WAR
LOAN SECURITIES REPURCHASE.
No. 14 of 1918.
An
Act to provide for the repurchase of War Loan Securities.
[Assented
to 11th June, 1918.]
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 War
Loan Securities Repurchase Act 1918.
Contributions
to War Loan Securities Repurchase Account.
2. The Treasurer shall on the first day of each month pay from any war
loan moneys which may then be in hand, into the Trust Fund under the head of
the War Loan Securities Repurchase Account, a sum equal to one-eighth of one
per centum of so much of the Public Debt of the Commonwealth as represents
moneys received in respect of war loans from lenders other than the Government
of the United Kingdom:
Provided
that whenever any monthly payment into the War Loan Securities Repurchase
Account would cause the unexpended balance of the Account to exceed the sum of
One million pounds, the amount of the excess shall be deducted from that
monthly payment, and thereafter no further payments shall be made into the
Account until the unexpended balance falls below the sum of Nine hundred
thousand pounds, when the monthly payments provided by this Act shall be
resumed.
Application
of War Loan Securities Repurchase Account.
3.—(1.) The Treasurer may apply the War Loan
Securities Repurchase Account in repurchasing any securities issued in respect
of moneys borrowed for War purposes other than moneys borrowed from the
Government of the United Kingdom, and in no other manner whatever.
(2.) The amount paid from the War Loan Securities
Repurchase Account in the repurchase of securities shall include only the
amount of principal moneys secured, and the Treasurer shall not in any case pay
more than par in respect of such principal moneys.
Cancellation
of securities.
4. Securities repurchased under this Act shall be immediately
cancelled.
Closing
of War Loan Securities Repurchase Account.
5. If, after the termination of the war, the Treasurer is of opinion
that the necessity for the War Loan Securities Repurchase Account no longer
exists, he may direct that the Account be closed, and thereupon the Account
shall be closed and the unexpended balance of the Account shall be repaid to
the Loan Fund and shall be available for the purposes of any appropriation of
War Loan Moneys.
Regulations.
6.