Commonwealth act

Loan Act 1915

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

23 of 1915

Collection

act

Plain English Summary

1/10 complexity

This Act authorizes the Commonwealth to borrow up to £1.5 million (1915 currency) to fund construction of the railway linking Kalgoorlie (WA) to Port Augusta (SA). The Treasurer may raise the money through government bonds (inscribed stock) or short-term Treasury bills. It financed the Trans‑Australian Railway’s central section, enabling Australia’s first coast‑to‑coast rail link and major nation‑building transport improvements.

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Current sections

Direct links to the current provisions in Loan Act 1915.

Loan Act 1915

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LOAN.

No. 23 of 1915.

An Act to authorize the Raising and Expending of the sum of One million five hundred thousand pounds for the Construction of a Railway from Kalgoorlie to Port Augusta.

[Assented to 31st July, 1915.]

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title.

1 This Act may be cited as the Loan Act 1915.

Treasurer may borrow £1,500,000.

2 The Treasurer may from time to time, under the provisions of the Commonwealth Inscribed Stock Act 1911-1915 or under the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole the amount of One million five hundred thousand pounds.

Purpose for which money may be expended

3 The amount borrowed shall be issued and applied only for the expenses of borrowing and for the construction of a railway from Kalgoorlie to Port Augusta.

Source text

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