Loan Act (No. 3) 1940 (Cth)

LOAN (No. 3).

No. 62 of 1940.

An Act to authorize the Raising and Expending of a certain Sum of Money.

[Assented to 5th December, 1940.]

BE it enacted by the King’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. 3) 1940.

Commencement.

2.This Act shall come into operation on the day on which it receives the Royal Assent.

 

Authority to borrow £2,020,000.

3.The Treasurer may, from time to time, borrow, under the provisions of the Commonwealth Inscribed Stock Act 1911-1940, or under the provisions of any Act authorizing the issue of Treasury Bills, moneys not exceeding in the whole the amount of Two million and twenty thousand pounds.

Purpose for which money may be borrowed.

4.The amount borrowed shall be issued and applied only for the expenses of borrowing and for the purposes of appropriations made or to be made by law.

Issue and application of £2,000,000.

5.There may be issued and applied out of the proceeds of any loan raised under the authority of this Act, or any other Act, the sum of Two million pounds for the purposes set forth in the Schedule to this Act.

THE SCHEDULE.

—	Appropriated by this Act.
Postmaster-General’s Department.
Under Control of Postmaster-General’s Department and Department of the Interior—	£
Telephone exchange services......................................................................	1,376,000
Trunk line services.....................................................................................	331,000
Telegraph and miscellaneous services..........................................................	43,000
National Broadcasting service.....................................................................	29,000
Buildings, works, sites, fittings and furniture................................................	221,000
Total Postmaster-General’s Department..............................................	2,000,000