Commonwealth act

Loan (War Service Land Settlement) Act 1980

In ForceCTH

Jurisdiction

Commonwealth

Act Number

5 of 1980

Collection

act

Plain English Summary

2/10 complexity

This Act allows the Treasurer to borrow up to $3,000,000 to provide financial assistance to South Australia and Western Australia for war service land settlement (ss 3–4). The Commonwealth bears the cost of borrowing and the Treasurer decides timing and method under existing borrowing laws (s 3). Borrowed money may be used only for borrowing expenses and the specific assistance set out under the States Grants (War Service Land Settlement) Act 1952 (s 4).

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Current sections

Direct links to the current provisions in Loan (War Service Land Settlement) Act 1980.

Loan (War Service Land Settlement) Act 1980

No. 5 of 1980

An Act to authorize the raising and expending of a sum not exceeding $3,000,000 for a defence purpose, namely, financial assistance to South Australia and Western Australia in connection with war service land settlement

[Assented to 24 March 1980]

BE IT ENACTED by the Queen, and 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 1980.

Commencement

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

Authority to borrow $3,000,000

The Treasurer may, from time to time, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911, or in accordance with the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole $3,000,000.

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

Source text

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

1 Loan (War Service Land Settlement) Act 1980

Loan (War Service Land Settlement) Act 1980

No. 5 of 1980

[Assented to 24 March 1980]

BE IT ENACTED by the Queen, and 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 1980.

Commencement

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

Authority to borrow $3,000,000

The Treasurer may, from time to time, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911, or in accordance with the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole $3,000,000.

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