LOAN (HOUSING) (No. 2).
No. 56 of 1963.
An Act to Authorize the Raising and Expending of a sum not exceeding Forty-nine million eight hundred and fifty thousand pounds for the purposes of Housing.
[Assented to 28th October, 1963.]
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) 1963.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Authority to borrow £49,850,000.
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-nine million eight hundred and fifty 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) 1963 was enacted to provide the federal government with the authority to raise and expend a sum not exceeding forty-nine million eight hundred and fifty thousand pounds for housing purposes. This Act was introduced to address the need for additional funding to support housing initiatives, as outlined in the Housing Agreement Act 1961. Enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, the primary policy objective of the Act is to facilitate financial assistance to states for housing projects through the issuance of advances. The Act came into operation immediately upon receiving Royal Assent, allowing the Treasurer to borrow the specified amount in accordance with existing financial legislation.
Scope and Application
The Loan (Housing) Act (No. 2) 1963 applies to the Treasurer of the Commonwealth of Australia and pertains specifically to the borrowing and application of funds for housing-related expenses. The Act allows the Treasurer to borrow up to £49,850,000 in total, with these funds intended for the expenses associated with the borrowing process and for making advances to the States in accordance with the provisions of the Housing Agreement Act 1961. The Act is applicable on a national level, as it is a Commonwealth Act, thereby affecting the entire country. The Act does not explicitly mention any exclusions, exemptions, or thresholds within the provided text, but it is reasonable to infer that the borrowing and application of funds would adhere to the broader financial and legal frameworks established by other relevant Commonwealth Acts, such as the Commonwealth Inscribed Stock Act 1911-1946 and the Treasury Act 1966. The scope and application of this Act may be further defined or refined through subordinate instruments, though no such details are provided in the excerpt.
Key Provisions
The Loan (Housing) Act (No. 2) 1963 (section 3) authorises the Treasurer to borrow up to £49,850,000, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911-1946 or any Act permitting the issuance of Treasury Bills. This borrowing is strictly for the purpose of housing (section 4), which includes covering the expenses of borrowing and making advances to the states in accordance with section four of the Housing Agreement Act 1961.
Under this Act, the primary obligation for the Treasurer is to ensure that the borrowed funds are used exclusively for the specified housing-related expenses and advances (section 4). This means that the funds cannot be diverted for other purposes without breaching the Act. The Act provides a clear framework for the financial management of these borrowed funds, ensuring accountability and transparency in their use.
Breaches of the Act can lead to significant legal consequences. While specific offences and penalties are not detailed in the provided text, it is implied that any misuse of the borrowed funds or deviation from the authorised purposes could be subject to legal scrutiny and penalties. Such breaches may attract civil or criminal liabilities, with penalties potentially including fines or other legal repercussions, depending on the severity and intent of the breach. The Act's strict directives on the application of funds underscore the importance of adhering to its provisions to avoid any legal ramifications.