Commonwealth act

Loan Act (No. 2) 1934

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

47 of 1934

Collection

act

Plain English Summary

1/10 complexity

This Act authorises the federal Treasurer to borrow up to £5,050,000 (about £5 million) by issuing government stock or Treasury bills to meet government spending and loan-related costs. It specifically earmarks £200,000 for the Postmaster‑General’s Department to expand telephone exchange services and trunk lines.

It matters because it is a supply law: Parliament’s statutory approval is required to authorise government borrowing and fund public infrastructure, here focused on telecommunications.

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Current sections

Direct links to the current provisions in Loan Act (No. 2) 1934.

Loan Act (No. 2) 1934

LOAN (No. 2).

No. 47 of 1934.

An Act to Authorize the Raising of a certain Sum of Money and for other purposes.

[Assented to 16th November, 1934.]

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 (No. 2) 1934.

Treasurer may borrow £5,050,000.

The Treasurer may, from time to time, under the provisions of the Commonwealth Inscribed Stock Act 1911–1933, or under the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole the sum of Five million and fifty thousand pounds.

Purposes for which money may be expended.

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.

Issue and application of £200,000.

There may be issued and applied out of the proceeds of any Loan raised under the authority of any Loan Act, including this Act, the sum of Two hundred thousand pounds for the purposes set forth in the Schedule to this Act.

THE SCHEDULE.

—	Appropriated by this Act.
THE POSTMASTER-GENERAL’S DEPARTMENT.
Under Control of the Postmaster-General’s Department.	£
Telephone exchange services; trunk line services.....................	200,000

Source text

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

1 Loan Act (No. 2) 1934