Loan (Defence) Act 1970 (Cth)

LOAN (DEFENCE) ACT 1970 [Note: This Act is "repealed" by Act No. 61 of 1981]

(#DATE 19:12:1973)

- Reprinted as at 19 December 1973

LOAN (DEFENCE) ACT 1970-1973 - TABLE OF PROVISIONS 
TABLE



                         LOAN (DEFENCE)  ACT  1970-1973



                             TABLE  OF  PROVISIONS

Section

  1.        Short title

  2.        Commencement

  3.        Interpretation

  4.        Authority to borrow $US100,000,000

  5.        Securities

  6.        Expenditure of loan moneys

  7.        Appropriation

  8.        Exemption from taxes, &c.

  9.        National Debt Sinking Fund Act not to apply



                               -----------------

LOAN (DEFENCE) ACT 1970-1973 - SECT. 1. 
Short title. 
SECT

Defence Purposes.

Short title amended; No. 32, 1918, s. 2.

  1. This Act may be cited as the Loan (Defence) Act 1970-1973.*

LOAN (DEFENCE) ACT 1970-1973 - SECT. 2. 
Commencement. 
SECT

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

LOAN (DEFENCE) ACT 1970-1973 - SECT. 3. 
Interpretation. 
SECT

  3. For the purposes of this Act, the payment by a person or authority of
moneys in discharge of a liability of the Commonwealth shall be taken to be a
loan of an amount equal to those moneys by that person or authority to the
Commonwealth.

LOAN (DEFENCE) ACT 1970-1973 - SECT. 4. 
Authority to borrow $US 100,000,000. 
SECT

  4. Approval is given to the making and carrying out by the Commonwealth of
an agreement or agreements for or in relation to the borrowing by the
Commonwealth of moneys in the currency of the United States of America, not
exceeding in the whole One hundred million dollars in that currency, for
defence purposes.

LOAN (DEFENCE) ACT 1970-1973 - SECT. 5. 
Securities. 
SECT

  5. An agreement made in pursuance of this Act may provide for the issue and
delivery of promissory notes or other securities by or on behalf of the
Commonwealth in respect of any liability of the Commonwealth under such an
agreement.

LOAN (DEFENCE) ACT 1970-1973 - SECT. 6. 
Expenditure of loan moneys. 
SECT

  6. The proceeds of any loan raised under the authority of this Act may be
issued and applied for defence purposes.

LOAN (DEFENCE) ACT 1970-1973 - SECT. 7. 
Appropriation. 
SECT

  7. Any moneys payable by the Commonwealth under an agreement made in
pursuance of this Act or under a promissory note or other security under such
an agreement, including interest, are payable out of the Consolidated Revenue
Fund, which is appropriated accordingly.

LOAN (DEFENCE) ACT 1970-1973 - SECT. 8. 
Exemption from taxes, &c. 
SECT

Amended by No. 216, 1973, s. 3.

  8. Where an agreement made in pursuance of this Act provides that-



  (a)  the agreement or any matter or thing related to the agreement;



  (b)  a promissory note or other security under the agreement or for the
purposes of the agreement; or



  (c)  a payment made under the agreement or under such a promissory note or
other security,

is to be exempt or free from taxes, duties, fees, restrictions, charges or
other matters, that agreement, matter, thing, note, security or payment is so
exempt or free notwithstanding anything contained in any law of the
Commonwealth or of a State or Territory.

LOAN (DEFENCE) ACT 1970-1973 - SECT. 9. 
National Debt Sinking Fund Act not to apply. 
SECT

  9. The National Debt Sinking Fund Act 1966-1967 does not apply in relation
to moneys borrowed under an agreement made in pursuance of this Act.

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LOAN (DEFENCE) ACT 1970-1973 - NOTE 



                                      NOTE

1.  The Loan (Defence) Act 1970-1973 comprises the Loan (Defence) Act 1970 as
amended by the other Act specified in the following table:

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                                Number                       Date of

    Act                         and year        Date of

                                                Assent       commencement

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    Loan (Defence) Act 1970     No. 37, 1970    23 June 1970 23 June 1970

    Statute Law Revision Act

    1973                        No. 216, 1973   19 Dec 1973  31 Dec 1973

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