STATES
LOAN.
No. 17 of 1916.
An Act to authorize the Raising of Moneys to be Loaned to, and the
Advancing of Moneys to, certain States.
[Assented to 30th May, 1916.]
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 and citation.
1. This Act may be cited as the States
Loan Act 1916.
Treasurer may borrow £8,940,000.
2. The Treasurer may from time to time borrow in the United Kingdom
Eight million nine hundred and forty thousand pounds.
Conditions of loan.
3. The rate of interest, the date of repayment and the form of
security issued in respect of borrowings under this Act may be such as are
approved by the Governor-General.
Payment of principal and interest.
4. The principal moneys borrowed under this Act shall be repayable
and the interest thereon shall be payable out of the Consolidated Revenue Fund
which is hereby appropriated for the purpose.
Application of moneys.
5.Moneys
borrowed under this Act shall be issued and applied only for the expenses of
borrowing and for the purpose of making loans to the States in amounts which
shall not in the case of any State exceed in the aggregate the amount shown
opposite the name of the State in the following table:—
Victoria......................................................... | £1,720,000 |
Queensland.................................................... | 2,562,000 |
South Australia.............................................. | 2,062,000 |
Western Australia.......................................... | 2,080,000 |
Tasmania....................................................... | 516,000 |
£8,940,000 |
Authority to make Advances to States to amount of £8,940,000.
6.—(1.) Pending the borrowing of the moneys
authorized to be borrowed under section two of this Act, the Treasurer may
advance to the respective States out of loans made by the Government of the
United Kingdom to the Commonwealth to meet the cost of the present war, the sums
shown in the next preceding section.
(2.) The Treasurer shall out of moneys borrowed
under section two of this Act immediately repay the sums advanced to the States
under this section.
Date of commencement.
7.This
Act shall be deemed to have come into operation on the twentieth day of
December One thousand nine hundred and fifteen.
Regulations.
8.