DEFENCE EQUIPMENT.

No. 18 of 1924.

An Act to grant and apply out of the Consolidated Revenue Fund the sum of Two million five hundred thousand pounds for Naval Construction and for a Reserve for Defence.

[Assented to 25th August, 1924.]

Preamble.

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, for the purpose of appropriating the grant originated in the House of Representatives, as follows:—

Short title.

1. This Act may be cited as the Defence Equipment Act 1924.

Commencement.

2. This Act shall be deemed to have commenced on the thirtieth day of June One thousand nine hundred and twenty-four.

Naval Construction Trust Account and Defence Reserve Trust Account.

3.—(1.) For the purposes of this Act there shall be two Trust Accounts which shall be known, respectively, as the Naval Construction Trust Account and the Defence Reserve Trust Account.

(2.) The accounts established in pursuance of this section shall be Trust Accounts for the purposes of section sixty-two a of the Audit Act 1901–1920.

Payments to Trust Account.

4. There shall be payable out of the Consolidated Revenue Fund, which is hereby appropriated accordingly, to the credit of the Naval Construction Trust Account, an amount not exceeding Two million pounds and to the Defence Reserve Trust Account an amount not exceeding Five hundred thousand pounds.

Payments from Trust Accounts.

5.—(1.) The moneys standing to the credit of the Naval Construction Trust Account may be applied for the purpose of naval construction.

(2.) The moneys standing to the credit of the Defence Reserve Trust Account may be applied—

(a) for the purchase of arms, armament, munitions and aircraft equipment;

(b) for the reconditioning of equipment existing at the commencement of this Act;

(c) for the provision of accommodation, and, in particular, magazine and storage accommodation, and the acquisition of sites therefor; and

(d) for the survey of the Great Barrier Reef.