1Loan (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

1. This Act may be cited as the Loan (War Service Land Settlement) Act 1980.

Commencement

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

Authority to borrow $3,000,000

3. 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

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