Commonwealth act

Loan Act 1941

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

22 of 1941

Collection

act

Plain English Summary

2/10 complexity

This Act authorises the Australian Government to borrow up to £50 million to fund World War II efforts.

Key points:

Borrowing power: The Treasurer can raise up to £50 million by selling government bonds (under the Commonwealth Inscribed Stock Act) or issuing short-term Treasury Bills.
Purpose: The money must be used for 'war purposes' — funding Australia's military operations during WWII — and to cover the administrative costs of arranging the loans.
Spending authority: The Act also validates spending this money on purposes already approved by other laws.

This is a straightforward 'supply act' typical of wartime, giving the executive branch access to credit for national defence.

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Current sections

Direct links to the current provisions in Loan Act 1941.

Loan Act 1941

LOAN.

No. 22 of 1941.

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

[Assented to 7th April, 1941.]

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 1941.

Commencement.

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Authority to borrow £50,000,000.

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 Fifty million pounds.

Purposes for which money may be expended.

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.

Issue and application of £50,000,000.

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 Fifty million pounds for war purposes.

Source text

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

1 Loan Act 1941