Commonwealth Consolidated Acts

COMMONWEALTH INSCRIBED STOCK ACT 1911 - SECT 5

             (1)  The total face value of stock and securities on issue under this Act and the Loans Securities Act 1919 at any time must not exceed $250 billion.

             (2)  In working out the total face value of that stock and securities, disregard:

                     (a)  stock and securities issued in relation to money borrowed under the Loan (Temporary Revenue Deficits) Act 1953 ; and

                     (b)  stock and securities loaned by the Treasurer under a securities lending arrangement under section 5BA of the Loans Securities Act 1919 , or held by or on behalf of the Treasurer for the purpose of such an arrangement; and

                     (c)  stock and securities invested under subsection 39(2) of the Financial Management and Accountability Act 1997 ; and

                     (d)  stock and securities on issue on the commencement of this section, other than Treasury Fixed Coupon Bonds.

             (3)  For the purposes of this section:

                     (a)  the face value of a Treasury Indexed Bond is taken to be its face value at the time it was issued; and

                     (b)  the loan of stock or a security is taken to include an arrangement under which it is sold and repurchased.