STATES
LOAN.
No. 17 of 1924.
An Act to authorize the raising of Moneys
to be loaned to the States, and for other purposes.
[Assented
to 25th August, 1924.]
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.
1. This Act may be cited as the States
Loan Act 1924.
Authority
to borrow £10,300,000.
2. The Treasurer may, from time to time, under the provisions of the Commonwealth Inscribed Stock Act 1911–1918,
or under the provisions of any Act authorizing the issue of Treasury Bills,
borrow—
(a)moneys not exceeding in the whole the sum of Ten million three hundred
thousand pounds; and
(b) such moneys as are required for the
purpose of redeeming, in pursuance of any agreement entered into under this
Act, State loans falling due in Australia on or before the thirtieth day of
June One thousand nine hundred and twenty-five.
Application
of moneys.
3. Moneys borrowed under this Act shall be issued and applied only
for the expenses of borrowing and for making loans to the States and for
redeeming State loans to which paragraph (b) of the last preceding section applies.
Authority
to convert State loans.
4. The Treasurer may, in pursuance of any agreement entered into
under this Act, convert into a Commonwealth loan any State loan falling due in
Australia on or before the thirtieth day of June One thousand nine hundred and
twenty-five.
Agreements.
5. The Treasurer may enter into agreements with the Governments of
any States—
(a)providing the terms and conditions upon which loans may be made to the
States under this Act; or
(b)providing for the conversion into Commonwealth loans, or for the
redemption, of State loans falling due on or before the thirtieth day of June
One thousand nine hundred and twenty-five, and the terms and conditions under
which the conversion or redemption may be effected.
Sinking
Fund contributions.
6.The Treasurer shall pay into the Trust Fund under the
head of the National Debt Sinking Fund (which is established under the National Debt Sinking Fund Act 1923-1924)
all moneys received from the States as Sinking Fund contributions in respect of
loans made to the States in accordance with this Act.
Regulations.
7.The Governor-General may make regulations, not
inconsistent with this Act, prescribing all matters which by this Act are
required or permitted to be prescribed, or which are necessary or convenient to
be prescribed, for carrying out or giving effect to this Act.