1Loan 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. 1. This Act may be cited as the Loan Act (No. 2) 1962. Commencement. 2. This Act shall come into operation on the day on which it receives the Royal Assent. Authority to borrow £118,328,000. 3. 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. 4. 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.