LOAN (No. 1).
No. 3 of 1924.
An Act to authorize the Raising and Expending of certain Sums of Money.
[Assented to 20th June, 1924.]
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 Loan Act (No. 1) 1924.
Authority to borrow £850,000.
2. 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 not exceeding in the whole the amount of Eight hundred and fifty thousand pounds.
Purpose for which money may be borrowed.
3. The amount borrowed shall be issued and applied only for the expenses of borrowing and for the purposes of appropriations made or to be made by law.
Issue and application of £822,000.
4. There may be issued and applied out of the proceeds of any Loan raised under the authority of any Loan Act, including the present Act, the sum of Eight hundred and twenty-two thousand pounds for the purposes set forth in the Schedule to this Act.
SCHEDULE.
——
UNDER THE CONTROL OF THE DEPARTMENT OF THE TREASURY.
| £ |
Loan to the Territory of New Guinea for works......................... | 10,000 |
UNDER THE CONTROL OF THE HOME AND TERRITORIES DEPARTMENT AND THE DEPARTMENT OF WORKS AND RAILWAYS. | |
Works, Services, and Acquisition of Land in Federal Capital Territory. | £320,000 | |
(All receipts from the Federal Capital Territory to be credited to this vote). | |
Deduct estimated receipts...................... | 45,000 | |
| | 275,000 |
UNDER THE CONTROL OF THE DEPARTMENT OF WORKS AND RAILWAYS. | |
Acquisition of and alterations to vessels for Lighthouse purposes............... | 37,000 |
UNDER THE CONTROL OF THE POSTMASTER-GENERAL’S DEPARTMENT. | |
Construction and extension of telegraphs and telephones, also construction of conduits and laying wires underground | 500,000 |
Total.......................... | £822,000 |
|
Overview
The Loan Act (No. 1) 1924 was enacted by the Australian Parliament to address a financial shortfall necessitating the borrowing of specific sums of money. This Act authorised the Commonwealth Treasurer to borrow up to £850,000, which was to be used strictly for the purposes outlined within the Act, including covering the expenses of borrowing and fulfilling appropriations as determined by law. The primary objective of this legislation was to facilitate the funding of critical infrastructure projects such as the construction and extension of telegraphs and telephones, acquisition of and alterations to vessels for lighthouse purposes, and works, services, and acquisition of land in the Federal Capital Territory. The borrowed funds were to be meticulously applied under the control of various departments including the Department of the Treasury, the Home and Territories Department, the Department of Works and Railways, and the Postmaster-General’s Department.
Scope and Application
The Loan Act (No. 1) 1924 pertains specifically to the Commonwealth of Australia, allowing the Treasurer to borrow a maximum of £850,000 under the Commonwealth Inscribed Stock Act 1911-1918 or any Act authorizing the issuance of Treasury Bills. This borrowed amount is designated for specified expenses related to the borrowing process and for appropriations as authorised by law. The Act further outlines that £822,000 of the borrowed funds can be issued and applied to specific projects, including loans to the Territory of New Guinea for works, works, services, and land acquisition in the Federal Capital Territory, alterations to vessels for lighthouse purposes, and the construction and extension of telegraphs and telephones. These expenditures are managed by various departments including the Department of the Treasury, the Home and Territories Department, the Department of Works and Railways, and the Postmaster-General’s Department. The Act does not explicitly state any exclusions, exemptions, or thresholds beyond the prescribed borrowing limit and application of funds. The scope of the Act is limited to the Commonwealth jurisdiction, and it does not extend its application through subordinate instruments beyond the provisions set out in the Act itself.
Key Provisions
The Loan Act (No. 1) 1924 (sections 1-4) authorises the Treasurer to borrow up to £850,000, which must be used for expenses of borrowing and appropriations as specified by law. This borrowing is permitted under the Commonwealth Inscribed Stock Act 1911-1918 or any Act that allows for the issuance of Treasury Bills. The borrowed sum is to be applied specifically as outlined in the Act, which includes various projects and expenses across different departments.
Section 4 of the Act details the allocation of £822,000 out of the total borrowed amount for specific purposes. This includes £10,000 for works in the Territory of New Guinea, £275,000 for works, services, and land acquisition in the Federal Capital Territory, £37,000 for acquisitions and alterations to vessels for lighthouse purposes, and £500,000 for the construction and extension of telegraphs, telephones, and the laying of underground conduits and wires. These allocations are subject to the control of various departments, including the Department of the Treasury, the Home and Territories Department, the Department of Works and Railways, and the Postmaster-General’s Department.
Failure to comply with the requirements of the Loan Act (No. 1) 1924 may result in civil or criminal consequences. The specific penalties for breaches are not detailed in the provided text. However, given the formal nature of legislative provisions and the financial oversight they entail, breaches could potentially lead to legal actions for non-compliance, fines, or other civil liabilities as determined by relevant courts or tribunals. Criminal penalties may also apply if the breach involves fraudulent activities or other serious misconduct.