Advances to Settlers Act 1899 (NSW)

ANNO SEXAGESIMO SECUNDO

V I C T O R I A R E G I N E .

Act No. 1, 1899.

An Act to authorise the raising of a loan for making temporary advances to settlers; to provide for the making and repayment of such advances; and for purposes incidental to or consequent on those objects. [4th

April, 1899.]

and i t is expedien t to m a k e t e m p o r a r y advances to relieve such settlers :	WH E R E A S financially embarrassed owing to the present and recent d roughts ,
Be i t therefore enac ted by t h e Queen ' s Most Exce l l en t Majes ty , by and wi th t he advice and consent of t h e Legis la t ive Counci l and Legis la t ive Assembly of N e w South W a l e s in P a r l i a m e n t assembled, a n d by the au tho r i t y of t h e same, as follows :—

m a n y set t lers are in necessi tous c i rcumstances , and are

Sale of inscribed stock.

1. I t shal l be lawful for t he Colonial Treasurer to offer for sale,

and to sell a t the Treasury , Sydney, inscribed stock, secured upon the Consolidated R e v e n u e F u n d of t h e Colony, to an a m o u n t not exceeding

five h u n d r e d thousand pounds .

*A 2.

2. Such stock shall be sold in a m o u n t s of ten pounds , or of some mul t ip l e of t en pounds , at such t imes, in such m a n n e r , and sub­ jec t to such conditions as t he Governor may from t ime to t ime appoin t . The ownership of such stock shall be secured to the holders thereof by t he inscr ipt ion of their respective names , and the amoun t s of stock held by t h e m respectively in hooks of record, which shall be prepared and k e p t for the purpose aforesaid a t t h e Treasury .

3. The Governor may, after the expira t ion of twen ty years from the commencement of th is Act , r edeem and repurchase t he said stock or any par t thereof at the price of one h u n d r e d pounds s ter l ing for e v e r y o n e hundred pounds s ter l ing of stock upon giving twelve m o n t h s notice to the holders of such stock of his in tent ion to redeem or repurchase t h e same.

4. In te res t shall be payable and paid out of t he Consolidated R e v e n u e F u n d at a ra te not exceeding th ree a n d a half pounds pe r a n n u m for every one hundred pounds of stock sold in pur suance of th i s Act . Such interest shall accrue from the date of t he sale, a n d

shal l be payable half-yearly on the t e n t h	days of F e b r u a r y	and	A u g u s t
in each year .

5. Certificates prepared and signed by the Colonial Treasurer or by such other persons as t he Governor m a y au thor i se and appoint , shall be issued to the purchasers of any stock upon the p a y m e n t of t he a m o u n t due in respect of t he same, b u t such certificates shall be issued only as a record of inscription, and shall not be negot iable or t ransfer­

able securi ty.

6. E v e r y transfer of stock shall be effected by an en t ry in transfer books which shall be prepared and kep t for the purpose a t the T r e a s u r y ; and every such en t ry shal l be signed by the person m a k i n g t h e transfer , be ing at t he t ime the inscribed holder of such stock, or his lawful a t to rney , and by the person accept ing such s tock as t r a n s ­

feree, or his lawful a t to rney .

7. Al l sums of money raised by t h e sale of stock shal l be carried

by the Colonial Treasurer to the credit of a special account in t h e

Treasury , and shall be applicable only to the purposes of th i s A c t .

8. The stock created by th is A c t shall be Governmen t Stock, a n d a Gove rnmen t Secur i ty wi th in t he mean ing of the Trus tee Ac t , 1898, a n d of the Fr iendly Societies A c t of 1873, and of any A c t or rule of Cour t deal ing wi th the inves tmen t of moneys unde r t h e control of t he Supreme Court . A n d all corporations, companies , and co-par tnerships , and all t rustees , executors , and adminis t ra tors , w h e t h e r incorporated, established, or appoin ted before or after t he commence­ men t of th is Act , and whe the r by act of part ies or operat ion of law, are hereby author ised and empowered to invest the i r moneys in t h e pu rchase of and to hold stock issued unde r the provisions of th is Ac t .

Application

Application of money raised.

9. (1) A n y money raised by the sale of stock in pur suance of this A c t m a y be appl ied in m a k i n g t empora ry advances by way of loan to holders of freehold land or of condit ional purchases , condit ional leases, homes tead selections, homestead leases, se t t lement leases, or other leases m a d e unde r any Ac t s deal ing wi th Crown lands in respect of such lands, b u t for no o ther purpose. I n th is section the t e r m " holders" shall no t be l imited to registered holders, b u t may include mor tgagors .

(2) Such advances shall only be made subject to such con­

di t ions as t he board, as cons t i tu ted by th is Act , may prescribe and the

fol lowing condi t ions—

(a)	no such advance shall be made except on the recommenda­ t ion of the board ;
(b)	security Tor the repayment of the advance shall be given to t he satisfaction of the board ;
(c)	the advance shall be repaid, and interest on the money due in respect thereof shall be paid, in such amoun t s an d o n such
dates as t he board may d e t e r m i n e ;
(d)	no advance to any of the holders above-mentioned shall
exceed two hund red p o u n d s ;
(e)	the rate of interest payable in respect of every such advance
shall be four per c e n t u m per a n n u m ;
(f)	no such advance shall be made in respect of land subject to
mor tgage unless the consent of t he mor tgagee shall first have been lodged wi th t he board ;
(g)	every such advance shall be repaid, and all interest thereon shall lie paid, wi th in ten years from t h e m a k i n g of the a d v a n c e ;

(h) every such advance with interest thereon shall be a debt due b y the person to whom the advance was made , recoverable b y t h e Secretary For Lands in any cour t of competent jur isdict ion, and shall, to the ex ten t of the a m o u n t owing, be a charge on t h e l and in respect of which the advance was m a d e in priori ty to a n y encumbrance , t ransfer , or deal ing registered after t h e m a k i n g of t h e advance. W h e r e a n encumbrance , t ransfer , or deal ing has been du ly registered before t he da te of t he m a k i n g of t he advance it shall have pr ior i ty to the said charge on t h e land unless the persons interested in the land shall have previously consented in wr i t ing to t he charge hav ing priori ty to the i r encumbrance's , t ransfers , and dealings, in

which

which case t he charge shall have such priori ty. A n encum­ brance , t ransfer , or deal ing shal l be deemed to be registered wi th in t he mean ing of th is and t h e nex t following subsection, if it is registered in t he office of the Regis t ra r -Genera l , or, in the case of land unde r any Acts deal ing wi th Crown lands, if it is registered or recorded in t he D e p a r t m e n t of Lands . B u t in the case of laud held unde r any Acts deal ing wi th Crown lands, such charge shall not a t t ach after such land has been forfeited under the said Acts or th is A c t ;

(i)   if any amount of principal or interest, due in respect of an advance made under this Act , is unpa id for a period of t h ree mon ths after the due date thereof, the Secretary for Lands may, on behalf of H e r Majesty, sell or otherwise dispose of any freehold land in respect of which the advance was made, and in the name of t he owner and a n y person in teres ted there in execute an assurance which shall vest t he land in t he purchaser , or person to w h o m the land has been disposed of free from any charge under this Act . I n t he case of an advance in respect of land held unde r any Acts deal ing wi th Crown lands not be ing freehold land, t he Secretary for Lands may forfeit t he same and any moneys paid in respect thereof, and any improvements thereon, in l ike manne r as land, moneys , and improvement s m a y be forfeited unde r the provisions of those Acts , and such forfeiture shal l have t he same effect and m a y be revoked as if made unde r those Acts : Provided t h a t none of t he above powers shal l be exercisable where a n y encumbrance , t ransfer , or deal ing exists in pr ior i ty to such advance , and in any such case t h e land m a y only be sold or o therwise disposed of by t he Secretary for Lands subject to such encumbrance , t ransfer , or deal ing.

10. Every appl icant for an advance shall send wi th his appl i ­

cat ion a list of all encumbrances , transfers, and dealings affecting

these are t he only encumbrances , t ransfers , and dealings affecting	t h e land in respect of which the appl icat ion is made , and a s t a tu to ry declarat ion tha t to t he best of his knowledge, information, and belief
t h e land.

11 . The board shall keep a regis ter or list of all advances made

unde r this Act , wi th the names of t he persons to w h o m t h e advances have been made, and such regis ter or list shall be open to publ ic inspection on payment of such fee as m a y be prescribed.

12. All advances repaid u n d e r th is Act shall be carried to t h e credit of the special fund in t he Treasury , and all interest paid in respect of such advances shall be carried to the Consolidated R e v e n u e F u n d .

Constitution

Constitution of the board for making advances.

13. For the purposes of car ry ing out the provisions of this Act re la t ing to t he mak ing , t he securing, and the r epaymen t of advances to sett lers, there shall be a hoard of not more t h a n three persons appointed by the Governor. The member s of such board shall be paid out of moneys raised in pur suance of th is Act such fees as may be fixed by regulat ions unde r this Act in respect of the i r a t t endance at mee t ings of t he board. B u t where any m e m b e r of the board is an officer of the Pub l i c Service, he shall be paid no fees, bu t t he salary paid to h i m shall include payment for his services on t he board.

Supplemental.

14. The Governor m a y m a k e regula t ions—

(a)	prescribing the forms to he used in dealing with stock issued under th is Act , and in the transfer or disposal of any interest thereon, or o the rwise ;
(b)	r egu la t ing the m a k i n g and the g ran t ing of appl icat ions for
advances unde r th i s A c t ;
(c)	r egu la t ing the procedure at meet ings of t he board const i tu ted
by th is Ac t , and prescr ibing t he q u o r u m at such m e e t i n g s ;
(d)	regulating the appointment to and removal from office of
m e m b e r s of t he hoard ;
(e)	prescribing the books and accounts to be kept by the board, and providing for t h e inspection and audi t of such books and accounts ;
(f)	providing for t he receipt and paymen t of moneys unde r this A c t and the safe custody of securities ;
(g)	r e g u l a t i n g "what applicat ions unde r this Ac t shall be dealt
w i t h in pr ior i ty to o ther applicat ions, and w h a t inquir ies
a n d va lua t ions shall be made in re la t ion to any such applica­
t ions ;
(h)	prescribing the conditions on which such advances may be
m a d e a n d the securi ty to be given for t h e s a m e ;

(i)    au thor i s ing t h e recovery and receipt on behalf of H e r Majesty of any money payable to the person to whom an advance was m a d e on account of compensat ion or valuat ion for improve­ m e n t s or otherwise however in connection with t he securi ty for the advance in any case where money is due on the

advance or in respect of any interes t t h e r e o n ;
(j)	prescribing the fees to be paid in respect of advances made
u n d e r this A c t ;

(k)

(k) prescr ibing the forms of mor tgages , charges , and o ther

securities and documents made or given in respect of advances m a d e under this Act , and t h e effect of and t h e covenants to be implied in every such mor tgage , charge , securi ty, or document , and providing for the regis t ra t ion or notification of such mor tgages , charges, securities, a n d d o c u m e n t s ;

(l)	providing for the notice to be given of the sale or disposal of any land for non -paymen t of t h e a m o u n t of a n y advance or of any interest thereon, and provid ing for t he appl icat ion of the proceeds of any such sale or d i sposa l ;
(m)	general ly for ca r ry ing this Ac t into effect.

Al l such regulat ions shall be publ ished in the Gazet te and shall be laid before each House of Pa r l i amen t wi th in four teen days af ter such publ icat ion if Pa r l i amen t is t h e n s i t t ing ; b u t if Pa r l i amen t is no t t hen

si t t ing, t hen wi th in fourteen days after t h e nex t session of P a r l i a m e n t .

15. This Act may be cited as the " A d v a n c e s to Set t lers Act ,

1899."