LOAN (HOUSING).
No. 50 of 1958.
An Act to authorize the Raising and Expending of Moneys for the purposes of Housing.
[Assented to 1st October, 1958.]
BE it enacted by the Queen’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 (Housing) Act 1958.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Authority to borrow £35,810,000.
3. The Treasurer may, from time to time, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911–1946, or in accordance with the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole Thirty-five million eight hundred and ten thousand pounds.
Application of moneys.
4. Moneys borrowed under this Act shall be issued and applied only for the expenses of borrowing and for the purpose of making advances to States in accordance with the agreement executed in pursuance of the authority conferred by the Housing Agreement Act 1956.
Overview
The Loan (Housing) Act 1958 was enacted to address the need for substantial financial resources to be directed towards housing initiatives in Australia. This Act was passed by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, aiming to facilitate the raising and expending of moneys specifically for housing purposes. The overarching policy objective of this legislation is to support the housing sector by enabling the Commonwealth to borrow up to £35,810,000 to fund housing-related expenses and to make advances to states in accordance with the Housing Agreement Act 1956. The borrowed funds are to be strictly applied to the stated purposes, ensuring efficient and targeted use of the allocated resources.
Scope and Application
The Loan (Housing) Act 1958 applies to the Commonwealth of Australia and specifically empowers the Treasurer to borrow funds up to a specified amount for housing-related purposes. This Act authorises the borrowing of up to £35,810,000 to be used for the expenses associated with borrowing and for making housing advances to states in line with agreements executed under the Housing Agreement Act 1956. The geographic reach of this Act is national, as it pertains to the Commonwealth of Australia and involves transactions and agreements between the federal government and the states. The Act does not explicitly mention any exclusions, exemptions, or thresholds other than the borrowing limit specified. The application of these borrowed funds is strictly controlled and must align with the terms of the Housing Agreement Act 1956, ensuring that the proceeds are used for their intended housing purposes.
Key Provisions
The Loan (Housing) Act 1958, as enacted, primarily authorises the borrowing and expending of funds for housing purposes. Section 3 of the Act allows the Treasurer to borrow up to £35,810,000, either through the Commonwealth Inscribed Stock Act 1911–1946 or by issuing Treasury Bills, with these funds being strictly earmarked for the expenses related to the borrowing process and for housing-related advances to States as stipulated in the Housing Agreement Act 1956.
The Act imposes clear obligations on the Treasurer, ensuring that any borrowed funds are only used for the purposes specified in section 4. These purposes include the direct costs associated with the borrowing and the disbursement of loans to States in alignment with the terms set out by the Housing Agreement Act 1956. This requirement ensures that the borrowed moneys are transparently applied to their intended use, maintaining accountability and oversight over the financial management of the housing initiatives.
Breaches of the provisions in the Loan (Housing) Act 1958 are not explicitly detailed within the text provided. However, under general legislative principles, any misuse of funds or deviation from the authorised purposes could potentially result in legal repercussions. Though the specific penalties are not outlined in the excerpt, non-compliance could lead to civil or criminal consequences depending on the nature and extent of the breach. Penalties might include fines, imprisonment, or other corrective measures as prescribed by relevant laws.