Loan (Housing) Act 1955
1Loan (Housing) Act 1955
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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.