SUGAR
PURCHASE.
No. 31 of 1915.
An
Act to authorize the borrowing of money from the Commonwealth Bank of
Australia.
[Assented
to 6th September, 1915.]
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 Sugar Purchase Act 1915.
Treasurer may borrow moneys from the
Commonwealth Bank.
2.—(1.) The Treasurer may, from time to time,
borrow from the Commonwealth Bank of Australia moneys for the purchase of sugar
by the Commonwealth and for the payment of customs duty on sugar imported by
the Commonwealth, but so that the indebtedness of the Commonwealth to the
Commonwealth Bank under this Act shall not at any time exceed Five hundred
thousand pounds.
(2.) The
Treasurer shall pay into the Commonwealth Bank, to be credited to the account
specified in the next succeeding section, all moneys received by the
Commonwealth in respect of the sale of the sugar.
Special account to be kept.
3. All moneys advanced by the Commonwealth Bank under this Act and
all moneys received by the Commonwealth Bank from or on behalf of the
Commonwealth under sub-section (2.) of the last preceding section shall be
entered in an account in the books of the Bank to be called “Commonwealth
Treasurer Sugar Account.”
Interest.
4. Interest at the rate of Five pounds per centum per annum shall
be payable on the amount by which the total amount standing to the credit of
the Commonwealth Public Account and the Commonwealth Departmental Accounts is
less than the amount by which the Commonwealth Treasurer Sugar Account is in
debit, and such interest may be charged against the Commonwealth Treasurer
Sugar Account.
Closing of account.
5.