Commonwealth act

Loan (Housing) Act (No. 2) 1963

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

56 of 1963

Collection

act

Plain English Summary

1/10 complexity

This Act gives the federal government permission to borrow up to £49.85 million (old currency) specifically for public housing. The Treasurer can raise the cash by issuing government bonds or treasury bills under existing borrowing laws. Every dollar must go to the States to fund home-building projects under the Housing Agreement Act 1961, with only a small slice allowed for the administrative costs of arranging the loan itself. Think of it as a very specific credit card authorization—Parliament is saying 'you may borrow this exact amount, for this exact purpose, and nothing else.'

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Current sections

Direct links to the current provisions in Loan (Housing) Act (No. 2) 1963.

Loan (Housing) Act (No. 2) 1963

LOAN (HOUSING) (No. 2).

No. 56 of 1963.

An Act to Authorize the Raising and Expending of a sum not exceeding Forty-nine million eight hundred and fifty thousand pounds for the purposes of Housing.

[Assented to 28th October, 1963.]

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 (No. 2) 1963.

Commencement.

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

Authority to borrow £49,850,000.

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 Forty-nine million eight hundred and fifty 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 (No. 2) 1963