LOAN.
No. 26 of 1940.
An Act to authorize the Raising and Expending
of a certain Sum of Money.
[Assented to 1st June, 1940.]
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 Loan Act 1940.
Commencement.
2.This
Act shall come into operation on the day on which it receives the Royal Assent.
Authority
to borrow £68,740,000.
3.The
Treasurer may, from time to time borrow—
(a) under
the provisions of the Commonwealth
Inscribed Stock Act 1911-1940, or under the provisions of any Act
authorizing the issue of Treasury Bills; and
(b) from
the Government of the United Kingdom, in accordance with the provisions of
section five of this Act,
moneys not exceeding in the whole the amount of Sixty-eight million
seven hundred and forty thousand pounds.
Purposes
for which money may be expended.
4.The
amount borrowed may be issued and applied for the expenses of borrowing and for
the purposes set forth in the Schedule to this Act.
Conditions
of borrowing from United Kingdom Government.
5.The
following provisions shall apply with respect to moneys borrowed under this Act
from the Government of the United Kingdom:—
(a) the
rate of interest, the date of repayment and the form of security may be such as
are approved by the Governor General; and
(b) the
principal moneys shall be repayable, and the interest thereon shall be payable,
out of the Consolidated Revenue Fund, which is hereby appropriated for the
purpose.
Section 4.
THE
SCHEDULE.
—
DEFENCE
AND WAR (1939-40) SERVICES.
Department of Defence
Co-ordination. | Appropriated by this Act. |
£ |
Buildings, works and sites, fittings and furniture, and
miscellaneous war services...... | 131,000 |
The Schedule—continued.
Department of the Navy. | Appropriated by this Act. |
Pay and allowances of mobilized and volunteer forces, special
staffs and guards, ordnance and armament stores, ammunition, fuel, naval
construction, fleet auxiliaries and charter of naval craft, machinery, plant
and other equipment, naval communications, transport services, construction
of graving dock, buildings, works and sites, fittings and furniture,
expenditure related to manufactured munitions and other miscellaneous war
services...................................................
| £ |
6,016,000 |
Department of the Army. |
Pay and allowances of universal military service personnel,
mobilized and volunteer forces, special staffs and guards, camp expenses
including internment camps, general stores and fuel, arms, armament and
ammunition, mechanization, equipment and reserves, machinery and plant,
buildings, works and sites, fittings and furniture, expenditure related to
manufactured munitions and other miscellaneous war services...................................................................
| 33,406,000 |
Department of Air. |
Pay and allowances of Air Force personnel and reserves and
special staffs, general stores and fuel, landplane and seaplane equipment
including spare parts, machinery, tools, ordnance and engineering supplies
and ammunition, warlike stores and equipment, purchase and charter of
aircraft, buildings, works and sites, fittings and furniture, expenditure
related to manufactured munitions, expenditure in connexion with the Empire
Air Training Scheme and other miscellaneous war services
| 26,402,000 |
Department of Supply and Development. |
Manufacture of munitions including pay, general expenses, working
credits for factories and machinery and plant, reserves of raw materials,
armament annexes, aircraft construction, buildings, works and sites, fittings
and furniture, training of toolmakers and other miscellaneous war expenditure
| 2,439,000 |
Total Defence and War (1939-40) Services......................................
| 68,394,000 |