CTHRepealedAct
Loan Act 1942
1Loan Act 1942
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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.