LOAN (HOUSING) (No. 2).
No. 70 of 1962.
An Act to Authorize the Raising and Expending of a sum not exceeding Forty-five million nine hundred thousand pounds for the purposes of Housing.
[Assented to 24th November, 1962.]
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 (No. 2) 1962.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Authority to borrow £45,900,000.
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-five 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 the States in pursuance of section four of the Housing Agreement Act 1961.
Overview
The Loan (Housing) Act (No. 2) 1962 was enacted to address the financial need for housing initiatives in Australia by authorising the raising and expending of up to forty-five million nine hundred thousand pounds for housing purposes. This Act was introduced and assented to by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia on 24th November, 1962. The primary objective of the Act was to provide the necessary funds for housing projects in alignment with the objectives set out in the Housing Agreement Act 1961. Under the authority granted by this Act, the Treasurer is empowered to borrow the specified amount, with the funds being applied solely towards borrowing expenses and making advances to the States for housing initiatives as per the Housing Agreement Act 1961.
Scope and Application
The Loan (Housing) Act (No. 2) 1962 applies to the Treasurer of the Commonwealth, who is authorised to borrow up to £45,900,000 for housing purposes. The borrowed funds are intended to cover the expenses associated with borrowing and to be used for making advances to the States in accordance with section four of the Housing Agreement Act 1961. This Act applies on a national level within the Commonwealth of Australia and comes into operation immediately upon receiving Royal Assent. It is notable that the Act specifies the borrowing process through the Commonwealth Inscribed Stock Act 1911-1946 or through any Act that authorises the issue of Treasury Bills. There are no exclusions, exemptions, or thresholds specified in the Act itself, and it does not mention any subordinate instruments that might extend or restrict its application.
Key Provisions
The Loan (Housing) Act (No. 2) 1962 (section 1) provides the legal framework for the raising and expending of a sum not exceeding £45,900,000 for housing purposes. The Act came into operation on the day it received Royal Assent (section 2). The primary provision of the Act allows the Treasurer to borrow up to £45,900,000, either under the Commonwealth Inscribed Stock Act 1911-1946 or any Act permitting the issuance of Treasury Bills (section 3). The borrowed funds are to be used for borrowing expenses and for making advances to the states in accordance with the Housing Agreement Act 1961 (section 4).
The obligations imposed by the Act on the parties involved are centred around the management and application of the borrowed funds. The Treasurer, who is responsible for the borrowing, must ensure that the funds are used strictly for the purposes outlined in the Act, which include the expenses of borrowing and housing-related advances to the states (section 3). The states, on the other hand, are expected to use these advances in line with the stipulations of the Housing Agreement Act 1961. Compliance with these obligations is essential for the effective implementation of the Act.
The Act does not explicitly detail offences, penalties, or civil/criminal consequences for breaches. However, the strict application of the borrowed funds suggests a high level of accountability. Any misuse of funds could potentially lead to financial mismanagement and could be subject to scrutiny and corrective measures under related financial legislation. It is also important to note that any deviation from the Act's provisions could be challenged in a court of law, leading to potential legal consequences for the parties involved.