LOAN.
No. 26 of 1940.
An Act to authorize the Raising and Expending of a certain Sum of Money.
[Assented to 1st June, 1940.]
BE it enacted by the King’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 Act 1940.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Authority to borrow £68,740,000.
3. The Treasurer may, from time to time borrow—
(a) under the provisions of the Commonwealth Inscribed Stock Act 1911-1940, or under the provisions of any Act authorizing the issue of Treasury Bills; and
(b) from the Government of the United Kingdom, in accordance with the provisions of section five of this Act,
moneys not exceeding in the whole the amount of Sixty-eight million seven hundred and forty thousand pounds.
Purposes for which money may be expended.
4. The amount borrowed may be issued and applied for the expenses of borrowing and for the purposes set forth in the Schedule to this Act.
Conditions of borrowing from United Kingdom Government.
5. The following provisions shall apply with respect to moneys borrowed under this Act from the Government of the United Kingdom:—
(a) the rate of interest, the date of repayment and the form of security may be such as are approved by the Governor General; and
(b) the principal moneys shall be repayable, and the interest thereon shall be payable, out of the Consolidated Revenue Fund, which is hereby appropriated for the purpose.
Section 4.
THE SCHEDULE.
—
DEFENCE AND WAR (1939-40) SERVICES.
| Department of Defence Co-ordination. | Appropriated by this Act. |
| | £ |
| Buildings, works and sites, fittings and furniture, and miscellaneous war services | 131,000 |
The Schedule—continued.
| Department of the Navy. | Appropriated by this Act. |
| Pay and allowances of mobilized and volunteer forces, special staffs and guards, ordnance and armament stores, ammunition, fuel, naval construction, fleet auxiliaries and charter of naval craft, machinery, plant and other equipment, naval communications, transport services, construction of graving dock, buildings, works and sites, fittings and furniture, expenditure related to manufactured munitions and other miscellaneous war services........................ | £ |
| 6,016,000 |
| Department of the Army. | |
| Pay and allowances of universal military service personnel, mobilized and volunteer forces, special staffs and guards, camp expenses including internment camps, general stores and fuel, arms, armament and ammunition, mechanization, equipment and reserves, machinery and plant, buildings, works and sites, fittings and furniture, expenditure related to manufactured munitions and other miscellaneous war services............................................... | 33,406,000 |
| Department of Air. | |
| Pay and allowances of Air Force personnel and reserves and special staffs, general stores and fuel, landplane and seaplane equipment including spare parts, machinery, tools, ordnance and engineering supplies and ammunition, warlike stores and equipment, purchase and charter of aircraft, buildings, works and sites, fittings and furniture, expenditure related to manufactured munitions, expenditure in connexion with the Empire Air Training Scheme and other miscellaneous war services............................................................................... | 26,402,000 |
| Department of Supply and Development. | |
| Manufacture of munitions including pay, general expenses, working credits for factories and machinery and plant, reserves of raw materials, armament annexes, aircraft construction, buildings, works and sites, fittings and furniture, training of toolmakers and other miscellaneous war expenditure................................................................................................ | 2,439,000 |
| Total Defence and War (1939-40) Services.................................. | 68,394,000 |