IMMIGRATION
LOAN.
No. 31 of 1922.
An Act to authorize the raising of moneys to be loaned to, and the
advancing and payment of moneys to, the States for the purposes of Immigration.
[Assented
to 18th October, 1922.]
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 Immigration Loan Act 1922.
Authority
to borrow £4,000,000.
2. The
Treasurer may from time to time, under the provisions of the Commonwealth Inscribed Stock Act 1911–1918
or under the provisions of any Act authorizing the issue of Treasury Bills,
borrow moneys not exceeding in the whole the sum of Four million pounds.
Application
of moneys.
3. Moneys
borrowed under this Act shall be issued and applied only for the expenses of
borrowing and for making Loans to the States for the purposes of Immigration
and works in connexion therewith in accordance with agreements made or to be
made between the Commonwealth and the States.
Authority
to make advances to States.
4.—(1.) Pending
the borrowing of the moneys authorized to be borrowed under section two of this
Act, the Treasurer may advance to the States, out of any moneys in the
Commonwealth Public Account, sums not exceeding in the whole the sum of Four
million pounds.
(2.) The Treasurer shall, out of moneys borrowed
under section two of this Act, immediately repay the sums advanced to the
States under this section.
Appropriation
of moneys.
5.—(1.) For
a period of five years from the date of the raising of any Loan under section
two of this Act, the Treasurer may pay to any State a sum not exceeding
one-third of the interest payable by that State on any moneys loaned in
accordance with this Act.
(2.) Payments under this section shall be payable
out of the Consolidated Revenue Fund, which is hereby appropriated for the
purpose.
Regulations.
6.