Commonwealth Consolidated Acts

INTERNATIONAL MONETARY AGREEMENTS ACT 1947 - SECT 6

             (1)  The Treasurer may, from time to time, borrow, under the provisions of the Commonwealth Inscribed Stock Act 1911‑1946 or under the provisions of any Act authorizing the issue of Treasury Bills, such amounts as are required to be paid by Australia (not being amounts referred to in section 8 of this Act) by reason of:

                     (a)  its membership of the Fund and of the Bank; or

                     (b)  its obligations under the New Arrangements to Borrow, after that decision becomes effective.

             (2)  Moneys so borrowed may be issued and applied for the purposes of making the payments specified in subsection (1), and of making payments in redemption of securities issued under section 7.

             (3)  The provisions of the National Debt Sinking Fund Act 1923‑1945 shall not apply in relation to moneys borrowed under this section.