Agricultural Bank Act Amendment Act 1912 (WA)

WESTERN AUSTRALIA.

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ANNO TERTIO

GEORGII QUINT' REGIS,

XXXV.

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No. 54 of 1912.

AN ACT to further amend the Agricultural

Bank Act, 1906.

[Assented to 30th December, 1912.]

Legislative Assembly of Western Australia., in this present Parlia- BE it enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and

ment assembled, and by the authority of the same as follows:-

1.     This Act may be cited as the Agricultural Bank Act Amend- Short title.

meat Act, 1912, and shall be read as one with the Agricultural Bank

Act, 1906, hereinafter referred to as the principal Act.

2.      Section sixteen of the principal Act, as amended by the Amendment of see.

Agricultural Bank Act Amendment Act, 191 is further amended 16' by striking out the words " three million pounds," and inserting in place thereof " three million five hundred thousand pounds."

3.	Notwithstanding anything contained in the principal Act to Interest on and re-	mem
payment oft advances a nr

the contrary, whenever an advance is hereafter made by the Bank wise For

for any purpose other than effecting improvements on the borrower's improvements.

land

(a.) the interest shall be at the rate of six pounds per centum

per annum ; and

1912. No. 54.1 Agricultural Bank. [3 GEo. V.

(b.) the advance, with interest at the rate aforesaid, shall be repaid by the borrower to the Bank by half-yearly instalments within such period, not exceeding twenty- five years, as the trustees may, in then discretion, think fit

Funds appropriated 4. (1.) Section twenty-one of the principal Act shall only apply

by Parliament.

to income arising from the investment of funds raised by the issue

of mortgage bonds.

(2.) All moneys appropriated by Parliament to the purposes

of the principal Act shall be placed to the credit of a fund distinct from that into which moneys raised by the issue of mortgage bonds are paid, and all securities for advances made by the Bank shall state from which fund the money advanced has been drawn.

(3.) The interest on and contributions, at a rate to be pre-

scribed by the Colonial Treasurer, to the sinking fund for the re- demption of moneys appropriated by Parliament to the purposes of the principal Act shall be defrayed by the Bank out of the principal and interest paid by the mortgagors to whom advances have been made out of moneys so appropriated.

(4.) Notwithstanding anything contained in section twenty- one of the principal Act, a part of each year's expenses of the maintenance and administration of the Bank shall be paid out of the income of the Bank derived during the year from advances made out of moneys appropriated by Parliament to the purposes of the-principal Ad, and such part shall bear the same ratio to the total of the year's expenses as the total of such advances outstand- ing at the end of such year bears to the total then outstanding of all the advances made by the Bank.

Mortgage bonds	5. (1.) The Governor is hereby authorised to issue to the
may be exchanged

for inscribed stock	holders of mortgage bonds, in the manner prescribed by and sub-
or debentures.	ject to the General Loan and Inscribed Stock Act, 1910, inscribed stock or debentures in exchange for mortgage bonds of an equiva- lent amount issued under the principal Act: Provided that all mortgage bonds received in exchange for inscribed stock or debentures shall be forthwith cancelled by the Colonial Treasurer.

(2.) On an exchange being effected under this section, the

amount to be carried to the credit of the redemption account under section twenty-one of the principal Act shall be a part of the moneys required by such section to be applied to the purpose, duly appor- tioned to the balance of the mortgage bonds outstanding after such exchange.

(3.) Interest on and contributions at a rate to be prescribed

by the Colonial Treasurer to a sinking fund for the redemption of such inscribed stock or debentures shall be paid by the Bank to the Colonial Treasurer half-yearly and applied by the Colonial Treasurer to recoup the Consolidated Revenue Fund in respect of such interest and contributions.

By Authority: FRED. WM. SIMPSON, Government Printer, Perth.