Commonwealth act

Loan (Australian Wheat Board) Act 1970

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

3 of 1970

Collection

act

Plain English Summary

2/10 complexity

This Act lets the Australian Government borrow up to $300 million (by issuing stock or Treasury bills) and on-lend it to the Australian Wheat Board so the Board can repay advances from the Reserve Bank's Rural Credits Department tied to the 1968–69 wheat season. The Treasurer sets the loan terms.

It’s a one‑off measure to clear that specific historical debt and ensure the Board meets its obligations to the Reserve Bank.

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Current sections

Direct links to the current provisions in Loan (Australian Wheat Board) Act 1970.

Loan (Australian Wheat Board) Act 1970

Loan (Australian Wheat Board)

No. 3 of 1970

An Act to authorize the Borrowing of Moneys by the Commonwealth and the Issue of those Moneys for certain purposes in relation to the Australian Wheat Board.

[Assented to 24 March 1970]

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 (Australian Wheat Board) Act 1970.

Commencement.

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

Authority to borrow $300,000,000.

The Treasurer may, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911–1966 or in accordance with the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole Three hundred million dollars.

Application of moneys.

4.—(1.) Moneys borrowed under this Act shall be issued and applied only for the expenses of borrowing and in pursuance of the next succeeding sub-section.

(2.) Moneys borrowed under this Act may be made available, on such terms and conditions as the Treasurer determines, by way of loan to the Australian Wheat Board, for the purpose of enabling the discharge of the liability of the Board to the Reserve Bank of Australia in respect of advances made by that Bank through its Rural Credits Department in connexion with the acquisition and marketing of wheat harvested in the period of twelve months that commenced on the first day of October, One thousand nine hundred and sixty-eight.

Source text

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

1 Loan (Australian Wheat Board) Act 1970