LOAN ACT 1976
No. 6
of 1976
An Act to authorize the
Borrowing and Expending of Moneys for Defence Purposes.
BE IT ENACTED by the
Queen, and the Senate and House of Representatives of the Commonwealth of
Australia, as follows:—
Short
title.
1. This Act may be cited as the Loan Act 1976.
Commencement.
2.This Act shall come into operation on the
day on which it receives the Royal Assent.
Authority
to borrow $700,000,000.
3.The Treasurer may, from time to time during
the financial year ending on 30 June 1976, in accordance with the provisions of
the Commonwealth Inscribed Stock Act
1911-1973, or in accordance with the provisions of an Act authorizing the issue
of Treasury Bills, borrow moneys not exceeding in the whole $700,000,000.
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) 1975-76 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 1975, 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 authorized by the Acts referred to in
section 4 to be expended in respect of that service.
(2) Sub-section
(1) does not affect the expenditure of the moneys appropriated by the Appropriation Act (No. 1) 1975-76 under Division No.
680—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 1976.