FREIGHT ARRANGEMENTS.
No.
40 of 1915.
An Act to
authorize the borrowing of money from the Commonwealth Bank of Australia.
[Assented
to 13th September, 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 Freight
Arrangements Act 1915.
Treasurer
may borrow moneys from the Commonwealth Bank.
2.—(1.) The Treasurer may, from time to time, borrow
from the Commonwealth Bank of Australia moneys for the payment of moneys in
respect of arrangements for freight on Australian produce, but so that the
indebtedness of the Commonwealth to the Commonwealth Bank under this Act shall
not at any time exceed One hundred thousand pounds.
(2.) The Treasurer shall pay into the Commonwealth
Bank, to be credited to the account specified in the next succeeding section,
all moneys received by the Commonwealth in respect of freight, or arrangements
for freight, on Australian produce.
Special
account to be kept.
3. All moneys advanced by the Commonwealth Bank under this Act and all
moneys received by the Commonwealth Bank from or on behalf of the Commonwealth
under sub-section (2.) of the last preceding section shall be entered in an
account in the books of the Bank to be called “Commonwealth Treasurer Freight
Arrangements Account.”
Interest.
4. Interest at the rate of Five pounds per centum per annum shall be
payable on the amount by which the Commonwealth Treasurer Freight Arrangements
Account is in debit, and such interest may be charged against the account.
Closing
of account.
5. If the Treasurer is of opinion that there no longer exists any need
for the continuation of the Commonwealth Treasurer Freight Arrangements
Account, the Treasurer may close the account, and thereupon the balance of the
account, if a credit balance, shall be transferred to the Consolidated Revenue
Fund, and, if a debit balance, shall be payable out of the Consolidated Revenue
Fund, which is hereby appropriated for that purpose accordingly:
Provided that this Act
shall continue in operation during the present wheat season, but thereafter
shall not continue in force after the expiration of six months from the end of
the present war.