Commonwealth Consolidated Acts

COMMONWEALTH INSCRIBED STOCK ACT 1911 - SECT 4

             (1)  The Governor-General may, by writing signed by him or her, create stock, Treasury Bonds, Treasury Notes or other prescribed securities from time to time for:

                     (a)  raising money by way of loan; or

                     (b)  converting any loan raised by the Commonwealth into any other loan so raised; or

                     (c)  paying any expenses of carrying this Act into effect that the Governor-General considers are properly payable out of capital; or

                     (d)  lending by the Treasurer under securities lending arrangements under section 5BA of the Loans Securities Act 1919 .

             (2)  Stock created pursuant to paragraph (1)(a) shall not be issued or sold unless:

                     (a)  authority to borrow the moneys to be raised by the issue or sale is granted by section 3A of this Act or by any other Act; or

                     (b)  the issue or sale is for the purpose of carrying out an obligation of the Commonwealth under the Financial Agreement.