Agricultural Bank Act of 1923 (14 Geo v No. 41) (Qld)

OF THE PARLIAMENT O~ - , QUEENSLAND~ 14 0 GEORGII V. ACCOUNTS, TRUST. See TRUSTEES. AGRICULTURAL BANK. See BANKS. ANIMALS. See DINGOES AND MARSUPIALS. APPROPRIATION ACTS. See CONSTITUTION. ARBITRATION, INDUSTRIAL. See LABOUR. ASSOCIATIONS, CO-OPERATIVE. See PRIMARY PRODUCE. BANKS. Agricultural Bank Act of 1923 .. Private Savings Banks Act of 1923 .. 14 Qeo. V. No. 41 .. 14 Qeo. V. No. 43 An Act to make Provision for State Advances to Co-operative Companies and Associations and to Farmers and Others, and for other consequential purposes. 14 Geo. V. No.4l. THE AGRICUL- TURAL BANK ACT OF 1923. [ASSENTED TO 23RD NOVEMBER, 1923.J B E it enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legis- lative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- PART 1.- PART I.-PRELIMINARY. PRELIMI- NARY. 1. This Act may be cited as '-' The Agricultural Short title ot Bank Act 1923," and shall come into operation on a ~ ~!menee­ date to be proclaimed in the Gazette by the Governor ment in Council, which date is hereinafter referred to as the of Act. commencement of this Act.

10444 PART 1.- PRELIMI· NARY. ss. 2, 3. BANKS. Agricnlt1tral Bank Act. 14 GEO. V. No. 41, Parts of Act. 2. This Act is divided into Parts, as follows : - PART I.-PRELIMINARY; PART II.-THE AGRICULTURAL BANK; PART III.-ADVANCES TO CO-OPERATIVE COM- PANIES; PART IV.-ADVANCES TO FARMERS AND OTHERS; PART V.-MrSCELLANEOUS. Definitions. 3. In this Act, unless the context otherwise indicates, the following terms have the meanings set against them respectively, that is to say:- Agricultural Bank or Bank. " Agricultural Bank" or "Bank"-The Corpora- tion of the Agricultural Bank created by this Act; Co.operative Agricultural Production Act. "Co-operative Agricultural Production Act"- *" The Co-operative Agrt'cultural Production and Advance8 to Farmer8Act8, 1914to1919"; Co-operative company. "Co-operative company" or "Company"-A joint stock company formed and registered under" tThe Companie8Act8, 1863to1913," which under this Act is qualified to apply for and receive an advance, or a registered primary producers' co-operative association, or a registered primary producers' co-operative federation; Farm land " Farm land "-Land used or about to be used for agricultural, dairying, grazing, horticultural, or viticultural pursuits, poultry or pig raising, or other rural pursuits approved by the Governor in Council, and of any of the classes following, namely :- (a) Land held in fee-simple; (b) Land held under the laws in force for the time being relating to Crown land as a pastoral holding or as an agricultural selection, grazing selection, settlement farm lease, prickly-pear selection, unconditional selection, scrub selection, or miner's home- stead lease or other similar tenement, and whether in any case the tenure is limited or perpetual ; .. 5 Geo. V. No. 36 and 10 Geo. V. No. 9, supra, page 9365. t 27 Vie. No. 4 and Amending Acts, supra, pages 186 and 5829.

1923. BANKS. Agricultural Bank Act. S.3. 10445 PART 1.- PRELIMI- NARY. (c) Any other land which the Governor in Council by Order in Council declares to be farm land for the purposes of this Act; "Fund"-The Agricultural Bank Fund created Fund. by this Act; "Land"-Any estate or interest in land: the Land. term does not include vacant Crown land; " Officer"-An officer of the State Public Service omCer engaged, .whether wholly or for part time, under or for the purposes of this Act ; " Prescribed "-Prescribed by or pursuant to Prescribed. this Act; "Regulatiqnf-Regulations made under the Regulations. authority of this Act; " State \ Advances Act"-*" The State Advances State Act of 1916" or any earlier Act or Acts which Advances contained provisions with respect to advances Act. to settlers or primary producers, and for which the lastment~ned Act, so far as relates to such advances, was finally substituted; "State Advances Corporation"-The State Ad- ~tate vances Corl r "loration created by *" The State OAodrvpaonrcaetI?On Advances Act of 1916," or any predecessor of that Corporation having h~ d the like powers under any State Advances Act; I " This Act"-This Ak;t and all Orders in Council This Act. and all regulations made thereunder; "Works" (used in I relation to a co-operative Works. company)-AnYi works or factory for the manufacture or I storage or cold storage or conservation or I treatment of primary pro- duce and resultapt products or any of them, together with an machinery and appurten- ances used therein or in connection therewith, and all tramwaY$ leading thereto, and the site of the works, an~ all land used in connection with any such t:rfamway. I Where by this Act a~ 1Y remedy is given to the Re~ edy Bank agam. st or Wl' th respect' i t 0 any 1and, the t erm "1and"a" i; acmludsetlsan:i 1 includes not only the land but also all improvements improve- thereon. ments. * 7 Geo. V. No. 17, supra, page ~603. I I

10446 SS. 4-7. BANKS. PARTII.-· - - - - - - - - - - - - - - - - - - - - - - - - THE AGRI- CULTURAL Agricultural Bank Act. 14 GEO. V. No. 41, BANK. PART n.-THE AGRICULTURAL BANK. Secretary for 4. The Secretary for Agriculture and Stock and AangdriScutoltcukreto hI' S successors I.n 0 ffice, represent'mg the Or own, sha11 be a .' for all the purposes of this Act be a corporation sole Corporat 1 .on. by the name of the "Corporation of the Agricultural Bank," and by that name shall have perpetual succession and an official seal, which shall be judicially noticed, and notwithstanding the provisions of any other Act, shall be capable in law of suing and being sued, and shall, subject to this Act, have power to take, purchase, sell, exchange, lease, and hold land, goods, chattels, securities, and any other property whatsoever. Ba.nk 5. This Act shall be administered by the Bank t t h o I ~ S dm A i c n t ister and inspectors " valuers and other officers appointed . or deputed in that behalf. Administra.- 6. The provisions set forth in the Schedule to tpirvoevisions. this Act shall be applicable to the business of the Schedule. Bank and to all matters therein dealt with in aid of the effectual administration of this Act. Such provIsions may from time to time be altered or added to by the Governor in Council, by Order in Council published in the Gazette~ and the said Schedule as so altered or added to shall thereupon become, for the time being, the Schedule to this Act and have effect accordingly. Agricultural Bank Fund. Agricultural 7. (1.) There is hereby created at the Treasury a FBuanndk. Fund to be called the "Agricultural Bank Fund." (2.) The Treasurer may from time to time make available for the purposes of the Fund all such moneys as are appropriated by Parliament for such purposes. (3.) All moneys repaid to the Bank in respect of advances and jnterest thereon under this Act or any other Act, and all other moneys whatsoever received by the Bank, spall be paid into the Fund. (4.) All advances by the Bank, and the salaries, wages, or allowances of all. officers and agents of the Bank, and all expenditure in administering this Act, shall be payable out of the Fund.

SS. 8, 9. 10447 ]923. Agricultur l Bank Act. I , PART II.- THE AGRI- CULTURAL 8. The Governor in I Council may at any time, BANK. by Order in Council, vest inlor place under the permanent roo~: ; t or temporary control of tije Bank any Crown land, to lands in be used for the purposes o~ the business of the Bank. Bank. ! Transfer of As~ ets, &c., to Bank. 9. (1.) Forthwith uporl the commencement of this Vesting of A C t - assets and liabilities in (a) All moneys, de~entures, and Treasury bills, Bank. and securities for money, and all interest thereon, and ~ ll books, documents, and other property ~ eld by or on behalf of the State Advancesl Corporation under or pur- suant to any S~ ate Advances Act (except in respect of adva)nces for workers' dwellings, and advances u?der or pursuant to the Acts relating to ClerIPont flood relief) or by or on behalf of the ~ nister under or pursuant to the Co-operatire Agricultural Production Act; and " (b) All the assets ~ nd liabilities of the State Advances Corppration in relation to any State Advancesl Act (except in respect of the advances $xcluded. as aforesaid) and all the assets ahd liabilities of the Minister in relation to the Co-operative Agricultural Production Act ~ and (c) All powers, authiorities, rights, title, interest, and obligation lin or with respect to such assets and liabiIties or any of them; shall by virtue of this Act i, pass to and become vested in and imposed upon the! Bank and be divested and discharged from the State Advances Corporation and such Minister. ! I (2.) Any right of acti~ n or other remedy accrued Ri~ hts of to or against and any powier or authority vested in or ac~ on and exercisable by and any agree~ent, undertaking, mortgage, ~ ~ n: : acts. debenture, bond, lease, p.eed, guarantee, covenant, or obligation made, given, I or entered into by, to, or with the State Advances C~ rporation (except in respect of the advances excluded as aforesaid) or such Minister respectively, may be prosecuted and enforced by or against the Bank as if the right of action or remedy had originally accrued to or against or the power or authority had originally been vested in or exercisable by or the agreement, undertaking, mortgage, debenture,

10448 S.9. BANKS. PART II.- ------------------ THE AGRI- CULTURAL Agricultural Bank Act. 14 GEO. V. No. 41, BANK. bond, lease, deed, guarantee, covenant, or obligation had been made, given, or entered into by, to, or with the Bank. Existing advances. (3.) The following provisions shall apply in respect of advances made or purporting to be made under or pursuant to any State Advances Act or the Co-operative Agricultural Production Act before the commencement of this Act by the State Advances Corporation (except in respect of the advances excluded as aforesaid) or by such Minister, any part of which advance remains unpaid at the commencement of this Act :- (a) Such advances shall be repaid, and interest thereon shall be paid to the Bank at the times and in the amounts prescribed by the Act under or pursuant to which the advance was made or by any regulation or instrument thereunder ; (b) The Bank may take any proceeding or exercise any right or remedy which under such Act might have been taken or exercised by the State Advances Corporation or such Minister, as the case may be; (c) The land and other property mortgaged. as security for the advances aforesaid shall continue to be charged with the repayment of such advances with interest thereon. Forfeiture in (4.) In any case where under any State Advances ccaesretas.in Act an advance has been made on the security of a selection held from the Crown and a loss has arisen in respect of such advance and has been made good out of the Consolidated Revenue, and such selection has been made freehold either by the borrower or the State Advances Corporation, and the State Advances Cor- poration has not been able to sell the land under its powers in that behalf, and the State Advances Corpora- tion has executed a release of such security, the Secre- tary for Public Lands, representing the Crown, may by notification in the Gazette declare that all the title, right, and interest of the borrower in such land is forfeited to the Crown, whereupon the land shall become Crown land and may be dealt with as such. Operati? ~ (5.) All mortgages and other securities executed by foofrseacduvnat1n8cSes way 0 f SeCUrl' ty for any advanOce (lnle u d' lng, 1 Of 1 't be so, and further any further advances) under or pursuant to any of the advances.

BANKS. s.10. 10449 PART II,- 1923. Agricultural Bank Act. THE AGRI- CULTURAL BANK. said Acts shall for all purposes, including any further advances that may be made under this Act, be construed as if the Bank were party thereto instead of the State Advances Cor}3oration or such Minister, as the case may be, but this Act shall apply to all such further advances (6.) All accounts, documents, books, and papers Adjust- relating to any such advance shall be transferred to and ments. be kept by the Bank; and such adjustments of account shall be made in the books of the Bank and of the State Advances Corporation and of such Minister as may be necessary to give effect to this section. (7.) Where under the provisions of any Act any Agreements Minister o . f the Crown or body corporate is emp . owered fmoarnagemen t to enter mto any arrangement or agreement WIth the of certain State Advances Corporation to manage on behalf of advances. such Minister or body corporate the whole or any part of his or its business so far as consists of the making and regulation of advances .under such Act to farmers, settlers, or cultivators for purposes similar to those provided for by this Act, such Minister or body cor- porate may enter into a like arrangement or agreement with the Bank for the like purposes, and the same shall be given effect to; or where such Minister or body corporate has already entered into such arrangement or agreement as aforesaid with the State Advances Corporation and the same is subsisting at the commence- ment of this Act, so much of such arrangement or agreement as relates to the management of the matters aforesaid may, at the option of such Minister or body corporate, be assigned and made over from the State Advances Corporation to the Bank, and shall thereupon be given effect to as if the said arrangement or agreement had been made with the Bank in the first instance. 10. After the commencement of this Act no No further ~ urther advances under the State Advances Act (except : ~ ~ : ~ ~ ~ or m respect of workers' dwellings) and no further advances Acts. under the Co-operative Agricultural Production Act shall be approved or made. Applications by any company or by any person for Pending any such advances pending at the commencement of applications. this Act, and whether or not any advance or instalment has been made, may be dealt with and completed by the Bank as if such applications were respectively made for advances under this Act.

10450 ss. 11-14. BANKS. III.- PART - -- ----- - - - - - - - - - - - - - - - ~ ADVANCES TO CO- OPERATIVE COMPANIES. Agricult7tral Bank Act. 14 GEO. V. No. 41, PART III.-ADVANCES TO CO-OPERATIVE COMPANIES. What 11. The only joint stock companies which are ccoo- moppaenraietisve qualified to apply for and obtain advances under this qualified Act shall be those whose articles of association provide- to obtain advances. (a) That two-thirds at least of the number of the shares of the company and of the voting power of the shareholders shall always be held by persons who are producers of primary produce or resultant products in respect of which or in relation to which the business of the company is or is to be carried on; and (b) That no dividend at a greater rate than five pounds per centum per annum shall, at any time before all advances under this Act have been repaid, be declared or paid or credited by the company. It shall not be competent for such a company at any time to alter the foregoing provisions of such articles. Advances to eo.operative companies for works. 12. Subject to this Act, the Bank- (a) May make advances to any co-operative company in aid of the construction by the company of works under this Act; (b) With the previous approval of the Governor in Council, may make advances to a co-operative company in respect of works already constructed. Term of loan to company. 13. The term of the advance to a company under the last preceding section of this Act shall be the term fixed by the Bank, not exceeding sixteen years, exclusive of any period allowed by the Bank not exceeding two years during which interest only is payable. Limit of advance. 14. Save in the cases next hereinafter provided, no advance shall be made to any company under the last preceding 'section but one of this Act to an amount exceeding two-thirds of the cost of the works: Provided, however, in any case where the Bank is satisfied that- (a) The company is not and the members of the company are not financially able to provide one-third of the necessary cost of the works; and

BANKS. s.15. 10451 1923. PART III.- Agricultural Bank Act. ADVANCES TO CO- OPERATIVE (b) A new industry will be encouraged or the COCYIPANIES. proper development of any district will be assisted, or there are no suitable works available; and (c) The proposal of the company in respect of the works is likely to be financially successful; an advance may be made to the company to an amount exceeding two-thirds of the cost of the works, but not exceeding such proportion of their cost as the Bank determines. 15. In addition to any advance under other Advances P rovisions of this Part of this Act, the Bank may, upon tf o o r c s O p I e D C I? l a a 1n y the application of a company, make advances to the purposes. company for any of the objects mentioned in the table hereunder set forth, to an amount not exceeding two- thirds of the cost of the chattels proposed to be purchased or of the works proposed to be constructed, and not exceeding in the aggregate the sum of one thousand seven hundred pounds, and for a term fixed by the Bank not exceeding five years, exclusive of any period allowed by the Bank not exceeding two years during which interest only is payable. Objects. Co-operative purchase of machinery, engines, and other appliances to assist and encourage primary production, a~d the construction and manufacture of works and things for the like object, that is to say:- Tractor or other approved type of engine for ploughing land, clearing, or other primary production purposes. Grading and levelling land for irrigation purposes and machinery for the same; construction of water channels, ditches, check banks or levees for irrigation purposes and general requirements in connection with the same; drainage of land. Machinery, engines, and other appliances for the following purposes :-Hay making, loading, stacking, and baling; ensilage cutter with blower or elevator; cornbinder; chaff cutting; corn threshing; wheat, maize, cotton or peanut harvesting or effective harvesting of other crops; rice hulling and polishing; extraction and preparation of vegetable oils and fibres; sheep shearing and wool pressing; cotton ginning; preparation of arrowroot, coffee, or other products; grading, cleaning, and drying grains and seeds; butter and cheese making; pasteurisa- tion and treatment of dairy produce, and attemperation vats; cold storage; bacon curing; sawmilling, when connected directly with land settlement (including box

10- l: ; ) ~ SS. 16-:9. BANKS. PART III.--- AbvA~ CES TO CO- OPERATIVE COMPA~ IES. ~ ~ ~ ~ - - - - - Agricultural Bank Act. 14 GEO. V. No. 41, making and case making); drying, pulping, canning, and dehydration of fruit and vegetables; burning or crushing of limestone for primary production purposes; preparation and manufacture of fertilisers; spraying of crops for treatment of insects, fungus, and diseases and other pests. Storage and conservation of fodder. Construction of cattle and sheep dips and yards; destruction of prickly-pear and other plant pests; wire netting for checking rabbits, marsupials, and animal pests; poison carts. The Governor in Council may from time to time, on the recommendation of the Council of Agriculture, by Order in Council, add to the foregoing table by including other objects therein; and the table in force for the time being as so added to shall be deemed to be the table referred to in this provision. PART j\-.- ADVA~ CES TO FAR~IERS PART IV.-ADVANCES TO FARMERS AND OTHERS. AND 16. Subject to this Act, the Bank may, upon the Po O w T e H r E t R o S. application of any owner or occupier of farm land, make advance to advances to him. farmers and othe.rs. Certain 17. No advance under this Part of this Act shall persons be made to any person who has not first obtained in adsisbqourarloiwfieedrs. the preSCrI' bed manner a certificat e that h e I.S a bl e t 0 read and write from dictation words in such language as the Bank may direct. Regulations may be made exempting from the operation of this section any persons or classes of persons whom for any reason it is considered unnecessary to examine. Maximum advance under this Part. . 18. At no time shall the total amount of an advance or advances to anyone person under all the provisions of this Part of this Act exceed one thousand seven hundred pounds. Advances 19. (1.) Advances to any owner or occupier of farm for certain land may be made for any of the objects mentioned objects. in the table hereunder set forth- Objects. (a) Payment of liabilities already existing with respect to the land or payment of the balance of any purchase money in respect of the purchase of the land or any stock, machinery, or implements therefor ; (b) Effecting improvements on the land;

BANKS. s.19. 10453 PART IV.- ,1923. _ Agricultural Bank Act. ADVANCES 'IO FARMERS (c) Purchase of stock, machinery, or implements; AND OTHERS. (d) Generally in respect of agricultural, dairying, grazing, horticultural, or viticultural pursuits, poultry or pig raising, or other rural pursuits on the land; (e) Relief in case of drought, flood, tempest, fire, or other adverse conditions or happenings beyond the control of the borrower; (/) Not exceeding four hundred pounds for unspecified purposes in connection with the land, provided that the' applicant is a bona fide ~ett1er residing on and working the land as farm land. Provided that, where such an advance under para- graph (f) hereof has been made to such resident settler, he shall continue to reside on and work the land as aforesaid while any part of the advance remains unpaid, otherwise he shall be deemed to have committed a breach of condition to be observed by him under this Act. (2.) The amount which may be advanced under Amount of this section shall in every case be determined by the advance, fair estimated value of the farm land with the improve- ~~ : rmined. ments made and proposed to be made thereon, after taking into consideration all sums already advanced to and still owing by the borrower. In no case shall the total amount of advances under this section, exclusive of any advances made under paragraph (e) of subsection one hereof and under the next succeeding subsection, exceed sixteen shillings in the pound of such estimated value. '(3.) Advances not exceeding, upon the whole, five hundred pounds may be made under this section to the full value of the improvements proposed to be made for anyone or more of the following objects mentioned in the table hereunder set forth :- Buildings. Objects. Ring-barking. Clearing. Fencing. Draining. .. Water conservation (including a well or bore, together with lifting power). Dairy-house and yards. Accommodation for pigs. Silos. Haysheds.

10454 s.20. BANKS. PARTIV.- -------------------------------------------------- ADVANCES Ag1'ic1tltural Bank Act. 14 GEO. V. No. 41, TO FARMERS T OTAHNE f DR 1 S. shall( 4b.) e Tthhee tteerrmm ofifxeadnybyadtvhaencBeanukn,denrotthiesxcseeecdtiionng ermo oan'twenty years, exclusive of any period allowed by the Bank not exceeding five years during which interest only is payable. Advances to 20. The Bank may, upon the application of any 1::Jers, dairy farmer, farmer, or sheep farmer, being the farmers, and owner or occupier of farm land, make advances not ~ heep exceeding in the aggregate the sum of three hundred armers. pounds to the applicant for any of the objects mentioned in the first column of the table hereunder set forth, to an amount not exceeding the maximum amounts respectively mentioned in the second column thereof, and for a term fixed by the Bank, not exceeding the maximum terms respectively limited in the third column thereof, exclusive of any period allowed by the Bank (not exceeding one year) during which interest only is payable, that is to say:- Dairy farmer. Objects. tAh M Aad a tvm x ma i on m auc u yend m bt.e M A Ta d ex v rmi a m nc u oe m f. -------------------------------- ---- ----- Purchase of dairy cattle i .. j Purchase of separator or other dairying plant Purchase of machinery and plant for fodder i conservation Purchase of pigs Purchase of sheep .. i , ---------------- ! £ 200 50 150 50 300 Years. 7 7 7 3 3 The Governor in Council may from time to time, by Order in Council, add to this table by including other objects therein and fixing, respectively, the maximum amount and term of advance for each such object; and the table in force for the time being as so added to shall be deemed to be the table referred to in this provision. In this section-- "Dairy £irmer" means a person engaged in dairying who is the owner of not more than twenty cows the produce of which is sold; or a person desiring to engage in dairying who wishes to purchase not more than twenty-five female dairy cattle the produce of which is to be sold, or a bull ;

BANKS. s. 21. 10455 PART IV.- 1923. Agric1llt1lral Bank Act. ~ .. - - - - - . - .. - - - - - ADVANCES TO FARMERS " Farmer" means a person who annually cultivates 0 AND not less than five acres of land and plants F arm TH er E . RS. that are;],; . " Sheep farmer" means a person engaged in sheep Sheep farming who is the owner of not more than farmer. three hundred sheep; or a person desiring to engage in sheep farming who wishes to purchase not more than three hundred sheep. PART v.- PART V.-MrSCELLANEOUS. MISCEL- LANEOU~ . 21. (1.) Save as by this Act is otherwise expressly Advances to provided, and subject also to any relaxation of these~ ; : ' ~ ~ ~ ~ ~ ge. provisions provided by the regulations to meet particular cases or classes of cases, no advance under this Act shall be made- (i.) Except upon the security of a mortgage or mortgages to the Bank over the lands and improvements with respect to which such advance is made (or over the works of the company in respect of which such advance is made), and upon such other security over any property as to the Bank seems fit; (ii.) With respect to any land which is encumbered by any previous mortgage or charge other than- (a) A mortgage or security under this Act; or (b) By reason of arrears of rates due to any Local Authority; or (c) A mortgage or charge in favour of the Crown under the laws in force relating to Crown land or to marsupial-proof fencing or rabbit-proof fencing; or (d) A mortgage to the Treasurer or any person or corporation representing the Crown under *" The Sugar Works Guarantee Acts, 1893 to 1895," or under any law relating to the construction and control of sugar works. (2.) Any company and any owner or occupier of land may, notwithstanding any enactment or law to the contrary, lawfully execute all such mortgages and other securities. " 57 Vic. No. 18 and 59 Vic. No. 14, 8upra, page 3417.

J0456 PART V.- ~ hSCEL. LANEOUB. ss. 22-25. BANKS. Agric1lltural Bank Act. 14 GEO. V. No. 41, (3.) In all cases where a special form of mortgage or security is prescribed by any Act, the fact that a mortgage or security under this Act or any State Advances Act or the Co-operative Agricultural Produc- tion Act is not in such form shall not in any way hinder its registration (where necessary) or limit its effect as a valid mortgage or security. Special cen dition s as to borrowing may be imposed. 22. Every advance to a borrower under this Act shall, in addition to the conditions and stipulations in this Act contained, be subject to such further conditions and stipulations as to the Bank may seem fit, or as may be prescribed, and as are inserted in the instrument of mortgage or other security at the time of its execution. Restricted 23. (1.) The provisions of *" The Bills ot Sale Act ot application of certain 1891" or any Act amending or in substitution for Acts. that Act shall not apply to any mortgage or other security executed under this Act or any State Advances Act or the Co-operative Agricultural Production Act, or affect the validity or operation of any such mortgage or security in respect of any chattels comprised therein. (2.) The provisions of tOO The Mercantile Acts, 1867 to 1896" requiring the registration of mortgages of live stock or liens on crops or liens on wool shall not apply to any mortgage of live stock or lien on crops or lien on wool executed under this Act or any State Advances Act or the Co-operative Agricultural Production Act. No stamp duty. 24. No mortgage or other security executed to secure an advance under this Act or any State Advances Act or the Co-operative Agricultural Production Act, or any release of such mortgage or security or any docu- ment or instrument executed for the purposes of this Act or any of the Acts aforesaid, shall be liable to stamp duty, any enactment to the contrary notwithstanding. Judgment of 25. No judgment, order, or decree of any court acfofuerctt not to of law, and in the case of land held under miner's home- security. stead lease or miner's homestead perpetual lease or as a residence area no act or default on the part of the borrower or any other person whereby a forfeiture might result, shall in any way affect the security for any advance made under this Act or under any State Advances Act or the Co-operative Agricultural Production Act; and until • 55 Vie. No. 23, supra, page 2149. t 31 Vic. No. 36, 34 Vie. No. 12, and CO Vic. No. 10, supra, page 2133.

1923. BANKS. Agricultural Bank Act. s. 26. 10457 PART V.- MISCEL- LANEOUS. all instalments and interest payable in respect of the advance have been paid, no process of law or provision of any law in force relating to Crown land or mining or any declaration of forfeiture shall interfere with the security for the same. 26. (1.) The Bank, with the approval of the Regulations. Governor in Council, may from time to time make all such regulations as it deems necessary or convenient for giving full effect to this Act. (2.) Without limiting the generality of the fore- going provision, regulations may be made for all or any of the following purposes:- (i.) Definin . g ...... and declaring, where deemed ne . ces- P ro d uee . , Rary, what things are produce or what thmgs resultant are resultant product::; under and for the products. purposes of this Act ; (ii. ) Regulating applications by companies and other A~ plications persons for advances, and the particulars, and m. st rument s, undert ak'mgs, and d ocument s t 0 advances. be furnished with any such applications, and the making of advances by the Bank; (iii.) Prescribing the deposits and fees payable to Deposits and the Bank in respect of such applications and fees. advances and other matters arising under this Act; (iv.) Prescribing what works or things shall be Improve- improvements for the purposes of this Act; menLs. (v.) The mode in which the value of lands and Valuation. improvements shall be determined; (vi.) Forms to be used for the purposes of this Forms, &c. Act; forms of mortgage or security and of insurance policies; the conditions and covenants to be inserted therein; relaxing any provisions of this Act relating to the security to be taken for advances; (vii.) Prescribing that certain covenants on the part Implied of the mortgagor shall be deemed to be covenants inserted in mortgages and securitie~ to be used for the purposes of this Act, where- upon the mortgagor shall be bound by ~uch covenants as if such covenants were inserted in and formed part of any mortgage or Recurity executed by him;

10458 s.26. BANKS. Sch. r.1 PART V.- MrSCEL- LANEOl:S. Agricnltural Bank Act. 14 GEO. V. No. 41, Officers. Generally. (viii.) The functions and duties of inspectors, valuers, and other officers; (ix.) All matters necessary or expedient for enabling the Bank to undertake and carry on business or any part or class of its business under this Act. Publication (3.) All such regulations, when published in the and effect. Gazette, shall be judicially noticed, and have the same effect as if they were enacted in this Act, and shall be laid before Parliament within forty days after such publication, if Parliament is then sitting, and, if not, then within forty days after the beginning of the next ensuing session of Parliament. Notice to borrowers. If the Legislative Assembly passes a resolution disallowing any such regulation, of which resolution notice has been given at any time within fourteen days after such regulation has been laid before it, such regulation shall thereupon cease to have effect, but without prejudice to the validity of anything done in the meantime. (4.) All borrowers and their representatives shall be deemed to have notice of the regulations. Special powers of Bank. SCHEDULE. 1. (1.) The Bank may, for the purposes of this Act, from time to time exercise all or any of the following powers:- (a) Take, purchase, contract for the use of, Qr Qtherwise prQvide any land which may be required by it fQr the purpQses of this Act. On behalf Df a cD-Dperative CQmpany take, purchase, CQntract fQr the use Qf Qr Dtherwise prDvide any land required by the CQmpany fDr the wQrks Qr for any tramway, wharf, Dr Dther wDrk in cDnnectiDn with the 'wDrks, and acquire running' rights Dver any tramway. Where land is taken under any Df the fDrcgoing pDwers, such pDwer shall be exercised, under , ~ " The P7lblic W O1'ks Land Resumption Acts, 1906-1917": PrDvided that, in estimating the cDmpensatiDn to' be paid Qn the resumptiDn 0'1' O'ther acquirement Qf land by the Bank, nO' allO'wance shall be made fQr any increase in the value Qf such land by reasDn O'f the cDnstructiDn 0'1' prO'Posed cDnstructiDn Dr purchase Qr prO'PQsed purchase O'f any wQrks Qr any Qther matter arising Qut O'f the exercise Df pDwers under this Act; (b) Erect buildings and repair, equip, furnish, and main- tain the same; let O'ffices or Qther accommQdatiQn in any building Qr premises fDr such rent as it thinks proper; .. 6 Edw. VII. No. 14 and 7 Geo. V. No. 6, supra, page 8211; and 8 Geo. V. No. 20, supra, page 8362.

BANKS. 8ch. r. 2. 10459 1923. Agricultural Bank Act. (c) Hold, until the same can be advantageously disposed of, any property, real or personal, taken by it as security for or in satisfaction, liquidation, or discharge of any debt owing to it; (d) As occasion may require, surrender to the Crown and sell, lease, convey, assign. and assure any lands, build- ings, securities, or property whatsoever vested in it or any estate or interest in the same; (e) Carry on life assurance and insurance. business with borrowers from it, and in consideration of the payment of premiums at prescribed rates for that purpose enter into contracts with such borrowers for- (i.) Life assurance on a policy which secures repayment of all outstanding indebtedness on the death of the borrower; (ii.) Insurance until the repayment in full of advances, of buildings and other improvements against fire, storm, tempest, or other disaster; or, in lieu of itself carrying on such business, arrange with any State officer or department carrying on such business for the making and carrying into effect of such contracts as aforesaid; or, at the option of the borrower, in lieu of itself entering into or arranging for such contracts as aforesaid, accept from a borrower, subject to such conditions and stipula- tions as may be prescribed, a policy or policies of assurance or insurance (or both), as may be required by the Bank, issued by any life assurance company or insurance company licensed in Queensland; (f) Establish branches of its office in any place and appoint and employ agents in any place. (2.) For all the purposes of this Act- Crown (a) The Bank shall have and may exercise all the powers, agency. privileges, rights, and remedies of the Crown; (b) The Bank shall have and may exercise all such powers, authorities, and discretions, and may do all such acts and things, as a private person in Queensland has or may exercise or do, and the Bank generally may do whatever it deems necessary in connection with or incident to any business carried on by it. (3.) The powers conferred by this section shall be in addition These to any other powers conferred upon the Bank by this Act. powers additiona to others. 2. The Bank may from time to time delegate to any person Delegation {)r persons any of the powers, authorities, discretions, or duties of powers. vested in or imposed upon the Bank under this Act, and such person or persons during such delegation and to the extent thereof shall have and may perform the functions of the Bank, without prejudice however to the Bank continuing to exercise the same .or any of them if at any time it thinks proper so to do. B

10460 Sch. r. 3. BANKS. Agric1llt1lral Bank Act. 14 GEO. V. No. 41, Delivery of matters in possession of employee at removal. 3. (1.) If any officer is dismissed or is suspended, or resigns, or dies, absconds, or absents himself, and if he or his wife, widow, or any of his family or representatives refuses or neglects, after seven days' notice in writing, to deliver to the Bank or its agent any property as herein defined in the possession or custody of such officer at the occurrence of any such event as aforesaid, then any justice of the peace, upon application by the Bank or its agent, may order any constable with proper assistance to enter and take possession of such property, and deliver the same to the Bank or its agent, and, if necessary, to remove any person. Ciffioers to account on demand. (2.) Every officer shall from time to time, when required by the Bank, make and deliver to it or to its agent a true account in writing under his hand of all moneys received by him on behalf of the Bank. Suoh account shall state how and to whom and for what purpose such moneys have been disposed of.. Together with such account, he shall deliver the vouchers and receipts for such payments. He shall pay to the Bank or to its agent all moneys which appear to be owing from him upon the balance of such account. Summary remedy. If he fails to render such account, or to deliver all such vouchers and receipts in his possession or power, or to pay the balance thereof when required, or if for three days after being required he fails to deliver to the Bank or its agent all property in his possession or power, then, upon a complaint made as for a breach of duty, a court of petty sessions may hear and determine the matter in a summary way, and may adjust and declare the balance owing by such officer, and make such other orders as appear to the court to be just. If it appears, either upon his confession or upon evidence or upon inspection of the account, that any moneys which should be paid over to the Bank are in his hands or owing by him, such court may order him to pay the same. If he refuses to make such account in writing, or to produce and deliver to such court the vouchers and receipts relating thereto, or to deliver up any property, the court may commit him to prison, there to remain until he has complied with such order. rnsolvency, &c., of officer. (3.) If any officer or agent having in his possession or power any property as herein defined- (a) Becomes insolvent; or (b) Makes an assignment for the benefit of his creditors; or (c) Has any execution, attachment, or other process issued against his land, goods, chattels, or effects, the Bank may apply to such officer or agent, or his assignee or trustee, or to the sheriff or other person executing such process, or to his executors or administrators, or to any other person having legal right, as the case may be, and may demand that all such property be paid over or delivered up to the Bank or such person as he may appoint. The party so applied to and having the same shall on such demand deliver over to the Bank, or to such person as aforesaid,

BANKS. Sch. rr. 4-7. 10461 1923. Agricnltural Bank Act. all such property, and shall payout of the estate, assets, or effects of such officer or agent all moneys due by him to the Bank before any other of the debts of the said officer or agent are paid 01' satisfied, and before the money directed to be levied by such process as aforesaid is paid over to the party issuing the same. All assets, land, goods, chattels, estate, and effects of such employee or agent shall be bound to the payment and discharge thereof accordingly. (4.) If the Bank or its agent makes oath that it or he has When good reason to believe, upon grounds to be stated in its or his ~arrant may deposition, and does believe, that it is the intention of any officer Issue. or agent to abscond or that he has absconded, any justice of the peace may, if he thinks fit, issue a warrant in the first instance for the bringing of such officer or agent before such court as aforesaid. (5.) For the purposes of this section, the term "Property" Meaning of includes any building or any part thereof or any appurtenance" Property." thereof, or any books, papers, securities, documents, or property whatsoever relating to the execution of this Act or the business of the Bank or belonging to the Bank. (6.) No such proceeding against or dealing with any such Suretiesr,ot officer or agent shall deprive the Bank of any remedy which it t'? he might otherwise have against such officer or agent or any surety. dIscharged. 4. Any person who- (1) Directly or indirectly takes any fee or reward from any Person applicant for an advance under this Act. taking fee or (2)- reward. (a) Having any pecuniary interest in any property Acting when tendered as security for an advance under this Act; interested. or (b) Being a partner of the applicant for an advance, acts as valuer, inspector, agent, or adviser to the Bank in connection with such property or advance; (3) In respect of any advance or application for any Bribing advance, bribes· or attempts to bribe or corruptly officer. influence any person appointed or acting under this Act; shall be liable to a penalty of not less than fifty pounds nor more than two hundred pounds, and, if an officer, shall also be dismissed from his office. 5. Any company in which any works are for the time being Tramways vested may, with the approval of the Governor in Council, con- &0. • struct, lay down, maintain, and work any tramway upon any road or land, and may use thereon any locomotives and rolling-stock drawn or propelled by animal, steam, or other motive power. 6. The Bank may, out of the net profits earned during any Reserve year, set apart or invest or otherwise deal with such sum as it fund. thinks proper towards a reserve fund, for meeting losses and depreciation, and for such other purposes as it deems necessary. 7. The accounts of the Bank shall be audited annually, at Audit of the close of each financial year, by the Auditor-General or an accounts. officer of his department, and shall be so audited at such other times as the Auditor-General thinks fit.

10462 Sch. rr. 8-14. BANKS. Agr'icultural Bank Act. 14 GEO. V. No. 41, Protection of 8. No matter or thing done and no agreement entered into Bank by the Bank or any officer or other person on its behalf or under and its direction shall, if the matter or thing was done or the agreement ; :~ oyees was entered into bona fide for the purposes of this Act, subject the personal Bank or any such person to any personal liability in respect thereof. liability. Notice of 9. An action shall not be brought against the Bank or any action. officer or other person for anything done or intended or omitted to be done under this Act, until the expiration of one month after notice in writing has been served on the Bank or person to be sued, clearly stating the cause of action and the name and place of abode of the intended plaintiff and of his solicitor or agent. On the trial of any such action the plaintiff shall not be permitted to go into evidence of any cause of action which is not stated in the notice so served. Unless such notice is proved, the Court shall find for the defendant. Every such action shall be commenced within six months next after the accruing of the cause of action, and not afterwards. Any person to whom any such notice of action is given may tender amends to the plaintiff, his solicitor or agent, at any time within one month after service of the notice, and in case the same is not accepted may plead such tender. Evidence of 10. A copy of the Gazette purporting to contain any notice Gazette. or Order in Council given or made under this Act shall be conclusive evidence of all the facts therein stated. Recovery of 11,1. All penalties imposed by or under this Act may he penalties. recovered in a summary way upon complaint under *" The Justices Acts, 1886 to 1909," and when so recovered shall be paid into the Fund. Advance to 12. The amount of every advance under this Act shall he be deemed a deemed to be a loan by the Bank to the borrower for the term fixed plpoeraernisocfdroibraetu oufndinetreroerstpuprasyuaabnlet tsohatlhlisbeAtchte, arantde sphearllcbeenaturmintpeerresat. nnuTmhefirxaetde prescribed by the Bank when the application for the advance is approved rate of by it. interest. Advances by 13. (1.) An advance under this Act may be made at the lump sum or discretion of the Bank in a lump sum or by instalments. instalments. . Prickly-pear (2.) In the case of an advance being made for the purpose arlvance. of freeing land from prickly-pear, the Bank shall retain such proportion of the advance as it thinks proper, not exceeding one- half part thereof, for such period as the Bank thinks proper, in order to secure the effective and permanent freeing of the land from prickly-pear. Term of advance, when to begin. 14. The term of every advance under this Act shall, save as next hereinafter provided, begin from the first day of July or first day of January next succeeding the date of payment of the advance: Provided that upon approving of an advance the Bank may fix a period, to expire on the thirty-first day of December or " 50 Vic. No. 17 and AmEonding Acts, supra, page 1132.

BANKS. Sch. rr. 15-18. 10463 1923. Agric1lltural Bank Act. thirtieth day of June as the Bank may determine, not exceeding the period prescribed with respect to each class of advance during which no part of the principal money of the advance shall be repayable; but such principal money (as and when advanced and whether advanced in a lump sum or by instalments) shall neverthe- less bear interest at the prescribed rate, which shall be payable half-yearly at the prescribed times duriilg such period. In every such case the term of the advance shall begin on the first day of January or first day of July, as the case may be, next ensuing on the date of the expiration of the aforesaid period during which interest only is payable: Provided further that if in the period during which interest only is payable the borrower has at intervals obtained several advances from the Bank, the period during which interest only is payable on alI such advances shall not, unless the Bank otherwise allows, extend beyond the period fixed in respect of the first of sneh advances. 15. (1.) Interest shall in all cases be payable by the borrower Interest, to the Bank on the thirty-first day of December and the thirtieth whenbl day of June in each year. paya e. (2.) Interest shall begin to run from the date of payment of the advance, if paid in a lump sum, or from the date of the payment of each instalment of the advance if paid in instalments. '1'he first payment of interest in every case shall be made on the next succeeding thirty-first day of December or thirtieth day of June and thereafter shall be paid half-yearly as aforesaid. 16. Where any advance has been approved, the Bank may at Cancellation any time before the whole of such advance has been paid to the of approved successful applicant, if ip the discretion of the Bank the circum- : , . ~ : t~ C~ r in stances warrant such actlOn- part. (i.) If no portion of such advance has been paid to the successful applicant, cancel such advance; (ii.) If any portion of such advance has been paid to the successful applicant, cancel the balance of the advance then remaining unpaid. Upon such cancellation the portion of the advance last paid shall be deemed to be the final instalment of the advance. 17. If at any time the Bank is satisfied that any money When advanced by instalments has not been applied for the purpose for Bank which it was advanced or has been expended in a careless or wasteful m~hh Id manner, the Bank may refuse to pay any further instalment of ;~ ym~ nts. the proposed advance, and may at once call in the whole amount already advanced, whereupon the borrower shall forthwith repay the same, and in default the Bank shall have the same remedies for the recovery of the same as are provided by this Act for the recovery of sums payable by the borrower. 18. During the term of an advance under this Act (exclusive Repaymetlt of the period, if any, allowed during which interest only is payable) or advanc}, the amount of such advance, with interest at the prescribed rate, shall be liquidated by the payment by the borrower to the Bank on the thirty-first day of December and thirtieth day of June

10464 ~ ch. rr. 19-21. BANKS. Agricu.ltnral Bank Act. 14 GEO. V. No. 41, respectively in every year of such sum as will permit of the repay- ment of the total sum advanced (whether in one sum or in several sums), together with interest as aforesaid, within the prescribed term, and such sum shall continue to be payable until such total amount advanced with interest accruing thereon has been so paid. Prepayment 19. The unpaid balance of any advance under this Act may at of unpaid the option of the borrower be r-epaid at any time sooner or in larger balance of instalments than is herein provided, so as to shorten the term of advance. repayment of the advance, but payment of any such larger instal- ments shall not, unless the Bank otherwise determines, affect the calculation of the amount of the instalment payable. Additional 20. Any additional advances made to a borrower under the advances same section of this Act shall, unless the Bank otherwise determines, ampdraidnyecdbipetaol of tbhee aodrdigedinatol aadnvdanbceec, oamned pbaeratr oifnttehreestthaetn- tohuet· sstaamndeinrgateb;alaanndcethoef loan. amounts of the half-yearly instalments payable to the Bank under this Act shall be proportionately increased so that the whole of the advances, with interest as aforesaid, shall be repaid within the prescribed term. Floating charge, &c. 21. Without prejudice to and in addition to any other pro- visions of this Act or any remedies thereby provided, if a company is a borrower- (i.) The company may give by way of further security for an advance a floating charge, or charge on its uncalled capital. Repayment a first charge on profits of company. Half-yearly examination of books and accounte of debtor company. (ii.) The payment of the instalments on advances shall be a first charge on the profits of the company. (iii.) Until the whole of the moneys advanced under this A.ct or any other Act have been repaid, the Auditor-General shall once at least in every year make an examination of the books and accounts of the company, and report thereon to the Bank. The company shall supply to him such books and documents as he may require for the purpose of such examination. Yearly statement of arrears to be published. Power to enforce the payment of arrears. (iv.) In the month of October in every year, the Bank shall cause to be published in the Gazette a statement showing, with respect to every such company, the amount of money which is then overdue and in arrear, and also the total of the principal sum then remaining unpaid. If thereafter on the thirty-first day of December any part of such money so overdue and in arrear remains unpaid, the Bank may, by notification in the Gazette, appoint a receiver to collect on its behalf and to pay to it all or any moneys from time to time due and owing to such company to the amount stated in such notification. The Bank may from time to time make all such orders and give all such directions with respect to the powers and duties of such receiver and the management

BANKS. Sch. rr. 22-25. 10465 1923. Agric1tlt1tral Bank Act. by him of the business of the company as the Bank thinks proper, and judicial notice shall be taken of all such orders and directions. Such receiver shall, from the date stated in such notification, be the only person legally entitled to receive and have in possession the revenues and pro- perty of such company, and shall be deemed to that extent and for that purpose to be a public accountant within the meaning of *', The A 1ldit Act of 1874" or any Act amending or in substitution for that Act. 22. Notwithstanding anything in any other Act contained or First jmplied- mortgagee (i.) ~ f anJ: land intende~ ~o be mortgaged to the Bank ~ ~ ! r{ trego . IS subJect to any eXlstmg mortgage or encumbrance, p y. and the existing mortgagee or encumbrancee, by writing indorsed on the instrument evidencing the same, consents to such intended mortgage to the Bank taking priority over such existing mortgage or encumbrance, such intended mortgage to the Bank shall, when executed, and without any release or re-execution of the existing mortgage or encumbrance, take priority over the same, and particulars of such priority shall be noted in the proper register. (ii.) If any land is already subject to a mortgage to the Bank and also to a subsequent mortgage or encum- brance other than to the Bank, and such subsequent mortgagee or encurbrancee, by writing indorsed on the instrument evidencing the same, consents to further advances being made by the Bank and to such further advances taking priority over the moneys secured by such subsequent mortgage or encumbrance, such further advances, when made, shall take priority over any sum or sums secured by such subsequent mortgage or encum- brance, and particulars of such priority shall be noted in the proper register. 23. Liens on crops and liens on wool may be given to the Spec~ a! Borantok girnowon I . e II daoncyuomneentorinmorerespyeecat rsoftothseeccurroepanoyr aw d ovoalncgeromwain d ge a pr s ' t o o vl h s~ e o n n s s . or to be made by the Bank to the lienor, and every such lien so given may he enforced from time to time as occasion may require against the crop or wool, as the case may be, grown in any particular year covered by the lien. 24. By way of further security for an advance the borrower Assignment may assign to the Bank the whole or any part of any moneys of moneys due or to become due to the borrower as payment for primary due to produce, or resultant products of the same, by any body or person. borrower. 25. Notwithstanding anything in this or any other Act con- Provision as tained- to Crown (i.) In the case of an advance on the security of a mortgage tenure. of land held under any form of lease tenure from the .. 38 Vie. No. 12, supra, page 74.

10466 8ch. r. 25. BANKS. Agricnltnral Bank Act. 14 GEO. V. No. 41, -- -~- -~- -- - - - - - - - - - - - - - - - - - - - - Crown, the condition hereunder set forth shall be deemed to be a condition of the instrument of mortgage:- "In the event of the determination of the tenancy of the land for any reason other than by effiuxion of time, the whole amount of the advance, with interest at the prescribed rate, then remaining unpaid shall forthwith, without any demand or any legal process whatsoever, be and become repayable; and, notwith- standing anything contained in *" The Land Act of ] 910" or any Act amending or in substitution for that Act, the Bank shall have a first charge against any improvements then on the land, or the value thereof, if paid by an incoming lessee, for the purpose of liquidating the amount then remaining unpaid. (ii.) Where the Bank is the mortgagee of a license or lease of land held under any form of lease tenure from the Crown, and such license or lease is forfeited with the consent of the Bank before the moneys secured by such mortgage have been paid to or recovered by the Bank, the land included in such license or lease may, if the Secretary for Public Lands thinks proper, be opened to selection with priority to a person approved by the Bank. (iii.) A mortgage to the Bank, or a transfer subject to a mortgage to the Bank, of any land held under any tenure from the Crown may be registered by the proper officer, notwithstanding that any rent or other money payable to the Crown in respect of such land is due and in arrear. (iv.) In every case where an advance has been made upon the security of a mortgage of a holding the freehold whereof may be acquired from the Crown- Ca) Section one hundred and sixty of *The Land Act of 1910, " or any enactment amending the same or in substitution therefor, shall apply. All costs and expenses occasioned in giving effect to this provision shall be borne by the mortgagor, and may, if the Bank thinks fit, be added to and become part of the mortgage debt. (b) The Bank may, at any time, acquire the freehold of the holding in the name and on behalf of the mort- gagor or his successor in interest, and for that purpose may make all such payments to the Crown as are necessary. All payments so made by the Bank shall be added to and become part of the mortgage debt, notwithstanding that the amount of the advance is thereby increased to more than the amount prescribed under this Act. • 1 Geo. V. No. 15, 8Upra, page 8775.

BANKS. Sch. rr. 26, 27. 10467 1923. Agricultural Bank Act. _ --- .. - - --- _-------- -- - ---- - -- - The deed of grant of the land shall be delivered to the Bank, and thereupon the provisions of such paragraph (a) of this paragraph shall be observed. 26. Every borrower who has given a mortgage or other security Mortgagor to the Bank shall, during the continuance of the same, to the to effect satisfaction of the Bank or other person authorised in that behalf- : ~ :i: ~Y (a) Keep the land comprised in such mortgage or other security free from all noxious weeds and plants, particularly prickly-pear, china apple, noogoora burr, and bathurst burr; and (b) Keep in good and tenantable repair all structures, fences, fixtures, and improvements upon the land; and (c) Insure and keep insured all buildings upon the land; and (d) Pay all rates and taxes, and perform all the lawful requisitions of any local or other authority with respect to the land; and (e) Perform the conditions of any lease and observe the provisions of any Act under which the land is held. For the purposes of this section, "repair" includes painting. If after the expiration of two months' notice in writing by the Bank such borrower has not complied with the requirements of this section- (i.) The like consequences shall follow as are hereinafter provided in case of default made in the payment of any sum of money payable under this Act; or (ii.) The Bank or some person authorised in that behalf may comply with all such requirements and, if neces- sary for that purpose, enter upon the land, and the expense thereby incurred, with interest at a rate fixed by the Bank, shall be repaid to the Bank by the borrower on demand, and if not so paid the Bank may, at its option, either forthwith exercise the powers con- ferred upon it incase of default made in the payment of any sum of money, or add the amount of such expense and interest to the mortgage debt, whereupon the same shall be deemed to be part thereof. 27. As between the Bank and the owner or occupier for the Conditiolli! time being of any land, the following conditions shall be imposed armexed to so long as such land is subject to any mortgage or charge in respect lan~ while of any payment in favour of the Bank, namely:- , ! ~ ~~ ~ :e! ~ (i.) Such land or any part thereof shall not be transferred, subdivided, or let, or abandoned by such owner or occupier, or agreed to be so transferred, subdivided, or let, without the written consent of the Bank. The Bank may impose in respect of such consent any condition which it thinks fit, and unless and until such condition has been complied with the consent may be cancelled by the Bank; and the Bank may require that the transferee, lessee, or other person in possession of the land ·pursuant to any such consent shall comply with any such condition as though he were the original

10468 8ch. r. 28. BANKS. Agr'icultuml Bank Act. 14 GEO. V. No. 41, borrower, and may provide and pursue any remedies, whether cumulative, or, in the alternative, in the event of any default in such compliance by such transferee, lessee, or other person. Every such agreement shall, if required by the Bank, be produced for its inspection. Every agreement for transfer or letting contrary to this subsection shall be void and of no effect. If the owner or occupier transfers, subdivides, or lets such land or any part thereof, or agrees so to do, or abandons such land, in contravention of this subsection, the Bank may cause the land to be sold or leased. (ii.) If the owner or occupier lets or agrees to let the land or any part thereof with the written consent of the Bank, the Bank may, by not less than fourteen days' notice in writing to the lessee or tenant, determine the said letting or tenancy if the Bank, at any time during the currency of the said letting of tenancy, in exercise of the powers conferred upon the Bank in that behalf, enters upon and takes possession of the land or any part thereof then subject to such letting or tenancy. The provisions of *" The Agricnltnral Holdings Act of 1905" shall not apply, so far as relates to the Bank, to any letting Or tenancy determined by the Bank in manner aforesaid. (iii.) When the title to the land is divested from the owner or occupier, under any law relating to insolvency, the Bank may cause the land to be sold or leased. (iv.) When on the death of the owner or occupier the land would by reason of any demise, bequest, intestacy, or otherwise become subdivided, the Bank may require the land to be sold within twelve months after the death of the owner or occupier to some one person, and if default is made in selling the same the Bank may cause the same to be sold or leased. (v.) No stock mortgage, bill of sale, lien, or charge over any stock, machinery, implements, wool, crops, goods, chattels, or effects, shall be given by such owner or occupier without the written consent of the Bank. Every agreement, contract, instrument, or writing made or entered into contrary to this subsection shall be void and of no effect. The provisions of this Act as to sale and the application of the proceeds of sale and leasing in lieu of sale shall apply to every sale or lease made under this seetion. Transfer of 28. (1.) Where the consent of the Bank is sought to the land. transfer of any land, the Bank may require as a condition to its consent that the transferee shall enter into and execute, in favour *' 5 Edw. VII. No. 11, 8upra, page 1736.

BANKS. 8ch. r. 29. 10469 1923. Agricultural Bank Act. <If the Bank, such mortgage, bonds, covenants, and other instru- ments and securities as will effectually secure the payment by the transferee of the amount then outstanding of all sums of money, with the prescribed interest, advanced to the transferor, and upon the entering into and execution of the same the transferee shall be equaUy bound thereby as if the advance made to the transferor had been made to the transferee in the first instance. (2.) Where the consent of the Bank is sought to the letting Letting of <If any land, the Bank may require as a condition to its consent land. that the lessee shall pay all or any specified part of the rents and profits of the land. 29. (1.) Without prejudice to any other right or remedy of Remedi'.Js the Rank- of the (i.) If default is made by the borrower in the payment Bank. of any sum payable to the Bank, or if the borrower commits any breach of any covenant or condition to be observed by him or it under any mortgage or under this Act, the whole of the debt then remaining unpaid shall forthwith become due and payable, and shall be recover- able, with interest at the prescribed rate, by the Bank accordingly. (ii.) If default is made by the borrower in the payment of any sum of money payable to the Bank, then, although no legal demand has been made for the payment thereof, the Bank may enter upon and take possession (for that purpose using such force as may be necessary to eject any occupant) and sell the whole or any part of the land with respect to which the advance has been made, with all improvements thereon (or, as deemed expedient, all or any of such improvements apart from the land, and authorise the removal of the same when sold, and with or without a subsequent sale of the whole or any part of the land) either (subject as next hereinafter provided) by private sale or public auction, and subject to such terms and conditions of sale as it thinks expedient, and after such notice of the time, place, terms, and conditions of sale as it thinks expedient, with power to give time for payment of purchase money, or to allow the purchase money to remain on mortgage at the risk of the borrower, and to vary or rescind any contract for sale, and to buy in at any auction, and to resell without being answerable for any loss, and the Bank may transfer or convey such land to the purchaser, and give a valid title thereto: Provided, nevertheless, that, before any land is sold by private sale under this paragraph (ii.), it shall first be offered at public auction, due notice of which shall be publicly advertised, as prescribed, in the locality where such land is situated: Provided further that the provisions of this para- graph (ii.) shall not take effect if the borrower, within ninety days from the date when the said sum became payable, pays the same with the addition of a sum by

10470 Sch. r. 30. BANKS. Agricultural Bank Act. 14 Geo. V No.41, 1923. way of penalty calculated as follows, that is to say:-If the sum is paid within sixty days, two and a-half pounds per centum is to be added; and if the sum is paid after sixty days, five pounds per centum is to be added; but unless the whole of the sum together with such penalty is paid within the said ninety days, the provisions of this paragraph (ii.) shall have full force and effect, and the penalties herein provided shall be payable as part of the sum due to the Bank. 6ccupation e 2.) After the Bank has taken possession of any land under rent. this section, any occupant who is permitted by it to be or remain in occupation thereof shall pay to the Bank such occupation rent as the Bank may fix. In event of e 3.) As an additional remedy and power, and without modifi- nlaonpdutrochaser, cation or abatement of the provisions of any other enactment of this vest in Act, whenever land authorised to be sold by the Bank under Bank. this Act is offered for sale by public auction and the amount of the highest bidding at such sale is not sufficient to satisfy the moneys due to the Bank, together with the costs and expenses of and occasioned by such attempted sale, or there is no bid, the Bank shall advertise the land for private sale in at least one news- paper circulating in the district where such land is situated, 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 lan~ shall vest in the Bank, together with all improvements thereon, unless in the interval a sufficient amount has been obtained by the sale of such land to satisfy the moneys due to the Bank and all costs and expenses of and occasioned by such sale and proceedings, and thereupon if such amount has not been so obtained the land shall vest in the Bank for the whole estate of the borrower, free from any encumbrance. Application (4.) The Bank shall apply the proceeds derived from \'lale o o f f sparoleceed" under this section 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 Bank, or of so much "thereof as remains unpaid, and of all expenses incurred by the Bank in relation to such sale or otherwise with respect to such land, and shall pay the balance. (if any) to the person appearing to the Bank to be entitled to receive the same. Limited liability. (5.) As against mortgagors, the Bank shall not be responsible for involuntary losses or the default of agents or auctioneers. Mortgages d miners' homesteads. 30. In case of a mortgage to the Bank of a miner's homestead- e i.) The Bank, on exercising its powers under this Act,. may retain possession for any period in its discretion; (ii.) It shall not be necessary to furnish the proof required by section eighty-five of *" The Mining Act of 1898," so long as the rent has been paid for a period of not less than thirty years; e iii.) Section ninety-eight of 'IF" The 1'J11 ining Act of 1898" shall not apply. .. 62 Vie. No. 24, supra, page 2178.

Sch. rr. 31, 32. BANKS. ss. 1, 2. 10471 -- - - - - - - - - - - - - -- ~ ~ ~ ~ ~ . ~ - ~ - - - - - 14 GEO. V. No. 43, 1923. Private Saving8 Banks Act. - - - - - - ~ ------- - - ~ - - - ~ - - - - - - - - - - 31. Whenever under this Act power is conferred upon. the rowe~ tj. Bank to cause any land to be sold, the Bank may, if it thinks fit, oet: :rii~g:eu from time to time previous to exercising such power of sale, lease &c. such land or any part thereof for any term not exceeding thirty years: Provided that, upon the determination of any such lease and before any new lease or renewal of lease is granted, the Bank shall offer to sell the land at public auction as hereinbefore prescribed. Every such lease shall contain a covenant to pay such rent and observe such conditions as the Bank in each case thinks fit. The rents and profits from time to time derived from any such lease shall be applied- (a) In payment of the costs and expenses from time to time incurred in connection with the lease; (b) In payment of the instalments and other payments (if any) due under this Act; (c) In payment of the balance (if any) to the borrower. 32~ (1.) In addition to any other remedy provided by this Act Money due for the recovery of any sum of money payable under any provision of ?y borrower this Act to the Bank by a borrower, it is hereby declared that ~ a debt to every such sum shall be and remain until payment a debt .due by rown. the borrower to the Crown, and shall be recoverable, with interest, by the Bank accordingly. (2.) The provisions of this Act for securing to the Bank BAlmedies of the repayment to it of all advances shall be in addition to any other Crown . remedy which the Bank has against the borrower as a creditor, ',nmubtIve. -and the Bank may enforce any such remedy. .An Act to make Provision for the Regulation of 14N G o. eo 4 . 3. V. Savings Bank Business carried on in Queens- THE PRIVATE land by Private Persons. SAVINGS BANKS ACT OF 1923. [ASSENTED TO 23RD NOVEMBER, 1923.] B E it enacted by the King's Most Excellent Majesty, _ by and with the advice and consent of the Legis- lative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- 1. This Act may be cited as "The Private Savings Short title Banks Act of 1923," and shall come into operation on and a day to be proclaimed in that behalf, which day is : : ~ ~ ~ C1~ t. herein referred to as the commencement of this Act. 2. This Act shall not apply to any Savings Bank Restriction Branch of the Commonwealth Bank of Australia or to on .any m . s t 1 't u t' IOn common 1 y k . nown as a " PennSy av'mgs o ap f p A li c c t a . tion Bank," and the Governor in Council may by Order in