Commonwealth act

War Loan Act (No. 2) 1915

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

22 of 1915

Collection

act

Plain English Summary

1/10 complexity

This Act authorises the Australian Government to borrow £6.5 million from the British Government, with the Treasurer to negotiate and receive the loan and funds paid into the Consolidated Revenue Fund. The Governor‑General sets interest, repayment terms and any security, may make regulations, and repayments (principal and interest) come from the Consolidated Revenue Fund — effectively a taxpayer‑backed, government‑to‑government wartime loan to fund WWI efforts.

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Current sections

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War Loan Act (No. 2) 1915

WAR LOAN (No. 2).

No. 22 of 1915.

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

[Assented to 31st July, 1915.]

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 (No.2) 1915.

Authority to borrow.

The Treasurer may borrow Six million five hundred thousand pounds from the Government of the United Kingdom.

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 (No. 2) 1915