Commonwealth act

Loan Act (No. 3) 1976

In ForceCTH

Jurisdiction

Commonwealth

Act Number

90 of 1976

Collection

act

Plain English Summary

3/10 complexity

This Act permits the Treasurer to borrow up to $1,600,000,000 during the 1976–77 financial year (by inscribed stock or Treasury Bills) to meet expenses for the Department of Defence as specified in the Supply Act or a later appropriation Act (ss 3–4). The Treasurer decides timing and method (s3); repayments and costs are met from the Consolidated Revenue Fund and spending is time‑limited to 30 June 1977 and capped so total outlays cannot exceed the appropriated amounts (s5).

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Current sections

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Loan Act (No. 3) 1976

LOAN ACT (No. 3) 1976

No. 90 of 1976

An Act to authorize the Borrowing and Expending of Moneys for Defence Purposes.

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. 3) 1976.

Commencement.

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

Authority to borrow $1,600,000,000.

The Treasurer may, from time to time during the financial year ending on 30 June 1977, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911, or in accordance with the provisions of an Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole $1,600,000,000.

Application or moneys borrowed.

Moneys borrowed under section 3 shall be applied only for the expenses of borrowing and for services specified under the heading “DEPARTMENT OF DEFENCE” in the Supply Act (No. 1) 1976-77 or in an Act passed after the commencement of this Act and appropriating the Consolidated Revenue Fund for the service of the year that commenced on 1 July 1976, being an Act that is expressed to have effect subject to section 5 of this Act.

Limitation of expenditure.

(1) Nothing in this Act or in an Act referred to in section 4 shall be taken to authorize the expenditure for a service referred to in section 4 of an amount the expenditure of which would result in the total expenditure for that service under this Act and the Acts referred to in section 4 exceeding the total of the amounts authorized by the Acts referred to in section 4 to be expended in respect of that service.

(2) Sub-section (1) does not affect the expenditure of moneys appropriated under the heading “ADVANCE TO THE TREASURER”.

(3) Nothing in this Act shall be taken to authorize expenditure (otherwise than for the expenses of borrowing) after 30 June 1977.

Source text

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

1 Loan Act (No. 3) 1976