Loan (Temporary Revenue Deficits) Act 1953 (Cth)

Loan (Temporary Revenue Deficits) Act 1953

Act No. 21 of 1953 as amended

This compilation was prepared on 28 February 2005

taking into account amendments up to Act No. 8 of 2005

The text of any of those amendments not in force

on that date is appended in the Notes section

The operation of amendments that have been incorporated may be

affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,

Attorney-General’s Department, Canberra

      

Contents

An Act to make Provision with respect to Temporary Deficits in the Consolidated Revenue Fund

1Short Title [see Note 1]

 This Act may be cited as the Loan (Temporary Revenue Deficits) Act 1953.

2Commencement [see Note 1]

 This Act shall be deemed to have come into operation on the first day of July, One thousand nine hundred and fifty.

4Authority to borrow money

 Whenever the amounts in the Consolidated Revenue Fund are, or are expected by the Treasurer to be, insufficient to meet expenditure from that Fund, the Treasurer may, under the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding the amount of the insufficiency or expected insufficiency.

5Repayment of Loan

 Moneys borrowed by virtue of the last preceding section shall be repaid in the financial year in which they were borrowed.

7Borrowing to be subject to the Financial Agreement

• (1)

  Nothing in this Act authorizes the borrowing of money or the issue of securities otherwise than in accordance with clause six of the Financial Agreement.

• (2)

  In this section, the Financial Agreement has the same meaning as in section four of the Financial Agreement Act 1944.

Notes to the Loan (Temporary Revenue Deficits) Act 1953

Note 1

The Loan (Temporary Revenue Deficits) Act 1953 as shown in this compilation comprises Act No. 21, 1953 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 (Temporary Revenue Deficits) Act 1953	21, 1953	9 Apr 1953	1 July 1950
National Debt Sinking Fund Act 1966	65, 1966	29 Oct 1966	1 July 1966	—
Administrative Changes (Consequential Provisions) Act 1978	36, 1978	12 June 1978	12 June 1978	—
Audit (Transitional and Miscellaneous) Amendment Act 1997	152, 1997	24 Oct 1997	Schedule  2 (item 902): 1 Jan 1998 (see Gazette 1997, No. GN49) (a)	—
Financial Framework Legislation Amendment Act 2005	8, 2005	22 Feb 2005	Schedule 1 (items 13–15): Royal Assent	—

(a) The Loan (Temporary Revenue Deficits) Act 1953 was amended by Schedule 2 (item 902) only of the Audit (Transitional and Miscellaneous) Amendment Act 1997, subsection 2(2) of which provides as follows:

• (2)

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

Table of Amendments

ad. = added or inserted

am. = amendedrep. = repealedrs. = repealed and substituted

Provision affected

How affected

S. 3.........................................

am. No. 36, 1978; No. 152, 1997

rep. No. 8, 2005

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

am. No. 8, 2005

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

rep. No. 65, 1966