1Loan Act 1973

Loan Act 1973

No. 19 of 1973

AN ACT

To Authorize the Raising and Expending of Moneys for Defence Purposes.

[Assented to 18 April 1973]

BE IT ENACTED by the Queen, the Senate and the House of Representatives of Australia, as follows:—

Short title.

1. This Act may be cited as the Loan Act 1973.

Commencement.

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

Authority to borrow $300,000,000.

3. The Treasurer may, not later than 30th June, 1973, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911-1966 or in accordance with the provisions of an Act authorizing an issue of Treasury Bills, borrow moneys not exceeding in the whole Three hundred million dollars.

Application of moneys borrowed.

4. Moneys borrowed under section 3 shall be applied only for the expenses of borrowing and for services specified under the heading “DEFENCE SERVICES” in the Appropriation Act (No. 1) 1972-73 or in an Act passed after the commencement of this Act and appropriating

the Consolidated Revenue Fund for the service of the year that commenced on 1st July, 1972, being an Act that is expressed to have effect subject to section 5 of this Act.

Limitation of expenditure.

5. (1) Nothing in this Act or in an Act referred to in section 4 shall be taken to authorize the expenditure for a service referred to in section of an amount the expenditure of which would result in the total expenditure for that service under this Act and the Acts referred to in section 4 exceeding the total of the amounts specified in the Acts referred to in section respect of that service.

(2) Sub-section (1) does not affect the expenditure of the moneys appropriated by the Appropriation Act (No. 1) 1972-73 under Division No. 560—Advance to the Treasurer.

(3) Nothing in this Act shall be taken to authorize expenditure (otherwise than for the expenses of borrowing) after 30th June, 1973.

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