Commonwealth act

Loan (Housing) Act 1955

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

45 of 1955

Collection

act

Plain English Summary

1/10 complexity

This Act authorises the federal Treasurer to borrow up to £33,200,000 to fund public housing, raising the money by selling government stock or issuing Treasury Bills. The funds may cover borrowing costs and be lent to State governments only for housing projects under the 1945 Commonwealth–State Housing Agreement or other Acts that specifically permit housing advances. It is a one‑time parliamentary borrowing approval enabling these housing loans.

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Current sections

Direct links to the current provisions in Loan (Housing) Act 1955.

Loan (Housing) Act 1955

LOAN (HOUSING).

No. 45 of 1955.

An Act to authorize the Raising and Expending of Moneys for the purposes of Housing.

[Assented to 2nd November, 1955.]

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 (Housing) Act 1955.

Commencement.

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

Authority to borrow £33,200,000.

The Treasurer may, from time to time, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911-1946, or in

accordance with the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole Thirty-three million two hundred thousand pounds.

Application of moneys.

Moneys borrowed under this Act shall be issued and applied only for the expenses of borrowing and for the purpose of making advances to a State or States—

(a) in accordance with the agreement executed in pursuance of the authority conferred by the Commonwealth and State Housing Agreement Act 1945 or with that agreement as varied in relation to a State by a further agreement approved by the Parliament; or

(b) in accordance with an Act authorizing the making of advances to that State or those States for the purposes of housing.

Source text

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

1 Loan (Housing) Act 1955