Commonwealth act

Tasmanian Loan Redemption Act 1919

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

19 of 1919

Collection

act

Plain English Summary

1/10 complexity

The Act lets the Commonwealth borrow up to £300,000 to buy back or pay off debentures Tasmania issued in the 1880s, with the Governor‑General fixing loan terms. Repayment (principal and interest) comes from a Consolidated Revenue Fund set aside for this purpose, and borrowed money may only cover loan costs and retiring those specific debts. It’s federal refinancing to help Tasmania retire old liabilities.

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Current sections

Direct links to the current provisions in Tasmanian Loan Redemption Act 1919.

Tasmanian Loan Redemption Act 1919

TASMANIAN LOAN REDEMPTION.

No. 19 of 1919.

An Act to authorize the raising of moneys for paying off, repurchasing or redeeming certain Debentures issued by the State of Tasmania.

[Assented to 28th October, 1919.]

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation.

This Act may be cited as the Tasmanian Loan Redemption Act 1919.

Authority to borrow.

The Treasurer may borrow moneys to such an amount that, after discount and expenses incurred in connexion with the borrowing are allowed for, there will remain an amount not exceeding Three hundred thousand pounds.

Conditions of loan.

The rate of interest, the date of repayment and the form of security issued in respect of borrowings under this Act may be such as are approved by the Governor-General.

Payment of principal and interest.

The principal moneys borrowed under this Act shall be repayable, and the interest thereon shall be payable, out of the Consolidated Revenue Fund, which is hereby appropriated for the purpose.

Application of moneys.

Moneys borrowed under this Act shall be issued and applied only for the expenses of borrowing and for the purpose of paying off repurchasing or redeeming debentures issued by the State of Tasmania under the authority of Act 44 Victoria No. 34 of that State.

Regulations.

The Governor-General may make regulations, not inconsistent with this Act, prescribing all matters which by this Act are required or permitted to be prescribed, or which are necessary or convenient to be prescribed, for carrying out or giving effect to this Act.

Source text

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

1 Tasmanian Loan Redemption Act 1919