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Brief
The Loan Act (No. 3) 1976 is an Australian legislation that authorizes the borrowing and expenditure of moneys for defence purposes. The Act may be cited as the Loan Act (No. 3) 1976, with short title, and it shall come into operation on the day it receives Royal Assent.
The Treasurer has the authority to borrow not exceeding $1,600,000,000 during the financial year ending on 30 June 1977, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911 or an Act authorizing the issue of Treasury Bills. The moneys borrowed shall be applied only for the expenses of borrowing and for services specified under the heading "DEPARTMENT OF DEFENCE" in the Supply Act (No. 1) 1976-77.
The expenditure of moneys borrowed under section 3 shall not exceed the total of the amounts authorized by the Acts referred to in section 4 to be expended in respect of that service. Additionally, sub-section (1) does not affect the expenditure of moneys appropriated under the heading "ADVANCE TO THE TREASURER".
The Act also specifies that nothing in this Act shall be taken to authorize expenditure after 30 June 1977, and the legislation was assented to on 20 September 1976.
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