Loans Redemption and Conversion Act 1921

Act No. 18 of 1921 as amended

This compilation was prepared on 19 March 2004
taking into account amendments up to Act No. 80 of 1950

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,
Attorney‑General’s Department, Canberra

Contents

1............ Short title [see Note 1]........................................................................ 1

2............ Interpretation....................................................................................... 1

3............ Paying off, repurchasing, redeeming or converting loans................... 1

4............ Authority to borrow certain moneys................................................... 1

5............ Payment of principal, interest and conversion of securities................. 1

6............ Purpose for which money may be borrowed...................................... 2

8............ Regulations......................................................................................... 2

Notes                                                                                                                                               3

An Act to authorize the paying off, repurchasing, redeeming and converting of Loans and for other purposes

1  Short title [see Note 1]

                   This Act may be cited as the Loans Redemption and Conversion Act 1921.

2  Interpretation

                   In this Act, unless the contrary intention appears, loan includes Inscribed Stock, Registered Stock, Treasury Bills and any other securities issued by the Commonwealth in connexion with the raising of any loan.

3  Paying off, repurchasing, redeeming or converting loans

                   The Governor-General may authorize the Treasurer to pay off, repurchase or redeem any loan raised either before or after the commencement of this Act by the Commonwealth, or to convert any such loan into any other Commonwealth loan.

4  Authority to borrow certain moneys

                   The Treasurer may, from time to time, under the provisions of the Commonwealth Inscribed Stock Act 1911-1918, or under the provisions of any Act authorizing the issue of Treasury Bills, borrow money necessary for the purpose of paying off, repurchasing or redeeming any loan in accordance with this Act.

5  Payment of principal, interest and conversion of securities

                   The principal moneys borrowed in accordance with this Act, the interest thereon and the costs of converting loans in accordance with this Act, shall be a charge on and payable out of the Consolidated Revenue Fund which is hereby appropriated for the purpose.

6  Purpose for which money may be borrowed

                   The amount borrowed shall be issued and applied only for the expenses of borrowing and for the purpose of paying off, repurchasing or redeeming loans.

8  Regulations

                   The Governor-General may make Regulations not inconsistent with this Act, prescribing all matters which by this Act are required or permitted to be prescribed, or which are necessary or convenient to be prescribed, for carrying out or giving effect to this Act.

Notes to the Loans Redemption and Conversion Act 1921

Note 1

The Loans Redemption and Conversion Act 1921 as shown in this compilation comprises Act No. 18, 1921 amended as indicated in the Tables below.

Table of Acts

Table of Amendments