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PARLIAMENTARY OF AUSTRALIA

THE PARLIAMENTARY LIBRARY

Loan (Drought Bonds) Amendment Bill 1976

Introduced by the Treasurer, Hon. P. R. Lynch

House of Representatives, 1 December 1976.

Brief Digest of Bill

1. Purpose

This Bill provides for the conversion of drought bonds—the securities issued under the Loan (Drought Bonds) Act 1969, into Income Equalisation Deposits (I.E.D.s).

2. Provisions

Clause 3,—the only substantive provision in the Bill—together with clause 12 of the Loan (Income Equalisation Deposits) Bill 1976, will provide for the conversion of drought bonds into IEDs.

3. Implications

With the introduction of IEDs and the possibility of converting drought bonds to IEDs, it is expected that the need for the Drought Bond Scheme will disappear and it will be wound up.

7 December 1976 FINANCE, INDUSTRY, TRADE & DEVELOPMENT GROUP,

LEGISLATIVE RESEARCH SERVICE.

Loan (Drought Bonds) Amendment Bill 1976 (Bills Digest 71, 1976-77) Electronic version created by the Law and Bills Digest Section, Parliamentary Library, 2007.

Warning: This Digest was prepared for debate. It reflects the legislation as introduced and does not canvass subsequent amendments. This Digest does not have any official legal status. Other sources should be consulted to determine the subsequent official status of the Bill.