STATES
LOAN.
No. 6 of 1925.
An Act to authorize the raising of Moneys to be loaned to the
States and for other purposes.
[Assented to 13th July, 1925.]
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 1925.
Agreements
with States.
2.The
Treasurer of the Commonwealth may enter into an agreement with the Treasurer of
any State, providing—
(a)for the borrowing by the Commonwealth,
on behalf of any State, of such amounts as are declared by that agreement to be
necessary for the general loan purposes of that State, and have been or may be
authorized by the Parliament of the State up to the thirtieth day of June One
thousand nine, hundred and twenty-six;
(b)the terms and conditions upon which
loans may be made to the State under this Act;
(c)
for the conversion into a Commonwealth loan, or for the redemption, of any
State loan falling due on or before the first day of July One thousand nine
hundred and twenty-six; and
(d)the terms and conditions upon which the
conversion or redemption of any State loan may be effected.
Authority
to borrow moneys.
3. 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-moneys to such amounts as are specified in any agreement made in
pursuance of section two of this Act.
Application
of moneys.
4. Moneys borrowed under this Act shall be issued and applied only for
the expenses of borrowing, and for making loans to the States and redeeming
State loans in accordance with section two of this Act.
Power
to make advances to States pending raising of loans.
5.—(1.) Pending the borrowing of moneys in pursuance
of this Act, the Treasurer may, from time to time, advance to the States out of
any moneys in the Commonwealth Public Account, sums not exceeding the moneys
which may be borrowed in pursuance of this Act.
(2.) Any moneys so advanced shall be repayable to
the Commonwealth from the proceeds of any loan raised in pursuance of this Act
after the moneys have been advanced.
Conversion
of State securities into Commonwealth securities.
6.The
Treasurer may, for the purposes of any agreement made in pursuance of this Act,
convert into a Commonwealth security any State security falling due on or
before the first day of July One thousand nine hundred and twenty-six.
Principal
moneys and interest charged on Consolidated Revenue Fund.
7.The
principal money of any security issued in accordance with this Act or the States Loan Act 1924 and the interest
thereon shall be a charge on, and payable out of, the Consolidated Revenue
Fund, which is hereby appropriated for the purpose.
Regulations.
8.