LOAN (HOUSING).
No. 60 of 1961.
An Act to authorize the Raising and Expending of Moneys for the purposes of Housing.
[Assented to 24th October, 1961.]
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.
- This Act may be cited as the Loan (Housing) Act 1961.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Authority to borrow £42,900,000.
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 Forty-two million nine hundred 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 pursuance of section four or five of the Housing Agreement Act 1961.
Overview
The Loan (Housing) Act 1961 was enacted to facilitate the raising and expending of funds specifically for housing purposes. Enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, the Act was designed to address a financial gap in the housing sector. The primary policy objective was to enable the borrowing of up to £42,900,000 to support housing-related expenses and advances to the states as stipulated in the Housing Agreement Act 1961. This legislation aimed to provide the necessary financial resources to bolster housing initiatives and infrastructure, thereby enhancing the overall housing landscape in Australia.
Scope and Application
The Loan (Housing) Act 1961 applies to the Commonwealth government, specifically empowering the Treasurer to borrow up to £42,900,000 for housing purposes. The borrowed funds are intended to cover borrowing expenses and to make advances to states as stipulated in the Housing Agreement Act 1961. This Act operates on a national level, providing a financial mechanism for the Commonwealth to support housing initiatives. The Act does not specify any exclusions or exemptions, but its application is confined to the authorised borrowing and application of funds as outlined in the Act and related legislation. The scope of the Act is further defined and potentially extended by any subordinate instruments or specific provisions under the Commonwealth Inscribed Stock Act 1911–1946 or other relevant Treasury Bills legislation.
Key Provisions
The Loan (Housing) Act 1961, as enacted, allows the Treasurer to borrow funds up to a specified amount for housing-related purposes. The main operative sections of this Act include the authority to borrow (Section 3), which permits the Treasurer to borrow up to £42,900,000, and the application of those funds (Section 4), which mandates that the borrowed moneys be used for expenses related to the borrowing process and for making housing-related advances to States as per the Housing Agreement Act 1961.
This Act imposes obligations on the Treasurer and potentially other entities involved in the borrowing and application of funds. The primary obligation is to ensure that the borrowed moneys are strictly used for the specified purposes, namely the expenses of borrowing and making housing-related advances to States, as outlined in Section 4. This requirement ensures that the funds are directed towards achieving the legislative intent of supporting housing initiatives.
Breaches of the Act’s provisions could result in both civil and criminal consequences. Although the Act does not specify particular offences, penalties, or maximum penalties within its text, general legal principles and other applicable legislation would apply. For instance, misuse of public funds or failure to comply with statutory requirements could lead to legal actions or penalties as prescribed by relevant laws. The specific consequences would depend on the nature and extent of the breach, as well as other legal provisions that might govern such actions.