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]...................................................................... 1

2............ Commencement [see Note 1].............................................................. 1

4............ Authority to borrow money............................................................... 1

5............ Repayment of Loan............................................................................ 1

7............ Borrowing to be subject to the Financial Agreement.......................... 1

Notes                                                                                                                                              3

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.

Notes to the Loan (Temporary Revenue Deficits) Act 1953

Note 1

The Loan (Temporary Revenue Deficits) Act 1953 as shown in this compilation comprises Act No. 21, 1953 amended as indicated in the Tables below.

Table of Acts

(a)     The Loan (Temporary Revenue Deficits) Act 1953 was amended by Schedule 2 (item 902) only of the Audit (Transitional and Miscellaneous) Amendment Act 1997, subsection 2(2) of which provides as follows:

                 (1)   Schedules 1, 2 and 4 commence on the same day as the Financial Management and Accountability 1997.

Table of Amendments