Loan Act 1962 (Cth)

LOAN.

No. 19 of 1962.

An Act to Authorize the Raising and Expending of a sum not exceeding Sixty million pounds for Defence Purposes.

[Assented to 6th April, 1962.]

borrow, under the provisions of the Commonwealth Inscribed Stock Act 1911-1946, or under the provisions of any Act authorizing the issue of Treasury Bills, moneys not exceeding in the whole Sixty million pounds. 4. Moneys

BE it enacted by the Queen's Most Excellent Majesty, the Senate, and the House of Representatives of the

Commonwealth of Australia, as follows:—

1. This Act may be cited as the Loan Act 1962. Short title.

2. This Act shall come into operation on the day on which it receives the Royal Assent. Commence meat.

3. The Treasurer may, during the year that commenced on	Authority to
borrow

the first day of July, One thousand nine hundred and sixty-one, £60,000,000.

No. 19. Loan. 1962.

Purposes for

which moneys	4. Moneys borrowed under this Act shall be issued and
borrowed may

be applied. applied for the expenses of borrowing and—

(a) as to a sum not exceeding Forty-one million pounds—

for the purpose of meeting expenditure specified in

Part I. of the Second Schedule to the Appropriation

Act 1961–62 under the heading " X X. — D E F E N C E

SERVICES."; and

(b) as to a sum not exceeding Nineteen million pounds—

for the purpose of paying off, repurchasing or

redeeming Commonwealth securities issued for

war purposes.