Loan
Act 1973
No. 19 of 1973
AN
ACT
To
Authorize the Raising and Expending of Moneys for Defence Purposes.
[Assented to 18 April 1973]
BE IT ENACTED by the Queen, the Senate and the House
of Representatives of Australia, as follows:—
Short title.
1. This Act may be cited as the Loan
Act 1973.
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 30th June,
1973, in accordance with the provisions of the Commonwealth Inscribed Stock
Act 1911-1966 or in accordance with the provisions of an Act authorizing an
issue of Treasury Bills, borrow moneys not exceeding in the whole Three hundred
million dollars.
Application
of moneys borrowed.
4.Moneys
borrowed under section 3 shall be applied only for the expenses of borrowing
and for services specified under the heading “DEFENCE SERVICES” in the Appropriation
Act (No. 1) 1972-73
or in an Act passed after the commencement of this Act and appropriating
the Consolidated
Revenue Fund for the service of the year that commenced on 1st July, 1972,
being an Act that is expressed to have effect subject to section 5 of this Act.
Limitation
of expenditure.
5. (1) Nothing in this Act or in an Act
referred to in section 4 shall be taken to authorize the expenditure for a
service referred to in section of an amount the expenditure of which would
result in the total expenditure for that service under this Act and the Acts
referred to in section 4 exceeding the total of the amounts specified in the
Acts referred to in section respect of that service.
(2)
Sub-section (1) does not affect
the expenditure of the moneys appropriated by the Appropriation Act (No. 1)1972-73
under Division No. 560—Advance
to the Treasurer.
(3) Nothing in this Act shall be taken to
authorize expenditure (otherwise than for the expenses of borrowing) after 30th
June, 1973.
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