LOAN ACT (No. 2)
1976
No. 7 of 1976
An Act to Authorize the Borrowing of Moneys for the
purpose of Supplementing the Consolidated Revenue Fund.
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 (No. 2) 1976.
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 1976, in accordance with the provisions of
the Commonwealth Inscribed Stock Act 1911-1973, or in accordance with the
provisions of an Act authorizing the issue of Treasury Bills, borrow moneys
that, together with any moneys previously borrowed under this section, do not
exceed the amount that, at the time of the borrowing, he considers to be the
greatest amount by which the moneys lawfully available, apart from this Act,
for expenditure from the Consolidated Revenue Fund in that financial year are
likely to be less than the amount of the expenditure made and to be made from
that Fund in that financial year.
Application of moneys borrowed.
4.An amount equal to each amount borrowed
under this Act shall be issued out of the Loan Fund and paid to the credit of
the Consolidated Revenue Fund.
Expenses of borrowing.
5.