Farms Purchase Promotion Act 1941 (NSW)

FARMS PURCHASE PROMOTION ACT.

Act No. 20, 1941.

An Act to provide further facilities for the pur­ chase of farms; to amend the Co-operation Act, 1923-1938, the Government Guarantees Act, 1934-1940, and certain other Acts; and for purposes connected therewith. [Assented

to, 9th April, 1941.]

BE it enacted b y the King 's Most Excellent Majesty, lat ive Council and Legislative Assembly of New South by and with t h e advice and consent of t he Legis­	Wales in Par l iament assembled, and by the au thor i ty of
t he same, as follows :—

1.     (1) This Act may be cited as the " F a r m s Purchase

Promot ion Act, 1 9 4 1 . "

(2) This Act shall commence upon a da te to be appoin ted by the Governor and notified by proclamat ion published in the Gazette .

2. (1) The Co-operat ion Act, 1923-1938, is amended—

(a) by inserting next after section twelve the fol­ lowing new section:—

12A. (1) W h e r e a community set t lement

society proposes to lend money to a member who

is not a l ready the owner of a farm, and

does

(a)	such money is to be lent for the purpose of enabling h im to purchase land to be occupied by him as a f a r m ; and
(b)	the amount proposed to be lent reduced by the value of the sha re capi ta l of the member or by the sum of three hundred pounds whichever is the smaller sum does
not exceed three thousand p o u n d s ; and
(c)	the amount proposed to be lent reduced by the value of the share capi ta l of the member exceeds seventy per centum but

does not exceed eighty per centum of the value of the land and improvements ef­ fected or to be effected thereon as ascer­ ta ined in such manne r as the Co-operat ive F a r m s Pu rchase P romot ion Committee under this Act directs ,

the Colonial T r e a s u r e r may with the approva l of the Governor enter into an agreement with the community set t lement society propos ing to lend such money, and may by such agreement under take to indemnify such society aga ins t such of the loss sus ta ined by tha t society in respect of the loan as is directly a t t r ibutable to the fact t ha t the amount so lent reduced by the value of the share capi ta l of the member exceeded seventy pe r centum of the value of the land and improvements as ascer ta ined in accordance wi th p a r a g r a p h (c) of this subsec­ tion.

(2) Any such agreement shall opera te and have effect unti l the r eg i s t r a r certifies to the Governor tha t the amount owing to the society by the member in respect of the loan to which the agreement re la tes reduced by the value of the share capi tal of the member is not more than sixty pe r centum of the value of the land and improvements as ascer ta ined in accordance with p a r a g r a p h (c) of subsection one of this section.

(3) The ins t rument evidencing any

agreement entered into under this section may be signed by the Colonial T r e a s u r e r or for and on behalf of the Colonial T r e a s u r e r by any other

Minis ter of the Crown.

(4) The value of the share capi tal of a member shall, for the purposes of this section, be calculated in such manner as the Co-operative F a r m s Pu rchase P romot ion Committee consti­ tu ted under this Act may direct.

A n y such direction shall be given in re la t ion to the society specified in the direction and shall not be a l tered while any agreement wi th t ha t society under this section has effect.

(5):

(5) The approva l of the Governor to en te r in to any agreement refer red to in sub­ section one of this section shall no t be given except upon the recommendat ion of the

Co-operative F a r m s Pu rchase P romot ion Com­

mit tee const i tuted under th is Act.

(6) Such sums as may f rom t ime to t ime become due and payable by the Colonial Trea­ su re r under any agreement au thor i sed by this section shall be pa id out of moneys provided

by Pa r l i amen t .

(7) The Colonial T r e a s u r e r shall not

en te r in to any agreement unde r this section where the agreement would involve him in a l iabil i ty which when added to the to ta l liabilities subsis t ing in respect of other agreements en­ te red into under th is section would in the aggre­ gate exceed the amount of five hundred thousand pounds .

The approva l of the Governor to enter into any agreement unde r this section shall be con­ clusive evidence tha t the agreement has not been entered into in contravent ion of this section.
(8) I n respect of each of the qua r t e r s
respect ively commencing on the first day of

J a n u a r y , Apr i l , J u l y and October in each y e a r

the Colonial T r e a s u r e r shall furnish a r epo r t to

P a r l i a m e n t	showing—
(a)	the community set t lement societies with which he has entered into agree­ ments unde r th is section du r ing the
q u a r t e r to which the r e p o r t r e l a t e s ;

(b)	the number of agreements so entered into with each such community settle­ ment society;
(c)	the total amount of the liabilities under the agreements so en te red into with each such communi ty set t lement society.

E a c h such repor t shall be accompanied by a s ta tement showing—

(i) the community set t lement societies

wi th which the Colonial T r e a s u r e r had,

before

before the commencement of the quar­ t e r to which the r e p o r t re la tes , entered into agreements which a re still subsist­ ing a t the t e rmina t ion of such q u a r t e r ;

(ii)   the number of such agreements with

each such community set t lement

society;

(iii)   the total amount, as at the termination of such quar te r , of the liabilities under the agreements so entered into with each such community sett lement society.

Such repor t and s ta tement shall be laid before
both Houses of Pa r l i amen t as soon as pract icable

af ter the te rmina t ion of the qua r t e r to which

the	r epo r t	re la tes .
(b) (i) by omit t ing from p a r a g r a p h	(a)	of sub­

section one of section 84A the word "bu i ld ­

i n g " ;

(ii) by inser t ing next af ter p a r a g r a p h (b) of

the same subsection the following new p a r a ­

g r a p h	:—
(c)	every community settlement society w i th which the Colonial T r e a s u r e r has entered into an agreement unde r section 12A of this Act.

(iii)   by omitting from subsections two and three

of the same section the word " b u i l d i n g "

wherever occurr ing;

(c)	by inserting next after section 114A the follow­ ing new sect ion:—
114B. (1) (a ) The Minis ter m a y const i tute a Co-operative F a r m s Purchase P romot ion Com­ mit tee (in this section r e fe r red to as the "com­ m i t t e e " ) consis t ing of not less than three no r more than five members .

(b) One of such members shall be the person for the t ime being holding the office of r eg i s t r a r who shall by v i r tue of his office be cha i rman and executive member of the com­ mit tee .

(c)

(c) Ano the r of such members shall

be the Under -Sec re ta ry to the T r e a s u r y or an

officer of the T r e a s u r y nominated in wr i t ing f rom t ime to t ime by the Under -Secre ta ry to act on his behalf, ei ther general ly or for any pa r t i cu l a r meet ing of the committee. Any nominat ion under this p a r a g r a p h m a y be re­ voked by the Under -Secre ta ry by wr i t ing under his hand.

(d) Anothe r of such members shall be a person nominated in wr i t ing by the Minister for the t ime being adminis te r ing the Depar t ­ ment of Agr icu l ture . Any nominat ion under

th is p a r a g r a p h may be revoked by the said

Minis ter by wr i t ing under his hand.

(2) The other members of the committee (if any) shall be appoin ted by the Minis ter and shall hold office for such per iod as he may deem fit and may be removed from office by the Minister .

(3) I t shall be the du ty of the committee

to make recommendat ions to the Minis ter with

respect t o —

(a)	proposals to promote farms purchase
by co-operative m e t h o d s ;
(b)	proposals to improve the methods of opera t ions of societies engaged in p ro ­ mot ing f a rms purchase by co-operative m e t h o d s ;
(c)	proposals to finance the operations of
such societ ies;

(d) the giving of guaran tees under the

Government Guaran tees Act, 1934-

1941, and of indemnit ies under section

12A of this A c t ;

(e) such other m a t t e r s as m a y be re fe r red

to the committee by the Minister .

(4) Meetings of the committee shall be

convened by the cha i rman or by any two mem­

bers .

(5) E a c h member shall, unless he is a
pe r son employed by or on behalf of the Crown

or is a Member of the Legislat ive Council or

the

the Legislat ive Assembly of New South Wales , be paid such fees as may be prescr ibed by regu­ lation.

(2) The Co-operat ion Act, 1923-1938, as amended by this section, may be cited as the Co-operat ion Act, 1923-1941.

3. (1) The Government Guarantees Act, 1934-1940, is

amended—

(a) (i) by omit t ing from subsection two of section
three the figures "1923-1937" wherever

occurr ing and by inser t ing in lieu thereof

the figures " 1 9 2 3 - 1 9 4 1 " ;

(ii)   by inserting at the end of the same subsec­

t ion the following p rov i so :—

Prov ided fur ther t ha t where any such guaran tee is for the r epayment of any ad­ vance to a community set t lement society within the meaning of the Co-operation Act, 1923-1941, it shall not be executed except upon the recommendat ion of the Co-operative F a r m s Purchase P romot ion Committee const i tuted under t ha t Act.

(b)	(i)	by inser t ing in p a r a g r a p h (e) of section four
af ter the words "bu i l d ing soc ie ty" wher­
ever occurr ing the words " c o m m u n i t y set­ t lement society or community advancement s o c i e t y " ;
(ii)	by omit t ing f rom the same p a r a g r a p h the
figures "1923-1932" and by inser t ing in lieu
thereof the figures "1923-1941 ."

(2) The Government Guaran tees Act, 1934-1940, as

amended by this section, may be cited as the Government.

Guarantees Act, 1934-1941.

R U R A L