Farm Water Supplies Assistance Act Amendment Act 1979 (Qld)

610 ANNO VICESIMO OCTAVO ELIZABETIIAE SECUNDAE REGINAE No. 62 of 1979 An Act to amend the Farm Water Supplies Assistance Act 1958-1975 in certain particulars [ASSENTED TO 18TH DECEMBER, 1979] BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- 1e Short title and citation . (1) This Act may be cited as the Farm Water Supplies Assistance Act Amendment Act 1979. (2) In this Act the Farm Water Supplies Assistance Act 1958-1975 is referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Farris Water Supplies Assistance Act 1958-1979.

Farm Water Supplies Assistance Act Amendment Act 1979, No. 62 611 2. Amendment of s. 2 . Section 2 of the Principal Act is amended by omitting the term " Commissioner " and substituting the following term:- " CCommissssiioonneerr "-The Commissioner of Water Resources under and within the meaning of the Water Resources AdministrationAct1978;". 3. Amendment of s. 17. Section 17 of the Principal Act is amended by- (a) in subsection (2), (i) in provision (a), omitting the word " Bank " and substituting the word " Commissioner "; (ii) in provision (b), omitting the words " otherwise howsoever " and substituting the words " or the Commissioner otherwise howsoever for the purposes of this Act "; (b) in subsection (3), omitting provision (b) and substituting the following provision: " (b) All moneys payable by the Commissioner in relation to any borrowing or raising of money for the purposes of this Act, or in respect of the repayment of any such moneys borrowed or raised by the Commissioner for the purposes of this Act, and the payment of interest on such moneys;". 4. Repeal of s. 17A and new ss. 17A-17E. The Principal Act is amended by repealing section 17A and substituting the following sections:- " 17A. Vesting of certain borrowings . All moneys advanced to the Fund by the Treasurer, being moneys appropriated by Parliament for the purposes of this Act, prior to the passing of the Farm Water Supplies Assistance Act Amendment Act 1979 are hereby declared to be moneys borrowed by the Commissioner for the purposes of this Act. 17B. Power of Commissioner to borrow , etc. (1) Subject to this Act, the Commissioner for the purposes of this Act may borrow or raise money or make financial arrangements- (a) from or with the Treasurer; (b) by the sale of debentures, bonds or inscribed stock; (c) in such other way as is approved by the Treasurer; or (d) partly in one way and partly in another way or other ways specified in provisions (a) and (b) or approved pursuant to provision (c). (2) Before entering into negotiations to borrow or raise money or make financial arrangements pursuant to subsection (1) the Commissioner shall obtain the sanction of the Treasurer authorizing him to enter upon such negotiations and for this purpose shall furnish, the Treasurer with such information as he requires. (3) The Commissioner shall not borrow or raise money or make financial arrangements pursuant to negotiations sanctioned by the Treasurer unless the authority of the Governor in Council to do so is first obtained.

612. Farm Water Supplies Assistance Act Amendment Act 1979, No. 62 Such authority, if given, shall be given by way of Order in Council, upon such terms and conditions as the Governor in Council thinks fit. (4) The Commissioner shall be a local body under and within the meaning of the Local Bodies' Loans Guarantee Act 1923-1979, the provisions whereof (other than section 7) shall, subject to such modifications as the Governor in Council prescribes (whether generally or in respect of a particular borrowing, raising or arrangement), apply and extend accordingly. (5) Where pursuant to the Local Bodies' Loans Guarantee Act 1923-1979 the Treasurer on behalf of the Government guarantees the amount or any part of the amount of any borrowing or raising or the carrying out of any terms and conditions of any financial arrangement made pursuant to subsection (1) (with interest at the agreed rate), all moneys payable by the Treasurer pursuant to the guarantee shall be a charge upon and be paid out of Consolidated Revenue which is hereby to the necessary extent appropriated accordingly. (6) (a) All moneys borrowed or raised by the Commissioner shall be expended for the purpose for which the Commissioner was authorized to borrow or raise the same and not otherwise. (b) If any amount of moneys borrowed or raised remains unexpended upon the completion of the purpose for which the moneys were borrowed or raised such amount shall be applied as the Treasurer directs. 17C. Debentures, bonds and stock. (1) All debentures, bonds and inscribed stock issued under the authority of this Act- (i) shall, subject to this Act, be sold in such amounts or parcels, at such times and places, and in such a manner as the Commissioner thinks fit; (ii) shall with interest thereon be charged and secured upon the assets and revenues of the Commissioner, subject to any prior debentures, bonds and stock issued according to law; (iii) shall bear interest at the rate and be redeemable at such date or dates and at such place or places in or outside Queensland as respectively approved by the Governor in Council; (iv) may, in the case of any debentures or bonds with the consent of the holder thereof, or in the case of any inscribed stock with the consent of the registered owner thereof, be paid off at any time previous to the due date thereof at not more than the par value thereof or (with the consent of the Governor in Council) at a premium, with interest thereon to date of payment only. (2) (a) In the case of an application to purchase debentures or inscribed stock other than by public tender, the Commissioner may require the applicant to lodge with his application, as security, all or part of the purchase consideration. (b) Where an application is accepted, the debentures or inscribed stock issued pursuant to the application shall bear interest at the rate approved in accordance with this section on the amount lodged as security from the date of lodgement.

Farm Water Supplies Assistance Act Amendment Act 1979, No. 62 613 (c) Where the application is not accepted, the Commissioner shall refund forthwith any amount so lodged as security. (3) Interest secured by any debentures, bonds or inscribed stock shall be payable at such times and at such place or places in or outside Queensland as the Governor in Council determines. (4) No notice of any trust express , implied or constructive shall be received by the Commissioner or by any employee or other servant or any agent of the Commissioner in relation to any debentures , bonds or stock issued under the authority of this Act, and the Commissioner or any such servant or agent shall not be bound to see to the execution of any such trust to which any such debentures, bonds or any part of any such stock may be subject.- (5) An investment, unless expressly forbidden by the instrument (if any) creating the trust, by a trustee of trust funds in any debentures, bonds or stock issued under the authority of this Act shall be and be deemed to be an authorized investment by the trustee pursuant to the provisions of section 21 of the Trusts Act1973-1979 and such Act shall be read and construed accordingly. (6) A person advancing money to the Commissioner and receiving in consideration of such advance any debentures, bonds or stock issued under the authority of this Act shall not be bound to inquire whether the issue of such security was in fact duly authorized or into the application of the money advanced or be in any way responsible for the non-application or misapplication thereof. 17D. Brokerage . (1) The Commissioner may pay moneys by way of brokerage in relation to any borrowing or raising of money or the making of financial arrangements which the Governor in Council has authorized: Provided that no moneys shall be paid by the Commissioner by way of brokerage unless the Treasurer of Queensland has approved of the payment of brokerage, which approval may be given by the Treasurer subject to such terms and conditions as he thinks fit. (2) Section 14 of the Money Lenders Act 1916-1979 shall not apply or extend to brokerage which the Commissioner is authorized by this section to pay and which brokerage has been approved by: the Treasurer and is agreed to be paid by the Commissioner subject to the terms and conditions (if any) imposed by the Treasurer. 17E. Treasury loan. (1) Every loan advanced by the Treasurer under the provisions of this Act shall be liquidated by the payment to the Treasurer by the Commissioner on the first days' of January and July, respectively, in every year of such instalments of principal and interest at the prescribed rate as will permit the said loan to be wholly redeemed within the prescribed period of the said loan, and such sums shall continue to be payable until all the moneys advanced from time to time by the Treasurer, together with the interest accruing thereupon, have been so paid. (2) The Treasurer may at any time make any adjustment which he considers necessary to be made with respect to the period of any loan or the calculation of interest thereupon or with respect to any other matter requiring adjustment.".

614 Farm Water Supplies Assistance Act Amendment Act 1979, No. 62 5. Amendment of s. 18. Section 18 of the Principal Act is amended by omitting subsections (2) and (3) and substituting the following subsection:- " (2) The power conferred on the Governor in Council by this Act to make regulations includes power to make regulations relating to the borrowing or raising of money or the making of any financial arrangement under the authority of this Act and to the repayment of moneys borrowed or raised and the payment or repayment of moneys pursuant to any financial arrangement and, without limiting the generality of the foregoing power- (a) prescribing the form of and the manner of issuing debentures, bonds or inscribed stock, providing for the keeping and inspection of and the taking of copies of or extracts from the register of debentures and bonds or from any stock ledgers and providing for lost or defaced debentures, coupons, bonds or stock certificates and the destruction of discharged debentures, coupons, bonds or stock certificates; (b) prescribing matters relating to the raising of loans outside the State; (c) providing for sinking funds and other methods for the repayment of moneys borrowed, providing for and appointing trustees of a debt redemption fund with respect thereto and prescribing the powers, functions and duties of such trustees and regulating and controlling all or any matters with respect to such debt redemption funds, trustees, sinking funds or other methods aforesaid.".