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Brief
The Loan (Temporary Revenue Deficits) Act 1953 is an Act that was enacted to make provision with respect to temporary deficits in the Consolidated Revenue Fund. The Act may be cited as the Loan (Temporary Revenue Deficits) Act 1953.
The Act came into operation on July 1, 1950, and it authorizes the Treasurer to borrow money from the Consolidated Revenue Fund if the amounts in that fund are insufficient to meet expenditure from that fund. The amount of borrowing is limited to the amount of insufficiency or expected insufficiency in the fund.
The Act also provides for the repayment of borrowed moneys, which shall be repaid in the financial year in which they were borrowed. Furthermore, the borrowing of money under this Act is subject to the Financial Agreement, as defined in section four of the Financial Agreement Act 1944.
The Loan (Temporary Revenue Deficits) Act 1953 has undergone amendments, including Schedule 2 (item 902) of the Audit (Transitional and Miscellaneous) Amendment Act 1997. The most recent amendment was made by the Financial Framework Legislation Amendment Act 2005.
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