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Loan Act 1983

Authoritative Version
Act No. 3 of 1983 as made
An Act to amend the Loan Act (No. 2) 1982 and to authorize the borrowing of moneys for the purpose of supplementing the Consolidated Revenue Fund, and for related purposes
Date of Assent 27 Apr 1983
Date of repeal 03 Jul 1985
Repealed by Statute Law (Miscellaneous Provisions) Act (No. 1) 1985

Loan Act 1983

No. 3 of 1983

 

An Act to amend the Loan Act (No. 2) 1982 and to authorize the borrowing of moneys for the purpose of supplementing the Consolidated Revenue Fund, and for related purposes

[Assented to 27 April 1983]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

PART I—PRELIMINARY

Short title

1. This Act may be cited as the Loan Act 1983.

Commencement

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

PART II—AMENDMENT OF THE LOAN ACT (NO. 2) 1982

Principal Act

3. The Loan Act (No. 2) 19821 is in this Part referred to as the Principal Act.

 

Authority to borrow

4. Section 3 of the Principal Act is amended by omitting “$1,500,000,000” and substituting “$2,700,000,000”.

PART III—SUPPLEMENTATION OF THE CONSOLIDATED REVENUE FUND

Authority to borrow

5. The Treasurer may, from time to time during the financial year ending on 30 June 1983, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911, or in accordance with the provisions of an Act authorizing the issue of Treasury Bills, borrow moneys that, together with any moneys previously borrowed under this section, do not exceed the sum of—

(a) the amount that, at the time of the borrowing, he considers to be the greatest amount by which the moneys lawfully available, apart from this Part, for expenditure from the Consolidated Revenue Fund in that financial year are likely to be less than the amount of the expenditure made, and to be made, from the Consolidated Revenue Fund in that financial year; and

(b) the amount that, at that time, he considers will be the expenses of the borrowing.

Application of moneys borrowed

6. Moneys borrowed under section 5 shall be issued and expended—

(a) in making payments to the credit of the Consolidated Revenue Fund; and

(b) for the expenses of borrowing, and not otherwise.

Appropriation

7. The Loan Fund is appropriated to the extent necessary for the purposes of this Part.

 

NOTE

1. No. 107, 1982.