Loan (War Service Land Settlement) Act 1972

The Loan (War Service Land Settlement) Act 1972 was enacted to authorize the raising and expending of a sum not exceeding Six million five hundred thousand dollars for a defence purpose, specifically financial assistance to the states of South Australia, Western Australia, and Tasmania in connexion with War Service Land Settlement. The Act came into operation on October 18, 1972, after receiving the Royal Assent. Under this Act, the Treasurer has the authority to borrow moneys not exceeding Six million five hundred thousand dollars, subject to certain provisions. The borrowed moneys are to be issued and applied only for the expenses of borrowing and for financial assistance to the three states in accordance with the States Grants (War Service Land Settlement) Act 1952-1953.