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Loan Act 1941

Authoritative Version
Act No. 22 of 1941 as made
An Act to authorize the Raising and Expending of a certain Sum of Money.
Date of Assent 07 Apr 1941
Date of repeal 31 Dec 1950
Repealed by Statute Law Revision Act 1950

LOAN.

 

No. 22 of 1941.

An Act to authorize the Raising and Expending of a certain Sum of Money.

[Assented to 7th April, 1941.]

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 1941.

Commencement.

2.  This Act shall come into operation on the day on which it receives the Royal Assent.

Authority to borrow £50,000,000.

3.  The Treasurer may, from time to time, borrow, under the provisions of the Commonwealth Inscribed Stock Act 1911-1940, or under the provisions of any Act authorizing the issue of Treasury Bills, moneys not exceeding in the whole the amount of Fifty million 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 of appropriations made or to be made, by law.

Issue and application of £50,000,000.

5.  There may be issued and applied out of the proceeds of any loan raised under the authority of this Act, or of any other Act, the sum of Fifty million pounds for war purposes.