Loan Act 1976

1 Short title.

1. This Act may be cited as the Loan Act 1976.

2 Commencement.

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

Authority to borrow $700,000,000.

3. The Treasurer may, from time to time during the financial year ending on 30 June 1976, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911-1973, or in accordance with the provisions of an Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole $700,000,000.

4 Application of moneys borrowed.

4. Moneys borrowed under section 3 shall be applied only for the expenses of borrowing and for services specified under the heading “DEPARTMENT OF DEFENCE” in the Appropriation Act (No. 1) 1975-76 or in an Act passed after the commencement of this Act and appropriating the Consolidated Revenue Fund for the service of the year that commenced on 1 July 1975, being an Act that is expressed to have effect subject to section 5 of this Act.

Limitation of expenditure.

5

5. (1) Nothing in this Act or in an Act referred to in section 4 shall be taken to authorize the expenditure for a service referred to in section 4 of an amount the expenditure of which would result in the total expenditure for that service under this Act and the Acts referred to in section 4 exceeding the total of the amounts authorized by the Acts referred to in section 4 to be expended in respect of that service.

Sub-section (1) does not affect the expenditure of the moneys appropriated by the Appropriation Act (No. 1) 1975-76 under Division No. 680—Advance to the Treasurer.

Nothing in this Act shall be taken to authorize expenditure (otherwise than for the expenses of borrowing) after 30 June 1976.