Loan (Canadian Dollars) Act 1969 (Cth)

Loan (Canadian Dollars)

No. 69 of 1969

An Act to amend the Loan (Canadian Dollars) Act 1955.

[Assented to 22 September 1969]

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 and citation.

1.—(1.) This Act may be cited as the Loan (Canadian Dollars) Act 1969.

(2) The Loan (Canadian Dollars) Act 1955, as amended by this Act, may be cited as the Loan (Canadian Dollars) Act 1955–1969.

Commencement.

2.This Act shall come into operation on the first day of December, One thousand nine hundred and sixty-nine.

3. Section 8 of the Loan (Canadian Dollars) Act 1955 is repealed and the following section inserted in its stead:—

Repayment of loan.

“8.—(1.) The Treasurer may, from time to time, from moneys standing to the credit of the Canadian Loan Trust Account, redeem moneys borrowed under the Loan Agreement in the manner provided in the securities.

“(2.) Nothing in the last preceding sub-section prevents the redemption of moneys borrowed under the Loan Agreement otherwise than under that sub-section.

“(3.) After the moneys borrowed under the Loan Agreement have been repaid, the Canadian Loan Trust Account shall be closed and any moneys standing to the credit of that account shall be paid into the Consolidated Revenue Fund.

“(4.) Where moneys are redeemed under this section, the securities issued in respect of those moneys shall be cancelled and shall not be re-issued.”.