Loan Act 1982
No. 32 of 1982
An Act to
authorize the borrowing and expending of moneys for defence purposes
[Assented to 26 May 1982]
BE
IT ENACTED by the Queen, and the Senate and the House of Representatives of the
Commonwealth of Australia, as follows:
Short
title
1. This Act may be cited as the Loan Act 1982.
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 1982, 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 $300,000,000.
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)
1981-82 or in an Act passed after the commencement of this Act that
appropriates a sum out of the Consolidated Revenue Fund, additional to the sum
appropriated by that first-mentioned Act, for the service of the year ending on
30 June 1982.
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)