LOAN (No. 2).
No. 31 of 1914.
An Act to authorize the raising and expending of Seven million nine hundred and eighty-six thousand pounds for certain purposes and for amending the Loan Act 1911, the Loan Act 1912, and the Loan Act 1913.
[Assented to 21st December, 1914.]
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.—(1.) This Act may be cited as the Loan Act (No. 2) 1914.
(2.) The Loan Act 1911, as amended by this Act, may be cited as the Loan Act 1911–1914.
(3.) The Loan Act 1912, as amended by this Act, may be cited as the Loan Act 1912–1914.
(4.) The Loan Act 1913, as amended by this Act, may be cited as the Loan Act 1913–1914.
Treasurer may borrow £7,986,000.
2. The Treasurer may from time to time, under the provisions of the Commonwealth Inscribed Stock Act 1911-1913 or the Treasury Bills Act 1914(a), borrow moneys not exceeding in the whole the amount of Seven million nine hundred and eighty-six thousand pounds.
Purpose for which money may be expended.
3. The amount borrowed shall be issued and applied only for the expenses of borrowing and for the purposes set forth in the Schedule to this Act.
Amendment of Loan Act 1911.
4 Section two of the Loan Act 1911 is amended by omitting the words “Commonwealth Inscribed Stork Act 1911” and inserting in their stead the words “Commonwealth Inscribed Stock Act 1911-1913 or the Treasury Bills Act 1914.”
Amendment of Loan Act 1912.
5. Section two of the Loan Act 1912 is amended by omitting the words “Commonwealth Inscribed Stock Act 1911” and inserting in their stead the words “Commonwealth Inscribed Stock Act 1911-1913 or the Treasury Bills Act 1914.”
(a) The Treasury Bills Act 1914 is to be read as the Treasury Bills Act 1914-1915. See Act No. 25, 1915, s. 4 (infra, p. 127).
Amendment of Loan Act 1913.
6. Section two of the Loan Act 1913 is amended by omitting the words “Commonwealth Inscribed Stock Act 1911-1912” and inserting in their stead the words “Commonwealth Inscribed Stock Act 1911-1913 or the Treasury Bills Act 1914.”
Commencement of Act.
7. This Act shall be deemed to have commenced on the first day of July, One thousand nine hundred and fourteen.
SCHEDULE.
| | £ |
No. 1. | To redeem loans raised by the Government of South Australia on account of the Northern Territory | 400,000 |
2. | To redeem loans raised by the Government of South Australia on account of the Port Augusta Railway | 16,000 |
3. | For the purchase of land for post and telegraph purposes........ | 120,000 |
4. | For the construction of conduits and for laying wires underground. | 450,000 |
5 | To be paid into the Consolidated Revenue Fund............. | 7,000,000 |
| Total.......................... | 7,986,000 |
Overview
The Loan Act (No. 2) 1914 was enacted to address the need for additional funding during a period of significant national expenditure. This legislation was passed by the King's Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, and it authorised the raising and expending of £7,986,000 for specific purposes, including the redemption of loans previously raised by the Government of South Australia for the Northern Territory and the Port Augusta Railway, and for the purchase and development of land for post and telegraph purposes. The Act also amended previous Loan Acts of 1911, 1912, and 1913 to reflect the new borrowing authority and methods provided by the Commonwealth Inscribed Stock Act 1911-1913 and the Treasury Bills Act 1914. The primary objective of this Act was to ensure the financial requirements of the Commonwealth were met through authorised borrowing within the specified limits.
Scope and Application
The Loan Act (No. 2) 1914 authorises the Commonwealth Treasurer to borrow up to £7,986,000, with the borrowed funds to be applied strictly to the specified purposes outlined in the Act's Schedule. This includes the redemption of loans previously raised by the Government of South Australia for the Northern Territory and the Port Augusta Railway, the purchase of land for post and telegraph purposes, the construction of conduits and laying wires underground, and the payment of the balance into the Consolidated Revenue Fund. The Act amends the Loan Act 1911, Loan Act 1912, and Loan Act 1913 to reflect the new borrowing authority and the updated legislative references to the Commonwealth Inscribed Stock Act 1911-1913 and the Treasury Bills Act 1914. The Act applies to the Commonwealth of Australia and comes into effect on 1 July 1914. While the Act primarily governs financial transactions at the federal level, it does not specify any exclusions or exemptions, implying that the prescribed purposes are the only permissible applications of the borrowed funds.
Key Provisions
The Loan Act (No. 2) 1914 (sections 1-7) authorises the Treasurer to borrow up to £7,986,000, to be used for specific purposes outlined in the Schedule attached to the Act. The funds are to be expended for the expenses of borrowing and for the purposes listed in the Schedule. This includes redeeming loans raised by the Government of South Australia for the Northern Territory and the Port Augusta Railway, purchasing land for post and telegraph purposes, constructing conduits and laying wires underground, and to be paid into the Consolidated Revenue Fund. The Act also amends the Loan Act 1911, Loan Act 1912, and Loan Act 1913 by updating references to the Commonwealth Inscribed Stock Act 1911-1913 or the Treasury Bills Act 1914 (sections 4-6).
The Act imposes specific obligations on the Treasurer and the Commonwealth in relation to the borrowing and expenditure of the funds. The Treasurer is required to borrow the moneys under the provisions of the Commonwealth Inscribed Stock Act 1911-1913 or the Treasury Bills Act 1914 and apply them only for the purposes set out in the Schedule (sections 2-3). The Commonwealth is obligated to use the funds for the specific purposes mentioned, such as redeeming loans, purchasing land, and constructing infrastructure, ensuring that the borrowed moneys are not used for any other purpose (section 3).
There are no explicit offences, penalties, or civil/criminal consequences for breach outlined in the Loan Act (No. 2) 1914. However, the Act establishes strict guidelines for the borrowing and expenditure of the funds, and any misuse of the borrowed moneys could potentially lead to legal consequences or repercussions. The Act’s focus is on ensuring that the funds are used for the specified purposes and that the borrowing is carried out in accordance with the relevant legislation.