LOAN (No. 2).
No. 79 of 1962.
An Act to Authorize the Raising and Expending of a sum not
exceeding One hundred and eighteen million three hundred and twenty-eight
thousand pounds for Defence Purposes.
[Assented to 12th December, 1962.]
BE it enacted by the Queen’s Most Excellent
Majesty, 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 (No. 2) 1962.
Commencement.
2. This Act
shall come into operation on the day on which it receives the Royal Assent.
Authority to borrow £118,328,000.
3. The
Treasurer may, during the year that commenced on the first day of July, One
thousand nine hundred and sixty-two, borrow, under the provisions of the Commonwealth Inscribed Stock Act 1911-1946,
or under the provisions of any Act authorizing the issue of Treasury Bills,
moneys not exceeding in the whole One hundred and eighteen million three
hundred and twenty-eight thousand pounds.
Purposes for which moneys borrowed may be
applied.
4.Moneys
borrowed under this Act shall be issued and applied only for the expenses of
borrowing and—
(a)
as to a sum not exceeding Ninety-eight million two hundred and eighty-three
thousand pounds—for the purposes and services expressed in Part I. of the
Second Schedule to the Appropriation Act 1962-63
under the heading “XX.—DEFENCE SERVICES.”; and
(b)
as to a sum not exceeding Twenty million and forty-five thousand pounds—for the
purpose of paying off, repurchasing or redeeming Commonwealth securities issued
for war purposes.
Limitation of expenditure.
5.—(1.) Nothing in the preceding provisions of this
Act or in the Appropriation Act 1962-63
shall be taken to authorize the expenditure for a purpose or service expressed
in Part I. of the Second Schedule to the Appropriation
Act 1962-63 under the heading “XX.—DEFENCE SERVICES.” of an amount the
expenditure of which would result in the total expenditure under the two Acts
for that purpose or service exceeding the amount specified in that Part in
respect of that purpose or service.
(2.) The last preceding sub-section does not affect
the expenditure of the moneys appropriated by the Appropriation Act 1962-63 under the head “Advance to the
Treasurer”.
(3.) Nothing in this Act shall be taken to
authorize expenditure (otherwise than for the expenses of borrowing) after the
thirtieth day of June, One thousand nine hundred and sixty-three.