Commonwealth act

Loan (War Service Land Settlement) Act 1963

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

55 of 1963

Collection

act

Plain English Summary

1/10 complexity

This Act authorises the Australian Government to borrow up to £4,225,000 (in pre-decimal currency) for a defence-related purpose: helping returned soldiers settle on the land after World War II.

What it does:

Veterans' farms: The money provides financial assistance to South Australia, Western Australia and Tasmania to run "War Service Land Settlement" schemes. These programs gave veterans access to land so they could establish farms.
How the money is raised: The Treasurer can borrow the funds by issuing government bonds (under the Commonwealth Inscribed Stock Act) or Treasury Bills (short-term government IOUs).
Strict rules: The borrowed funds can only be used for two things: paying the costs of arranging the loan, and passing the money to those three specific states under the States Grants (War Service Land Settlement) Act 1952-1953. The total borrowing is capped at £4,225,000.

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Current sections

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Loan (War Service Land Settlement) Act 1963

LOAN (WAR SERVICE LAND SETTLEMENT).

No. 55 of 1963.

An Act to authorize the raising and expending of a sum not exceeding Four million two hundred and twenty-five thousand pounds for a Defence Purpose, namely Financial Assistance to the States of South Australia, Western Australia and Tasmania in connexion with War Service Land Settlement.

[Assented to 18th 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 (War Service Land Settlement) Act 1963.

Commencement.

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

Authority to borrow £4,225,000.

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 Four million two hundred and twenty-five 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 financial assistance to the States of South Australia, Western Australia and Tasmania in accordance with the provisions of sub-section (1.) of section two of the States Grants (War Service Land Settlement) Act 1952-1953.

Source text

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

1 Loan (War Service Land Settlement) Act 1963