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Brief
The Loan Act 1991 is an Australian law that authorizes the borrowing and expending of money for certain purposes. The Act commences on the day it receives Royal Assent and provides for the borrowing of money to support defence services during the current financial year. The Treasury may borrow money in accordance with specific guidelines, including the Commonwealth Inscribed Stock Act 1911 or an Act authorizing the issue of Treasury Bills.
The Act limits the expenditure for defence services to ensure that it does not exceed the amounts authorized by relevant appropriation Acts. The Loan Fund is appropriated to the extent necessary for the purposes of this Act, and no further expenditure can be incurred after 30 June 1991.
This legislation aims to provide flexibility in managing the government's finances during a specific period while ensuring accountability and responsible use of public funds.
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