This Act maybe cited as the Discharged Soldiers Settlement Loans Act, 1919.

All moneys heretofore raised by the Minister of Finance for the purposes of the Discharged Soldiers Settlement Act, 1915, and its amendments, in excess of the authority conferred by section eight of the Discharged Soldiers Settlement Act, 1915, as extended by section thirty-one of the Finance Act, 1918 (No. 2), shall be deemed to have been lawfully raised, and all moneys provided by the Minister of Finance out of the Consolidated Fund for those purposes shall be deemed to have been lawfully so provided.

All moneys raised as aforesaid on the security of Reserve Fund securities and expended for the purposes of the Discharged Soldiers Settlement Act, 1915, as aforesaid shall be deemed to have been lawfully so expended.

The Minister of Finance may, from the proceeds of any loan raised under section three hereof, transfer to the Consolidated Fund all moneys provided as aforesaid out of that fund for the purposes of the Discharged Soldiers Settlement Act, 1915, and to the Reserve Fund Account the amount raised as aforesaid on the security of Reserve Fund securities.

For the purposes of the Discharged Soldiers Settlement Act, 1915, the Minister of Finance is hereby empowered to borrow, on the security of and charged upon the public revenues of New Zealand, such sums of money as he thinks fit, not exceeding in the aggregate the sum of twelve million five hundred thousand pounds.

All moneys borrowed under this section shall, as and when borrowed, be paid into the Public Account to the credit of the Discharged Soldiers Settlement Account, and shall be applied in the same manner in all respects as if they were moneys raised under the authority of section eight of the Discharged Soldiers Settlement Act, 1915.

The authority to borrow moneys conferred on the Minister of Finance by this section is in addition to the authority conferred on him by any other Act for the same purposes.

For the purpose of providing funds for the acquisition of land under the Land for Settlements Act, 1908, or under section five of the Discharged Soldiers Settlement Amendment Act, 1916, for disposal under the Discharged Soldiers Settlement Act, 1915, the Minister of Finance is hereby empowered to borrow, on the security of and charged upon the public revenues of New Zealand, such sums of money as he thinks fit, not exceeding the amounts following, that is to say:—

All moneys borrowed under this section shall, as and when borrowed, be paid into the Public Account to the credit of the Land for Settlements Account, and shall be applied in respect of the acquisition of land under the Land for Settlements Act, 1908, or under section five of the Discharged Soldiers Settlement Amendment Act, 1916, for disposal under the Discharged Soldiers Settlement Act, 1915.

The authority to borrow moneys conferred on the Minister of Finance by this section is in addition to the authority conferred on him by any other Act for the same purpose.

This Act shall be deemed to be an authorizing Act within the meaning of the New Zealand Loans Act, 1908, and the moneys herein authorized to be raised shall be raised under and subject to the provisions of that Act accordingly, and may, if the Minister of Finance thinks fit, be raised in the manner and subject to the conditions prescribed by the New Zealand Loans Amendment Act, 1915.

Except as otherwise hereinafter provided, all moneys borrowed under this section shall bear interest at such rate as the Minister of Finance prescribes.

When any of the moneys authorized to be raised by this Act are borrowed from any bank carrying on business in New Zealand, or are lodged with any such bank pursuant to an agreement between that bank and the Minister of Finance, the said Minister may, without further appropriation than this section, pay out of the Public Account any commission or interest in respect of those moneys, notwithstanding that such commission or interest may be in respect of a period or periods prior to the payment of those moneys into the Public Account, or that at the date of payment of such commission or interest the said moneys had not been received into the Public Account.

The loans authorized by this Act to be raised shall be deemed to be raised for war purposes within the meaning of sections seventy, seventy-one, seventy-two, seventy-four, and seventy-five of the Finance Act, 1917.

The authority conferred on building societies by section thirty-four of the Appropriation Act, 1918, to contribute to the war-purposes loans therein referred to shall extend and apply to the loans authorized to be raised by this Act.

Sections twenty-four and twenty-five of the Finance Act, 1918 (No. 2), (relating to the issue of war-loan certificates, for the purposes of the loan authorized to be raised by Part IV of that Act), and section twenty-six of that Act (relating to the issue of Post Office War Loan Inscribed Stock), shall, with the necessary modifications, apply with respect to the loans authorized to be raised by this Act.

Section twenty-eight of the Finance Act, 1918 (No. 2), providing for compulsory contributions by taxpayers to the war-purposes loan authorized to be raised by Part IV of that Act, shall, with the necessary modifications, apply with respect to the loan authorized to be raised by section three of this Act.