1Short Title [see Note 1]
This Act may be cited as the Loan (Temporary Revenue Deficits) Act 1953.
Parliamentary material from APH and the Federal Register of Legislation. Links open the official source in a new tab.
This Act may be cited as the Loan (Temporary Revenue Deficits) Act 1953.
This Act shall be deemed to have come into operation on the first day of July, One thousand nine hundred and fifty.
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.
Moneys borrowed by virtue of the last preceding section shall be repaid in the financial year in which they were borrowed.
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.
In this section, the Financial Agreement has the same meaning as in section four of the Financial Agreement Act 1944.