Loan (No. 2)
No. 49 of 1966
An
Act to Authorize the Raising and Expending of a sum not exceeding Three hundred
million dollars for Defence Purposes.
[Assented
to 26th October, 1966]
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) 1966.
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, not later than the thirtieth day of June, One thousand nine
hundred and sixty-seven, borrow, under the provisions of the Commonwealth Inscribed Stock Act 1911–1963,
or under the provisions of any Act authorizing the issue of Treasury Bills,
moneys not exceeding in the whole Three hundred million dollars.
Purposes
for which moneys borrowed may be applied.
4.—(1.) Moneys borrowed under this Act shall be issued
and applied only for the expenses of borrowing and for the services expressed
in Part 1 of the Second Schedule to the Appropriation
Act (No. 1) 1966–67 under the heading “DEFENCE SERVICES.”.
(2.) Nothing in the last preceding sub-section
authorizes expenditure (not being for the expenses of borrowing) after the
thirtieth day of June, One thousand nine hundred and sixty-seven.
Limitation
of expenditure.
5.—(1.) Nothing in this Act or in the Appropriation Act (No. 1) 1966–67 authorizes the expenditure for a service expressed
in Part 1 of the Second Schedule to the Appropriation
Act (No. 1) 1966–67 under the
heading “DEFENCE SERVICES.” of an amount the expenditure of which would result
in the total expenditure under the two Acts for that service exceeding the
amount specified in that Part in respect of that service.
(2.) The last preceding sub-section does not affect
the expenditure of the moneys appropriated by the Appropriation Act (No. 1)
1966–67 under Division No. 590.—Advance to the Treasurer.