LOAN ACT 1974
No. 144
of 1974
An Act to
Authorize the Raising and Expending of Moneys for Defence Purposes.
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 1974.
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, from time to time during
the financial year ending on 30 June 1975, in accordance with the provisions of
the CommonwealthInscribed Stock Act 1911-1973, or in accordance with the
provisions of an Act authorizing the issue of Treasury Bills, borrow moneys
that, together with any moneys previously borrowed under this section, do not
exceed the amount that, at the time of the borrowing, he considers to be the
greatest amount by which the moneys lawfully available for expenditure from the
Consolidated Revenue Fund in that financial year are likely to be less than the
amount of the expenditure authorized to be made from that Fund in that
financial year.
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 “DEPARTMENT OF DEFENCE” in the Appropriation Act (No. 1) 1974-75 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 1 July 1974, 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 4 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 in respect of that service.
(2) Sub-section (1) does not affect the expenditure of
the moneys appropriated by the Appropriation Act (No. 1) 1974-75 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 30 June 1975.