Finance and Development Board Act Amendment Act 1931 (WA)

No. 18.] Finance and Development Board. [1931.

FINANCE AND DEVELOPMENT BOARD.

22° GEO. V., No. XVIII.

No. 18 of 1931.

AN ACT to make provision in the Finance and Develop- ment Board Act, 1930, for the raising of money under that Act by the issue of Inscribed Stock and for purposes incidental thereto.

[Assented to 18th August, 1931.]

B E it enacted by the King's Most Excellent Majesty, byCouncil and Legislative Assembly of Western Australia, inand with the advice and consent of the Legislative

this present Parliament assembled, and by the authority of

the same, as follows:—

Short title. 1. This Act may be cited as the Finance and Development Board Act Amendment Act, 1931, and shall be read as one with the Finance and Development Board Act, 1930, herein- after referred to as the principal Act.

Amendment of 3.14. 2. Section fourteen of the principal Act is repealed, and

a section is inserted in lien thereof, as follows:-

Moneys may be

raised by inscribed	14. (1.) All money borrowed by the Board may be
stook or deben-

tures.

raised either by inscribed stock or by debentures, or

partly by inscribed stock and partly by debentures.

Inscribed stock issued under the authority of this

section shall be called Western Australian Finance and

Development Board Inscribed Stock.

(2.)

The principal moneys and interest secured by the inscribed stock or debentures issued under the provisions of this Act are hereby charged upon, and shall be pay- able out of the income, assets, and other property of the Board.

(3.)

1931.] Finance and Development Board. [No. 18.

(4.) When money is raised by the issue of debentures,

such debentures shall be issued payable to bearer, and

may be issued with or without interest coupons attached.

3. A section is inserted in the principal Act, after section New section.

fifteen, as follows:-

15A. (1.) Inscribed stock issued in Australia under Provisions rotating to inscribed stook.

the provisions of this Act shall be for five pounds or some

multiple thereof.

Upon allotment of such inscribed stock a certifi- cate or certificates in the prescribed form, sealed with the seal of the Board, shall be delivered to the allottee of such. stock, or, if there are more allottees than one, then to such of them as may be prescribed, upon pay- ment of the price of such stock and of the prescribed fees and stamp duty, if any.

(2.)

(3.)

Such inscribed stock shall be inscribed in a regis- ter, to be prepared and kept for that purpose, in such manner and by such officer or person as the Governor shall from time to time prescribe and appoint; and the register may be inspected at all reasonable times by any person on payment of the prescribed fee for each inspec- tion. Such register shall be evidence of any matters re- quired or authorised by the Act to be entered therein.

(4.) If any stock certificate is lost, mislaid, or de- stroyed, the Board shall, on being satisfied by such evi- dence thereof, and on such indemnity being given as the Board may reasonably require, and on payment of the expense, issue a fresh stock certificate in place of the certificate so lost, mislaid, or destroyed. Such new cer- tificate shall be in the form prescribed, and shall be issued and delivered only to the person whose name is inscribed in the register as holder of the stock, or to the attorney or agent appointed in writing of such person.

(5.) Such inscribed stock shall be transferable only in the manner prescribed by regulation under this Act, and not otherwise.

4. Section sixteen of the principal Act is amended by in- Anwndmemt of 8.16.

serting after the word "loan" in line three the words "the

mears whereby it is to be raised."

No. 18.] Finance and Development Board. [1931.

Amendment of s. 17. 5. Section seventeen of the principal Act is amended by

inserting the words "inscribed stock or" after the word "any" in line one, and also after the word "such" in line five.

Amendment of e 8. 6. Section eighteen of the principal Act is amended by in-

serting the words "inscribed stock or" before the word "de-

bentures" wherever such word appears in the section.

Amendment of s.	7. Section nineteen of the principal Act is repealed and a section is inserted in lieu thereof, as follows:-
Power to purchase

Inscribed stock or	19. Any moneys required to be invested in the forma- thereof be invested in the purchase of any of the in- scribed stock or any of the debentures by the issue and sale of which the loan was raised; and the certificates of the inscribed stock and the debentures with the coupons belonging thereto so purchased shall lie forthwith can- celled.
debentures instead
of contributing to	tion of a sinking fund to liquidate any loan may in lieu
sinking fund.

Amendment of s. 20 8.

Section twenty of the principal Act is repealed and a section is inserted in lieu thereof. as. follows:-

Interest and sink-

ing fund on Inscrib-	20. During the period for which inscribed stock or of section nineteen of this Act would have been current if the same had not been so purchased, a sum equal to the half-yearly interest and contribution to the sinking fund which such inscribed stock or debentures would have carried or entailed if not so purchased shall be provided by the Board half-yearly, and invested as aforesaid and paid to the credit of the sinking fund.
ed stock and de-
bentures purchased	debentures purchased by the Board under the authority
by the Board.

•

Amendment of s. 21.

Section twenty-one of the principal Act is amended by

inserting after the word "by" in line four the words "the in-

scribed stock or," and by adding provisos, as follows:—

9.

Provided that the accumulated sinking fund in respect of any inscribed stock or debentures which are redeemed by the issue and sale of other inscribed stock or deben- tures shall be held or used on account of the sinking fund for such other inscribed stock or debentures:

Provided also, that nothing herein contained shall affect the obligation to provide the prescribed sinking fund for such other inscribed stock or debentures.

1931.] Finance and Development Board. [No. 18.

10. Section twenty-two of the principal Act is repealed Ainendment of s. 22.

mid a section is inserted in lieu thereof, as follows:-

22. All inscribed stock and debentures when due, and interest payable in respect of inscribed stock and deben-	stook and debenture,
Where inscribed
and interest are
payable.
tures, shall be payable out of the funds of the Board at the place mentioned for such payment on the certificates of such inscribed stock or on the face of the debentures.

11.    Section twenty-five of the principal Act is amended Amendmentofs.25

by inserting after the word "any" hn line two the words "in-

scribed stock or any."

12. Sections are inserted in the principal Act after sec- New sections.

tion twenty-five, as follows:-

25A. (1.) Where money is raised by the sale of in-	Board may agree
with bank for in-
scription, manage.

scribed stock in London, the Board, with the approval of	scent, etc., of in-
the Governor, may from time to time enter into an agree-	scribed stock.
ment with any bank in London providing -for such bank acting as registrar of the Board, so far as the same may be necessary in accordance with the provisions of the Colonial Stock Act, 1877, or any amendments thereof, or of any other Act relating to the sale of inscribed stock in London, and for all or any of the following matters :-

(a)	For the inscription and sale of inscribed stock;
(b)	For effecting the conversion of debentures into in- scribed stock and regulating transfers of in- scribed stock;
(c)	For paying interest on inscribed stock;
(d)	For issuing inscribed stock certificates, and, as often as occasion shall require, re-inscribing and re-issuing such certificates;
(e)	For receiving moneys raised under this Act and for paying such moneys into the account of the Board with the bank appointed by the Board in that behalf ;
(f)	For issuing scrip for deposits on loans raised by

the sale of inscribed stock;

(g) For paying off capital of inscribed stock or loans;

(h) For conducting generally all business connected

with inscribed stock or loans;

No. 18.] Finance and Development Board. [1931.

(i) and for the protection and remuneration of any such bank under and in respect of any such

agreement.

(2.) Where the Board has appointed agents for the sale of inscribed stock in London under the authority of section twenty-five of this Act, every such appointment of an agent shall be notified to any bank with which any agreement has been entered into under this section, and the power and authority of every such agent shall con- tinue in force until such bank shall have received notice in writing of the termination of the agent's appointment signed by the secretary of the Board.

Board may convert

loans. 25B. The Board, with the approval of the Governor, may exercise the following powers and authorities or any of them:

(a)	Create and issue inscribed stock or debentures in exchange for the securities held for any loan or loans previously raised by the Board;
(b)	Create and sell any such inscribed stock or deben- tures for the purpose of raising money for re- deeming any outstanding loans and paying any expenses incurred in the creation of inscribed stock or debentures, and otherwise carrying out the provisions of this Act on such conditions as the Board may determine;

(c) Any such conversion may be effected either by arrangement with the holders of existing secur- ities or by the purchase thereof out of moneys raised by the sale of inscribed stock or deben- tures, or partly in one way and partly in the other;

(d) Any power conferred by this section may be ex- ercised from time to time, and the Board, with the approval of the Governor, may as often as occasion shall require, alter any conditions, pro- vided that no contract or engagement previously entered into shall be prejudicially affected

thereby.

Amendment of s. 27. 13. Section twenty-seven of the principal Act is amended

by substituting the word "any" for the word "the" in line

three.

1931.] Finance and Development Board. [No. 18.

14.    Section twenty-eight of the principal Act is amended Amendment of 9.28.

by inserting after the word "any" in line three the words

"inscribed stock or."

15.    Section twenty-nine of the principal Act is amended Amendment °Is ' 20

by inserting after the word "any" in line two the words "in-

scribed stock or."

16. Section thirty of the principal Act is repealed and a Amendment of s. 30

section is inserted in lieu thereof, as follows:—

30. (1.) In case any inscribed stock certificate or any debenture shall by accident be defaced, the Board may	ififectrItisedasntoickdoc.er-
leTrciit i rnegsading b for new
from time to time, on such certificate or debenture being	certificates or de-
bentures.
delivered to the Board, cause a new certificate or a new debenture to be issued and delivered to the holder of such defaced certificate or debenture in lieu thereof, and there- upon the certificate or debenture so defaced shall be can- celled.
(2.) The certificate or debenture so to be issued in lieu of the defaced certificate or debenture shall have a like currency, and shall in all respects be subject to the same rules, regulations, and provisions as by this Act are de- clared of and concerning the inscribed stock certificate or the debenture in substitution whereof such new certifi- cate or new debenture shall be issued as aforesaid. The new certificate shall bear the same particulars and the new debenture the same number, date, and amount, and the new certificate and the new debenture shall bear the like interest as the said defaced certificate or the said defaced debenture bore respectively.

17. The principal Act and this Act may be cited as the Citation of Prin- cipal Act and

Finance and Development Board Act, 1930-1931. amendments.