Commonwealth act

Loan (Housing) Act 1962

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

17 of 1962

Collection

act

Plain English Summary

1/10 complexity

This law authorizes the Australian Government to take out a specific loan of up to £7.5 million (pre-decimal currency) to fund public housing. The Treasurer is permitted to borrow this money using standard government borrowing mechanisms. The funds are strictly limited to two uses:

Covering the costs of borrowing itself (such as administrative fees and bank charges)
Lending money to State governments for housing projects under the separate Housing Agreement Act 1961

In simple terms, it is a legislative "permission slip" to borrow a set amount of money specifically to help the States build or acquire public housing.

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Current sections

Direct links to the current provisions in Loan (Housing) Act 1962.

Loan (Housing) Act 1962

LOAN (HOUSING)

No. 17 of 1962.

An Act to Authorize the Raising and Expending of a sum not exceeding Seven million five hundred thousand pounds for the purposes of Housing.

[Assented to 6th April, 1962.]

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 1962.

Commencement.

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

Authority to borrow £7,500,000.

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 Seven million five 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 the States in pursuance of section four of the Housing Agreement Act 1961.

Source text

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

1 Loan (Housing) Act 1962