Loan (Temporary Revenue Deficits) Act 1953 (Cth)

Loan (Temporary Revenue Deficits) Act 1953

Act No. 21 of 1953 as amended

This compilation was prepared on 28 February 2005 taking into account amendments up to Act No. 8 of 2005

The text of any of those amendments not in force on that date is appended in the Notes section

The operation of amendments that have been incorporated may be affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing, Attorney-General's Department, Canberra

Contents 1 Short Title [see Note 1] 2 Commencement [see Note 1] 4 Authority to borrow money 5 Repayment of Loan 7 Borrowing to be subject to the Financial Agreement

Notes An Act to make Provision with respect to Temporary Deficits in the Consolidated Revenue Fund

1 Short Title [see Note 1]

This Act may be cited as the Loan (Temporary Revenue Deficits) Act 1953.

2 Commencement [see Note 1]

This Act shall be deemed to have come into operation on the first day of July, One thousand nine hundred and fifty.

4 Authority to borrow money

Whenever the amounts in the Consolidated Revenue Fund are, or are expected by the Treasurer to be, insufficient to meet expenditure from that Fund, the Treasurer may, under the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding the amount of the insufficiency or expected insufficiency.

5 Repayment of Loan

Moneys borrowed by virtue of the last preceding section shall be repaid in the financial year in which they were borrowed.

7 Borrowing to be subject to the Financial Agreement

(1) Nothing in this Act authorizes the borrowing of money or the issue of securities otherwise than in accordance with clause six of the Financial Agreement.

(2) In this section, the Financial Agreement has the same meaning as in section four of the Financial Agreement Act 1944.