Commonwealth act

Loan Act (No. 2) 1921

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

17 of 1921

Collection

act

Plain English Summary

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What this law does

This Act gives the Australian Government permission to borrow up to £4.5 million (in 1921 currency) to fund public spending.

Key points:

Borrowing power: The Treasurer can raise money by selling government bonds (under the Commonwealth Inscribed Stock Act) or issuing Treasury Bills (short-term government debt).
Spending limit: The total borrowing cannot exceed £4,500,000.
How the money is used: The borrowed funds can only pay for:
- The costs of arranging the loans (such as bank fees), and
- Government programs that Parliament has approved (or will approve) through separate spending bills.

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Current sections

Direct links to the current provisions in Loan Act (No. 2) 1921.

Loan Act (No. 2) 1921

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LOAN (No. 2).

No. 17 of 1921.

An Act to authorize the raising of the sum of Four million five hundred thousand pounds for certain purposes.

[Assented to 15th December, 1921.]

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 and citation.

1. This Act may be cited as the Loan Act (No. 2) 1921.

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 sum 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.

Source text

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