Loan Act (No. 3) 1924

Legislation au C1924A00044 Not in force Act

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LOAN (No. 3).

 

No. 44 of 1924.

An Act to authorize the Raising and Expending of certain Sums of Money.

[Assented to 20th October, 1924.]

BE it enacted by the Kings 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. 3) 1924.

Authority to borrow £850,000.

2. The Treasurer may from time to time under the provisions of the Commonwealth Inscribed Stock Act 19111918, 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 £818,500.

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 eighteen thousand five hundred pounds for the purposes set forth in the Schedule to this Act.

 

SCHEDULE.

 

Under Control of Home and Territories Department.

£

Land at Fairy Meadow, New South Wales...........................

18,500

Land for Post and Telegraph purposes..............................

10,000

Total Under Control of Home And Territories Department................

28,500

Under Control of Home and Territories Department; Department of Works and Railways, and Health Department.

 

 

 

£

 

Works, services, and acquisition of land in Federal Capital Territory 

108,000

 

(All receipts from the Federal Capital Territory to be credited to this vote.)

 

 

Deduct estimated receipts..........................

8,000

 

 

 

100,000

Carried forward......................

128,500


Schedule—continued

 

£

Brought forward............................

128,600

Under Control of Department of Works and Railways.

 

 

buildings for POSTMASTER-GENERALS department.

 

 

New South Wales.

 

 

Additions and Alterations.—Adamstown, Alstonville, Barmedman, Barraba, Bellata, Bundarra, Canterbury, Chatswood, Cobargo, Coonamble, Cumnock, Eden, Edgecliff, Grafton, Harden, Kempsey, Manilla, Mendooran, North Strathfield Pole Yard, Orange, Scone, St. Marys, Springwood, Sydney City North, Taree, Temora, Urana, Woodstock             

New Buildings.Bankstown, Barellan, Bexley, Blackheath, Branxton, Carlton, Comboyne, Cremorne, East Balmain, Kandos, Lane Cove, Maroubra, Merewether, Millthorpe, Neutral Bay, Newcastle Garage, North Sydney Garage, Port Kembla, Smithtown, Stanmore, Strawberry Hills, Wardell, Wentworthville, Wentworth Falls, Woy Woy, Yanko             

Sundry Offices.—For works costing not more than £300 in each case......

 

31,600

Victoria.

 

 

Additions and Alterations.—Beaufort, Cobram, Coburg, Coleraine, Melbourne General Post Office, Penshurst, Sunbury, Tatura, Terang, Werribee             

New Buildings.Burnley, Derrinallum, Drysdale, Elwood, Ferntree Gully, Koo-wee-rup, Marnoo, Melbourne (City Telephone Exchange), Murrayville, Nyah West, Pakenham East, Trentham, Yallourn, Yarragon             

Sundry Offices.—For works costing not more than £300 in each case......

 

18,130

Queensland.

 

 

Additions and Alterations.—Barcaldine, Brisbane General Post Office, Gayndah, Rockhampton, Rosewood, Toowoomba             

New Buildings.Beenleigh, Blackall, Goondiwindi, Helidon, Indooroopilly, Julia Creek, Kirra, Kynuna, Lutwyche, Marburg, Maxwelltown, Newmarket, Prairie, South Brisbane, South Johnstone, Spring-sure, St. George, Wooloongabba Pole Depot, Wowan             

Sundry Offices.—For works costing not more than £300 in each case......

 

20,870

South Australia.

 

 

Additions and Alterations.Ardrossan, Auburn, Bordertown, Clare, Gladstone, Jamestown, Kadina, Mallala, Minlaton, Morgan, Narracoorte, Nuriootpa, Port Pirie, Riverton, Saddleworth             

New Buildings.Brinkworth, Bute, Eudunda, Ironknob, Kimba, Port Victoria

Sundry Offices.—For works costing not more than £300 in each case......

 

10,400

Western Australia.

 

 

Additions and Alterations.—Bridgetown, Bunbury, Busselton, Merredin

New Buildings.Balingup, Beadon, Denmark, Jarnadup, Koudinin, Kulin, Lake Grace, Mundaring, Trayning             

Sundry Offices.—For works costing not more than £300 in each case......

 

4,000

Tasmania.

 

 

Additions and Alterations.Bellerive, Hobart General Post Office, Penguin.

New Buildings.—Cygnet, Smithton, Triabunna.....................

Sundry Offices.—For works costing not more than £300 in each case......

 

5,000

Total under control of Department of Works and Railways.......

 

90,000

Under Control of Postmaster-Generals Department

 

 

Construction and extension of telegraphs and telephones, also construction of conduits and laying wires underground             

 

600,000

Total...................................

 

£818,500

 

Overview

The Loan Act (No. 3) 1924 was enacted by the Parliament of Australia to provide the authority for the Commonwealth to borrow a sum of up to £850,000 for specific purposes, including the expenses related to borrowing and appropriations as determined by law. This Act is a response to the need for additional funding to undertake various infrastructure projects and public works across different states and territories. The funds raised under this Act are intended to be applied towards significant developments, such as land acquisitions, construction of buildings for postal and telegraph services, and other related expenditures as outlined in the Act’s schedule. The overarching policy objective is to facilitate the necessary financial resources to support the growth and infrastructure needs of the nation during that period.

Scope and Application

The Loan Act (No. 3) 1924 authorises the Commonwealth of Australia, specifically the Treasurer, to borrow funds up to the amount of Eight hundred and fifty thousand pounds. The borrowed funds are intended for the expenses associated with borrowing and for appropriations made or to be made by law. The Act provides a detailed breakdown of how the borrowed sum, specifically £818,500, is to be allocated, with funds designated for various projects and purposes across different departments and states. The allocation includes expenses for land acquisition, construction and extension of post and telegraph services, and works for the Department of Works and Railways, with a significant portion dedicated to the construction and extension of telegraphs and telephones. The Act applies to the Commonwealth of Australia, and its provisions are enforceable within the national jurisdiction. The Act does not specify any exclusions, exemptions, or thresholds, and its application is direct without the need for subordinate instruments to extend or restrict its scope.

Key Provisions

The Loan Act (No. 3) 1924 authorizes the Treasurer to borrow up to £850,000 under the provisions of the Commonwealth Inscribed Stock Act 1911–1918 or any Act authorizing the issuance of Treasury Bills. The borrowed funds are to be used exclusively for the expenses of borrowing and for appropriations made or to be made by law (sections 2 and 3). The Act specifies that £818,500 of the borrowed funds can be allocated for various purposes as outlined in the attached Schedule, including land acquisitions, construction, and extensions of telegraphs and telephones. The obligations imposed by the Act on the parties involved include the requirement that the borrowed funds be used strictly for the specified purposes, which are detailed in the Schedule. The funds are to be managed and controlled by the Home and Territories Department, the Department of Works and Railways, and the Health Department, among others. Each department has specific allocations for land acquisition, building construction, and other works as outlined in the Schedule. The Act also mandates that receipts from the Federal Capital Territory be credited to the relevant vote. Breach of the Act’s provisions could lead to civil or criminal consequences, though the specific penalties are not detailed in the provided text. Typically, under Australian law, breaches of statutory provisions can result in fines, imprisonment, or both, depending on the severity and nature of the offence. The maximum penalties would be determined by the relevant legislation governing the specific breach. It is important to note that the Loan Act (No. 3) 1924 itself does not specify penalties but rather sets out the parameters within which the borrowed funds must be managed and used.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.