Loan Act 1915

Overview

The Loan Act 1915 was enacted to facilitate the borrowing and expenditure of a specific sum for a significant infrastructure project in Australia. The Act authorises the Treasurer to borrow up to £1,500,000, which was to be used exclusively for the construction of a railway from Kalgoorlie to Port Augusta. This Act was assented to on 31st July, 1915, by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia. The primary purpose of this legislation was to address the need for improved connectivity and transportation infrastructure by funding the construction of this railway, thereby promoting economic development and integration across the region. The policy objective was to enhance the nation's transport capabilities and support the expansion of trade and settlement in the area.

Scope and Application

The Loan Act 1915 authorises the Commonwealth Treasurer to borrow up to £1,500,000, a substantial sum at the time, to fund the construction of a railway from Kalgoorlie to Port Augusta. This borrowing capacity is explicitly outlined under the Commonwealth Inscribed Stock Act 1911-1915 or any other Act that permits the issuance of Treasury Bills. The primary purpose of these borrowed funds is strictly designated for the costs associated with borrowing and the construction of the specified railway line, ensuring the financial resources are directed towards the intended infrastructure project. This Act operates within the Commonwealth jurisdiction, impacting national infrastructure development by providing a financial mechanism to realise this significant transport link. There are no exclusions or exemptions stated in the Act itself, though any supplementary regulations or subordinate instruments could potentially further define or extend its application.

Key Provisions

The Loan Act 1915 (sections 1-3) establishes the framework for the Treasurer to borrow up to £1,500,000 for the construction of a railway from Kalgoorlie to Port Augusta. Section 2 empowers the Treasurer to borrow the specified amount, either under the Commonwealth Inscribed Stock Act 1911-1915 or through Treasury Bills. The borrowed funds, as stipulated in section 3, are to be used solely for the expenses associated with the borrowing process and the construction of the railway. In terms of obligations, the Act imposes specific requirements on the Treasurer and any other parties involved in the borrowing and expenditure of the funds. Section 2 mandates that the borrowing must be executed in accordance with either the Commonwealth Inscribed Stock Act 1911-1915 or another Act that permits the issuance of Treasury Bills. Section 3 further stipulates that the borrowed funds can only be used for the designated purpose of the railway construction and related borrowing expenses. Any deviation from these provisions would be considered a breach of the Act. The Act does not explicitly outline offences, penalties, or consequences for breach within its text. However, in the context of Australian legislative practice, failure to adhere to the specified terms and conditions for borrowing and expenditure could potentially lead to legal challenges or administrative actions. Typically, such breaches may be subject to scrutiny under other relevant statutes or administrative law principles, although the Loan Act 1915 itself does not provide explicit details on penalties or consequences for non-compliance.