Commonwealth act

War Loan Act (No. 3) 1915

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

50 of 1915

Collection

act

Plain English Summary

2/10 complexity

This Act authorises the Commonwealth to borrow up to £18 million to fund Australia’s World War I effort by issuing government bonds (Inscribed Stock) and Treasury Bills. Borrowed funds may only cover loan-raising costs and direct “war purposes” (military and supply expenses). It lets the government finance wartime needs by borrowing from the public and banks, making purchasers lenders to the war effort.

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Current sections

Direct links to the current provisions in War Loan Act (No. 3) 1915.

War Loan Act (No. 3) 1915

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WAR LOAN (No. 3).

No. 50 of 1915.

An Act to authorize the raising and expending of the sum of Eighteen million pounds for War purposes.

[Assented to 15th November, 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.

1. This Act may be cited as the War Loan Act (No. 3) 1915.

Treasurer may borrow £18,000,000.

2. The Treasurer may from time to time, under the provisions of the Commonwealth Inscribed Stock Act 1911–1915 or under the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole the amount of Eighteen million pounds.

Purpose for which money may be borrowed.

3. The amount borrowed shall be issued and applied only for the expenses of borrowing and for War purposes.

Source text

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