LOAN ACT 1978
No. 106 of 1978
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 1978.
Commencement
2. This
Act shall come into operation on the day on which it receives the Royal Assent.
Authority
to borrow $2,000,000,000
3. The
Treasurer may, from time to time during the financial year ending on 30 June
1979, 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 $2,000,000,000.
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 Supply Act (No. 1)
1978-79 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 1979, 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 moneys appropriated under the heading “ADVANCE
TO THE MINISTER FOR FINANCE” in an Act referred to in section 4.
(3) Nothing in
this Act shall be taken to authorize expenditure (otherwise than for the
expenses of borrowing) after 30 June 1979.