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Brief
The Loan Act 1974 is an Act of Parliament that authorizes the raising and expending of moneys for defence purposes. The Act comes into operation on the day it receives the Royal Assent, and the Treasurer may borrow moneys during the financial year ending on June 30, 1975, within certain limits.
The amount borrowed cannot exceed the greatest amount by which the moneys lawfully available for expenditure from the Consolidated Revenue Fund in that financial year are likely to be less than the amount of the expenditure authorized to be made from that Fund. Moneys borrowed under this section must be applied only for the expenses of borrowing and for services specified under the heading "DEPARTMENT OF DEFENCE" in the Appropriation Act (No. 1) 1974-75.
The Act sets limits on the amount of expenditure for certain services, and nothing in this Act or any referred Act shall authorize expenditure exceeding the total amounts specified in those Acts. Expenditure may be made under Division No. 590— Advance to the Treasurer, but not otherwise than for the expenses of borrowing after June 30, 1975.
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