Fremantle Harbour Trust Act Amendment Act 1960 (WA)

1960.] Fremantle Harbour Trust. [No. 75.

FREMANTLE HARBOUR TRUST.

9° Elizabeth H., No. LXXV.

No. 75 of 1960.

AN ACT to amend the Fremantle Harbour Trust

Act, 1902-1957.

[Assented to 12th December, 1960.]

RE it enacted by the Queen's Most Excellent

Majesty, by and with the advice and consent

of the Legislative Council and the Legislative

Assembly of Western Australia, in this present

Parliament assembled, and by the authority of the

same, as follows:—

1. (1) This Act may be cited as the Fremantle Harbour Trust Act Amendment Act, 1960.	Short title
and citation.
Reprinted in

In this Act the Fremantle Harbour Trust Act, 1902-1957, is referred to as the principal Act.	Appendix to 1934 Vol. of
Sessional Statutes.
(3) The principal Act as amended by this Act may be cited as the Fremantle Harbour Trust Act, 1902-1960.

(2)

No. 75.] Fremantle Harbour Trust. [1960.

S. 2

Section two of the principal Act is amended by inserting after the word, "the" in line three of the interpretation, "The harbour" the word, "First."

amended. 2.

S. 27A added.

The principal Act is amended by adding after section twenty-seven the following section:-

3.

Power to

acquire	27A. Subject to this Act, wherever any land is required for the purposes of this Act such land may be entered upon, surveyed and taken under the powers contained in and in accord- ance with the procedure prescribed by the Public Works Act, 1902.
land
compulsorily.
S.58

repealed and 4. Section fifty-eight of the principal Act is

re-enacted.

repealed and re-enacted with amendments as

follows:-

Funds. 58. (1) Except to the extent that section fifty-eight A of this Act provides otherwise, the funds necessary for the effectual exercise by the commissioners of the powers conferred by this Act shall be

(a)	such moneys as are from time to time appropriated by Parliament for that purpose;
(b)	the income derived by the com- missioners from all dues, charges, rents and other levies under the authority of this Act; and
(c)	such moneys as the commissioners may borrow under and subject to the provisions of this Act.

(2) All moneys referred to in subsection (1) of this section shall be paid into, and be placed to the credit of an account at the Treasury to be called "The Fremantle Harbour Trust Account", and shall he applied to the purposes of this Act.

1960.] Fremantle Harbour Trust. [No. 75.

(3) The moneys from time to time in the said account shall be chargeable with

(a)	all capital expenditure incurred in connection with the acquisition by purchase or compulsory taking of land or land and buildings, or other property, or in connection with the establishment and maintenance of any works or undertakings vested in or to be carried on by the commissioners under this Act;
(b)	the fees or remuneration and allow- ances payable to the commissioners;
(c)	the salaries and wages of officers and servants employed in or in connection with the activities carried on by the commissioners; and
(d)	all other expenditure lawfully incurred by the commissioners in the exercise of their powers or the discharge of their duties or obligations under this Act.

5. The principal Act is amended by adding after Ss. 58A-58L added.

section fifty-eight the following sections-

58A. (1) Service charges collected by the

commissioners for attendance money and charges.

administration expenses under section thirty- one A of this Act shall be paid by the commis- sioners into the Treasury to the credit of an account to be called "Fremantle Harbour Trust Attendance Money Account", and shall be used for payment of attendance money payable under an award or agreement referred to in that section.

(2) Where there is, or is likely to be a defi- ciency in the Account referred to in subsection (1) of this section, the commissioners may, in order to make good or to avoid the deficiency, borrow from the Treasurer, who may lend to the commissioners from the Public Account,

No. 75.] Fremantle Harbour Trust. [1960.

such sums, on such terms and conditions as to repayment, and as to payment of interest, as the Treasurer specifies, and is hereby authorised to specify.

Power of

commis-	58B. (1) The commissioners in addition to eight C and fifty-eight D of this Act may, with the approval of the Governor, borrow from the Treasurer, and in such case the Treasurer shall make advances to the commissioners out of moneys appropriated by Parliament to such purpose to enable the commissioners to defray expenditure incurred by them under this Act at any time when the moneys in The Fremantle Harbour Trust Account are not sufficient to meet that expenditure in full.
sioners to
borrow	the powers conferred on them by sections fifty-
money from
Treasurer.
(2) The commissioners shall pay to the Treasurer in respect of moneys borrowed pursuant to subsection (1) of this section interest at such rate and at such times as the Governor shall determine.
(3) The moneys borrowed and the interest payable in respect thereof shall be a charge upon the moneys in The Fremantle Harbour Trust Account from time to time, and upon any works, undertakings and other assets vested in the commissioners.
Power of

commis-	58C. (1) Subject to subsection (2) of this
sioners to

borrow	section, the commissioners may at any time,
money on
issue of	and from time to time, with the approval of the
debentures
or inscribed	Governor
stock.

(a) borrow and reborrow moneys by the issue and creation and sale of deben- tures and of inscribed stock for the purpose of raising the funds of the commissioners for the effectual exercise by them of the powers conferred by this Act;

1960.] Fremantle Harbour Trust. [No. 75.

(b)	create and issue debentures a n d inscribed stock in exchange for any debentures and inscribed stock respect- ively issued in respect of moneys previously borrowed by the commis- sioners, and not repaid;
(c)	create, issue and sell debentures and inscribed stock for the purpose of bor- rowing money for redeeming any loans owing by the commissioners, and for paying the expenses incurred in the issue and creation of the debentures and inscribed stock and otherwise carrying out the provisions of this Act;
(d)	effect any conversion authorised by this section either by arrangement with the holders of the existing debentures or registered owners of inscribed stock, or by the purchase of the debentures or inscribed stock out of moneys raised by the sale of debentures and inscribed stock, or partly in the one way and partly in the other.

(2) The Governor shall not approve of the borrowing by the commissioners of moneys under the provisions of this section, unless a proposal in writing showing

(a)	the term and particulars of the pro- posed loan;
(b)	the rate of interest to be paid on the loan;
(c)	the purposes to which the money

proposed to be borrowed is to be

applied; and

(d) the manner in which the loan is to be repaid,

is first submitted by the commissioners to, and

approved by, the Minister.

No. 75.] Fremantle Harbour Trust. [1960.

(3) Any moneys borrowed by the commis- sioners under the provisions of this section

(a) may be raised as one loan or as several loans; and

(b) may be raised

(1) by the issue of debentures with or without interest coupons attached;

(ii)  by the creation and issue of inscribed stock to be called "The Fremantle Harbour Trust In- scribed Stock";

(iii)    partly as provided by subpara- graph (i), and partly as pro- vided by subparagraph (ii) of this paragraph; or

(iv) in such other manner as the

Governor may approve.

Power to

borrow to	58D. For the purpose of making provision to repay either the whole or any part of any loan raised by the commissioners under the pro- visions of this Act, the commissioners may with the consent of the Governor, and subject to sub- section (2) of section fifty-eight C of this Act, borrow the moneys necessary for that purpose before the loan or part of it becomes payable.
repay loan.
borrowed

Moneys	58E. (1) Due payment of debentures and
charged on

revenues of	inscribed stock respectively issued or created
commis-	under the provisions of section fifty-eight C of
sioners and
guaranteed	this Act and sold by the commissioners, with all
by the State.
interest thereon, shall be charged on and secured upon the revenues of the commissioners.
(2) For the purposes of subsection (1) of this section "revenues" of the commissioners means all dues, charges, rents and other levies auth- orised to be collected and received by the com- missioners.

1960.] Fremantle Harbour Trust. [No. 75.

(3) The due repayment of the principal moneys and the payment of all interest secured by debentures or inscribed stock issued or created by the commissioners under the pro- visions of section fifty-eight C of this Act is hereby guaranteed by the Government of the State.

(4) Any sums required by the Treasurer for fulfilling any guarantee given by this Act shall be paid out of the Public Account which is hereby to the necessary extent appropriated accordingly, and any sums received or recovered by the Treasurer from the commissioners or otherwise in respect of a sum so paid by the Treasurer shall be paid into the Public Account.

58F. (1) The provisions of Part I of the Isrorlstions of

Second Schedule to this Act shall apply with is1[1,;(11,11;7to

respect to debentures and inscribed stock issued cardentures

by the commissioners under the provisions of isttigred

section fifty-eight C of this Act.

(2) The provisions of Part II of that Schedule shall apply with respect to debentures issued under the provisions of section fifty-eight C of this Act.

(3) The provisions of Part III of that Schedule shall apply with respect to inscribed stock issued in Perth in the State under the provisions of section fifty-eight C of this Act.

Debentures

58G. (1) Debentures and inscribed stock created and issued by the commissioners under

and inscribed

stock

authorised

trustee

the provisions of section fifty-eight C of this Act

investments.

shall

(a)	be securities authorised by the laws relating to the investment of trust moneys; and
(b)	have the status of Government securi- ties within the meaning of any Act in force for the time being relating to friendly societies.

No. 75.] Fremantle Harbour Trust. [1960.

(2) Unless he is expressly forbidden by the instrument, if any, creating the trust, a trustee may invest trust funds in his hands in the de- bentures and inscribed stock referred to in sub- section (1) of this section.

(3) The debentures and inscribed stock shall be a lawful investment for moneys which a body corporate is authorised or directed to invest, in addition to any other investments expressly authorised for the investment of the moneys.

A trustee or body corporate may pur-

suant to this Act convert the debentures in his

or its hands into inscribed stock.

(4)

Contribution

of interest	58H. (1) There shall be entered and debited each year in The Fremantle Harbour Trust Account such amounts as shall be fixed by the Treasurer as the interest and sinking fund contributions payable for the year in respect of such portion of the General Loan Fund as shall have been applied to the exercise by the com- missioners of any of the powers conferred upon them or the discharge of the duties imposed upon them by this Act.
and sinking
fund.
(2) Such contributions shall be paid to the Treasurer.

The accrued interest in the sinking fund contributions as certified by the Under Treasurer shall be incorporated in the accounts of the commissioners in relation to the exercise by them of the powers conferred upon them by this Act.

(3)

Interest on

daily

581. (1) Interest on the daily balance of money provided out of the Public Account for the purposes of this Act shall be charged in the books of account of the commissioners in relation to the exercise of their powers and the discharge of their duties under this Act, and the amount of that interest shall be paid to the credit of the Public Account half-yearly or at such other times as the Treasurer may direct.

balance.

1960.] Fremantle Harbour Trust. [No. 75.

(2) The rate of interest shall be fixed from time to time by the Treasurer.

58J. All moneys standing to the credit of re=7,0r.Y

The Fremantle Harbour Trust Account may, nIted

until required by the commissioners in con- nection with the exercise of their powers or the discharge of their duties under this Act, be temporarily invested as the Treasurer may direct, and all interest derived from the invest- ment shall be paid to the credit of that account.

58K. Any profit at the end of any financial Ajar

year resulting from the activities carried on by the commissioners under this Act which is available in cash after making full allowance for interest and sinking fund contributions, and depreciation, obsolescence and maintenance of plant, may be used by the commissioners for any of the purposes of this Act, unless the Treasurer requires payment to be made to the credit of the Public Account.

Commis-

58L. The commissioners shall determine the amount of the depreciation and obsolescence of	sioners to determine
depreciation.
the assets in relation to the exercise by the commissioners of their powers and the discharge of their duties under this Act, and that amount shall apply for the purpose of section fifty-eight K of this Act unless in the opinion of the Auditor General that amount should be increased, in which case the amount determined by the Auditor General shall apply.

6. The principal Act is amended by adding after S. GOA added.

section sixty the following section:—

Reserve

60A. The commissioners may in respect of accounts.

their works and undertakings establish in their books such reserve accounts as they think fit subject to the approval of the Treasurer, and may in every year credit to each reserve account so established such sums as they think fit.

No. 75.] Fremantle Harbour Trust. [1960.

Schedule

The Schedule to the principal Act is amended

by substituting for the heading, "THE SCHEDULE"

the heading, "FIRST SCHEDULE."

amended. 7.

Second

Schedule 8. The principal Act is amended by adding after

added. the Schedule a Second Schedule as follows:—

SECOND SCHEDULE.

PART I.—DEBENTURES AND INSCRIBED STOCK.

The following provisions shall apply to debentures and inscribed stock issued by the commissioners under the provi- sions of section fifty-eight C of this Act:-

1. All debentures and inscribed stock

Interest.	(a)	shall bear interest at such rate and be redeem- able on such date and at such place as the commissioners may, with the approval of the Governor, determine; and
Debentures	(b)	may with the consent of the holder or the
and stock
payable	registered owner thereof, as the case may be,
date.
before due	be paid off at any time before the due date for repayment, at not more than the face value thereof.

When

2. Interest secured by any debentures or inscribed stock issued or created pursuant to this Act shall be payable half-yearly on such days at such places as the commissioners determine.

interest

payable.

Debentures

3. The commissioners may, at the request of the holder issued or created pursuant to this Act, in lieu thereof issue to him inscribed stock or debentures, as the case may be, in respect of the same loan, and of the same amount, and of the same currency, and bearing the same interest.

and stock

interchange-

of a debenture or of the registered owner of inscribed stock

able.

Brokerage.

4. The commissioners may pay moneys by way of brokerage for the making, procuring, negotiating, or obtaining the loan of any money borrowed under the authority conferred by section fifty-eight C of this Act.

Sinking

5. (1) The commissioners shall set aside half-yearly by way of a sinking fund for the purpose of redeeming any loans raised by them pursuant to section fifty-eight C of this Act an amount calculated at a rate approved by the Treasurer and sanctioned by the Governor.

Fund.

(2) When it is necessary to have resort to any sinking

fund referred to in subclause (1) of this clause for the

purpose of paying off either the whole or any part of any

1960.] Fremantle Harbour Trust. [No. 75.

loan in respect of which the fund is provided, the commis- sioners may sell any securities in which the fund is invested, or may obtain an advance thereon from any bank or from the Treasurer of the State.

6.   No notice of any trust, express, implied or construc- Notice of

tive, shall be received by the commissioners or by an officer trru	ecestvil	age.
of the commissioners in relation to a debenture or inscribed stock issued or created pursuant to this Act, and the com- missioners or the officer shall not be bound to see to the execution of the trust to which the debenture or inscribed stock may be subject.

receiving in consideration of the advance a debenture or sneoTrities7. A person advancing money to the commissioners and Owners of

inscribed stock issued under this Act shall not be bound to zsrpaopnpsitilaclae

inquire into the application of the money advanced or be tion of

in any way responsible for the non-application or mis- moneys.

application thereof.

PART II.—DEBENTURES.

The following provisions shall apply to debentures issued by the commissioners under this Act:—

1. A debenture shall be in the form prescribed by the Form of

regulations. debenture.

2.  A debenture shall

(a) be sealed with the common seal of the seal. commissioners in the manner prescribed by the regulations; and

(b) number one and proceeding in an arithmetical be numbered consecutively beginning with the Number. one.

3. A debenture with the interest coupons annexed Pass by

thereto and every interest coupon after being detached

delivery.

therefrom shall pass by delivery and without any assign-

ment or endorsement.

4. The bearer of a debenture or detached interest Rights of

coupon shall have the same rights as if he were expressly	bearer.
named as payee therein.

5. No interest shall be payable in respect of a deben- Payment of

ture except to the holder of the coupon representing the	interest.
interest claimed and upon delivery of the same.

No. 75.] Fremantle Harbour Trust. [1960.

Restrictions

on amount (2) A person shall not be entitled or allowed to transfer

of stock	any fraction of one pound or any smaller sum than ten
which
may be	pounds unless that smaller sum is the full amount of the
transferred.	balance standing to his credit in the stock ledger.
Execution

An instrument of transfer of the stock or any share therein shall be executed by all parties and the signatures to the instrument shall be attested in the manner prescribed by the regulations.

of transfer. (3)

Registration

of transfer.	(4) An instrument of transfer when executed shall be delivered to the registrar who shall register the same by entering a memorial of it in the stock ledger and shall inscribe the name of the transferee in the stock ledger as the owner of the stock.
Application

for trans- 5. (1) A person to whom stock is transmitted in

mission	consequence of the death or bankruptcy or insolvency of
(other than
transfer) of	the registered owner of the stock or by any other lawful
stock.	means than by a transfer in accordance with this Act may apply in the form prescribed by the regulations to the registrar at the registry to be inscribed as the owner of the stock.
Verification

of applica- (2) An application for transmission shall be verified

tion for	by statutory declaration or in such other manner as is so
trans-
mission.	prescribed, and

(a)

in the case of a transmission consequent on death—the probate of the will or the letters of administration shall be produced to the registrar or in the case of transmission toi a survivor or the survivors of a joint owner a certificate of the death of the owner who has died accompanied by a statutory declaration identifying the person named in the death certificate with the person who is shown as the registered owner of the stock may if the registrar approves be produced to him in lieu of probate or letters of administration; and

(b)

in the case of a transmission consequent on bankruptcy or insolvency—an office copy of the adjudication or order of sequestration shall be delivered to the registrar.

Registration

of trans- (3) The registrar shall if he is satisfied that the provi- sions of this Act have been complied with register any such transmission by entering a memorial of it in the stock ledger and inscribe the name of the person to whom the stock has been transmitted in the stock ledger as the registered owner of the stock.

1960. ] Fremantle Harbour Trust. [No. 75.

Power of

(1) A person may by power of attorney under his hand and seal and attested by two or more credible witnesses appoint some person to be his attorney for any purpose in relation to stock (including an application for conversion or to receive interest or redemption money).	attorney.
(2) A power of attorney shall be valid and effectual for all purposes therein mentioned until notice of its revocation or of the bankruptcy insolvency lunacy unsoundness of mind or death of the principal has been received by the registrar at the registry.
When

6.

(1) An instrument of transfer of stock or of any part thereof shall not be registered on any Saturday or holiday	transfer
books to be
closed and
or within the period of fourteen days or within such period	ledgers
(not exceeding twenty-one days) as is prescribed next before	balanced.
any of the days on which the interest thereon is payable.
(2) During the periods referred to in the last preceding subclause the commissioners shall cause the amount of the stock respectively standing to the credit of the several registered owners thereof to be ascertained and the balances to be struck and carried forward in the proper stock ledger.
(3) An instrument of transfer of stock or of any part thereof shall not be registered during the period of twenty- one days immediately preceding the date of maturity of stock.

7.

stands in the stock ledger, or if it stands in the names of mitered 8. (1) The receipt of the person in whose name stock Receipt of

more persons than one the receipt of one of the persons me

named in the stock ledger shall be a sufficient discharge to without

the commissioners for any interest payable in respect of regard	gard	trust.
the stock, notwithstanding any trusts to which the stock may then be subject and whether or not the commissioners have had notice of the trusts, and the commissioners shall not be bound to see to the application of the money paid upon such receipt.

(2) If stock is held in joint names and one or more of Receipt

the registered owners of the stock dies becomes bankrupt Noviljejienr e.

one of the other joint owners or survivors shall be a sufficientdies, etc	insolvent or otherwise legally incapable, the receipt of any holders
discharge to the commissioners for any interest payable in respect of the stock, notwithstanding that a transmission has not been registered as required by this Act.