Co-ordination of Rural Advances and Agricultural Bank Acts Amendment Act of 1946 (10 Geo Vi No. 24) (Qld)

BANKING. 10 GEO. VI. No. 24, 1946. Go-ordination of Rural Advances, Etc., Act. 19 An Act to Amend "The Co-ordination of Rural lON~ ~ o24: I Advances and Agricultural Bank Acts, 1938co_ oB~ ~ ATloN t o 1945, '" I n cer t al . n pa rt' ICulars, and. c. lor ADOVFANRCUERSAALND AGBIOULTURAL other purposes. 1~ ~ ; ~ : ~ ACT OF 1946 [ASSENTED TO 30TH APRIL, 1946.J B E it enacted by the King's Most Excellent Majesty, by and with the advice and consenlt of the Legis- lati ve Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- 1. This Act may be cited as " The Co-ordination of Short title Rural Advances and Agricultural Bank Acts Amendment : ~ truction. Act of 1946," and shall be read as one with *" The Co-ordination of Rural Advances and Agricultural Bank Acts, 1938 to 1945," herein referred to as the Principal Act. The Principal Act and this Act may be collectively Collective cited as "The Co-ordination of Rural Advances and title. Agricultural Bank Acts, 1938 to 1946." 2. Section two of the Principal Act is amended Amendment by inserting therein, after the words " PART III.- of B. 2. ADVANCES UNDER CERTAIN OTHER ACTS," the words "PART IIIA-RE-ESTABLISHMENT LOANS." 3. Section thirteen of the Principal Act is amended Amendment by repealing the words "The Schedule" where such of s. 13. words twice appear and by inserting the word and figure "Schedule I" in lieu of such repealed words in each such case. The .said section thirteen is further amended by repealing the words "said Schedule" and by inserting the words and figure" said Schedule 1." in lieu thereof. 4. The following heading and section are inserted ii~ w Pat after section 17A of the Principal Act, namely : - s. 1~ : n " PART IIIA-RE-ESTABLISHMENT LOANS. inserted. [17B.] The agreement made on the seventeenth Approval of day of January, one thousand nine hundred and forty- ~ : : : nent six, in pursuance of subsection one of section ninety-eight Common- of the t Re-establishment and Employment Act1945 of the wealth Act. Commonwealth of Australia between the Director of * 14 G. 5No. 41 and amending Acts (consolidated), 1943 Sess. v., p. 163. t No. 11 of 1945 of the Commonwealth.

20 BANKING. Co-ordination of Ru,ral Advances, Etc., Act. 10 GEO. VI. No. 24, War Service Land Settlement Department of Post-war Reconstruction, a prescribed authority for the purposes of Divisions 3 and 4 of Part VI. of the said Act and the Bank (a copy whereof is set forth in Schedule H. to this Act) is hereby approved, adopted, authorised and ratified and the said agreement shall, while it continues to be binding upon the prescribed authority for the time being for the purposes of Divisions 3 and 4 of Part VI. of the said Art, have force and effect and be binding on the Bank." New 8. 17c inserted. 5. The following section is inserted after section 17B of the Principal Act as previously inserted by section four of this Act. "[17e.] (1.) On and from the seventeenth day of January, one thousand nine hundred and forty-six, the Bank is, and always was, authorised to- (i.) Make in the name of the Bank loans under and subject to the agreement referred to in section 17B of this Act; (ii.) Take, at its discretion, in the name of the Bank as security for the repayment of any such loan such one or more of the securities prescribed by section 29B of this Act as the Bank mayor did require; (iii.) Do and exercise all such other acts, matters and things as were or may be required to be done and exercised by the Bank under or for the purposes of the said agreement including any power or function under Division 3 of Part VI. of the * Re-establish- ment and Employment Act 1945 of the Commonwealth for the time being duly delegated to the Bank. (2.) The Bank shall have and may exercise with respect to any loan made by it on or after the seventeenth day of January, one thousand nine hundred and forty-six, under and subject to the agreement referred to in section 17B of this Act and to every security taken by it for the repayment of such loan, all of the powers, rights and remedies conferred upon it by this Act with respect to advances made under this Act and to securities taken by the Bank for the repayment of such advances, and all of the provisions of this Act shall apply and extend accordingly. * No. 11 of 1945 of the Commonwealth.

1946. BANKING. Co-ordination of Rural Advances, Etc., Act. 21 6. The Schedule to the Principal Act is renumbered Renumber- "Schedule 1." ing Schedule. 7. Clause fifteen of the Schedule of the Principal Amendment Act (renumbered Schedule I.) is amended as follows;- ~ : ~ ! d~ t of. (a) In subclause three the words "the fifteenth day" are repealed and the words" the twenty-eighth day" are inserted in lieu thereof. (b) In subclause four the words" fifteen days" are repealed and the words "twenty-eight days" are inserted in lieu thereof. 8. The followmg Schedule is added to the Principal Insertion of A C t ,name I y:- Schedule 11. "SCHEDULE n. THIS AGREEMENT made the seventeenth day of January, one thousand nine hundred and forty-six, in pursuance of subsectIOn (1) of section 98 of the Re-establishmentandEmploymentAct1945 of the Commonwealth of Australia BETWEEN THE DmECTOR OF WAR SERVICE LAND SETTLEMENT, Department of Post-War ReconstructIOn, a prescribed authority for the purposes of Divisions 3 and 4 of Part VI. of the said Act in respect of agricultural occupations, (hereinafter called "the prescribed authority") AND THE CORPORATION OF THE AGRICULTURAL BANK OF QUEENSLAND (hereinafter called "the Bank ") : WITNESSETH- 1. In this Agreement the expressions" agricultural occupation" and" eligible person" shall have the same meanings as are given to those expressions in section 91 (1) of the said Act. 2. Subject to the provisions of this Agreement the Bank agrees to perform the function of the prescribed authority under Division 3 of Part VI. of the said Act of making to any eligible person a loan to enable that person to engage in or resume an agricultural occupation in the State of Queensland. 3. The prescribed authority will from time to time advance to the Bank, free of interest, moneys for the purpose of making such loans. 4. The liability of the Bank to the prescribed authority shall be shown in a separate account in the books of the Bank, designated "Prescribed Authority (Commonwealth) Re-establishmentandEmployment Act No. 11 of 1945." (a) To such account shall be credited- (i.) Moneys advanced to the Bank under this Agreement by the prescribed authority; (ii.) Revenue moneys becoming due to the Bank in pursuance of this Agreement.

22 BANKING. Co-ordination of Rural Advances, Etc., Act. 10 GEO. VI. No. 24, (b) To such account shall be debited- (i.) Amounts due by any eligible person and written off as irrecoverable; (ii.) Moneys repaid by the Bank to the prescribed authority; (ill.) Revenue moneys paid by the Bank to the prescribed authority. 5. For the purposes of this Agreement- (a) "Capital moneys" means- (i.) Repayments of instalments of principal in respect of loans; \ii.) Repayments of moneys disbursed by the Bank on behalf of eligible persons in pursuance of securities taken; and (ill.) .All moneys received by the Bank other than revenue- moneys. (b) "Revenue moneys" means- (i.) Interest on loans; and (ii.) Such other moneys as the Bank may decide are revenue moneys. 6. The Bank shall open a separate banking account in respect of this Agreement. 7. As soon as practicable after the end of each month the Bank shall ascertain the amount of the preceding month's credits which represents revenue moneys and such credits shall be paid by the Bank to the prescribed authority as and when available. S. The Bank m.ay keep such further accounts as it deems necessary to record its operations under this Agreement. 9. (1.) The Bank may use repayments of principal in respect of loans for the purpose of making loans to other eligible persons and shall when requested by the prescribed authority or may at any time or times when capital moneys are available repay to the prescribed authority the whole or any part of any capital moneys in its hands not immediately required for the purposes of this Agreement. (2.) The Bank shall not use any moneys in its hands in pursuance of this Agreement for any purpose other than the purposes of this Agreement. 10. (1.) The whole of the costs of administration of this Agreement by the Bank shall from time to time be paid by the prescribed authority to the Bank but the Bank shall furnish to the prescribed authority an annual certificate under the seal of the Bank showing in detail such costs. (2.) If at any time the prescribed authority shall consider that the costs of administration of this Agreement by the Bank are too high, the prescribed authority and the Bank shall confer with a view to reviewing such costs. 11. (1.) The Bank shall as soon as practicable furnish the prescribed authority with such financial statements as may from time to time be required by the prescribed authority.

1946. BAN~ ING. Co-ordination of Rural Advances, Etc., Act. (2.) The Bank shall as soon as practicable after the thirtieth day of June in each year furnish to the prescribed authority a copy certified by the Auditor-General of the State of the account kept by the Bank under clause 4 of this Agreement. 12. The Bank is hereby indemnified by the prescribed authority in respect of any act done by it and of any losses, costs or damages incurred· by it in the bona fide exercise of the powers, authorities, duties and functions conferred or imposed upon it by or under this Agreement. 13. Applications by eligible persons for loans pursuant to Division 3 of Part VI. of the said Act shall be in such form as shall be approved by the prescribed authority and the Bank. 14. Subject to section 91 of the said Act the Bank shall determine the eligibility of any applicant for financial assistance. In determining the eligibility of any applicant under subsections (2) and (3) of section 91 of the said Act, the Bank shall have regard to any directions issued by the prescribed authority either generally or in any particular case. 15. Where the Bank is of the opinion that an eligible person having made due application is in need of financial assistance to enable him, to establish or re-establish himself satisfactorily in civil life by engaging in or resuming an agricultural occupation it may, from moneys advanced to it by the prescribed authority in pursuance of this Agreement, make a loan to that person for any or all of the purposes set out in subsection (1) of section 92 of the Act, so far as such purposes relate to an agricultural occupation. 16. The amount of any loan, or the aggregate of loans made by the Bank to anyone or more eligible persons in respect of the same enterprise shall not exceed £1,000. 17. Any loan made by the Bank in pursuance of this Agreement shall be made on such security and subject to such terms and conditions as the Bank may determine, but subject to such terms and conditions as the prescribed authority may direct generally or in any particular case, and all securities taken in respect of any loan shall be taken in the name of the Bank. 18. Loans made by the Bank shall bear interest at such rate as is prescribed by regulation made under the said Act. 19. No loan shall be made by the Bank in pursuance of this Agreement unless the application is made within the time stated in paragraph (a) of subsection (I; of section 96 of the said Act and unless the applicant satisfies the Bank as to the matters set out in paragraphs (b), (c) and (d) of the said subsection. 20. In determining whether a loan should be made to an applicant the Bank shall take into account the matters mentioned in subsection (2) of section 96 of the said Act. 21. Subject to section 99 of the said Act and with the concurrence of the prescribed authority the Bank may write off the whole or any part of any loan or any interest thereon. 23

24 BANKING. Co-ordination of Rural Advances, Etc., Act. 10 GEO. VI. No. 24, 1946. 22. The Bank may if it considers that the circumstances warrant- (i.) Accept prepayments of instalments of any loan or repay- ments in full of any loan at any time; (ii.) Defer payment of any instalment of any loan and defer payment of any interest on any loan; (iii.) Postpone in favour of any person any security it has taken. 23. The Bank may refer to the prescribed authority for his direction any matter relating to the performance of its functions under this Agreement or the exercise of any power or function delegated to it by the prescribed authority and upon any such direction being given, either generally or in any particular case, the Bank shall carry out the terms thereof. 24. For the purpose of performing its functions under this Agreement the Bank may employ such staff and make such adminis- trative arrangements as it shall think fit. 25. (I.) This Agreement shall remain in force until either party shall give to the other not less than three months notice in writing of its intention to determine this Agreement and at the expiration of the period stated in the notice this Agreement shall cease and determine. (2.) Upon the termination of this Agreement the Bank forthwith shall repay to the prescribed authority all moneys in its hands held under or pursuant to this Agreement and shall furnish the prescribed authority with all particulars he may require in connection with the loans made by the Bank to eligible persons and shall transfer to the prescribed authority all securities held by the· Bank in respect of loans made by the Bank. 26. The prescribed authority will refer to the Bank for comment any proposal by the prescribed authority for amendment of the Act by regulation under subsection (2) of section 137 of the Actand which may affect the position of the Bank under this Agreement. In witness hereof the Director of War Service Land Settlement has hereto set his hand and the Common Seal of the Bank has hereto been affixed the day and year first hereinbefore written. Signed by WILLIAM ALEXANDER MCLAREN,} the Director of War Service Land Settle W. A. McLAREN. ment, in the presence of- E. A. ROWE. The Official Seal of the Corporation of the} Agricultural Bank was hereto affixed by PERCIVAL EDWARD RICHARDSON, the P. E. RICHARDSON. person duly authorised in that behalf in the presence of- [SEAL.] J. T. McGuCKIN, A Justice of the Peace."