Financial Emergency Act of 1931 (22 Geo v No. 1) (Qld)

13402 COMMONWEALTH A~ D STATE. Financial Emergency Act. 22 GEO. V. No. lr COMMONWEALTH AND STATES. The Financial Emergency Act of 1931 .. 22 Qeo. V. No. 1 The Debt Conversion Agreement Act of 1931 .. 22 Qeo. V. No. 2 The Debt Conversion Agreement Amendment Act of 1931 22 Qeo. V. No. 3 The Debt Conversion (Further Agreement) Act of 1931 .. 22 Qeo. V. No. 29 The Commonwealth Legislative Power Act, 1931 .. 22 Qeo. V. No. 30 22 GEO. V. An Act to make .N ecessary Provision for Carrying N T o H . E I. out a Plan Agreed on by the Commonwealth FINANOIAL EMERGENOY AOT OF 1931. and the States for Meeting the Grave Financial Emergency existing in Australia, Re-establishing Financial Stability, and Restoring Industrial and General Prosperity. [ASSENTED TO 29TH JUNE, 1931.] Preamble. ~ 7{ 7 HEREAS at a conference between Ministers of V l' the Commonwealth and Ministers of the States convened in Melbourne on the twenty-fifth day of May, one thousand nine hundred and thirty-one, to devise measures for meeting the grave financial emergency existing in Australia and thereby averting disastrous consequences, a plan was agreed upon for re-establishing the financial stability of the Commonwealth and States and restoring industrial and general prosperity by means involving a common sacrifice, including amongst other things certain reductions in the expenditure of the Commonwealth and State Governments and the con- version of the internal public debts of the Commonwealth and States on the basis of a reduction of the interest payable: And whereas for carrying out a part of ~ he plan certain legislation by the © State of Queensland IS necessary : Now, therefore, be it enacted by the King'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 :-

COMMONWEALTH AND STATE. _._-_. _.--_._--_ ~ ~ ~ - ~ ~ ~ - .. 1931. Financial Emergency Act. 13403 PART 1.- PRELIMINARY. PAR'!' I. ~ PRELIMINARY. 1. This Act may be cited as *" The Financial Short title Emergency Act of 1931," and shall come into operation ~ ~ ~ ~ ~ : ~ nt. on a date to be proclaimed by the Governor in Council and published in the Gazette: Provided further, that it shall not be necessary to proclaim that the whole Act shall commence on one date, but the several Parts and/or sections may be proclaimed to commence on such dates as are respectively fixed by Proclamation. 2. This Act shall be divided into Parts, as follows : - Parts of Act. PART I.-PRELIMINARY; PART H.-SALARIES OF OFFICERS OF THE PUBLIC SERVICE; PART IH.-PENSIONS OF EX-JUDGES; PART IV.-PENSIONS GENERALLY; PART V.-PROTECTION OF TRUSTEES; PART VI.-MORTGAGORS' RELIEF IN RESFECT OF INTEREST; PART VH.-ENDOWMENT; PAR'l' VITr.-MISCELLANEOUS. PART n.-SALARIES OF OFFICERS OF THE PUBLIC ~ S ERVICE. PART II.- SALARIES OF OFFICERS OF THE PUBLIC SERVICE. 3. (1.) In respect of those officers to whom the Application provisions. of t"The Salr:ries Act of 1930.". apply and~ ~ ! Z; sto extend, it IS hereby provIded that the prOVISIOns of such to whom 0; lastmentioned Act shall continue to so apply and extend, ; ~ h~ ie8 Act and without in any wise limiting the generality of these t930" provisions the provisions of section three of such last- applies. mentioned Act, providing that the Governor in Council may from time to time, in respect of the salary or salaries of any officer or class of officers or section of a class of officers, increase or decrease, or in any other way amend, vary, or modify the reductions prescribed in the said section three, and thereafter the reductions from the salary or salaries of such officer or class of officers or * Act (with the exception of Part V. proclaimed in force as from 1st July, 1931. (Gazette, 30th June, 1931, page 2505.) Part V. came into force on promulgation of CommonwealthDebtConversionAct, 1931, namely 10th August, 1931. (See Commonwealth Gazette, 6th August, 1931, page 1312.) t 21 Geo. V. No. 9, supra, page 13075.

13404 COlVIlVIONWEALTII AND STA 'l'E. PART 1I.- SALARIES OF OFFICERS OF liTinancial EmC1'gency Act. 22 GEO. V. Ko. 1, THE PUBLIC SERVICE. section of a class of officers shall be at the rate so deter- mined by the Governor in Council, shall have and continue to have fun force and effect. Every such determination, from time to time so made or purporting to have been so made by the Governor in Council pursuant to the provisions of *"The Salaries Act of 1930," as read and construed with and- as amended by this Act, shall have full force and authority and shall be obeyed by all persons concerned, and the same are hereby approved, ratified, and confirmed. Amendm6nt (2.) *" The Salaries Act of 1930" is amended as of " T.he follows :_ Salaries Act of 1930." A new section is added to the said Act namely :- This Act to " [7.] Notwithstanding anything contained in this cboenrsetarudeadnd Act, the provisions of this Act shall be read and with" The construed with and as amended by "The Financial EFminearngceinacly Emergency Act 0 ' 1 J ' 1931" : Act of 1931." Provided that nothing in this Act or " The Financial Emergency Act of 1931 " shall be construed to apply and extend to the provisions of t" The Constitution Act Amendment Act of 1929," but the provisions of such lastmentioned Act shall continue to apply and shall have effect accordingly." Application (3.) In respect of those officers of the Public Service of Act and to whom the provisions of *" The Salaries Act of 1930 " S"aTlahreies Act would, but for the existence of any Act of the of 1930" to Legislature, or statutory contract or any subsisting o re ff s i p c e e c rs t i o n f contract made between any such officer and the whom" The Government of Queensland, extend and apply, it is Soaf l 1 a 9 ri 3 e 0 s " Act hereby declared and enacted that notwithstanding would not any such Act, or statutory contract or subsisting aopthpelryw. ise contract, or any law or rule of law or process of law to the contrary, the provisions of *" The Salaries Act of 1930" as read and construed with and amended by this Act shall apply and extend to any such officer accordingly, and no action, indictment, information, or other proceeding shall be commenced, presented, prose- cuted, or maintained against the Government of Queensland or any Minister of the Crown, or any officer of the Public Service, or otherwise by any officer of the ----.---------- *- 21 Geo. v. No. 9, supra, page 13075. t 20 Geo. V. No. 4, supra, page 12452.

COMMONWEALTH AND STATE. 13405 1931. Financial Emergency Act. PART II.- SALARIES OF OFFICERS OF THE PUBLIC Public Service to whom this subsection extends and SERVICE. applies in respect of the application and extension to any such officer concerned of *" The Salaries Act of 1930," as read and construed with and amended by this Act, and/or in respect of any reduction in the salary of any such officer concerned, and made or purporting to have been made pursuant to the provisions of this subsection. PART lIl.-PENSIONS OF EX-JUDGES. PARTIII.- PENSIONS OF EX·JUDGES. 4 This Part of this Act shall be read and construed Construction WI 'th a•nd as an amendment 0 f t he Supreme Court of this Part. Acts. 5. For the purposes of this Part the term "Supreme I~ terpreta. Court Acts" shall mean t" The Supreme Court Acts, 1861 tlOn. to 1926." 6. (1.) (i.) Notwithstanding anything contained in Pensions of the Supreme Court Acts, or in any other Act or law or ~ : tt~ dges . rule or process of law or otherwise to the contrary, it is Supreme hereby enacted that from and after the coming into Court. operation of this Part of this Act the amount of the pension payable to any person who prior to the coming into operation of this Part had been a Judge of the Supreme Court of Queensland, and which pension was payable to him by virtue of his office as a Judge of the said Court, shall be and is hereby reduced by the same proportionate rate of reduction as would apply if the pension payable to any such person were a salary within the meaning of *" The Salaries Act of 1930," and as if such person were an officer of the Public Service coming within the provisions of *" The Salaries Act of 1930," as read and construed with and as amended by " The Financial Emergency Act of 1931." (ii.) Subsection two of section four of t" The Judges Retirement Act of 1921 " is amended by the insertion therein of the following new paragraph, namely:- "Notwithstanding anything to the contrary in this subsection contained, it is hereby declared that the pro- visions of this subsection two shall be read and construed * 21 Geo. V. No. 9, supra, page 13075. t 25 Vic. No. 13, et seq., supra, pages 3429, et seq. Table of Acts for list.) ~ 12 Geo. V. No. 14, supra, page 9784. (See Alphabetical

18406 PART III.- PENSIONS OF EX-JUDGES. COMMONWEALTH AND STATE. .Financial EmeTgency Act. 22 GEO. V. No. 1, with' and as amended by section six of " The Financial Emergency Act of 1931," and to the intent that the pension \of any existing Judge as defined by this Act shall be subject to the reduction prescribed in the said section six of "The Financial Emergency Act of 1931." " Pensions of ex- District Court Judges. , (2.) (i.) Notwithstanding anything contained in the Supreme Court Acts or in any other Act or law or rule or process of law to the contrary, it is hereby enacted that from and after the coming into operation of this Part of this Act the amount of pension payable to any person by virtue of the provisions of subseotion five of section four of *"The Supreme Oourt Act of 1921 " shall be and is hereby reduced by the same proportionate rate of reduction as would apply if the pension payable to any such person were a salary within the meaning of t" The Salaries Act of 1930," and as if such person were an officer of the Public Service coming within the provisions of t" The Salaries Act of 1930," as read and construed with and as amended by "The Financial Emergency Act of 1931." (ii.) Subsection five of section four of *"The Supreme Oourt Act of 1921" is amended by the insertion therein of the following new paragraph, namely:- " Notwithstanding anything to the contra.ry in this subsection contained, it is hereby declared that the provisions of this subsection five shall be read and construed with and as amended by section six of "The Financial Emergency Act of 1931," and to the intent that the pension payable to any person under the provisions of this subsection shall be subject to the reduction prescribed in the said section six of "The Financial Emergency Act of 1931."" No indict- ment, &c. (3.) No action, indictment, information, or other proceeding shall be commenced, presented, prosecuted, or maintained against the Government of Queensland or any Minister of the Crown, or any officer of the Public Service, or otherwise by any person by reason of the reduction in the pension previously payable to any such person prior to the coming into operation of this Part, and made or purporting to have been made pursuant to the provisions of this section.. * 12 Geo. V. No. 15, 8upra, page 9787. t 21 Geo. V. No. 9, supra, page 13075.

1931. COMMONWEALTH AND STATE. Financial Emergency Act. 13407 PART IV.- PENSIONS GENERALLY. PART IV.-PENSIONS GENERALLY. {A.) Amendment of *" The Public Service Superannuation Acts, 1912 to 1927." 7. From and after the coming into operation of Amendments this Part of the Act the following amendments shall be r;~ ~ l' fche made in *" The Public Service Superannuation Acts, Service 1912 to 1927 , " nam . ely'- St w. unp eAr ac tnsn, u a . (a) The first paragraph of subsection three of ~ gg f,o section nine of the said Acts is amended by inserting Secti~ns 9 after the words" and thirteen" the words "and until and 16 the year ending the thirtieth day of June, one thousand~ e~ ~ rv­ nine hundred and thirty-one." (b) The following new provision is inserted after the said first paragraph of the said subsection three of section nine, namely:- " On and after the first day of July, one thousand nine hundred and thirty-one, there shall be paid to the credit of the Fund in each year out of the Consolidated Revenue the sum of four thousand pounds, and to that extent the Consolidated Revenue is hereby permanently appropriated for that purpose." (c) The second paragraph of the said subsection three of section nine is amended by inserting after the words" five thousand pounds," where those words thrice ,occur, the words and brackets, namely "(or the sum of four thousand pounds, as from the first day of July, -one thousand nine hundred and thirty-one)." (d) The second paragraph of subsection one of section sixteen of the said Acts is amended by inserting after the words "five thousand pounds" the words and brackets, namely" (or the sum of four thousand pounds, as from the first day of July, one thousand nine hundred and thirty-one)." (B.) Pensions of Officers of Police. shall 8. m ( e 1 a .) n Inandthiisncsluecdteio t n " T th h e e P te o r li m ce " A P c o t li o c f e 1A86c3ts, " " o P Af o m" li e cT n eh d e m Ac e t n s t , A" cTthoef P 1 o 8 l 6 i 3 ceAOmfefincderms' enRtelAiecft Aofct 18 o 9 f 11," 88"5 T ," he" TPho -l e ~ ' ce Po A licctes 1 1 8 9 6 2 3 8." to Amendment Act of 1911," " The Police Acts Amendment * 3 Geo. V. No. 28 and 18 Geo. V. No. 5, supra, pages 5696, 12026. t 27 Vie. No. ll, et seq., supra, pages 2330, et seq. (See Alphabetical 'Table of Acts for other references in this section.)

13408 PARTIV.- PENSIONS GENERALLY. COMMONWEALTH AND STATE. Financial Emergency Act. 22 GEO. V. No. 1, Policc pensions. Act of 1912," " The Police Acts Amendment Act of 1921," " The Police Acts Amendment Act of 1924," and" The Police Acts Amendment Act of 1928." (2.) Notwithstanding anything contained in the Police Acts, or in any other Act or law or rule or process of law or otherwise to the contrary, it is hereby enacted that from and after the coming into operation of this Part of this Act, the amount of pension payable and hereafter to be payable to any person or persons pursuant to the Police Acts, shall be and is hereby reduced by a rate of reduction as determined by the Governor in Council, but not e-;cceeding the same proportionate rate of reduction as would apply if the pension payable or hereafter to be payable to any , such person or persons were a salary within the meaning of *" The Salaries Act of 1930," and as if such person or persons were an officer or officers of the Public Service coming within the provisions of *" The Salaries Act of 1930," as read and construed with and as amended by " The Financial Emergency Act of 1931"; and the pro- visions of the Police Acts shall be and be deemed to be amended accordingly. (C.)-Pensions of ex-Member of the Land Court and of certain ex-Officers of the Public Service. Amendment 9. (1.) Notwithstanding anything contained in t"The ~ fa~ :J~ ect8 Land Acts, 1910 to 1929," or in any other Act or law or 1910 to ' rule or process of law or otherwise to the contrary, it is 1929." hereby enacted that from and after the coming into operation of this Part of this Act, the amount of pension payable to any person pursuant to subsection one of section twenty-two of the said lastmentioned Acts shall be and is hereby reduced by the same proportionate rate of reduction as would apply if the pension payable to any such person were a salary within the meaning of *" The Salaries Act of 1930," and as if such person were an officer of the Public Service coming within the provisions of *" The Salaries Act of 1930," as read and construed with and as amended by "The Financial Emergency Act of 1931"; and the provisions of t" The Land Acts, 1910 to 1929," shall be and be deemed to be amended accordingly. * 21 Oeo. V. No. 9, supra, page 13075. t 1 Oeo. V. No. 15 and amending Acts, supra, page 8775. Alphabetiral Table of Acts.) (See

1931. COMMONWEALTH AND STATE. Financia~ Emergency Act. 13409 PART IV.- PENSIONS GENERALLY. (2.) Notwithstanding any'thing contained in *" The Amendment Civil Service Act of 1863" or in section eighty-three of ~~ ~ ~the l * a " w Th o e r Ci r v u i l l e Se o rv r ic p e ro A c c e t s 0 s 11 o 8 f 8 l 9 a , w " oor rinoathneyrwotihseer tAo ctthoer S a op n f, d r 1 v 8 i s c 6. e 38 A 3" c o t f contrary, it is hereby enacted that from and after the" Th~ Civil comm. g I.nt 0 operat'IOn 0 f th' IS P art 0 f thI' S Act, the Soefr1v8w8e9.A"ct amount of pension payable to any person pursuant to the provisions of *"The Civil Service Act of 1863" shall be and is hereby reduced by a rate of reduction as determined by the Governor in Council, but not exceed- ing the same proportionate rate of reduction as would apply if the pension payable to any such person were a salary within the meaning of t" The Salaries Act of 1930," and as if such person were an officer of the Public Service coming within the provisions of t" The Salaries Act of 1930"; as read and construed with and as amended by "The Financial Emergency Act of 1931 "; and the provisions of *" The Civil Service Act of 1863" and section eighty-three of *" The Civil Service Act of 1889 " shall be and be deemed to be amended accordingly. 10. No action, indictment, information, or other No indIct. proceeding shall be commenced, presented, prosecuted, ment., &c. or maintained against the Government of Queensland, or any Minister of the Crown, or any officer of the Public Service, or otherwise by any person by reason of the reduction in the pension previously payable to any such person prior to the coming into operation of this Part, or in respect of the reduction to any pension hereafter payable and made or purporting to have been made pursuant to the provisions 0:& sections eight and nine of this Act. PART V.-PROTECTION OF TRUSTEES. PART V.- PROTECTION OF TRUSTEES. 1l. With a view to provide protection for trustees Protection in connection with the conversion of securities under the of trustees. iDebt Conversion Act 1931 of the Commonwealth, it is hereby enacted as hereunder set forth. 12. This Part of this Act shall come into operation Operation of on the day on which the Commonwealth Act known as Part. the iDebt Conversion Act 1931 comes into operation. * See previous editions for reference to these Acts. t 21 Gea. V. No. 9, supra, page 13075. t Commonwealth Act No. 18 of 1931 proclaimed n force on 10th August, 1931. (See Commonwealth Gazette, 6th August, 1931, page 1312.)

13410 COMMONWEALTH AND STATE. PART V.- PROTECTION OF TRUSTEES. ~ ~ _ Financial Emergency Act. 22 GEO. V. No. 1, Authority to 13. (1.) Notwithstanding anything in any Act or tcrounsvteeerst to law to the contrary every trustee is hereby expressly certain authorised and empowered to convert, or to withhold securities. signification of dissent from the conversion of, any "existing securities" within the meaning of the Common- wealth Act known as the * Debt Conversion Act 1931 into " new securities" within the meaning of the said Act. (2.) No action, indictment, information, or other proceeding shall be commenced, presented, prosecuted, or maintained against any trustee or any trustee company or any director or officer thereof upon the ground of any action taken by such trustee, trustee company, director, or officer to so convert any such existing securities, or upon the ground of the failure by such trustee, trustee company, director, or officer to signify dissent pursuant to the said Act. Interpreta- tion of " trustee." (3.) In this Part the term "trustee" means and includes a trustee within the provisions of t"The Trustees and Executors Acts, 1897 to 1924," the Public Curator constituted pursuant to t" The Public Curator Acts, 1915 to 1926," the company known as the Queensland Trustees, Limited (pursuant to §" The Queensland Trustees, Limited, Acts, 1888 to 1930 "), the company known as the Union Trustee Company of Australia, Limited (pursuant to 11" The Union Trustee Company of Australia, Limited, Acts, 1890 to 1930 "), and any person who under any other Act or by any rule of law or equity is a trustee. PART VI.- MORTGAGORS' RELIEF IN PART Vr.-MORTGAGORS' RELIEF IN RESPECT OF RESPECT OF INTEREST. Mortgagors' relief in respect of interest INTEREST. 14. With the object of providing a method for the reduction of the rates of interest in respect of certain fixed liabilities and to enable tribunals to give effect to such reductions, the following provisions are enacted as hereunder set forth. Operation of ~ 15. This Part of this Act shall come into operation Part. on a date to be fixed by Proclamation published in the Gazette. * Oommonwealth Act No. 18 of 1931 proclaimed in force on 10th August, 1931. (See Commonwealth Gazette, 6th August, 1931, page 1312.) t 61 Vie. No. 10 and amending Acts, supra, pages 3507, et seq. (See Alphabetical Table of Acts.) t 6 Geo. V. No. 14 and amending Acts, supra, pages 7056, et seq. § 52 Vie. and amending Acts, supra, pages 7056, et seq. 1154 Vie. and amending Acts, supra, pages 3913, et seq. ~ See note to section 1, Jiupra, page 13403.

COMMONWEALTH AND STATE. 13Ml 1931. Financial Emergency Act. 16. In this Part, unless the contrary appears- PART VI.- MORTGAGORS'- RELIEF IN RESPECT OF INTEREST. intention Interpreta- tation. "Mortgage" means any deed, memorandum of ~ Iortgage. mortgage, instrument, or agreement whereby security for payment of money is granted over real or personal property or any interest therein, and includes an agreement for sale and purchase of real or personal property where payment of the unpaid purchase money and interest thereon is secured on such property; .. Mortgagor" means a person liable to payment of Mortgagor. moneys secured by mortgage; " Mortgagee" means the person entitled to receive Mortgagee. payment of any moneys payable under a mortgage; " Court"-The Supreme Court of Queensland or COldrt. any Judge thereof: Provided that where the principal moneys remaining due and unpaid under the provisions of any mortgage to which this Act applies do not exceed two thousand five hundred pounds, the term" court" shall mean the Magistrates Court constituted pursuant to *" The Magistrates Courts Act of 1921," constituted by a police magistrate sitting alone and held nearest to the residence of the mortgagor; " Prescribed"-Prescribed by this Part ; Prescribed. "Regulations"-Regulations made under the Regulations. authority of this Part; "This Part"-This Part of this Act and any This Part. Proclamation or regulation made thereunder. 17. This Part of this Act shall apply to all mortgages Application existing at the coming into operation of this Part. of Part. 18. (1.) Any mortgagor by notice in the prescribed Applicatio? f orm may app I y to t he Court at any tI.me W ' l thm' t we I ve foofrinretedruecsttl.Ou months after the coming into operation of this Part for reduction of the rate of interest payable under his mortgage. * 12 Geo. V. No. 22, supra, page 9713.

13412 COl\Il\IONWEALTH AND STATE. PART VI.- MORTGAGORS' RELIEF IN Pinancial Emergency Act. 22 GEO. V. No. 1, RESPECT OF looTEREST. (2.) A copy of every such notice shall be served as prescribed upon the mortgagee, who shall be given an opportunity to show cause why the application should not be granted. (3.) Where it is not shown to the court that there are any special circumstances relating to the mortgage in respect of which the application is made, the court shall have authority and jurisdiction to make an order for the reduction of the rate of interest payable under such mortgage at a rate not exceeding four shillings and sixpence for everyone pound of such interest calculated as provided by such mortgage, but no such order shall have the effect of reducing the rate of interest under the mortgage below five pounds per centum per annum. (4.) If the mortgagee satisfies the court that -there are any such special circumstances as aforesaid the court may make such reduction not exceeding the rate hereinbefore mentioned as in its opinion the circum- stances require, or may refuse the application if in its opinion such refusal is warranted. (5.) In the hearing of any application made pursuant to the provisions of this section, the court may without in any wise limiting the generality of its powers in respect of any such application, take into consideration- (a) The date, terms, and conditions of repayment of the mortgage ; (b) The extent to which an order for relief, if any, has already been granted by the court to a mortgagor pursuant to the provisions of *" The Purchasers oJ Homes Relief Act of 1930" or any other Act granting relief to mortgagors; (c) Any hardship that would be inflicted on the mortgagee by the making of any such order, taking into consideration the economic and financial conditions prevailing at the time of execution of the mortgage and any relative or other like considerations; (d) Any other factors and circumstances either generally or in any particular case as to the Court may be deemed fit and proper to allow justice to be done ~n respect of any such application. * 21 Geo. V. No. 33, supra, page 13094.

COMMONWEALTH AND S'rATE. 13413 PART VI.- 1931. Financial Eme1rgency Act. MORTGAGORS' RELIEF IN RESPEm'OF IXTEREST. (6.) Where the court after full consideration of all matters and circumstances aB aforesaid is satisfied that- (i.) The mortgagor has requested the mortgagee to reduce his rate of interest in manner contemplated by this Act; (ii.) The mortgagee has refused to make a reduction reasonable in the circumstances; and . (iii.) There are no special circumstances justifying \ such refusal, the court may order the mortgagee to pay costs. (7.) If the court is satisfied that the application has been occasioned by the refusal of the mortgagor t,o accept a reasonable offer of reduction by the mortgagee, and there are no special circumstances warranting the granting of any such appliC'ation, the court may order the mortgagor to pay costs. (8.) Every such order for the payment of costs shall specify such sum as the court thinks reasonable, and the same shall be paid to the party in whose favour such order is made. (9.) Provided further that the court, may if it thinks proper so to do make no order as to costs. 19. Any order of the court made under this Part Decision of shall be final and conclusive, and nq appeal shall lie in thefico~ rt to respect thereof, whether by way of prohibition or e na. certiorari or otherwise. 20. (1.) Every payment of interest made in pur- Effect of suance of an order made as provided by this Part shall order. be a full discharge to the extent of such payment of the mortgagor's liability under his mortgage in respect of the period to which such payment relates. (2.) Every order made under this Part shall apply only in respect of interest accruing due after the commencement of this Part. (3.) Every such order shall continue in force during the continuance of the mortgage in respect of which it is made unless the court for special reasons otherwise directs.

13414 CO::\IMONWEALTII AND STATE. PART VI.- MORTGAGORS' RELIEF IN Financial Emergency Act. 22 GEO. V. No. 1, RESPECT OF INTEREST. (4.) During the continuance of any order made under this Part it shall not be lawful for the mortgagee to demand, sue for, or enforce payment of interest in respect of any period to which such order relates at a rate greater than that allowed by such order. Moratorium 21. Any stipulation, covenant, or condition in any mclaourtsgea i g n e mortgage to which this Act applies which declares or not to purports to declare that any moratorium or the like apprepvliecnattion. matter shall not apply in respect of· the mortgage concerned shall not prevent a mortgagor from making an application under the provisions of this Part, and shall not prevent the court from making any order in respect of any such application. Regulations. 22. The Governor in Council may make regulations prescribing the forms to be used and the procedure to . be followed under this Part, and all such other matters and things as may be necessary or convenient for giving effect to the provisions of this Part. Such regulations shall be published in the Gazette. and forthwith upon such publication shall be read and construed as one with this Part, and shall be judicially noticed, and shall not be questioned in any proceedings whatsoever. All such regulations shall be laid before the Legis- lative Assembly within fourteen days after such publication if the Legislative Assembly is in session, or if not, then within fourteen days after the commencement of the next session thereof. PART VII.- ENDOWMENT. P . ART VII . - E NDOWMENTS BY THE G OVERNMENT. Reduction 23. It is hereby declared that from and after the ~~t~~~ ;~ ry coming into operation of this Part of this Act, certain endowments. expenditure in respect of special services being in the nature of endowments by the Government of Queensland to certain specific funds constituted under any special Act of the Legislature, or for or in respect of certain special services, and notwithstanding anything contained in any special Act (specifically providing for a fixed statutory amount of endowment) or law or rule of law or process of law to the contrary, may be reduced by the Government in any annual Appropriation Act by an amount not exceeding twenty per centum of the amount which but for the coming into operation of this Part of this Act

1931. COMMONWEALTH A~ D STATE. Financial Em.ergency Act. 13415 PART VII.- ENDOWMENT. would have otherwise been appropriated and payable by the Government of Queensland in respect of any such specific fund or in respect of any special service concerned. Any such reduced appropriation by way of reduced contribution or endowment or reduced expenditure for special services made in respect of any specific fund or in respect of any special service concerned as aforesaid in any Appropriation Acts subsequent to the coming into operation of this Part is hereby approved, validated, and confirmed accordingly. 24. Without in any wise limiting the generality Amenqments of the provisions of section twenty-three of this Act, from ~ e: s~ nous and after the coming into operation of this Part of this Act, the following amendments shall be made in the undermentioned Acts, that is to say:- (i.) Amendment of *" The University of Queensland Act of 1909," as amended by t" The University of Queensland Act Amendment Act of 1922." In section twenty-six of the said Acts, the words "the annual sum of twenty thousand pounds" are repealed, and the words " such annual sum not exceeding twenty thousand pounds, as the Governor in Council may think proper and as may be appropriated in any year by Parliament for the purpose," are inserted in lieu thereof. (ii.) Amendment of the t" Grammar Schools Act Amendment Act of 1864." The provisions of section two of the said Act is amended by inserting after the words §" Grammar Schools Act of 1860 " the words" but subject to section twenty- three of " The Financial Emergency Act of 1931." (iii.) Amendment of 11" The Unernployed Workers' Insurance Acts, 1922 to 1927." Section five of the said Acts is amended by adding a· new subsection thereto as follows:- "(12.) Notwithstanding anything hereinbefore con- tained, this section shall be read and construed as one with section twenty-three of "The Financial Emergency * 9 Edw. VII. No. 7, supra, page 631. t 13 Geo. V. No. 18, supra, page 9982. t 28 Vie. No. 8, supra, page 624. § 24 Vie. No. 7, supra, page 621. 1113 Geo. V. No. 28 and amending Acts, supra, pages 10073, et seq.

13416 COMMONWEALTH AND STATE. . PABTVII.- - - - - - - - - - - - - - .. - - . - ~ . - .- - ENDOWMENT. Financial Emergency Act. 22 GEO. V. No. 1, Act of 1931," and to the intent that the provisions of such lastmentioned section having for its object the reduction of any contribution payable under this Act by the Government by way of contribution to the fund may to the extent of any such reduction permitted by such lastmentioned section apply and extend accordingly, anything to the contrary in this Act or in any Act or law notwithstanding." (iv.) Amendment of *" The B~ treau of Economics and Statistics Act of 1930." Section seven of such Act is amended by omitting the words "a sum of five thousand pounds per annum" and by inserting in lieu thereof the words " such sum not exceeding five thousand pounds per annum as the Governor in Council may think proper." (v.) Amendment of t" The Rural Fires Act of 1927." Section nineteen of the said Act is amended by inserting before the words" The Consolidated Revenue" the words" Subject to the provisions of section twenty- three of " The Financial Emergency Act of 1931." (vi.) Amendment of t" The Grazing Districts Improve- ment Act of 1930." Section fifty-one of the said Act is amended by omitting the words " The sum of one thousand pounds" and inserting in lieu thereof the words "Such sum not exceeding one thousand pounds, as the Governor in Council may think proper." (v'ii.) Amendment of §" The S'tlgar Experiment Stations Act of 1900" as amended by section five of 11" The Sugar Experiment Stations Act Amendment Act of 1923." Section nine of the said Acts is amended by the addition thereto of the following paragraph, namely:- "Notwithstanding anything contained herein, this section shall be read and construed with section twenty- * 21 Geo. V. No. 15, supra, page 13134. t 18 Geo. V. No. 15, supra, page 11914. t 21 Geo. V. No. 44, supra, page 12844. § 64 Vie. No. 17, supra, page 3426. 1114 Geo. V. No. 27, supra, page 10847.

1931. COMMONWEALTH AND STArl'E. Financial Erner'gency Act. 13417 PART VII.- ENDOWMENT. three of "The Financial Emergency Act of 1931," and to the intent that the provisions of such lastmentioned section having for its object the reduction of any such endowment to the Fund may to the extent of any such reduction permitted by such lastmentioned section apply and extend herein accordingly, anything to the contrary in this Act or in any Act or law notwithstanding." (viii.) Amendment of *" The Primary Produce Experiment Stations Act of 1927." Section five of the said Act is amended bv the insertion of a new paragraph to subsection t~ o as follows :- "Notwithstanding anything contained herein, the provisions of this subsection shall be read and construed . with section twenty-three of "The Financial Emergency Act of 1931," and to the intent that the provisions of such lastmentioned section having for its object the reduction of any such endowment to the Fund may to the extent of any such reduction permitted by such last- mentioned section apply and extend herein accordingly, anything to the contrary in this Act or in any Act or law notwithstanding." (ix.) Amendment of t" The Banana Industry Protection Act of 1929." Section twelve of the said Act is amended by the insertion of a new paragraph to subsection two as follows :- " Notwithstanding anything contained herein the provisions of this subsection shall be read and construed with section twenty-three of "The Financial Emergency Act of 1931," and to the intent that the provisions of such lastmentioned section having for its object the reduction of any such endowment to the Fund may to the extent of any such reduction permitted by such last- mentioned section apply and extend herein accordingly, anything to the contrary in this Act or in any Act or law notwithstanding." * 18 Geo. V. No. 9, supra, page 12018. t 20 Geo. V. No. 12, supra, page 12408. C

13418 PART VIlI.- MISCEL' LANEOUS. COMMONWEALTH AND STATE. Financial Emergency Act. 22 GEO. V. No. I, 1931.. PART VIII.-MISCELLANEOUS. Interest on deposits by in;,urance companies. 25. From and after the coming into operation of this section, the following amendments shall be and be deemed to be made in the undermentioned Acts, namely:- (i.) Amendment of *" The Life Assurance Companies Act .of 1901 " as amended by t" The Insurance Act of 1923." Subsection one of section 7B is amended by omitting all words from and including the words "and the rate of such interest" to and including the words" is payable," and inserting in lieu thereof the words " and the rate of such interest shall be fixed by the Treasurer at a rate not less than four pounds per centum per annum." (ii.) Amendment of t"The Insurance Act of 1916" as amended by t" The Insurance Act of 1923." Subsection one of section twelve is amended by omitting all words from and including the words "and the rate of such interest" to and including the words" is payable," and inserting in lieu thereof the words" and the rate of such interest shall be fixed by the Treasurer at a rate not less than four poundil per centum per annum." General powers. 26. The Governor in Council is hereby empowered from time to time by Order in Council to issue such orders and give such directions and prescribe such rules as will in his judgment be calculated to give full effect to the provisions of this Act and to the objects and purposes thereof, and every such order, direction, and rule shall be obeyed. Regulations. 27. In addition to any other power to make regulations under this Act, the Governor in Council may make regulations prescribing all matters which by this Act are required or permitted to be prescribed or which are necessary or convenient to be prescribed for carrying out or for giving effect to this Act. * 1 Edw. VII. No. 20, 8upra, page 282. t 14 Geo. V. No. 29, 8upra, page 10574. t 7 Geo. V. No. 27, 8upra, page 7497.

COMMONWEALTH AND STATE. 13419 - - - - - - - - - - - - - - - - - - - - - - PART VIII.- 22 GEO. V. No. 2, 1931. Debt Oonversion Agreement Act. MISCEL- LANEOUS. 28. All regulations and Orders in Council made or Effect of = purporting to be made under this Act shall be published regd~ t~ ns in the Gazette, and forthwith upon such publication shall co~ cif~ be read as one with this Act and shall be judicially noticed and construed as being of equal validity, and shall not be challenged in any proceedings whatsoever. All such regulations and Orders in Council shall be laid before the Legislative Assembly within fourteen days after such publication if the Legislative Assembly is in session, or if not, then within fourteen days after the commencement of the next session thereof. An Act to Approve an Agreement between the Com- 22 GEO. V. monwealth of Austral~ a of the First Part TH N E o. D 2 E . BT and the States of New South Wales , Victoria , CAOGNRVEEERMSEIONNT Queensland, South Australia, Western Aus- ACT OF 1931.· tralia, and Tasmania of the Second, Third, Fourth, Fifth, Sixth, and Seventh Parts respectively. relating to the Conversion of the Internal Public Debts of the Common- wealth and the States. [ASSENTED TO 29TH ~ UNE, 1931.] l-XTHEREAS by section 105A of the Constitution it is Preamble. \'l' provided that the Commonwealth may make Agreements with the States with respect to the Public Debts of the States, including inter alia, the consolidation, renewal, conversion, and redemption of those debts; And whereas it is further provided by the said section that the Parliament may make laws for the carrying out by the parties thereto of any such Agreement; Be it therefore enacted by the King'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;- 1. This Act may be cited as "The Debt Conversion Short title. Agreement Act of 1931."