Federal Register of Legislation - Australian Government

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Act No. 55 of 1955 as made
An Act to establish a Loan Consolidation and Investment Reserve, and for purposes connected therewith.
Date of Assent 03 Nov 1955
Date of repeal 01 Jul 1999
Repealed by Financial Management Legislation Amendment Act 1999

LOAN CONSOLIDATION AND INVESTMENT RESERVE.

 

No. 55 of 1955.

An Act to establish a Loan Consolidation and Investment Reserve, and for purposes connected therewith.

[Assented to 3rd November, 1955.]

BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, for the purpose of appropriating the grant originated in the House of Representatives, as follows:—

Short title.

1.  This Act may be cited as the Loan Consolidation and Investment Reserve Act 1955.

Commencement.

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

Definition.

3.  In this Act, “the Reserve” means the Loan Consolidation and Investment Reserve established by this Act.

Establishment of Reserve.

4.  There shall be a Loan Consolidation and Investment Reserve, which shall be a Trust Account for the purposes of section sixty-two a of the Audit Act 1901-1955.

Payments to Reserve.

5.—(1.)     The Treasurer may, during the financial year which commenced on the first day of July, One thousand nine hundred and fifty-five, pay to the credit of the Reserve, out of the Consolidated Revenue Fund, which is appropriated accordingly, such sums as he from time to time determines, but not exceeding in the aggregate Forty-eight million five hundred thousand pounds.

(2.)       There shall be paid to the credit of the Reserve—

(a) the amount standing to the credit of the Debt Redemption Reserve Trust Account at the commencement of this Act; and

(b) interest received from the investment of moneys standing to the credit of the Reserve.

Purposes of Reserve.

6.—(1.)     Moneys standing to the credit of the Reserve may be applied in repurchasing or redeeming securities which represent portion of the public debt of the Commonwealth.

(2.)     Securities so repurchased or redeemed shall be cancelled and the amount of the public debt of the Commonwealth shall be reduced accordingly.


(3.)     Until moneys standing to the credit of the Reserve are applied as provided by sub-section (1.) of this section, those moneys may be invested in accordance with section sixty-two b of the Audit Act 1901-1955, as modified by the next succeeding section.

Modification of s. 62b of Audit Act

7.  Section sixty-two b of the Audit Act 1901-1955, in its application to the investment of moneys standing to the credit of the Reserve, has effect as if the reference to securities of, or guaranteed by, the Government of any State were omitted.