Loan
No. 13 of 1966
An
Act to Authorize the Raising and Expending of a sum not exceeding One hundred
and fifty million dollars for Defence Purposes.
[Assented to 17 May, 1966]
BE it enacted by the Queen’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 1966.
Commencement.
2. This Act
shall come into operation on the day on which it receives the Royal Assent.
Authority
to borrow.
3. The
Treasurer may, during the year that commenced on the first day of July, One
thousand nine hundred and sixty-five, borrow, under the provisions of the Commonwealth Inscribed Stock Act 1911–1963,
or under the provisions of any Act authorizing the issue of Treasury Bills,
moneys not exceeding in the whole One hundred and fifty million dollars.
Purposes
for which moneys borrowed may be applied.
4. Moneys
borrowed under this Act shall be issued and applied only for the expenses of
borrowing and for the purposes and services expressed in Part I. of the Second
Schedule to the Appropriation Act (No. 1) 1965–66 under the heading “XXII.—DEFENCE
SERVICES.”.
Limitation
of expenditure.
5.—(1.) Nothing in this Act or in the Appropriation Act (No. 1) 1965–66 shall be taken to authorize the expenditure for a
purpose or service expressed in Part I. of the Second Schedule to
the Appropriation
Act (No. 1) 1965–66 under the
heading “XXII.—DEFENCE SERVICES.” of an amount the expenditure of which would
result in the total expenditure under the two Acts for that purpose or service
exceeding the amount specified in that Part in respect of that purpose or
service.
(2.) The last preceding sub-section does not affect
the expenditure of the moneys appropriated by the Appropriation Act (No. 1)
1965–66 under Division No. 590.—Advance to the Treasurer.
(3.) Nothing in this Act shall be taken to
authorize expenditure (otherwise than for the expenses of borrowing) after the
thirtieth day of June, One thousand nine hundred and sixty-six.