Australian Mutual Provident Society's Acts Amendment Act of 1903 (NSW)

An Act to extend the powers for the investment of the funds of the Australian Mutual Provi­ dent Society by authorising the expenditure and investment of such funds as to the board of directors may seem fit, subject, however, to the by-laws for the time being of the said society in any one or more of the modes thereinafter specified. [3rd October, 1903.]

Principal A c t : And whereas a further Act was passed in the thirty-seventh year of the reign of Her said Majesty, intituled the	Austra l ian
the Austral ian Mutual Provident Society, hereinafter called the	WH E R E A S an Act was passed in the twentieth year of the reign	of Her Majesty Queen Victoria, inti tuled an Act to incorporate

Austral ian Mutua l Provident Society 's Act Amendment A c t : And whereas a further Act was passed in the fifty-first year of the reign of Her said Majesty, and by the said Act it was enacted that the now recited Act should be read and construed as if it had been incorporated with and had formed part of the previously recited Acts, and should be intituled the Australian Mutua l Provident Society's Acts Amendment Act of 1888 : And whereas it is expedient further to extend the powers of investment of the Society's funds in any one or more of the following modes, namely—In repairing, adding to, building upon, or otherwise improving the properties, the equities of redemption in which leave been acquired by foreclosure or otherwise, and in the purchase of or advances

upon such bonds, debentures, mortgages, or other securities of such
companies, corporations, municipalit ies, public commissioners, trusts, or other public bodies, and Government securities as are hereinafter specified ; but the members of the said Society are unable to do so except by sanction of the Legis la ture : Be it therefore enacted by the King 's Most Excellent Majesty, by and with the advice and consent of the Legislat ive Council and Legislat ive Assembly of the State of New South Wales, in the Commonwealth of Austral ia, in Parl iament assembled, and by the authority of the same, as follows :—-
1. The powers given by the eleventh section of the Principal Act for the investment of the Society's funds, and by the first section of the Austral ian Mutua l Provident Society's Amendment Act of 187''3, and by the first section of the Austral ian Mutua l Provident Society's Acts Amendment Act of 1888, shall be and the same are hereby extended to authorise the expenditure and investment of such funds as to the board of directors may seem fit, subject, however, to the by-laws for the time being of the said Society in any one or more of th(! following modes, that is to say—

(1) in repairing, adding to, building upon, or otherwise improving
the properties, the equities of redemption in which have been

or hereafter may be acquired by foreclosure, or in any other

manner ;

(2) in the purchase of or advances upon—

(a) bonds, debentures, mortgages, or other securities of any company or corporation registered under or incorporated by any Act of the Parliament of the United Kingdom, or of the Commonwealth of Australia, or of any State thereof, or of the Colony of New Zealand: Provided that such securities be a first and fixed charge over the whole of the real and leasehold property and the uncalled capital (if

any) of such company or corporation, and a first fixed or

floating charge over the remaining assets of such company
or corporation ;

(b)

(b) bonds, debentures, mortgages, or other securities of any municipal i ty, public commissioners or trust, or other public body, secured upon any undertakings or works, or

upon the rates, tolls, dues, or revenues raisable, leviable, or

obtainable therefrom : Provided that such undertakings or works, and any such bonds, debentures, mortgages, or
other securities issued, raised, or to be given in connection

therewith have been duly authorised under or by virtue of any Act of the Parl iament of the United Kingdom, or of any Colony or State of the British Empire, or any Act of the Commonwealth of Austra l ia ;

(c) Government securities of the Commonwealth of Australia, or

of any Colony, State, or possession of the Brit ish Empire.

2. This Act shall be read and construed as if it had been incorporated with and had formed part of the said Acts, and shall be int i tuled the "Aus t ra l i an Mutua l Provident Society's Acts Amendment Act of 1903."