Commonwealth act

Loan (Housing) Act 1959

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

75 of 1959

Collection

act

Plain English Summary

1/10 complexity

This Act authorises the Federal Government to borrow up to £36,080,000 by issuing inscribed stock or short-term Treasury Bills, with the proceeds usable only to meet loan arrangement costs and to lend the remainder to State governments. Those advances must follow the 1956 Commonwealth–State housing agreement, so the Act is a ring‑fenced financing mechanism affecting State housing agencies and, indirectly, public housing applicants.

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Current sections

Direct links to the current provisions in Loan (Housing) Act 1959.

Loan (Housing) Act 1959

LOAN (HOUSING).

No. 75 of 1959.

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

[Assented to 1st December, 1959.]

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 1959.

Commencement.

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

Authority to borrow £36,080,000.

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-six million and eighty 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 1959