STATES LOAN.
No. 16 of 1917.
An Act to
authorize the raising of Moneys to be loaned to, and the advancing of Moneys
to, certain States.
[Assented to 23rd August, 1917.]
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 1917.
Treasurer may borrow £8,000,000.
2.The
Treasurer may from time to time borrow Eight million 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 of Victoria,
Queensland, South Australia, Western Australia and Tasmania.
Authority to make advances to States to amount
of £8,000,000.
6.—(1.) Pending the borrowing of the moneys authorized
to be borrowed under section two of this Act, the Treasurer may advance to the
States of Victoria, Queensland, South Australia, Western Australia and
Tasmania, out of loans made by the Government of the United Kingdom to the
Commonwealth to meet the cost of the present war, sums which shall not in the
aggregate exceed the amount of Eight million pounds.
(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 thirtieth day of May One
thousand nine hundred and seventeen.
Regulations.
8.