Commonwealth: 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. 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 Act Number Date Date of commencement Application, saving or transitional provisions and year of Assent Loan (Temporary Revenue Deficits) Act 1953 21, 1953 9 Apr 1953 1 July 1950 National Debt Sinking Fund Act 1966 65, 1966 29 Oct 1966 1 July 1966 — Administrative Changes (Consequential Provisions) Act 1978 36, 1978 12 June 1978 12 June 1978 — Audit (Transitional and Miscellaneous) Amendment Act 1997 152, 1997 24 Oct 1997 Schedule 2 (item 902): 1 Jan 1998 (see Gazette 1997, No. GN49) (a) — Financial Framework Legislation Amendment Act 2005 8, 2005 22 Feb 2005 Schedule 1 (items 13–15): Royal Assent — (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: (2) Schedules 1, 2 and 4 commence on the same day as the Financial Management and Accountability 1997. Table of Amendments ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted Provision affected How affected S. 3.................... am. No. 36, 1978; No. 152, 1997 rep. No. 8, 2005 S. 4.................... am. No. 8, 2005 S. 6.................... rep. No. 65, 1966