Agricultural Bank Act 1894 (WA)

WESTERN AUSTRALIA

ANNO QUINQUAGESIMO OCTAVO

VICTORIA'; REGIME

No. 21

An Act to authorise the Establishment of a Bank for the purpose of assisting the Occupation, Cultivation, and Improvement of Agricultural Lands.

[Assented to 23rd November, 1894.

HEREAS it is considered advisable to establish a Bank for the Preamble

Wment of the Agricultural Lands of the Colony : Be it therefore enactedpurpose of promoting the occupation, cultivation, and improve-

by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows :-

1. This Act may be cited as The Agricultural Bank Act, 1804.' Short title

2. The Governor may establish and maintain a Bank for the purpose of promoting the occupation, cultivation, and improvement of

Governor may establish and

maintain a Bank

the Agricultural Lands of the Colony, subject to the provisions of this

Act.

moneys as may be raised by the sale of Mortgage Bonds, as herein- obtainable 3. The funds necessary for carrying on the Bank shall be such now funds

after provided, and such other moneys as may be provided by Parlia-

ment from time to time.

4. There shall be a Manager of the Bank (hereafter called the Appointment

Manager), appointed by the Governor, who may also remove from al"""ties of

Manager

such office any person so appointed. It shall be the duty of such Manager to conduct and manage the said Bank, subject to this Act and the Regulations made hereunder.

5. The Colonial Treasurer for the time being of the Colony may Colonial

issue from time to time Mortgage Bonds, which shall be in the form Pres=2„Ve

lissomis

58 VICTORIIE. No. 21

The Agricultural Bank Act, 1894

Schedule	set out in the Schedule to this Act, or in such other form as shall be approved by the Colonial Treasurer, for the purpose of raising any sum or sums of money, not exceeding in the aggregate the sum of One hundred thousand pounds, for the purposes of this Act.
Bonds, how to
be signed and	6. Every such Mortgage Bond shall be signed by the Colonial Treasurer, and shall be registered in the Treasury and by the Auditor General, and shall be issued for a sum of Ten pounds, Twenty-five pounds, Fifty pounds, One hundred pounds, Five hundred pounds, or One thousand pounds, and shall be payable to the bearer or to the
registered
When payable	order of the person named in such Mortgage Bond on presentation at or after the due date thereof (being a period not greater than twenty
Bate of interest	years from the date of such Bond), and shall bear interest at a rate
When interest	not exceeding Five pmulds per centum per annum, to be computed
payable	from the day on which the Bond shall be issued and bear date, and such interest shall be payable half-yearly on presentation of the Mort- gage Bond, but no interest shall become payable on any Bond after the due date for the payment of the principal.

Moneys to be	7. All moneys to be raised by the issue of such Bonds, or to be
paid to Colonial

Treasurer in	provided by Parliament for the purposes of this Act, shall, subject to
trust to repay	the provisions of this Act, be held by the Colonial Treasurer, together
principal and
interest	with all interest, income, and repayments to become payable in respect of any investments of the principal moneys invested under the powers of investment hereinafter contained, in trust to repay the principal and interest moneys secured by such bonds.
How principal	8. The principal sum and interest for which any Mortgage Bond may be issued shall be chargeable upon and paid out of moneys arising out of this Act, and so far as funds for the payment of any such prin- cipal sum and interest shall not be available under the operation of this Act, any such sum or interest shall be chargeable upon and paid out of the Consolidated Revenue Fund. Such last-mentioned fund shall, in respect of any such payment, be reimbursed out of moneys to be provided by Parliament.
and interest to
be paid

Where Bonds	9. All the said Mortgage Bonds when due, and all interest thereon,
and interest

payable

shall be payable by the Colonial Treasurer at the place mentioned for

such payment on the face of the Bond.

Surplus to be

10. After providing for the payment of interest due on Mortgage Bank, any surplus income arising from the investment of the moneys available for the purposes of this Act as hereinafter mentioned shall be annually carried to a Redemption Account, together with all moneys arising from the repayment of advances under this Act, and the said funds shall be applied in the following manner to the redemption of Mortgage Bonds :

annually carried

to Redemption

Bonds, and for all expenses of maintenance and administration of the

Account

Annual drawings	(a) The Mortgage Bonds shall be redeemed by annual drawings in every year after the expiration of six years from date of first issue thereof.
Date of drawing	(b) A day shall be appointed by the Colonial Treasurer for the said drawing, of which not less than fourteen days' notice shall be given by advertisement in two daily papers published in the Colony, and the said notice shall specify the day on which, and the hour and place at
to be advertised;

58 VICTORI • . No. 21

The Agricultural Bank Act, 1894

which, the drawing will take place, and the nominal value of the Mortgage Bonds to be redeemed at that drawing.

(e) On the day and at the hour and place so specified, the Drawing by lot

Colonial Treasurer shall, in the presence of any Mortgage Bond holders who may think fit to attend, draw by lot out of the whole number of Mortgage Bonds that have been in circulation six years, Mortgage Bonds of the nominal value specified in the said notice. If the Mort- gage Bonds of that currency are insufficient to meet the amount of the drawing, the further sum required shall be made up from the numbers of the next issue, and so. on seriatim.

(d) The Colonial Treasurer shall thereupon declare the distin- Result of draw.

guishing numbers of the Mortgage Bonds drawn for ip",?1,1110,1 thereon, shall be payable on demand to the holders thereof, at the said Bank, on the day on which the then current half-year's interest is payable.

redemption, and shall, as soon as possible, give notice

thereof in two daily papers published in the Colony ;

and the principal moneys secured by the said Mortgage

11. From and after the day appointed for the repayment of any Interest to cease

Mortgage Bonds, all interest on the principal moneys secured thereby irpoi,Z shall cease and determine, whether payment of the principal has or remanent of

has not been demanded. Bonds

12. Upon the repayment of the principal moneys secured by the Bonds with.

Mortgage Bonds which have been withdrawn from circulation in the gf,tranmbeeir- of the Colonial Treasurer, cause the said Mortgage Bonds to be destroyed.

manner aforesaid, the said Bonds shall be forthwith forwarded by the destroyed

of by the Colonial Treasurer, who may fix the limit of price below be negotiated 13. Any such Mortgage Bonds may be negotiated, sold, or disposed now Bonds to

which the said Bonds shall not be so negotiated, sold, or disposed of.

14. The Governor may authorise the sale or disposal of any such IGtozorcnior sntiu

Bonds beyond the limits of the Colony, and may appoint any agent or Bonds beyond °c

ts of the

agents to negotiate such sale on behalf of the Government. Colony

15. In case any Mortgage Bond shall by any accident be defaced, Bonds may be

the Colonial Treasurer may, from time to time, on such Bond being r ‘e h	ef	e c = for
delivered to him, cause a new Bond to be issued and delivered to the holder of such defaced Bond in lieu of the Bond so defaced, and the Bond so defaced shall be cancelled by the Colonial Treasurer in the presence of the Auditor General ; and the Bond so to be issued in lieu thereof shall have a like currency, and shall in all respects be subject to the same rules, regulations, and provisions as by this Act are declared of and concerning the Bond in substitution for which such new Bond shall be issued as aforesaid, and shall bear the same number or numbers, dates and amounts, and bear the like interest, as the Bond so cancelled bore respectively.

58 VICTORLE. No. 21

The Agricultural Bank Act, 1894

Provision as to	16. In case proof shall be made to the satisfaction of the Colonial Treasurer, by affidavit or otherwise, that any Mortgage Bond has by casualty or mischance been lost, burnt, or otherwise destroyed, it shall
Bonds lost or
destroyed
Principal and	be lawful for the Colonial Treasurer to cause the principal and interest
interest may be
paid to an	moneys due upon such Bond so lost, burnt, or otherwise destroyed, to
alleged last	be paid as the same respectively become due to the person or persons
holder	claiming to have been the last holder or holders of the said Bond, in like manner as if the original Bond had been brought in to be paid off :
Proviso as to	Provided that the person or persons so receiving the principal money
security	and interest in respect of such Bond alleged to have been lost, burnt, or otherwise destroyed, shall give security to the satisfaction of the Colonial Treasurer against any lawful claim which may be made upon the Colonial Treasurer, or the Government of the Colony, in respect of the Bond so alleged to have been lost, burnt, or otherwise destroyed.
Connterf siting	17. Whosoever shall forge, fabricate, or counterfeit, wholly or in Bond under or according to this Act, or who shall forge, counterfeit, alter, add to, obliterate, or wilfully mutilate or deface any word, letter, or figure in or upon any such Mortgage Bond, or who shall fill up with any word, letter, or figure any blank space in or upon any such Mort- gage Bond, whether issued or not, and whether wholly or partly made under this Act, or who shall utter, pass, or negotiate, or attempt to utter, pass, or negotiate any such forged, fabricated, counterfeited, altered, added to, obliterated, wilfully mutilated, or defaced or filled up Bond as aforesaid, knowing the same to be so, shall be guilty of felony, and being convicted thereof shall be liable, at the discretion of the Court, to be kept in penal servitude for life, or for any term not less than three years, or to be imprisoned for any term not exceeding two years with or without hard labour, or with or without solitary con- finement.
Bonds to be
forgery, and to	part, any paper, writing, or instrument purporting to be a Mortgage
be punished
Bank may make	18. (1) The manager, with the approval of the Governor, niay of their holdings in Fee Simple, or under Special Occupation Lease or Conditional Purchase from the Crown, or a Homestead Farm under ' The Homesteads Act, 1893 ' :
advances to
farmers and	make advances to farmers or other cultivators of the soil on the security
cultivators

(a) For the purpose of making improvements (as herein-

after defined) on unimproved holdings, or

(b) Adding to improvements already made on holdings.

(2) No advance shall exceed one half of the fair estimated value of the improvements proposed to be made, and at no time shall the advance or advances to any one person exceed the sum of Four hundred pounds.

(3) The rate of interest to be charged on any advance shall not exceed Six pounds per centum per annum, payable half-yearly.

(4) Every advance shall be recommended by the Manager for the approval of the Governor, and no advance shall be made unless so recommended and approved.

Advances may	19. (1) Any advance recommended and approved as aforesaid may
be paid by

instalments be paid by the Manager, by instalments, as the improvements proceed.

58 VICTORDE. No. 21

The Agricultural Bank Act, 1894

(2) Any person applying for an advance under this Act shall set forth in his application the improvements upon which he proposes

Applicant to state proposed

improvements

to expend the advance, and in the event of the money being applied to

any purpose other than that approved by the Manager, or not being in

his opinion carefully and economically expended, the Manager may in

Manager may

his discretion refuse to pay any further instalment of the agreed

withhold pay-

ments in certain

advance, and may at once call in the money already paid.

051505

20. (1) The repayment of every advance under this Act shall be secured to the Manager by Deed or Instrument of Mortgage, in such

Advances to be

secured by

mortgage

form as may be prescribed by the Regulations to be made under this Act, and, in the case of holdings other than in fee simple, by transfer to the Manager of the lease or other document of title.

(2) Notwithstanding anything contained in The Homesteads Act, 1893,' a selector' within the meaning of that Act may lawfully sign or execute any form of security or transfer required under the provisions of this Act or the Regulations hereunder.

cultivating, and ring-barking, but shall not include any other kind of improvements 21. Improvements for the purposes of this Act shall mean clearing, De gnition of

improvement.

the first day of July, as the case may be, following the date of every went of loan 22. At the expiration of five years from the first day of January or Mode of repay-

advance, the borrower shall begin to repay the same, at the rate of one-fiftieth of the principal sum half-yearly, until the whole has been repaid : Provided always, that the advance may be repaid at any time sooner than is herein provided, and in larger instalments, at the option of the borrower.

23. All mortgages and other securities in the name of any person securities „my as Manager, under the provisions of this Act, shall and may be put inkleittikrettin suit, and be sued and prosecuted in the name of the Manager for the name of 'Manager

time being in whose name the same may have been taken, or in the toer intghe time

name of any person who shall have succeeded to that office at the time such proceedings shall be instituted, notwithstanding that the name of any such succeeding Manager be not inserted in such mortgage or other security as mortgagee, transferee, assignee, or payee of the sum or sums of money therein mentioned, and the death, resignation, removal, or other act of any such Manager for the time being in whose name any such mortgage or other security as aforesaid shall be so put in suit shall not abate any action, suit, or other proceeding had thereon ; but the same may be continued where it left off, and be pro- secuted and carried on in the name of any person who may have suc- ceeded to that office, or may be or become the Manager for the time Manager for the

being of the said Bank, and the legal estate in all lands and tenements tehabreig'ai g may the power to execute and sign any release, reconveyance, transfer, or discharge of any such lands, mortgage, or other security shall become vested in such new Manager as aforesaid, to all intents and purposes, immediately upon his appointment being notified in the Government Gazette,' and so on as often as any new appointment of Manager of the said Bank for the time being shall take place.

mortgaged or transferred to the said Manager on account of the said securities

58 VICTORIX. No. 21

The Agricultural Bank Act, 1894

Advances only

to be made oil24. No advance shall be made on any property which is encumbered

first mortgages by any previous mortgage or charge, other than a mortgage or charge

under this Act.

Remedy for 25.

(1) If at any time any half-yearly payment of principal or nterestr or any part thereof, is unpaid for twenty-one days next after the time appointed for the payment thereof, the Manager may enter and distrain on the land charged, or any part thereof, and dispose, according to law, of any distress found, to the intent that thereby or otherwise the half-yearly payments and all other arrears thereof due at the time of such entry, and all costs and expenses occasioned by non-payment thereof, may be fully paid.

recovery of half- i	,
yearly paYments

How land to be	(2) If at any time any half-yearly payment of principal or interest, or any part thereof, is unpaid for two calendar months next after the time appointed for the payment thereof, then, although no legal demand has been made for the payment thereof, the Manager may enter upon and take possession and sell the whole or any part of such land, either by private sale or public auction, and subject to any conditions of sale he may think expedient, and after such notice of the time, place, terms, and conditions of sale as he may think just and expedient, and may transfer or convey such land to the purchaser, and give a good and valid title thereto.
sold
Application of	(3) The Manager shall apply the proceeds derived from such sale in payment, in the first instance, of all moneys due in respect of such land, and in redemption of any amount charged thereon in favour of the Manager, or of so much thereof as remains unpaid, and of all expenses incurred by the Manager in relation to such sale or otherwise with respect to such land, and shall pay the balance (if any) to the persons appearing to the Manager to be entitled to receive the same.
proceeds of sale

Conditions 26. As between the Manager and the owner or holder for the time

annexed to land being of any land on which the Manager has made an advance under whilst subjectto advances this Act, the following conditions shall be imposed so long as such land

is subject to any charge in respect of any half-yearly payment in favour

of the Manager, namely :

(a) Such land shall not be sub-divided or let by such owner or

holder without the consent of the Manager.

(b) When the owner or holder sub-divides or lets such land, or any part thereof, in contravention of the foregoing pro- visions of this section, the Manager may cause the land to be sold.

(c) Where the title to the land is divested from the owner or holder, under any law relating to bankruptcy or insol- vency, the Manager may cause the land to be sold.

(d) Where on the decease of the owner or holder the land would by reason of any devise, bequest, intestacy, or otherwise become sub-divided, the Manager may require the land to be sold within twelve months after the death of the owner or holder to some one person, and if default is made in selling the same the Manager may cause the same to be sold.

58 VICTORDE. No. 21

The Agricultural Bank Act, 1894

The provisions of Section twenty-five, as to sale and application of proceeds of sale, shall apply to every sale made under the provisions of this Section.

In event of DO

27. Whenever land authorised to be sold by the Manager under this Act is offered for sale by public auction, and the amount of the	purchaser, land
to revert to the
highest bidding at such sale is not sufficient to satisfy the moneys due	Crown
or owing on such land, together with the costs and expenses of or occasioned by such attempted sale, or there is no bid, the Manager shall advertise the land for private sale, in the Government Gazette' and in at least ono newspaper circulating in the district where such land is situate, once at least in each of three successive weeks, and shall in such advertisement name a day and time, not less than one month from the date of the first of such advertisements, upon or after which the land shall revert to the Crown, together with all improve- ments thereon, unless in the interval a sufficient amount has been obtained by the sale of such land to satisfy the principal and interest moneys secured and all costs and expenses occasioned by such sale and proceedings, and upon such reversion the land shall revest in Her Majesty, her heirs and successors accordingly, and may be disposed of by the Commissioner of Crown Lands in like manner as improved lands may be disposed of by such Commissioner under the provisions of Section twenty-one of this Act.

28. No judgment, order, or decree of any Court of law shall in any Judgment of

way affect the security for the advance made by the Bank, and until aC°Ipt nn'th

ffect acclivity

the advance and all interest thereon is repaid no process of law shall

interfere with the security for the same.

valuators, and such other officers as may be necessary for carrying out appoint °Dicers 29. The Governor may from time to time appoint and remove Governor may

this Act.

in which applications for advances are to be made, the mode in which make regulations 30. The Governor may make Regulations prescribing the mode Governor may

the value of improvements shall be determined, the forms of mortgage or security to be taken by the Manager, and generally for carrying out the objects and provisions of this Act ; and such Regulations, when published in the Government Gazette,' shall have the force of law, and shall be laid before Parliament within fourteen days after such publication, if Parliament be then in session, and if not, then within fourteen days after the next meeting of Parliament.

ALEX. C. ONSLOW,

GOVERNOR'S DEPUTY.

THE SCHEDULE

WESTERN AUSTRALIA

The Agricultural Bank Act, 1894

Number .

MORTGAGE BOND

, Colonial Treasurer of the Colony Section 5

of Western Australia, hereby acknowledge that the holder of this Bond is the

owner of funds in the Agricultural Bank to the extent of

pounds, and that until the redemption of this Bond by me I will, at the Treasury,

n 2

'58 VICTORIA No. 21

The Agricultural Bank Act, 1894

at Perth, on every 1st day of April and 1st day of October, pay to the bearer of this Bond interest on the said sum at the rate of pounds per centum per annum.

The said sum and the said interest are hereby charged on the Consolidated Revenue Fund of the Colony of Western Australia.

Colonial Treasurer of Western Australia.

Registered at the Treasury and Audit Offices, Perth, in the Register of Mortgage Bonds, folio , this day of , 189 .

Auditor General.

Under Treasurer.