Commonwealth act

Loan Act (No. 2) 1976

In ForceCTH

Jurisdiction

Commonwealth

Act Number

7 of 1976

Collection

act

Plain English Summary

3/10 complexity

This Act authorises the Treasurer to borrow, during the financial year ending 30 June 1976, under the Commonwealth Inscribed Stock Act or by issuing Treasury bills, up to the amount he considers necessary to cover any shortfall between available funds and expected expenditure (s3). Amounts borrowed are issued from the Loan Fund to the credit of the Consolidated Revenue Fund (s4), and the Consolidated Revenue Fund meets borrowing expenses (s5).

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Current sections

Direct links to the current provisions in Loan Act (No. 2) 1976.

Loan Act (No. 2) 1976

LOAN ACT (No. 2) 1976

No. 7 of 1976

An Act to Authorize the Borrowing of Moneys for the purpose of Supplementing the Consolidated Revenue Fund.

BE IT ENACTED by the Queen, and the Senate and House of Representatives of the Commonwealth of Australia, as follows:—

Short title.

This Act may be cited as the Loan Act (No. 2) 1976.

Commencement.

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

Authority to borrow.

The Treasurer may, from time to time during the financial year ending on 30 June 1976, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911-1973, or in accordance with the provisions of an Act authorizing the issue of Treasury Bills, borrow moneys that, together with any moneys previously borrowed under this section, do not exceed the amount that, at the time of the borrowing, he considers to be the greatest amount by which the moneys lawfully available, apart from this Act, for expenditure from the Consolidated Revenue Fund in that financial year are likely to be less than the amount of the expenditure made and to be made from that Fund in that financial year.

Application of moneys borrowed.

An amount equal to each amount borrowed under this Act shall be issued out of the Loan Fund and paid to the credit of the Consolidated Revenue Fund.

Expenses of borrowing.

The expenses of borrowing under section 3 may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.

Source text

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

1 Loan Act (No. 2) 1976