 1940, the whole or any portion of the amounts specified in the Schedule to any of those Acts for purposes of the Department of Supply and Development so specified may be issued and applied for the corresponding purposes of the Department of Munitions.","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":2197},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This is the original 1940 enactment. Its scope remains tightly confined to the specific borrowing authority (£20 million) and the immediate wartime administrative need to transfer appropriations between the Supply and Munitions departments."},"complexity_factors":["Only 6 short sections with no defined terms section","Cross-references to four other Acts (Commonwealth Inscribed Stock Act 1911-1940, Loan Act 1939, Loan Act (No. 2) 1939, and Loan Act 1940)","Simple 'notwithstanding' override clause in section 6 redirecting appropriations between departments","Single purpose legislation with minimal conditional logic"],"plain_english_summary":"This law gives the Treasurer authority to borrow up to £20 million by issuing Commonwealth Inscribed Stock or Treasury Bills to fund World War II expenses and the costs of arranging those loans. It also permits transferring existing appropriations from the Department of Supply and Development to the new Department of Munitions so wartime spending isn’t blocked by the departmental split.\n\nIt mainly empowers the government (and therefore obliges taxpayers) to finance war needs through borrowing rather than immediate taxation."}},"importantCases":[],"_links":{"self":"/api/acts/loan-act-no-2-1940","history":"/api/acts/loan-act-no-2-1940/history","analysis":"/api/acts/loan-act-no-2-1940/analysis","conflicts":"/api/acts/loan-act-no-2-1940/conflicts","importantCases":"/api/acts/loan-act-no-2-1940/important-cases","documents":"/api/acts/loan-act-no-2-1940/documents"}}