Commonwealth Inscribed Stock Amendment Act 2009 (Cth)

Commonwealth Inscribed Stock Amendment Act 2009

No. 3, 2009

An Act to amend the Commonwealth Inscribed Stock Act 1911, and for related purposes

Contents

Commonwealth Inscribed Stock Amendment Act 2009

No. 3, 2009

An Act to amend the Commonwealth Inscribed Stock Act 1911, and for related purposes

[Assented to 18 February 2009]

The Parliament of Australia enacts:

1Short title

This Act may be cited as the Commonwealth Inscribed Stock Amendment Act 2009.

2Commencement

This Act commences on the day on which it receives the Royal Assent.

3Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1Amendment

Commonwealth Inscribed Stock Act 1911

1

After section 5

Insert:

5AIncrease in limit on stock and securities on issue—special circumstances

1. (1)

   If the Treasurer is satisfied that there are special circumstances that would justify increasing the limit imposed by section 5 on the total face value of stock and securities that may be on issue under this Act and the Loans Securities Act 1919 at any time, he or she may make a written declaration to that effect.

2. (2)

   A declaration under subsection (1) must:

   1. (a)

      be published in the Gazette; and

   2. (b)

      be tabled in each House of the Parliament within 15 sitting days after it is published.

The declaration comes into force on the day on which it is published in the Gazette.

1. (3)

   If a declaration under subsection (1) is in force, the limit imposed by section 5 on the total face value of stock and securities that may be on issue under this Act and the Loans Securities Act 1919 at any time is taken to be increased by $125 billion.

2. (4)

   The Treasurer must not make a declaration under subsection (1) if a declaration made under that subsection is still in force.

3. (5)

   An increase as a result of subsection (3) in the limit imposed by section 5 on the total face value of stock and securities that may be on issue under this Act and the Loans Securities Act 1919 at any time, applies on and after the day on which the declaration comes into force, regardless of whether the stock and securities were issued before, on or after that day.

4. (6)

   A declaration under subsection (1) is not a legislative instrument.

5. (7)

   The Administrative Decisions (Judicial Review) Act 1977 does not apply to a decision to make a declaration under subsection (1).

[Minister’s second reading speech made in—

House of Representatives on 12 February 2009

Senate on 13 February 2009]

(19/09)