Loan
No. 72 of 1967
An Act to Authorize the Raising and
Expending of Moneys for Defence Purposes.
[Assented to 6 November 1967]
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 1967.
Commencement.
2.This Act shall come
into operation on the day on which it receives the Royal Assent.
Authority
to borrow $300,000,000.
3.The Treasurer may, not
later than the thirtieth day of June, One thousand nine hundred and
sixty-eight, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911–1966, or in accordance with
the provisions of an Act authorizing the issue of Treasury Bills, borrow moneys
not exceeding in the whole Three hundred million dollars.
Application
of moneys borrowed.
4.Moneys borrowed under
this Act shall be applied only for the expenses of borrowing and for the
services specified in Part 1 of the Second Schedule to the Appropriation Act (No. 1)
1967–68 under the heading “DEFENCE SERVICES”.
Limitation
of expenditure.
5.—(1.) Nothing in this Act or in the Appropriation Act (No. 1) 1967–68 authorizes the expenditure for a service specified
in Part 1 of the Second Schedule to the Appropriation
Act (No. 1) 1967–68 under the
heading “DEFENCE SERVICES” of an amount the expenditure of which would result
in the total expenditure under those Acts for that service exceeding the amount
specified in that Part in respect of that service.
(2.) The last preceding sub-section does not
affect the expenditure of the moneys appropriated by the Appropriation Act (No. 1)
1967–68 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-eight.