Loan Act 1977

Loan Act 1977

Act No. 109 of 1977 as amended

[Note: This Act was repealed by Act No. 30 of 2006 on 7 April 2006]

This compilation was prepared on 11 October 2000
taking into account amendments up to Act No. 36 of 1978

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General’s Department, Canberra

Contents

1 Short title [see Note 1]...........................

2 Commencement [see Note 1].......................

3 Authority to borrow.............................

4 Application of moneys borrowed.....................

5 Limitation of expenditure..........................

Notes 

An Act to authorize the borrowing and expending of moneys for defence purposes

1  Short title [see Note 1]

  This Act may be cited as the Loan Act 1977.

2  Commencement [see Note 1]

  This Act shall come into operation on the day on which it receives the Royal Assent.

3  Authority to borrow

  The Treasurer may, from time to time during the financial year ending on 30 June 1978, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911, or in accordance with the provisions of an Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the aggregate $1,400,000,000.

4  Application of moneys borrowed

  Moneys borrowed under section 3 shall be applied only for the expenses of borrowing and for services specified under the heading “DEPARTMENT OF DEFENCE” in the Supply Act (No. 1) 1977—78 or in an Act passed after the commencement of this Act and appropriating the Consolidated Revenue Fund for the service of the year ending on 30 June 1978, being an Act that is expressed to have effect subject to section 5 of this Act.

5  Limitation of expenditure

 (1) Nothing in this Act or in an Act referred to in section 4 shall be taken to authorize the expenditure for a service referred to in section 4 of an amount the expenditure of which would result in the total expenditure for that service under this Act and the Acts referred to in section 4 exceeding the total of the amounts authorized by the Acts referred to in section 4 to be expended in respect of that service.

 (2) Subsection (1) does not affect the expenditure of moneys appropriated under the heading “ADVANCE TO THE MINISTER FOR FINANCE”.

 (3) Nothing in this Act shall be taken to authorize expenditure (otherwise than for the expenses of borrowing) after 30 June 1978.

Notes to the Loan Act 1977

Note 1

The Loan Act 1977 as shown in this compilation comprises Act No. 109, 1977 amended as indicated in the Tables below.

Table of Acts

Table of Amendments