Consolidated Stock and Sinking Fund Act 1896 (SA)

ANNO QUINQUAGESIMO NON0 ET SEXAGESIMO

A.D. 1896.

No. 648.

An Act relating to the Consolidation of the Public Debt,

and for other purposes.

[Assented to, Aztgust 12th , 1896.1

E it Enacted by the Governor of the Province of South Aus-

and House of Assembly of the said province, in this present Parlia-	B tralia. with the advice and consent of the Legislative Council
ment assembled, as follows:

l, This Act may be cited as C ' The Consolidated Stock and Sink- short title.

ing Fund Act, 1896."

2, This Act is divided into parts, as follows :- Division of A&.

PART I.-Issue of Consolidated Stock:

PART I I .-Redemption of Consolidated Stock:

PART m,--Appointment of Public Debt Commissioners:

PART W. Miscellaneous.

3, In the construction of this Act, so far as is consistent with the Interpretation.

context-

" Treasurer " means the Treasurer for the time being of the

province:

Commissioners," or " Public Debt Commissioners," means the

Commissioners for the reduction and redemption of	the public
debt :

Public debt " means the public debt of the province:

4-648 Public

2 5g0 & 60" VICTORIE, No. 648.

me Consoliclated Stock and Sinking Fztnd Act.- 1 896.

c' Public securities " means bonds, debentures, Treasury bills, or

stock issued in reapect of the public debt:

Consolidated rstock " means South Australian consolidated

stock:

a Stock certificate " means the certificate, document, or instrument

of title issued in respect of consolidated stock:

'C Government agent" means any person appointed by the

Governor to act in relation to consolidated stock to be r e deemed:

G Prescribed " means prescribed by this Act or regulations.

PART I. PART I.

ISSUE OF CONSOLIDATED STOCK.

Consolidated stock: 4.

I t shall be lawful for the Treasurer from time to time to create and issue or issue and sell stock, to be called G South Australian Consolidated Stock," for such sums, in such amounts, for such prices, in such manner, at such times, and on such conditions as the Governor may from time to time determine, for all or any of the purposes authorised by this Act. Such stock shall be inscribed or registered stock within the meaning of the "Inscribed Stock Act, 1882," or any Act amcnding the same.

may be iasued.

8tmk to bear t h e 5, Consolidated stock shall bear interest at a rate not exceeding

and a half per centum

inhm*,

three per centum per annum on the principal of such stock, which

yearly.

shall be paid quarterly, at such time and place as may be specified

in the stock certificates.

Form of stock certs-

catee. 6. The stock certificates shall be in such form as the Governor

shall appoint, or as shall be prescribed by regulation.

Purgosss for which

atook mrrp be ieaaed 7. Consolidated stock may be created and issued or issued and sold for all or any of the following purposes :-

S U ~ sold.

(a) For the redemption of any public securities (l) when due, (2) before becoming due, by purchase of, or by exchange of an equivalent value of consolidated stock for, public securities and the conversion of public securities so ex- changed into such stock:

( b ) For any purpose authorised, and to any amount directed, by

any Act of Parliament.

N ~ W loans to be 8. Whenever by any Act hereafter coming into operation power

raised by, and

convereion effected in, is given to the Governor or Treasurer to borrow or raise money, or conrsolidated stock. to redeem public securities by the issue and sale, or the issue, of

public secukities or otherwise, the Governor or Treasurer shall,

unless there be some provision to the contrary in such Act, borrow

or raise such money or redeem such public securities by the issue

and sale or the issue of consolidated stock. Q. Consolidated

59' & 60" VICTORIW, No. 648. 23

The Cyonsolidated Stock and $inking I ~ u d Act,-1896.

9, Consolidated stock issued in exchange for public securities 1.

shall bc subject to the same trusts, charges, rights, and restraints as Consolidatedstockto

affect the public securities for which it is exchanged; and all be oub'ect to tmtu of pub E 'c securities

powers of attorney, requests as to dividends, and other documents for w ~ c h	.	it ,	,
relating to the said public securities or the interest or dividends exchanped.

thereon shall apply to the consolidated dock issued in exchange A * .

and the interest or dividends thereon.

PART 11. PABT 11.

REDEMPTION OF CONSOLIDATED STOCK.

day of July, one thousand nine hundred and sixteen, but on and after soLdated stock. 10, Consolidated stock shall not be redeemable until the first Repemption of con-

that day shall be redeemable by the Treasurer on such notice, at such time or times, and either in onc sum or in such sums or proportions, and in such order and manner as the Treasurer may direct, at the rate of One Hundred Pounds sterling for every One Hundred Pounds of the capital sums in respect of which the stock is payable, together with the payment of all arrears of interest, including the proportionate part accrued since the last date for the payment of dividends. Such notice shall be signified in writing, and printed in the London

Gaxetle, the London T h e s newspaper, and the 8outh Australian Government Gazette, and the portion of stock redeemed at one time

shall not be less than Fifty Thousand Pounds capital stock, but, sub- ject as aforesaid, the mode of redemption shall be determined by an Act to be hereafter passed.

Treasurer or the Government agent shall, on demand, pay to the certificates. 11, On the day and at the place mentioned in such notice the Payment ofetock

holders of stock certificates for repayment the principal moneys secured by such certificates, with all interest thereon up to that day,

12, From and after the day appointed for the repayment of any Interest to certee after

day appointed for pay-

stock certificate all interest on the principal moneys secured thereby ,,,,	,	1	,M	,	,	,
shall cease and determine, whether payment of the principal shall have been demanded or not.

13. Upon repayment of the principal moneys secured by any Redeemedatock

stock certificate the said certificate shall be delivered up to the delivered up.

certificates to be

person paying the same, and by him cancelled and forwarded to the

Treasurer.

PART 111.

APPOINTMENT OF PUBLIC DEBT COMMISSIONERS.

14, The Governor may appoint three Commissioners for the PubZc Debt

reduction and redemption of the public debt, who may be referred be apphted Commissionera may

to as Public Debt Commissioners."

16. The

9 59O & 60" VICTORIK, No. 648.

Ti"le Consolidated Stock and Sinking find Act.-1896.

PABT nx. 15. The powers and duties which the Commissioners are hereby

Two Commiaaionem enabled or required to exercise or perform may be exercised or

Y y powers* performed by any two of the Commissioners.

Office of

Commissionere. 16, The Commissioners may appoint an office in Adelaide at

which they ahall meet, and shall keep in a proper book minutes of

all proceedings of or before them.

Appintmmt of

clerks. 17. All clerks required by the Commissioners shall be appointed

by the Governor, and their salaries provided for out of the General

Revenue of the province.

M O ~ ~ Y B for redemp-

tioa and reduction of 18. There shall be paid during each financial year to the Com-

public debtto be paid missioners, out of the General Revenue of the province, for the

to theco-i~ionm. purposes of the reduction and redemption of the public debt, at least

such sum as shall amount to one-quarter per centum of the principal for the time being of such public debt. Should such sum be less than the total amount required for payment of the principal of all public securities falling due or consolidated stock (if any) to be redeemed during snch financial year, the additional amount re- quired-

(a) May be paid to the Commissioners out of the General

Revenue; or

( b ) The Treasurer may issue and sell consolidated stock to make

up the additional amount required, and shall pay the pro-

ceeds of such sale to the Commissioners; or

(c) May exchange consolidated stock for the securities then

falling due.

Moneys to be paid 19, The moneys payable to the Commissioners under the last

quarterly.	preceding section shall be paid by the Treasurer in quarterly instal- ments, on such dates as may be fixed by the Governor, to the account of the Commissioners in the Treasury. Such moneys, if
required for the purposes of the last preceding section at any earlier date than a, quarter date, shall be paid to the Commissioners at
least seven clear days before such earlier date.
Moneye paid to

Commissioners to be 20, All moneys received by or placed to the account of the

applied in psyment Commissioners, or coming to their hands under the provisions of thie

and r*empti~nof the Act, axe hereby charged with the payment of the principal of all

public debt.

public securities falling due and consolidated stock to be redeemed during the financial year, and s h d forthwith, on said public securities falling due and such consolidated stock being redeemable, be applied by the Commissioners in payment thereof. The surplus, if any, shall be applied by the Commissioners in-

(a ) The payment of the principal of all public securities falling

due after the financial year;

( b ) The purchase of public securities or consolidated stock not

due; or

(c) The redemption of consolidated stock. 21, Public

5 9 O & 60" VICTORIE, No. 648.

The Consolidated Stock and Sinking Fund Act.-1896.

21, Public securities or consolidated stock purchased by the PART IIL

Commissioners may be held as investments until the moneys sBCuritiBB

represented by them are required for payment of the principal of 1	urohaeed may be
sld a8 investmmta

public securities or redemption of consolidated stock and then resold,

,,cud.

for the purposes of this Act, or may be cancelled and forwarded to

the Treasurer.

22, The Commis~ioners may invest all moneys until required for Pommiasionere

the purposes of this Act in public securities or consolidated stock? pubxo smmdw or w e s t moneya in

and shall apply all interest, dividends, or property arising from such stock.

investments for the purposes of this Act.

23, Whenever the Commissioners shall desire to apply any T ~ W X, when

moneys in the redemption of consolidated stock they shnll give mnlolid.tedetmt requestsd, to provide

notice of such desire to the Treasurer, who shall thereupon give the demption.

necessary notice of the redemption to the holders of con&lidated'

stock to the amount required, and do everything else that may be

necessary to provide consolidated stock for redemption as provided

in Part 11. of this Act.

24. 'J? he Commissioners, when notified by the Treasurer that pub- Commiaeioners to pay

lic securities are falling due or that consolidated stock is available tiontoTresaw-	moneys for redemp-
for redemption, shall pay the moneys required for payment of the principal of such p ~ b i i ~. securities or for- redemption -of such con- solidated stock to the Treasurer, who shall thereupon apply the said moneys in payment of said public securities or in redemption of said stock.

25. All public securities or consolidated stock redeemed under Public securitien

the provisions of this Act shall be forthwith cancelled by the person csncelled	redeemed to be
receiving the same, and forwarded to the Treasurer.

26. All moneys received by the Commissioners under this Act Commimioners to

shall be accountkd for by the Commissioners to the Treasurer, and ~ ~ WO* & ~ ~ ~ d

the Commissioners shall report to the Treasurer in such form and

on such matters as may be prescribed.

27, The Commissioners shall keep an account, to be called " The Bifiig ~ u n d

Sinking Fund Account," in which shall be entered the particulars of

Account to be kept.

all moneys received and paid by them under this Act, and of all

public securities redeemed or purchased.

28. The Commissioners shall, within one month after the expira- ~ n n ~ a l aowuntsrobe

tion of each financial year, prepare an annual account to the ~onerBandlaid~fore furnished by Commis

thirtieth of June, in the prescribed form, and furnish the same, Pwlim~nt.

together with an annual report to the Treasurer, who shall cause

the same to be laid before both Houses of Parliament not later

than the month of August in each year.

29. Every Act and regulation relating to the receipt and ~uditc

disbursement of public moneys, or to the keeping or auditing of public accounts, shall, unless otherwise prescribed, apply to the

Commissioners. PART

B-648

@ 59' & 60" VICTORIW, No. 648.

Zlie C'onsoltZut~d Stock and &nkdng find Act.-1896.

PART IV,

MISCELLANEOUS.

30, Any stock inscribed in the T r e a s v in Adelaide shall be

transferred by deed in a form prescribed by regulation under The Inscription of Stock Amendment Act, 1895," and every such deed, when duly executed by all parties, shall be delivered to the Ihgistrax of Stock, who shall keep the same, and mark it with a distinctive number, and the number of each such deed shall be noted in the stock register. Sub-section I. of section 4 of The Colonial Stock Act, 1877," set out in the schedule to The Inscrip- tion of Stock Amendment Act, 1895," shall not apply to stock inscribed in the Treasury in Adelaide.

Validation of

rep- 31. The regulations under '' The Inscription of Stock Amend-

lationa relating to

tnrnefere of etook,	ment Act, 1895," made by Proclamation dated the eleventh day of December, one thousand eight hundred and ninety-five, and published in the Government Gazette on the twelfth day of Decern- ber, one thousand eight hundred and ninety-five, so far as such regulations relate to the transfer of stock, are hereby validated and
confirmed as from the date of the publication 'thereof.

32, The Governor may, by Proclamation in the Government

Gazette, make, alter, or rescind such regulations as he may deem necessary for the conduct and discharge of the powers and duties of

the Commissioners and officers, for prescribing forms, and for carrying

out the purposes of this Act; and all such regulations shall be laid

before Parliament within fourteen days after the publication thereof

if Parliament be then sitting, and if Parliament be not then sitting, within fourteen days after the commencement of the next Session thereof.

In the name and on behalf of Her Majesty, I hereby assent to

this Bill.

T. F. BUXTON, Governor.

Adelaide : By authoritp, 0. E. Barmow, Cfovernment Printer, North-temce.