LOAN (NO. 3).
No. 64 of 1941.
An Act to authorize the Raising and Expending of a certain Sum of Money.
[Assented to 3rd December, 1941.]
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. 3) 1941.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Authority to borrow £1,515,000.
3. The Treasurer may, from time to time, borrow, under the provisions of the Commonwealth Inscribed Stock Act 1911–1940, or under the provisions of any Act authorizing the issue of Treasury Bills, moneys not exceeding in the whole the amount of One million five hundred and fifteen thousand pounds.
Purpose for which money may be borrowed.
4. 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 £l,500,000.
5. There may be issued and applied out of the proceeds of any loan raised under the authority of this Act, or any other Act, the sum of One million five hundred thousand pounds for the purposes set forth in the Schedule to this Act.
THE SCHEDULE.
— | Appropriated by this Act. |
Postmaster-General’s Department. | |
Under Control of Postmaster-General’s Department and Department of the Interior— | £ |
Telephone exchange services............................... | 860,000 |
Trunk line services...................................... | 331,000 |
Telegraph and miscellaneous services......................... | 38,000 |
National Broadcasting service.............................. | 26,000 |
Buildings, works, sites, fittings and furniture..................... | 245,000 |
Total Postmaster-General’s Department.................... | 1,500,000 |
Overview
The Loan Act (No. 3) 1941 was enacted to authorise the raising and expending of a specific sum of money by the Commonwealth of Australia. The Act was assented to on 3rd December 1941 and was passed by the King’s Most Excellent Majesty, the Senate, and the House of Representatives. The primary purpose of this Act was to facilitate the borrowing of funds, up to the amount of One million five hundred and fifteen thousand pounds, to cover expenses associated with borrowing and for appropriations made or to be made by law. The funds raised under this Act were to be allocated for various services, including telephone exchange services, trunk line services, telegraph and miscellaneous services, and the National Broadcasting service, among others, as specified in the Schedule attached to the Act. The policy objective was to ensure that the Commonwealth had the necessary financial resources to support these services during a critical period.
Scope and Application
The Loan Act (No. 3) 1941 applies to the Commonwealth of Australia, providing the Treasurer with the authority to borrow a specified sum of money, not exceeding One million five hundred and fifteen thousand pounds, under certain conditions. This Act facilitates the raising and expenditure of funds for designated purposes, including expenses of borrowing and appropriations made by law. The borrowed funds may be issued and applied for specific services and infrastructure projects, as detailed in the Schedule, which outlines allocations for the Postmaster-General’s Department and other related entities. The Act is effective from the day it receives Royal Assent and does not specify any exclusions, exemptions, or thresholds. Any further details or extensions of application would be governed by subordinate instruments or additional legislation.
Key Provisions
The main operative sections of the Loan Act (No. 3) 1941 are straightforward in their purpose. Section 1 provides the Act's short title, while Section 2 states that the Act comes into operation on the day it receives Royal Assent. Section 3 grants the Treasurer the authority to borrow up to £1,515,000, subject to the terms of the Commonwealth Inscribed Stock Act 1911–1940 or any Act authorising the issue of Treasury Bills. Section 4 specifies that the borrowed amount is to be used for the expenses of borrowing and for purposes appropriated by law. Section 5 allows for the issuance and application of £1,500,000 from the proceeds of any loan under this Act or any other Act, for the purposes outlined in the Act’s Schedule.
The Act imposes several obligations and requirements on the parties it governs. The most significant obligation is the authority given to the Treasurer to borrow a specified amount of money, as detailed in Section 3. This borrowing must be executed under the terms and conditions of either the Commonwealth Inscribed Stock Act 1911–1940 or any Act that authorises the issuance of Treasury Bills. Furthermore, the borrowed funds are to be strictly used for the purposes delineated in Section 4, which include expenses related to the borrowing process and any appropriations made by law. The Act also mandates, in Section 5, that a specific sum of £1,500,000 be issued and applied for the purposes set forth in the Act’s Schedule.
Breaches of the provisions outlined in the Loan Act (No. 3) 1941 may result in various consequences. While the Act does not explicitly state penalties for non-compliance, the misuse of funds or failure to adhere to the stipulated purposes for the borrowed amount could potentially lead to legal scrutiny and accountability. In Australian legal practice, significant deviations from statutory requirements could result in civil or criminal consequences, depending on the nature and extent of the breach. However, the specific penalties are not detailed within this Act and would likely be governed by broader legal principles or related legislation.