Commonwealth act

Loan Act (No. 2) 1962

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

79 of 1962

Collection

act

Plain English Summary

2/10 complexity

This Act authorised the Treasurer to borrow up to £118,328,000 in the 1962–63 year (via Commonwealth inscribed stock or Treasury bills) to fund Defence Services and to retire specified war-era Commonwealth securities, with a small allowance for borrowing costs. It could not increase defence spending beyond amounts already appropriated and all proceeds had to be spent by 30 June 1963. It mainly affected the Treasurer, Defence departments and Treasury as a mechanism to finance defence commitments.

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Current sections

Direct links to the current provisions in Loan Act (No. 2) 1962.

Loan Act (No. 2) 1962

LOAN (No. 2).

No. 79 of 1962.

An Act to Authorize the Raising and Expending of a sum not exceeding One hundred and eighteen million three hundred and twenty-eight thousand pounds for Defence Purposes.

[Assented to 12th December, 1962.]

BE it enacted by the Queen’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) 1962.

Commencement.

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

Authority to borrow £118,328,000.

The Treasurer may, during the year that commenced on the first day of July, One thousand nine hundred and sixty-two, borrow, under the provisions of the Commonwealth Inscribed Stock Act 1911-1946, or under the provisions of any Act authorizing the issue of Treasury Bills, moneys not exceeding in the whole One hundred and eighteen million three hundred and twenty-eight thousand pounds.

Purposes for which moneys borrowed may be applied.

Moneys borrowed under this Act shall be issued and applied only for the expenses of borrowing and—

(a) as to a sum not exceeding Ninety-eight million two hundred and eighty-three thousand pounds—for the purposes and services expressed in Part I. of the Second Schedule to the Appropriation Act 1962-63 under the heading “XX.—DEFENCE SERVICES.”; and

(b) as to a sum not exceeding Twenty million and forty-five thousand pounds—for the purpose of paying off, repurchasing or redeeming Commonwealth securities issued for war purposes.

Limitation of expenditure.

5.—(1.) Nothing in the preceding provisions of this Act or in the Appropriation Act 1962-63 shall be taken to authorize the expenditure for a purpose or service expressed in Part I. of the Second Schedule to the Appropriation Act 1962-63 under the heading “XX.—DEFENCE SERVICES.” of an amount the expenditure of which would result in the total expenditure under the two Acts for that purpose or service exceeding the amount specified in that Part in respect of that purpose or service.

(2.) The last preceding sub-section does not affect the expenditure of the moneys appropriated by the Appropriation Act 1962-63 under the head “Advance to the Treasurer”.

(3.) Nothing in this Act shall be taken to authorize expenditure (otherwise than for the expenses of borrowing) after the thirtieth day of June, One thousand nine hundred and sixty-three.

Source text

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

1 Loan Act (No. 2) 1962