Commonwealth act

Loan (Housing) Act 1958

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

50 of 1958

Collection

act

Plain English Summary

1/10 complexity

This Act authorises the Commonwealth to borrow up to £35,810,000 to fund public housing. The Treasurer may raise the money by selling Commonwealth bonds or issuing Treasury Bills, and the funds are restricted to loan‑arrangement costs and advances to States under the Housing Agreement Act 1956. It’s a one‑off supply law permitting targeted government borrowing for housing.

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Current sections

Direct links to the current provisions in Loan (Housing) Act 1958.

Loan (Housing) Act 1958

LOAN (HOUSING).

No. 50 of 1958.

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

[Assented to 1st October, 1958.]

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 1958.

Commencement.

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

Authority to borrow £35,810,000.

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-five million eight hundred and ten 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 States in accordance with the agreement executed in pursuance of the authority conferred by the Housing Agreement Act 1956.

Source text

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

1 Loan (Housing) Act 1958