Babinda Sugar Works Act of 1924 (15 Geo v No. 29) (Qld)

SUGAR WORKS. 15 GEO. V. No. 29, 1924. Babinda Sugar Work8 Act. -,·!.ny sU,blease, subdivision. transfer, or mortgage made in contravention of this Regulation shall be null and void, and upon any such sublease, subdivision, transfer, or mortgage, or attempted sublease, subdivision, transfer, or mortgage, the lease may, in the discretion of the Minister, be forfeited. SUGAR WORKERS' PERPETUAL LEASE SELECTIONS. 9. '1'he provisiom; of *" 1'71 e Sugar W orhers' Perpetual Lease Selections Act of 1923," and so much of these Regulations as are applicable, shall apply to the opening of land under these Regula- tions as sugar workers' perpetual lease selections and to such selections selected, acquired, or held under these Regulations. 10. All rents and survey fees received under these Regula- tions shall be paid into the Treasury in such manner as the Governor in Council may direct. 11. For the purposes of making valuations under section 218 of t" The Local A ldhorities Acts, 1902 to 1923," land held under lease or license under these Regulations shall be deemed to be held under lease or license from the Crown under the laws relating to the occupation and nse of Crown lands. 11219 An Act to Authorise the Transfer of the Babinda Sugar Works from the Corporation of the Treasurer to a Company or Association, and for other consequential purposes. [ASSENTED TO 30TH OCTOBER, 1924.] 15 Geo. V. No. 29. THE BABINDA SUGAR WORKS ACT OF 1924. 7 ""1-:\ HEREAS under and pursuant to the provisions of Preamble l'l t" The Sugar Works Act of 1911" the Babinda Sugar Works Area was duly created, and the Babinda Sugar Works (hereinafter referred to as "the sugar works") were constructed and became and stm are vested in the Corporation as defined by the said Act (hereinafter referred to as "the Corporation"), and the sugar works since construction and the business thereof have been maintained, worked, managed, and controlled by the Corporation: And whereas provision is by the said Act made for the ultimate transfer to a company of all the nght, title, and inte:fe'~ t, 01 the CorporatIon in the sugar works: * 14 Geo. V. No20, supra, page 10629. t 2 Edw. VII. No. HI and amending Acts, supra, pages 1"860 et seq., 5653, 5918, 8304,9571. 10126, and 10661. t 2 Geo. V. No. 8, supra, page 5211.

11220 SC"GAR WORKS. ~ ~ ~ - - -- ~ ~ - ~ ~ - - Bubinda Sugar Works Act. 15GEo. V.No.29, And whereas a sum exceeding one-third part of the total amount of the capital cost of the sugar works has been repaid to the Treasurer by the Corporation: And whereas at a poll taken of the cane-suppliers to the sugar works not less than sixty-five per centum of the persons voting at such poll affirmed the desirable- ness of the transfer of the control of the sugar works by the Corporation, to a co-operative joint stock company formed and registered under *" The Oompanies Acts, 1863 to 1913" or to an association formed and registered under t" The Primary Producers' Oo-operative Associations Act of 1923," having a capital divided into shares and with limited liability: And whereas it is expedient that, upon the forma- tion and registration of such company or association having a constitution and articles or rules as prescribed and approved under and in pursuance of this Act, the sugar works and the business thereof should be trans- ferred by the Corporation to such company or association, subject to such conditions, covenants, stipulations, and reservations as are hereinafter prescribed, contained, or referred to, and that the Corporation should be em- powered to so transfer the same, notwithstanding any of the provisions of t" The Sugar Works Ac f of 1911 " : Be it therefore enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legislative Aesembly of Queensland in Parliament assembled, and by the authority of the same, as follows :- Short title. 1. This Act may be cited as " The Babinda Sugar Works Act of 1924." Commence. 2. This Act shall be deemed to have come into ment of Act. force and taken effect on the first day of July, one thousand nine hundred and twenty-four, which date is herein referred to as the commencement of this Act. Interpreta. 3. In this Act, unless the context otherwise tion. requires, the following terms have the meanings set against them respectively, that is to say:- Association. "Association"-A primary producers' co-opera- tive association registered under t" lIhe Primary Prod'ncers' Oo-operative Associations Act of 1923 " in connection with the Babinda Sugar Works; * 27 Vie. No. 4 and amending Acts, supra, pages 186 et seq. and 5829. t 14 Oeo. V. No. 45, 8upra, page 10776. t 2 Geo. V. No. 8, 8upra, page 5211.

SUGAR WORKS. 11221 .. 1924. Babinda Sugar Warks Act. " Company"-A co-operative joint stock company Company. formed and registered under *" The Companies Acts, 1863 to 1913" in connection with the Babinda Sugar Works; " Corporation"--The Corporation of the Treasurer Corporation. of Queensland created by t" The Sugar lVorks G'llarantee Acts Amendment Act of 1908." 4. (1.) A company or association may be formed and ComQaIl:Y or rea b 'istered for the Babinda Sug ~ ar Works to be purchased atoSSobCeIaftoIOrmned under this Act, with a capital of an amount and dividedan~ into· shares of a value approved by the Governor in regIstered. Council. (2.) The memorandum and articles of association or rules shall contain such provisions as the Governor in Council shall prescribe and approve; and it shall not be competent for the company or association to rescind, alter, or add to any of such provisions of such memorandum or articles or rules unless or until such rescission, alteration, or addition has been approved by the Governor in Council. (3.) A certificate under the seal of the Corporation shall be conclusive evidence of any approval granted under this section. (4.) As soon as may be after the formation and registration of such company or association, the Corporation shall, by a certificate published in the Gazette, decl8Jre in respect of each and every person who has supplied cane to the sugar works prior to the thirty-first day of May, one thousand nine hundred and twenty-four, the amount of the cane credit of such person as provided by t" The Sugar W orks Act of 1911," and fully paid-up shares in such company or association shall accordingly be allotted to each such person in respect of his cane credit to the extent and subject to the conditions prescribed by the articles of association or rules of such company or association. 5. When the Governor in Council is satisfied that Transfer of a company or association has been formed and duly sugar works. registered as hereinbefore provided, he may direct and empower the Corporation to transfer and the Corporation shall transfer to the company or association all the right, title, and interest of the Corporation in the sugar works. * 27 Vie. No. 4 and amending Acts, supra, pages 186 et seq. and 5829. t 8 Edw. VII. No. 10, supra, page 3423. t 2 Geo. V. No. 8, supra, page 5211.

11222 SUGAR WORKS. Babinda Sngal" W01'ks Act. ]5 GEO. V. No. 29, • The purchase money payable by the company or association in respect of the sugar works shall be the amount of the capital cost thereof outstanding on the first day of July, one thousand nine hundred and twenty- four. Upon the execution of such transfer, the sugar works shaH be divested from the Corporation and shall vest in the company or association, and by virtue of this Act all the liabilities and obligations of the Corporation in respect of or anywise in relation to the sugar works shall be borne and discharged by the company or association: Provided that until such transfer has been com- pleted the Corporation shall have full power under this Act to continue to manage and carry on the sugar works and the business thereof. bo Purchase 6. (1.) The purchase money in respect of the sugar : ~ : : dt~ works, outstanding on the transfer thereof to the com- loan. pany or association, shall be deemed to be a loan by the Treasurer to the company or association, and shall bear interest at the rate of four pounds per centum per annum. Pavment the~eof. (2.) The amount of such purchase money, witll interest as aforesaid, shall be liquidated by the payment by the company or association to the Treasurer, on the thirty-first day of December in every year, of the sum of thirty thousand two hundred and eighty-six pounds four shillings and sixpence, and such sums shall continue to be payable until the said purchase money, with interest accruing thereon, has been so paid. Acceleration (3. ) Notwithstanding anything in this Act contained, ooff lpoaaynm. ents the Treasurer may from time to time permit the company or association to payoff the whole or any portion of the loan at any tjme before it is due; and the company or association may apply any surplus profits for this purpose. Repayments (4.) The payment of the aforesaid instalments shall oanfiprsrot fcihtsa. rge beafri st ch arge on t h e profits of the sugar work s. Mortgage. 7. The company or association shall execute or cause to be executed in the name and to the satisfaction of the Treasurer a first mortgage and charge over the sugar works for the full amount owing by the company or association to the Treasurer, and containing such covenants, conditions, stipulations, and remedies as the Governor in Council may prescribe and approve.

]924. SLJGAR WORKS. Babincla Sugo r HT 011.8' Act. 11223 8. During the period of the indebtedness of the company or association to the Treasurer- (i.) The company or association shall carry on Company to lighting contracts and other contracts which un? -et~· take a t th. e tI·me 0 f trans f er were bel. D.g Carrl.ed ceXoInStrmacgts. on by the Corporation: Provided that the charges in respect of any of such contracts shall not be varied without the written consent of the Treasurer; (ii.) The company or association shall insure and Insurance. keep insured with the State Government Insurance Office, in the name and for the benefit of the Treasurer, such of its assets and in such amount as the Treasurer may direct; The Treasurer, in the event of the failure of the company or association to comply with his direction. may effect such insurance and from time to time recover the premium thereon from the company or association; (iii.) The company or association shall at aU times Du~ y as to exercise due care of the B;ssets of the sugar : ~ ~~ ten­ works, and shall maintain the sugar works in an efficient manner and to the satisfaction of the Treasurer; (iv.) Any officer or officers authorised in that behalf Inspection, by the Treasurer shall at all reasonable times &c. be permitted to enter the sugar works for inspection purposes, and shall be given access to the books of the company or association, and genera~ ly afforded every facility for inspecting the assets; (v. ) The company or association shall, when required ~ :) uty to jSive by the Treasurer, furnish the Treasurer with InformatIOn. such information respecting costs and par- ticulars of manufacture or with such other information in relation to the sugar works as the Treasurer may require; (vi.) The Treasurer may from time to time appoint Audit and some person or persons holding a certificate accounts. of competency or some officer or officers of the Department of the Auditor-General to be the auditor or auditors of the company or association, and the company or association j

11224 SUGAR 'VORKS. - --------- -- - - - - ------ -- - - - - - - - - - - - - - - - - - - Babinda Sugar Works Act. 15 GEO. V. No. 29, ]924. Special audit. Accounts. Provision for depreciation. shall pay such auditor or auditors such remuneration as the Auditor-General may determine; (vii.) The Treasurer may, at any time, appoint a special auditor or auditors to examine and report upon the accounts of the sugar works for any period fixed by the Treasurer. The cost and expenses of every such speci al audit, including the remuneration of the special auditor, shall be paid by the company or association ; (viii.) The company or association shall keep such books of account and in such form as the Auditor-General may prescribe; (ix.) The company or association shall in each year make such provision for depreciation of the assets of the sugar works as the Auditor- General may prescribe. Further remedy on default. 9. If any default whatsoever is made by the company or association in the payment of any moneys made payable under this Act or in the observance of any provision, covenant, condition, or stipulation contained in any mortgage or charge or other security in favour of the Treasurer under or pursuant to this Act, it shall be lawful for the Treasurer to enter into possession of the sugar wor.ks and of all land mortgaged to him, and to manage and conduct the same, and to appoint all necessary managers and servants in manner provided by *" The Sugar Works Act of 1922." Remedies of 10. The provisions of this Act for securing to the Crown Treasurer the payment to him of the loan made to the cumulative. company or association under this Act, and all other powers and authorities conferred on the Treasurer under or pursuant to this Act, shall be in addition to any other remedy which the Treasurer has against the company or association as a creditor, and he may enforce any such remedy. * 13 Geo. V. No. 30, supra, page lO201.