2008-2009
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Commonwealth Inscribed Stock
Amendment Bill 2009
No. , 2009
(Treasury)
A Bill for an Act to amend the Commonwealth
Inscribed Stock Act 1911, and for related purposes
i Commonwealth Inscribed Stock Amendment Bill 2009 No. , 2009
Contents
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Short title ........................................................................................... 1
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Commencement ................................................................................. 1
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Schedule(s) ........................................................................................ 1
Schedule 1--Amendment
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Commonwealth Inscribed Stock Act 1911
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Commonwealth Inscribed Stock Amendment Bill 2009 No. , 2009 1
A Bill for an Act to amend the Commonwealth
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Inscribed Stock Act 1911, and for related purposes
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The Parliament of Australia enacts:
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1 Short title
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This Act may be cited as the Commonwealth Inscribed Stock
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Amendment Act 2009.
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2 Commencement
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This Act commences on the day on which it receives the Royal
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Assent.
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3 Schedule(s)
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Each Act that is specified in a Schedule to this Act is amended or
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repealed as set out in the applicable items in the Schedule
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Amendment Schedule 1
Commonwealth Inscribed Stock Amendment Bill 2009 No. , 2009 3
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Schedule 1
--
Amendment
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Commonwealth Inscribed Stock Act 1911
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1 After section 5
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Insert:
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5A Increase in limit on stock and securities on issue--special
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circumstances
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(1) If the Treasurer is satisfied that there are special circumstances that
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would justify increasing the limit imposed by section 5 on the total
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face value of stock and securities that may be on issue under this
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Act and the Loans Securities Act 1919 at any time, he or she may
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make a written declaration to that effect.
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(2) A declaration under subsection (1) must:
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(a) be published in the Gazette; and
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(b) be tabled in each House of the Parliament within 15 sitting
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days after it is published.
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The declaration comes into force on the day on which it is
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published in the Gazette.
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(3) If a declaration under subsection (1) is in force, the limit imposed
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by section 5 on the total face value of stock and securities that may
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be on issue under this Act and the Loans Securities Act 1919 at any
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time is taken to be increased by $125 billion.
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(4) The Treasurer must not make a declaration under subsection (1) if
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a declaration made under that subsection is still in force.
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(5) An increase as a result of subsection (3) in the limit imposed by
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section 5 on the total face value of stock and securities that may be
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on issue under this Act and the Loans Securities Act 1919 at any
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time, applies on and after the day on which the declaration comes
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into force, regardless of whether the stock and securities were
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issued before, on or after that day.
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(6) A declaration under subsection (1) is not a legislative instrument.
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Commonwealth of Australia Bills