Loan Consolidation and Investment Reserve Act 1955
Act No. 55 of 1955 as amended
Consolidated as in force on 8 June 1999
(includes amendments up to Act No. 20 of 1999)
To be repealed by Act No. 20 of 1999, see Note 2
Prepared by the Office of Legislative Drafting,
Attorney-General’s Department, Canberra
Contents
1 Short title [see Note 1]
2 Commencement [see Note 1]
3 Interpretation
4 Establishment of Reserve
5 Payments to Reserve
6 Purposes of Reserve
7 Delegation
8 Treasurer deemed to be corporation for purpose of investment of Reserve
Notes
An Act to establish a Loan Consolidation and Investment Reserve, and for purposes connected therewith
1 Short title [see Note 1]
This Act may be cited as the Loan Consolidation and Investment Reserve Act 1955.
2 Commencement [see Note 1]
This Act shall come into operation on the day on which it receives the Royal Assent.
3 Interpretation
In this Act, the Reserve means the Loan Consolidation and Investment Reserve established by this Act.
4 Establishment of Reserve
(1) There shall be a Loan Consolidation and Investment Reserve.
(2) The Reserve is a component of the Reserved Money Fund.
5 Payments to Reserve
There must be transferred to the Reserve from the Consolidated Revenue Fund:
(a) amounts appropriated by the Parliament for the purposes of the Reserve; and
(b) amounts equal to interest received by the Commonwealth from the investment of money from the Reserve.
6 Purposes of Reserve
(1) Moneys standing to the credit of the Reserve may be applied in repurchasing or redeeming securities which represent portion of the public debt of the Commonwealth.
(2) Securities so repurchased or redeemed shall be cancelled and the amount of the public debt of the Commonwealth shall be reduced accordingly.
(3) Until moneys standing to the credit of the Reserve are applied as provided by subsection (1), those moneys may be invested by the Treasurer in any securities of, or guaranteed by, the Commonwealth.
(4) Any moneys standing to the credit of the Reserve that have not been invested as provided by subsection (3) and are not required for the time being by the Treasurer for the purpose of being applied in accordance with subsection (1) or invested in accordance with subsection (3) may be invested by the Minister for Finance in accordance with section 39 of the Financial Management and Accountability Act 1997.
7 Delegation
(1) The Treasurer may, either generally or as otherwise provided by the instrument of delegation, by writing signed by him, delegate to an officer of the Department of the Treasury any of his powers under section 6.
(2) A power so delegated, when exercised by the delegate, shall, for the purposes of this Act, be deemed to have been exercised by the Treasurer.
(3) A delegation under subsection (1) does not prevent the exercise of a power by the Treasurer.
(4) Section 62 of the Financial Management and Accountability Act 1997 applies to the Finance Minister’s power under subsection 6(4) of this Act in the same way as that section applies to the Finance Minister’s powers under the Financial Management and Accountability Act 1997.
8 Treasurer deemed to be corporation for purpose of investment of Reserve
The Treasurer and his successors in office shall, for the purposes of the investment of any moneys in pursuance of subsection 6(3), be deemed to be a corporation by the name of “The Treasurer of the Commonwealth”, and any securities taken in pursuance of that subsection may be taken by him in his corporate name.
Notes to the Loan Consolidation and Investment Reserve Act 1955
Note 1
The Loan Consolidation and Investment Reserve Act 1955 as shown in this consolidation comprises Act No. 55, 1955 amended as indicated in the Tables below.
Table of Acts
Act | Number | Date | Date of commencement | Application, saving or transitional provisions |
Loan Consolidation and Investment Reserve Act 1955 | 55, 1955 | 3 Nov 1955 | 3 Nov 1955 |
|
Statute Law Revision Act 1973 | 216, 1973 | 19 Dec 1973 | 31 Dec 1973 | Ss. 9(1) and 10 |
Loan Consolidation and Investment Reserve Amendment Act 1978 | 37, 1978 | 12 June 1978 | 12 June 1978 | Ss. 3(2) and 6 |
Audit (Transitional and Miscellaneous) Amendment Act 1997 | 152, 1997 | 24 Oct 1997 | Schedule 2 (items 894–897): 1 Jan 1998 (see Gazette 1997, No. GN49) (a) | — |
Financial Management Legislation Amendment Act 1999 | 20, 1999 | 19 Apr 1999 | Schedule 1 (item 34): (see Note 2) | — |
(a) The Loan Consolidation and Investment Reserve Act 1955 was amended by Schedule 2 (items 894–897) only of the Audit (Transitional and Miscellaneous) Amendment Act 1997, subsection 2(2) of which provides as follows:
(2) Schedules 1, 2 and 4 commence on the same day as the Financial Management and Accountability Act 1997.
Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted | |
Provision affected | How affected |
S. 4.................... | am. No. 37, 1978; No. 152, 1997 |
S. 5.................... | rs. No. 216, 1973; No. 152, 1997 |
S. 6.................... | am. No. 37, 1978; No. 152, 1997 |
S. 7.................... | am. No. 37, 1978; No. 152, 1997 |
S. 8.................... | ad. No. 37, 1978 |
Note 2
The Loan Consolidation and Investment Reserve Act 1955 was amended by Schedule 1 (item 34) only of the Financial Management Legislation Amendment Act 1999. The applicable provision provides as follows:
34 The whole of the Act
Repeal the Act.
Subsection 2(1) of the Financial Management Legislation Amendment Act 1999 provides as follows:
(1) If this Act receives the Royal Assent before 1 May 1999, then this Act commences on 1 July 1999.
As at 8 June 1999 the amendment is not incorporated in this consolidation.