Commonwealth act

Loan Act (No. 2) 1944

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

36 of 1944

Collection

act

Plain English Summary

1/10 complexity

This Act authorizes the Australian Treasurer to borrow up to £150 million (1944 currency) to finance the World War II effort, using government bonds or short-term Treasury bills. The funds may cover war-related military and defense costs and expenses of arranging the loans, shifting the immediate burden onto federal borrowing and ultimately affecting taxpayers who will repay the debt.

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Loan Act (No. 2) 1944

LOAN (No. 2).

No. 36 of 1944.

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

[Assented to 6th October, 1944.]

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) 1944.

Commencement.

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

Authority to borrow £150,000,000.

The Treasurer may, from time to time, borrow, under the provisions of the Commonwealth Inscribed Stock Act 1911-1943, or under the provisions of any Act authorizing the issue of Treasury Bills, moneys not exceeding in the whole the amount of One hundred and fifty million pounds.

Purposes for which money may be expended.

The amount borrowed may 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 £150,000,000.

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 One hundred and fifty million pounds for war purposes.

Source text

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

1 Loan Act (No. 2) 1944