Loan Consolidation and Investment Reserve Act 1955 (Cth)

Loan Consolidation and Investment Reserve Act 1955

Act No. 55 of 1955 as amended

Consolidated as in force on 8 June 1999

(includes amendments up to Act No. 20 of 1999)

To be repealed by Act No. 20 of 1999, see Note 2

Prepared by the Office of Legislative Drafting,

Attorney-General’s Department, Canberra

Contents

An Act to establish a Loan Consolidation and Investment Reserve, and for purposes connected therewith

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1Short title [see Note 1]

This Act may be cited as the Loan Consolidation and Investment Reserve Act 1955.

2Commencement [see Note 1]

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

3Interpretation

In this Act, the Reserve means the Loan Consolidation and Investment Reserve established by this Act.

4Establishment of Reserve

1. (1)

   There shall be a Loan Consolidation and Investment Reserve.

2. (2)

   The Reserve is a component of the Reserved Money Fund.

5Payments to Reserve

There must be transferred to the Reserve from the Consolidated Revenue Fund:

1. (a)

   amounts appropriated by the Parliament for the purposes of the Reserve; and

2. (b)

   amounts equal to interest received by the Commonwealth from the investment of money from the Reserve.

6Purposes of Reserve

1. (1)

   Moneys standing to the credit of the Reserve may be applied in repurchasing or redeeming securities which represent portion of the public debt of the Commonwealth.

2. (2)

   Securities so repurchased or redeemed shall be cancelled and the amount of the public debt of the Commonwealth shall be reduced accordingly.

3. (3)

   Until moneys standing to the credit of the Reserve are applied as provided by subsection (1), those moneys may be invested by the Treasurer in any securities of, or guaranteed by, the Commonwealth.

4. (4)

   Any moneys standing to the credit of the Reserve that have not been invested as provided by subsection (3) and are not required for the time being by the Treasurer for the purpose of being applied in accordance with subsection (1) or invested in accordance with subsection (3) may be invested by the Minister for Finance in accordance with section 39 of the Financial Management and Accountability Act 1997.

7Delegation

1. (1)

   The Treasurer may, either generally or as otherwise provided by the instrument of delegation, by writing signed by him, delegate to an officer of the Department of the Treasury any of his powers under section 6.

2. (2)

   A power so delegated, when exercised by the delegate, shall, for the purposes of this Act, be deemed to have been exercised by the Treasurer.

3. (3)

   A delegation under subsection (1) does not prevent the exercise of a power by the Treasurer.

4. (4)

   Section 62 of the Financial Management and Accountability Act 1997 applies to the Finance Minister’s power under subsection 6(4) of this Act in the same way as that section applies to the Finance Minister’s powers under the Financial Management and Accountability Act 1997.

8Treasurer deemed to be corporation for purpose of investment of Reserve

The Treasurer and his successors in office shall, for the purposes of the investment of any moneys in pursuance of subsection 6(3), be deemed to be a corporation by the name of “The Treasurer of the Commonwealth”, and any securities taken in pursuance of that subsection may be taken by him in his corporate name.

Notes to the Loan Consolidation and Investment Reserve Act 1955

Note 1

The Loan Consolidation and Investment Reserve Act 1955 as shown in this consolidation comprises Act No. 55, 1955 amended as indicated in the Tables below.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Loan Consolidation and Investment Reserve Act 1955	55, 1955	3 Nov 1955	3 Nov 1955
Statute Law Revision Act 1973	216, 1973	19 Dec 1973	31 Dec 1973	Ss. 9(1) and 10
Loan Consolidation and Investment Reserve Amendment Act 1978	37, 1978	12 June 1978	12 June 1978	Ss. 3(2) and 6
Audit (Transitional and Miscellaneous) Amendment Act 1997	152, 1997	24 Oct 1997	Schedule 2 (items 894–897): 1 Jan 1998 (see Gazette 1997, No. GN49) (a)	—
Financial Management Legislation Amendment Act 1999	20, 1999	19 Apr 1999	Schedule 1 (item 34): (see Note 2)	—

(a) The Loan Consolidation and Investment Reserve Act 1955 was amended by Schedule 2 (items 894–897) only of the Audit (Transitional and Miscellaneous) Amendment Act 1997, subsection 2(2) of which provides as follows:

1. (2)

   Schedules 1, 2 and 4 commence on the same day as the Financial Management and Accountability Act 1997.

Table of Amendments

ad. = added or inserted

am. = amended rep. = repealed rs. = repealed and substituted

Provision affected

How affected

S. 4...........................................

am. No. 37, 1978; No. 152, 1997

S. 5...........................................

rs. No. 216, 1973; No. 152, 1997

S. 6...........................................

am. No. 37, 1978; No. 152, 1997

S. 7...........................................

am. No. 37, 1978; No. 152, 1997

S. 8...........................................

ad. No. 37, 1978

Note 2

The Loan Consolidation and Investment Reserve Act 1955 was amended by Schedule 1 (item 34) only of the Financial Management Legislation Amendment Act 1999. The applicable provision provides as follows:

34

The whole of the Act

Repeal the Act.

Subsection 2(1) of the Financial Management Legislation Amendment Act 1999 provides as follows:

1. (1)

   If this Act receives the Royal Assent before 1 May 1999, then this Act commences on 1 July 1999.

As at 8 June 1999 the amendment is not incorporated in this consolidation.