Loan Act 1977 (Cth)

Loan Act 1977

Act No. 109 of 1977 as amended

[Note: This Act was repealed by Act No. 30 of 2006 on 7 April 2006]

This compilation was prepared on 11 October 2000

taking into account amendments up to Act No. 36 of 1978

The text of any of those amendments not in force

on that date is appended in the Notes section

The operation of amendments that have been incorporated may be

affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,

Attorney‑General’s Department, Canberra

      

Contents

An Act to authorize the borrowing and expending of moneys for defence purposes

1Short title [see Note 1]

 This Act may be cited as the Loan Act 1977.

2Commencement [see Note 1]

 This Act shall come into operation on the day on which it receives the Royal Assent.

3Authority to borrow

 The Treasurer may, from time to time during the financial year ending on 30 June 1978, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911, or in accordance with the provisions of an Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the aggregate $1,400,000,000.

4Application of moneys borrowed

 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 Supply Act (No. 1) 1977—78 or in an Act passed after the commencement of this Act and appropriating the Consolidated Revenue Fund for the service of the year ending on 30 June 1978, being an Act that is expressed to have effect subject to section 5 of this Act.

5Limitation of expenditure

• (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)

  Subsection (1) does not affect the expenditure of moneys appropriated under the heading “ADVANCE TO THE MINISTER FOR FINANCE”.

• (3)

  Nothing in this Act shall be taken to authorize expenditure (otherwise than for the expenses of borrowing) after 30 June 1978.

Notes to theLoan Act 1977

Note 1

The Loan Act 1977 as shown in this compilation comprises Act No. 109, 1977 amended as indicated in the Tables below.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Loan Act 1977	109, 1977	27 Oct 1977	27 Oct 1977
Loan Amendment Act 1978	27, 1978	7 June 1978	7 June 1978	—
Administrative Changes (Consequential Provisions) Act 1978	36, 1978	12 June 1978	12 June 1978	S. 8

Table of Amendments

ad. = added or inserted  am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
S. 3.........................................	am. No. 27, 1978
S. 5.........................................	am. No. 36, 1978