Cotton Cultivation Encouragement Act 1862 No 11a (NSW)

ANNO VICESIMO SEXTO

V I C T O R I A E R E G I N A E .

No. I.

An Act to make provision for encouraging the

growth of Cotton in New South Wales.

[22nd August, 1862.]

Queen's Most Excellent Majesty by and with the advice and consent WH E R E A S it is highly desirable to encourage the growth and culti­vation of Cotton in th is Colony Be i t therefore enacted by the

of the Legislative Council and Legislative Assembly of New South Wales
in Parl iament assembled and by the authority of the same as follows :—

1. Whenever within the period of two years from the passing hereof i t shall be made to appear to the satisfaction of the Governor and Executive Council that any persons have formed themselves into an associ­ ation for the purpose of growing and cultivating Cotton in the said Colony and have subscribed for that object and purpose and paid into one of the Sydney Banks to the credit of such association the sum of five thousand pounds or such smaller sum as the said Governor with the advice of the said Executive Council shall deem sufficient it shall be lawful for the said Governor with such advice to cause to be granted in fee simple to such association or the members thereof one or more portion or portions of the waste lands of the Colony in the proportion of one acre for every pound so subscribed and not exceeding in the whole five thousand acres for the purposes of such association upon such conditions and terms as the said Governor with such advice shall th ink fit Provided tha t within the period hereinafter appointed for winding up the business of any such association improvements at the rate of one pound per acre shall be made upon the land granted to such association.

2. Provided always tha t all such grants of lands shall be made and issued upon condition tha t the association to whom or to the members whereof the same shall be granted as aforesaid shall within five years from the date of the first of such grants be dissolved and the business thereof thereupon forthwith wound up and that - if upon winding up the same

A the

the assets thereof (irrespective of any such lands so to be granted as afore­ said) shall be sufficient to repay all moneys advanced for the purposes thereof then all lands which shall have been so granted as aforesaid shall revert to and be surrendered to Her Majesty to be held by Her Majesty and Her Successors as part of the Crown lands of the Colony and that all the other assets of the association shall be thereupon with all convenient speed converted into money and the surplus of such money if any remain­ ing after repaying the moneys advanced shall be paid into the Consolidated Revenue Fund but t ha t if upon such winding up of the business of such association the assets thereof (irrespective of any lands so to be granted as aforesaid) shall not be sufficient to repay all such moneys so advanced then it shall be lawful for the association or the members thereof to sell by public auction in lots not exceeding three hundred and twenty acres each all the lands so granted as aforesaid or a competent part thereof and out of the proceeds of such sale to repay all such sums of money as shall have been so advanced which the other assets of the association shall be insufficient to repay and that any surplus of the moneys arising by or from any such sale of any such lands shall be paid into the Consolidated Revenue Fund and that all the lands so granted as aforesaid which shall not be required to be sold for the purposes last aforesaid shall revert to and be surrendered to Her Majesty to be held by Her Majesty and Her Successors as part of the Crown lands of the said Colony.