Commonwealth act

Loan Act 1942

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

1 of 1942

Collection

act

Plain English Summary

1/10 complexity

The Act authorises the Australian Government to borrow up to £75 million by issuing inscribed stock or Treasury Bills to meet wartime needs.

It covers loan expenses and any parliamentary appropriations for military and defence spending, giving the government rapid access to finance Australia’s World War II effort.

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Current sections

Direct links to the current provisions in Loan Act 1942.

Loan Act 1942

LOAN.

No. 1 of 1942.

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

[Assented to 9th March, 1942.]

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.

This Act may be cited as the Loan Act 1942.

Commencement

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

Authority to borrow £75,000,000.

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 Seventy-five 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 £75,000,000.

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 Seventy-five million pounds for war purposes.

Source text

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

1 Loan Act 1942