Commonwealth act

Loan (War Service Land Settlement) Act 1952

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

64 of 1952

Collection

act

Plain English Summary

1/10 complexity

This law authorizes the federal government to borrow up to £6 million (in 1952 currency) to fund war service land settlement programs.

What this means: After World War II, Australia helped returning soldiers buy or lease farmland as a way to reintegrate them into civilian life and boost agricultural production. This Act provides the money for the Commonwealth to give financial assistance to the States running these soldier settlement schemes.

How it works:

The Treasurer can borrow the money by issuing government bonds (under the Commonwealth Inscribed Stock Act) or Treasury Bills
The funds can only be used for two specific purposes: (1) covering the costs of borrowing itself, and (2) passing the money on to States for veteran land settlement programs
It is a time-limited, specific borrowing authority rather than ongoing legislation

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Current sections

Direct links to the current provisions in Loan (War Service Land Settlement) Act 1952.

Loan (War Service Land Settlement) Act 1952

LOAN (WAR SERVICE LAND SETTLEMENT).

No. 64 of 1952.

An Act to authorize the Raising of Moneys for the purpose of Financial Assistance to the States in connexion with War Service Land Settlement.

[Assented to 23rd October, 1952.]

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 (War Service Land Settlement) Act 1952.

Commencement.

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

Authority to borrow £6,000,000.

The Treasurer may, from time to time, under the provisions of the Commonwealth Inscribed Stock Act 1911–1946, or under the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole the sum of Six million 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 financial assistance to the States in connexion with war service land settlement.

Source text

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

1 Loan (War Service Land Settlement) Act 1952