Fire Brigades Board Debenture Act 1900 (WA)

alecstern Cluotratta.

ANNO SEXAGESIMO QUARTO

VICTORIA. REGINIE.

********************W*****************************fl****

No. XX XVIII.

AN ACT to enable the Fire Brigades Board to

issue Debentures.

[Assented to, 5th December, 1900.]

Legislative Assembly of Western Australia, in this present Parlia- with the advice and consent of the Legislative Council and ment assembled, and by the authority of the same, as follows:— BE it enacted by the Queen's Most Excellent Majesty, by and

THIS Act may be cited as the Fire Brigades Board Debenture Act, 1900, and shall be incorporated with the Fire	Short title and in-
corporation.
Brigades Act, 1898, and the Act amending the same.

1.

(1.) THE Fire Brigades Board may borrow any money which, by any statute in that behalf, it is authorised to borrow, on the

Fire Brigades Board

may borrow on

security of debentures, charging the whole of the real and personal

debentures.

estate, both present and future, of the Board with the repayment of

the moneys so borrowed, together with the interest thereon.

(2.) Such debentrnes shall operate as a charge upon all the real and personal estate, both present and future, of the Board, notwithstanding that such debentures are not registered under any Act or Acts now or hereafter in force.

2.

64° ITICTORI2E, No. 38.

Fire Brigades Board Debentures.

(3.) Such debentures may be issued payable to bearer, and shall, when so issued, be transferable, subject to the conditions indorsed thereon, by delivery.

(4.) Such debentures may have attached thereto interest coupons, which may be made payable to bearer and transferable by delivery.

(s.) The Board may issue such debentures, subject to conditions not inconsistent with the provisions of this Act.

Priorities of loans 3. WHERE more than one loan is raised, priority shall depend

and rank of (lobo,. upon the date of the loan. All debentures forming part of the same

tures. loan shall rank pari passe.

Lender need not4. NO person advancing money to the Board shall be bound to

inquire into aPPlicas inquire into the application of the money advanced or be responsible

tion of moneys• for the non-application or mis-application thereof.

(f.) IF the Board makes default in payment of the principal or any instalment of interest secured by any debenture, the holder thereof may, subject to the conditions indorsed on the debenture, on behalf of himself and all other debenture holders, take all usual legal proceedings to recover payment and realise thereunder, and in addition thereto may obtain from the Supreme Court or a Judge thereof the appointment of a Receiver of the real and personal estate of the Board charged by the said debenture and also of the income and revenue of the Board.

Realisation of loan 5.

moneys.

(2.) The said Court or a Judge thereof may order a sale of the whole or any part of the real and personal estate so charged, and may order payment of such debentures out of such part of the sinking fund as may be applicable to such debentures, and order the realisation of any securities forming such fund.

(1.) A SINKING fund shall, as and when required by the Colonial Treasurer, be created by the Board for the repayment of each loan in accordance with such conditions as may be prescribed by the Governor.

Sinking fund. 6.

(2.) All sums paid into such sinking fund shall be forthwith invested in the joint names of the Board and the Colonial Treasurer in such securities as trustees are by law for the time being entitled to invest in, and all dividends and annual sums from such invest- ments shall be paid into and form part of such sinking fund and be invested in like manner.

(g.) Such sinking fund in connection with any loan shall be used for the purposes of the said loan and for no other purpose whatever.

G4° VICTORIZE, No. 38.

Fire Brigades Board Debentures.

(4.) The Board shall keep an account of all moneys and investments for the time being forming part of such sinking fund, and shall permit any debenture holder to inspect such accounts.

(5.) If the Board fails to comply with the provisions of this

section, any debenture holder may, on behalf of himself and all other debenture holders, apply to the Supreme Court or any Judge thereof to enforce observance of such provisions.

7. THE loan of eight thousand pounds heretofore raised by

the Board may be secured by debentures issued under this Act. g loan.

In the name and on behalf of the Queen I hereby assent

to this Act.

ALEX. C. ONSLOW, Administrator.

By Anthority : RICHARD PETHER, Government Printer, Perth.