Finances Adjustment (Further Provisions) Act 1933 (NSW)

FINANCES ADJUSTMENT

(FURTHER PROVISIONS) ACT.

Act No. 19, 193H.

An Act to make further provisions in relation to certain statutory endowments and scholar- ships; to provide for certain payments from the Country Main Roads Fund towards the construction of developmental roads and works, and towards the payment of interest and sinking fund contributions on loan moneys; to provide for the transfer to the credit of the Consolidated Revenue Fund of certain amounts from The Compensation Fund established under the Liquor (Amend- ment) Act, 1919, the State Superannuation Fund, and the funds of the Government Insurance Office of New South Wales; to amend the Main Roads Act, 1924-1931, and certain other Acts; and for purposes connected therewith. [Assented to, 12th December, 1933.] BE

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

P A R T I.

Preliminary.

1. This Act may bo cited as the " Finances Adjust­

ment ( F u r t h e r Provis ions) x\ct, 1933."

2. This Act is divided into P a r t s as follows:—

P A R T I.—Preliminary.

P A R T I I .—Sta tu tory Endoivments and Scholarships.

P A R T I I I .—Amendmen t of Main Roads Act, 1924-

1931.

P A R T IV.—Payment from The Compensation Fund

established under the Liquor (Amendment) Act,

1919, to Consolidated Revenue Fund.

P A R T	V.—Amendment	of	the	Superannuation
(Amendment)	Act,	1930, and	provision	for

payments	from the State Superannuation	Fund
to Consolidated	Revenue	Fund.
P A R T VI.—Transfer	of £300,000 from	accumulated

funds of the Government Insurance Office of

New	South	Wales	to	Consolidated	Revenue
Fund.

S C H E D U L E .

P A R T H .

Statutory Endowments and Scholarships.

3. This P a r t of this Act shall be deemed to have com­ menced on the th i r t ie th day of June , one thousand nine hundred and thir ty- three.

4. The amount of the annual endowments payable out of the Consolidated Revenue F u n d in pursuance of the enactments mentioned in the Schedule to this Act shall in the financial year commencing on the first day of Ju ly , one thousand nine hundred and th i r ty- three , be reduced by twenty pe r centum.

5. The following Scholarships a t the Univers i ty shall
be reduced in the financial y e a r commencing on the first

day of Ju ly , one thousand nine hundred and th i r ty- three ,

as	fol lows:—
The Alexander Scholarship from ninety pounds pe r annum to eighty pounds pe r annum.
The River ina Scholarship from seventy-five pounds pe r annum to sixty-five pounds pe r annum.
The W a r a d g e r y Scholarship from ninety pounds pe r

annum to eighty pounds pe r annum.

P A R T III.

Amendment of Main Roads Act, 1924-1931.

6. (1) The Main Roads Act, 1924-1931, is amended—

(a)	by inserting next after subsection (4A) of sec­ tion th i r teen the following new subsection:—
pointed unde r the T r a n s p o r t (Division of

(4B) The Commissioner for Main Roads ap ­ Func t ions ) Act, 1932, shall each yea r p a y to the T r e a s u r e r from the County of Cumber land Main Roads F u n d for the credit of Consolidated Revenue F u n d such sums as may be requi red to provide for interest , s inking fund, and other loan charges on loans app rop r i a t ed for met ropol i t an main or secondary roads af ter the thirty-first day of December, one thousand nine hundred and twenty-four, and before the first day of Ju ly , one thousand nine hundred and twenty- eight.

The

The provisions of th is subsection shall not apply to loans on which interest , sinking fund or other loan charges are payable as and to the extent elsewhere provided in this Act.

The ra tes , terms, and conditions of payments in accordance with this subsection shall be as agreed upon by the Commissioner and the Treasu re r .

(b) (i) by inser t ing next af ter subsection three of section twenty-one the following new sub­ section :—

(3A) The Commissioner for Main Roads appointed under the T r a n s p o r t (Division of Funct ions) Act, 1932, shall in each yea r pay to the T r e a s u r e r from the Count ry Main Roads F u n d for the credit of Con­ solidated Revenue F u n d such sums as may be required to provide for interest , s inking fund and other loan charges on loans appro­ p r i a t ed for country main roads or F e d e r a l Aid Roads in the W e s t e r n Division af ter the thirty-first day of December, one thou­ sand nine hundred and twenty-four, and before the first day of Ju ly , one thousand nine hundred and twenty-eight.

The provisions of this subsection shall not apply to loans on which interest , s inking fund or other loan charges are payable as and to the extent elsewhere provided in th is Act. The ra tes , te rms, and conditions of

payments in accordance with this subsection	shall be as agreed upon by the Commissioner
and the Treasu re r .

(ii)  by inserting at the end of the same section the following new subsection:—

(7) The re shall, in each yea r commencing from the first day of Ju ly , one thousand nine hundred and th i r ty- three , be provided from the Count ry Main Roads F u n d for the construction of developmental roads and developmental works the sum of one hundred and thirty-five thousand pounds.

(c)

(c) (i) by omit t ing from p a r a g r a p h (b) of subsec­

tion one of section twenty-nine the word
" and " ;

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

t ion the following new p a r a g r a p h : —

(d)	any moneys paid to the credit of that fund for those purposes in pursuance of any Act, or provided for the con­ struction of developmental roads and
developmental works .

(iii)   by inserting at the end of the same section the following new subsection:—

(3) The Commissioner for Main Roads appointed under the T r a n s p o r t (Division of Func t ions) Act, 1932, shall each yea r p a y to the T r e a s u r e r from the Developmental Roads F u n d for the credit of Consolidated Revenue F u n d such sums as may be required to provide for interest , sinking fund and other loan charges on loans app rop r i a t ed for developmental roads af ter the thirty-first day of December, one thousand nine hundred and twenty-four, and before the first day of Ju ly , one thou­ sand nine hundred and thir ty-one.

The provis ions of this subsection shall not app ly to loans on which interest , s inking fund or other loan charges are payable as and to the extent elsewhere provided in this Act.

ments in accordance wi th this subsection The ra tes , t e rms , and conditions of pay­

shall be as agreed upon by the Commis­

sioner and the T rea su re r .

(2) The amendments made by p a r a g r a p h ( a ) , by

s u b p a r a g r a p h (i) of p a r a g r a p h (b) , and by s u b p a r a g r a p h (iii) of p a r a g r a p h (c) of subsection one of this section shall be deemed to have commenced on the first day of

Ju ly , one thousand nine hundred and th i r ty- three .

P A R T

P A R T IV.

Payment from The Compensation Fund established

under the Liquor (Amendment) Act, 1919, to Con­

solidated Revenue Fund.

7. There shall be paid from The Compensat ion F u n d established under the Liquor (Amendment) Act, 1919, as amended by subsequent Acts, to the Consolidated Revenue Fund , dur ing the financial year commencing on the first day of July , one thousand nine hundred and th i r ty- three , on a date to be determined by the Colonial T reasu re r , the sum of two hundred and fifty thousand pounds.

P A R T V.

Amendment of the Superannuation (Amendment) Act,

1930, and provision	for payments	from	the	State
Superannuation	Fund	to	Consolidated	Revenue
Fund.

8 . The Superannua t ion (Amendment) Act, 1930, is amended by omit t ing from subsection six of section two the words " one thousand nine hundred and twenty- nine " and by inser t ing in lieu thereof the words " o n e thousand nine hundred and n ine teen . "

9 . The Superannua t ion Board shall r epay to the Colonial T r e a s u r e r	all moneys paid as employers '	con­
t r ibut ions p u r s u a n t	to sections sixteen and	seventeen of

the Superannua t ion Act, 1916-1930, by the Government	of New South Wales , the W a t e r Conservat ion and
I r r iga t ion Commission, and the Sydney H a r b o u r T rus t Commissioners, which moneys, as a t the th i r t ie th day of J un e , one thousand nine hundred and thir ty- three , amount to three million eight hundred and thir ty- two thousand pounds.
Such amount, with in teres t a t the r a t e of three and one-half per centum per annum on the balance from time to t ime unpaid, shall be repa id by equal monthly instal­ ments over a period of fifteen years , and shall be credited by the Colonial T r e a s u r e r to the Consolidated Revenue

F u n d

F u n d and the Sydney H a r b o u r T rus t F u n d in such

manne r as to him appea r s jus t , hav ing r e g a r d to the moneys pa id out of each of such F u n d s by way of employer s ' contr ibut ion and to any moneys pa id or credi ted p u r s u a n t to section two of the Superannua t ion (Amendment ) Act, 1930, or to t ha t section as amended by this Act.

P A R T V I .

Transfer of £300,000 from accumulated funds of the

Government Insurance Office of New South Wales

to Consolidated Revenue Fund.

10. (1) Dur ing the financial year commencing on the first day of Ju ly , one thousand nine hundred and th i r ty - three, on a da te or dates to be determined by the Colonial T reasu re r , sums in cash a n d / o r securit ies in amounts as

s ta ted respectively in p a r a g r a p h s ( a ) , (b ) , and (c) of

this subsection shall be t r ans fe r r ed to Consolidated Revenue F u n d f rom the accounts in Special Deposi ts

Account as specified in such p a r a g r a p h s , viz. :—

(a) Thirty-four thousand eight hundred and twenty pounds from the Compensat ion Insu rance F u n d , and one hund red and eleven thousand one

hundred and eighty pounds f rom the Compensa­tion Insu rance F u n d General Reserve Account.

(b)	Fifty-one thousand seven hundred and ten pounds f rom the F i r e and Mar ine Insu rance Fund , and fifty-eight thousand two hundred and ninety pounds from the F i r e and Mar ine In su r ­ ance F u n d General Reserve Account.
(c)	Twenty-one thousand and sixty pounds from the General Accident Insu rance Fund , and twenty- two thousand nine hundred and for ty pounds from the General Accident Insu rance F u n d General Reserve Account.

(2)

( 2 ) The transfer of the said sums whether made

in one or more amounts or at any one or more dates shall be deemed to have been made on the first day of July, one thousand nine hundred and thirty-three.

S C H E D U L E .

No. of Act. Short title.

No. 22, 1900 . . . Univers i ty and Univers i ty Colleges Act , 1900,

section 24.

N o . 92,.19D2... Univers i ty and Univers i ty Colleges ( A m e n d m e n t )

Act , 1902, section 2.

N o . 52, 1912. . . Un ive r s i ty (Amendmen t ) A c t , 1912, section C.

No. 78, 1916 . . . Un ive r s i ty ( A m e n d m e n t ) Act , 1916, sect ion.2.

N o 5 4 , 1 8 9 9 . . . L i b r a r y and A r t Gal lery Act , 1899, sections 15

a n d 29.

No 6 1 , 1 9 0 2 . . . The Aus t ra l i an Museum Act , 1902, section 12.

F APPROPRIATION