Commonwealth act

Loan (War Service Land Settlement) Act 1975

In ForceCTH

Jurisdiction

Commonwealth

Act Number

62 of 1975

Collection

act

Plain English Summary

2/10 complexity

This Act authorises the Treasurer to borrow up to $4,000,000 and requires those moneys to be used only for the costs of borrowing and for financial assistance to South Australia, Western Australia and Tasmania in connection with War Service Land Settlement. The Commonwealth (through the Treasurer) decides how and when to borrow (inscribed stock or Treasury Bills) and the funds must be applied in accordance with the States Grants (War Service Land Settlement) Act; the borrowing creates a Commonwealth obligation.

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Loan (War Service Land Settlement) Act 1975

LOAN (WAR SERVICE LAND SETTLEMENT)

ACT 1975

No. 62 of 1975

An Act to authorize the Raising and Expending of a sum not exceeding $4,000,000 for a Defence Purpose, namely, Financial Assistance to South Australia, Western Australia and Tasmania in connexion with War Service Land Settlement.

BE IT ENACTED by the Queen, the Senate and the House of Representatives of Australia, as follows:—

Short title.

This Act may be cited as the Loan (War Service Land Settlement) Act 1975.

Commencement.

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

Authority to borrow $4,000,000.

The Treasurer may, from time to time, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911-1973, or in accordance with the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole $4,000,000.

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 South Australia, Western Australia and Tasmania in accordance with sub-section 2(1) of the States Grants (War Service Land Settlement) Act 1952-1953.

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Source text

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

1 Loan (War Service Land Settlement) Act 1975