Loan (War Service Land Settlement) Act 1953

1 Loan (War Service Land Settlement) Act 1953

LOAN (WAR SERVICE LAND SETTLEMENT).

No. 68 of 1953.

An Act to authorize the Raising of Moneys for the purpose of Financial Assistance to the States of South Australia, Western Australia and Tasmania in connexion with War Service Land Settlement, and for other purposes.

\[Assented to 28th October, 1953.\]

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.

1. This Act may be cited as the Loan (War Service Land Settlement) Act 1953.

Commencement.

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

Authority to borrow £7,000,000.

3. The Treasurer may, from time to time, under the provisions of the Commonwealth Inscribed Stock Act 1911-1946, or under the provisions of an Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole the sum of Seven million pounds.

  

Application of moneys borrowed under this Act.

4. 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 of South Australia, Western Australia and Tasmania in connexion with war service land settlement.

Amendment of the State Grants (War Service Land Settlement) Act 1952.

5.—(1.) Section two of the States Grants (War Service Land Settlement) Act 1952 is amended—

(a) by omitting from sub-section (1.) the words “the States” (first occurring) and inserting in their stead the words “a State or States”; and

(b) by omitting from sub-section (1.) the word “States” (second occurring) and inserting in its stead the words “State or States”.

(2.) The States Grants (War Service Land Settlement) Act 1952, as amended by this Act, may be cited as the States Grants (War Service Land Settlement) Act 1952-1953.