1
Short Title [see Note 1]
1 Short Title [see Note 1]
This Act may be cited as the Loan (Temporary Revenue Deficits) Act 1953.
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Commonwealth act
This Act lets the Treasurer borrow (via Treasury Bills) to cover temporary shortfalls in the Consolidated Revenue Fund when amounts are or will be insufficient (s.4). Borrowings must be repaid in the same financial year (s.5) and be made in accordance with clause six of the Financial Agreement as defined in the Financial Agreement Act 1944 (s.7). The Treasurer decides when a shortfall exists (s.4); repayments are met from public revenue.
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Direct links to the current provisions in Loan (Temporary Revenue Deficits) Act 1953.
This Act may be cited as the Loan (Temporary Revenue Deficits) Act 1953.
This Act shall be deemed to have come into operation on the first day of July, One thousand nine hundred and fifty.
Whenever the amounts in the Consolidated Revenue Fund are, or are expected by the Treasurer to be, insufficient to meet expenditure from that Fund, the Treasurer may, under the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding the amount of the insufficiency or expected insufficiency.
Moneys borrowed by virtue of the last preceding section shall be repaid in the financial year in which they were borrowed.
(1) Nothing in this Act authorizes the borrowing of money or the issue of securities otherwise than in accordance with clause six of the Financial Agreement. (2) In this section, the Financial Agreement has the same meaning as in section four of the Financial Agreement Act 1944.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Act may be cited as the Loan (Temporary Revenue Deficits) Act 1953.
This Act shall be deemed to have come into operation on the first day of July, One thousand nine hundred and fifty.
Whenever the amounts in the Consolidated Revenue Fund are, or are expected by the Treasurer to be, insufficient to meet expenditure from that Fund, the Treasurer may, under the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding the amount of the insufficiency or expected insufficiency.
Moneys borrowed by virtue of the last preceding section shall be repaid in the financial year in which they were borrowed.
(1) Nothing in this Act authorizes the borrowing of money or the issue of securities otherwise than in accordance with clause six of the Financial Agreement. (2) In this section, the Financial Agreement has the same meaning as in section four of the Financial Agreement Act 1944.