Funded Stock Act of 1892 (NSW)

ANNO QUINQUAGESIMO SEXTO

V I C T O R I A E REGINAE.

No. I.

An Act to authorise the creation and issue of Funded Stock and to make certain pro­ visions auxiliary thereto. [28th October, 1892.]

WH E R E A S it is expedient to raise money wi th in t he Colony by	means of a F u n d e d Stock for t h e construct ion of	Pub l ic
W o r k s , and for o ther services	author ised by Loan A c t s :	Be i t the re ­

fore enacted by t h e Queen ' s Mos t Exce l l en t Majesty ,	b y and wi th
t h e advice and consent	of t h e Legis la t ive Council and Legis la t ive

Assembly of N e w Sou th W a l e s in P a r l i a m e n t assembled, and by the

au thor i ty of t h e same, as follows :—

1.     This Ac t m a y be cited as t he ' F u n d e d Stock A c t of 1892 . "

2.     I t shall be lawful for t he Colonial Treasurer to offer for sale,

and to sell a t t he Treasury , Sydney, F u n d e d Stock (hereinaf ter called

" S t o c k " ) , secured upon t h e Consolidated Revenue F u n d of t he Colony, at t he ra te of no t less t h a n one hundred pounds sterl ing money for every one hundred pounds s ter l ing of Stock sold as aforesaid : A n d the books of record hereinafter ment ioned for t he inscr ipt ion of such Stock shall be open on every lawful day, and shall r emain open un t i l t he to ta l a m o u n t of Stock sold reaches Three mil l ion pounds s ter l ing money and

no longer .

3 . Such Stock shall be styled " N e w South Wales F u n d e d

Stock," and shall be sold in amoun t s of t en pounds , or of some mul t ip le of t en pounds , a t such t imes, in such manner , and subjec t to such condit ions as t he Governor may from t ime to t i m e appoin t . The ownership of such Stock shall be secured to the holders thereof by the inscr ipt ion of the i r respective names , a n d t h e a m o u n t s of Stock held by t h e m respectively in Books of Record, which shall be prepared and kep t for t he purpose aforesaid at t he Treasury .

A 4 .

4.    The Governor may , after t he expi ra t ion of t w e n t y years from

t h e passing of th is Act , r edeem and repurchase t he said Stock or any par t thereof a t t h e price of one h u n d r e d pounds s ter l ing for every one h u n d r e d pounds s ter l ing of Stock upon g iv ing twelve m o n t h s not ice to t h e holders of such Stock of his in ten t ion to redeem or repurchase t he same.

5. In t e re s t shall he payable and paid out of t he Consolidated

R e v e n u e a t t h e r a t e of four pounds pe r a n n u m for every one h u n d r e d

pounds of Stock sold in pursuance of th is Ac t . Such in teres t shal l accrue from t h e date of t h e sale, and shall he payable half-year ly on

t h e t e n t h days of F e b r u a r y and A u g u s t in each year .

6. A certificate or certificates prepared and signed by t h e Colonial Treasurer and by such other person or persons as t h e Governor m a y au thor i se and appoint , shall he issued to t h e purchaser of a n y Stock u p o n the p a y m e n t of t he a m o u n t due in respect of t h e same, b u t such certificate or certificates shall be issued only as a record of

inscr ipt ion, and shall no t be a negot iable or t ransferable securi ty .

7. Every t ransfer of Stock shall be effected b y a n en t ry in Transfer Books which shall be prepared and kep t for t h e purpose a t t he T r e a s u r y ; and every such en t ry shal l be signed by t h e person m a k i n g t h e transfer , be ing a t t h e t i m e the inscribed holder of such Stock, or his lawful a t to rney , and by t h e person accept ing such Stock as transferee, or his lawful a t torney.

8. Al l sums of money raised by t h e sale of Stock shall be
carried by t h e Colonial Treasurer to t h e credi t of t he Genera l L o a n

Account , and shal l be applicable only to the purposes of such L o a n

Services as have been or m a y hereafter be author ised by P a r l i a m e n t .

9. The Stock created by th is Ac t shall be " Gove rnmen t

S tock , "	and	a	" Gove rnmen t	Secur i ty"	wi th in t h e m e a n i n g	of t h e	A c t
twen ty - s ix th	Victoria	n u m b e r	twelve, and	of	t he	A c t	th i r ty - seven th

Victor ia n u m b e r four, and of a n y A c t or ru le of Court deal ing wi th

t h e inves tmen t of moneys u n d e r t he control of t he Supreme Cour t . A n d all corporations, companies , and co-par tnerships , and all t rus tees , executors , and adminis t ra tors , w h e t h e r incorporated, established, or appointed before or after the passing of th i s Act , and w h e t h e r by ac t of par t ies or operat ion of law, are hereby author ised and empowered to invest the i r moneys in t h e purchase of and to hold Stock issued under t he provisions of th is Act .

10. Whosoever forges, fabricates, or counterfei ts , whol ly or in

pa r t , any paper , wr i t ing , or i n s t r u m e n t pu rpo r t i ng to be a Stock

Certificate under th i s A c t — o r forges, counterfei ts , a l ters , adds to ,

obli terates or wilfully mut i l a t e s or defaces any word, let ter , or figure

in or u p o n any such certificate—or fills u p wi th a n y word, let ter , or

figure any b l a n k space in or upon a n y such certificate—or makes use of, or a t t empt s to m a k e use of w i th in t en t to defraud, a n y such forged,

fabricated, counterfei ted, al tered, added to, obli terated, wilfully m u t i ­ la ted or defaced or filled u p certificate as aforesaid, shall be gu i l ty of a felony, and shal l be liable to t he ex t r eme p u n i s h m e n t applicable by law to t he c r ime of forgery.

1 1 . The Governor m a y prescribe t h e forms to be used in

connect ion wi th dealings in t h e said Stock, whe the r by way of transfer or disposal of dividends or otherwise, and m a y m a k e all r egu­ lat ions t h a t m a y be deemed necessary for ca r ry ing th is Ac t into effect. A n d such regula t ions shal l be publ ished in t he Gazette and laid before P a r l i a m e n t wi th in four teen days after t h e publ ica t ion thereof, if

Pa r l i amen t be t h e n s i t t i n g ; and if P a r l i a m e n t be no t s i t t ing, t h e n

w i th in four teen days after t h e n e x t session thereof.

12. The word " G o v e r n o r " in th i s A c t means " Governor wi th

t h e advice of t h e E x e c u t i v e Counci l . "

No. I I .