1Loan Act 1923

LOAN.

No. 35 of 1923.

An Act to authorize the Raising and Expending of certain Sums of Money.

[Assented to 1st September, 1923.]

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 1923.

Authority to borrow £4,500,000.

2. The Treasurer may from time to time under the provisions of the Commonwealth Inscribed Stock Act 1911-1918, or under the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole the amount of Four million five hundred thousand pounds.

Purpose for which money may be borrowed.

3. The amount borrowed shall be issued and applied only for the expenses of borrowing and for the purposes of appropriations made or to be made by law.

Issue and application of £6,124,426.

4. There may be issued and applied out of the proceeds of any Loan raised under the authority of any Loan Act. including the present Act, the sum of Six million one hundred and twenty-four thousand four hundred and twenty-six pounds for the purposes set forth in the Schedule to this Act.

Authority to make advances to States.

5.—(1.) Pending the borrowing of moneys authorized to be borrowed under section two of this Act for the purpose of making loans to the States for immigration and works in connexion therewith, the Treasurer may advance the States, out of any moneys in the Commonwealth Public Account, sums not exceeding in the whole the sum of One million pounds.

(2.) The Treasurer shall, out of moneys borrowed under section two of this Act for the purpose of making loans to the States for immigration and works in connexion therewith, immediately repay the sums advanced to the States under this section.

Appropriation of moneys.

6.—(1.) For a period of five years from the date of the raising of any loan under section two of this Act for the purpose of making loans to the States for immigration and works in connexion therewith, the

Treasurer may pay to any State a sum not exceeding one-third of the interest payable by the State on any such moneys loaned.

(2.) Payments under this section shall be payable out of the Consolidated Revenue Fund, which is hereby appropriated for the purpose.

SCHEDULE.