Commonwealth act

War Loan Act 1914

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

35 of 1914

Collection

act

Plain English Summary

1/10 complexity

This Act authorises the Australian Government to borrow up to £18 million from the British Government (or via its arrangements) to fund costs arising from World War I, with loans arranged by the Treasurer and terms set by the Governor‑General. Repayment of principal and interest comes from the Consolidated Revenue Fund, letting Australia quickly access large British finance instead of raising all funds at home.

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War Loan Act 1914

WAR LOAN.

No. 35 of 1914.

An Act to authorize the borrowing of money from or through the Government of the United Kingdom.

[Assented to 21st December, 1914.]

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.

This Act may be cited as the War Loan Act 1914.

Authority to borrow.

The Treasurer may borrow from or through the Government of the United Kingdom moneys to such an amount that, after discount and expenses incurred by the Government of the United Kingdom and by the Government of the Commonwealth in connexion with the borrowing are allowed for, there will remain for expenditure an amount not exceeding Eighteen million pounds.

To be paid into Consolidated Revenue.

Moneys borrowed under this Act shall be paid into the Consolidated Revenue Fund.

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.

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 War Loan Act 1914