General Loan and Inscribed Stock Act 1884 (WA)

e5terii atotratta.

ANNO QUADRAGESIMO OCTAVO

VICTORIA, R EGM ILE

P:5 s

No. IV.

AN ACT to declare the terms and conditions applicable to Loans authorised to be raised by the Government of Western Australia, and to provide for the creation of West Aus- tralian Inscribed Stock.

[ Assented to, 27th August, 1884. ]

WHEREAS it is expedient to define in one Act the terms and	Preamble.
conditions applicable to all Loans hereafter authorised to be raised by the Legislature of Western Australia ; And whereas it is expedient to provide for the creation of Inscribed Stock, and to enable this Colony to take advantage of the provisions of an Act of the Imperial Parliament intituled " The Colonial Stock Act, 1877:" Be it therefore enacted, by the Governor of Western Australia, with the advice and consent of the Legislative Council thereof, as follows:—
Loan and Inscribed Stock Act, 1884."

1.     THIS Act may be cited for all purposes as " The General s hort title.

2.      AS often as by any Act passed during the present or any Loans to be raised by

other Session authority shall be given to raise any sum of money Debentures, or West x Australian Inscribed

tor Stock.

1   48° VICTORI2E, No. 4.

The General Loan and Inscribed Stock Act, 1884.

for the purposes mentioned in such Act, the Governor may from time to time, as he may deem expedient, raise such sum either by De- bentures or by West Australian Inscribed Stock, or partly by Debentures and partly by Inscribed Stock.

8. THE principal moneys and interest secured by the Debentures

Loans to be a charge

upon general rev-

or Inscribed Stock issued under the provisions of this Act are

enues.

hereby charged upon and shall be payable out of the General

Revenues and Assets of the Government of Western Australia.

WHEN the borrowing shall be upon Debentures, • such De- Western Australia by the Crown Agents for the Colonies, upon the best and most favorable terms that can be obtained, and shall be signed by any two of them on that behalf.

4.

Borrow	upon De- bentures shall be issued in London on behalf of the Government of
bentare

EVERY Debenture issued under the provisions of this Act shall be for a sum of not less than One Hundred Pounds Sterling, and shall bear interest at a rate not exceeding five per cent. per annum.

Amount of each De- 5.

benture.

a EVERY Debenture shall, before being issued, be registered

Registry of Deben-

tures.

in a Register Book to be kept for that purpose at the office in London

of the Crown Agents.

THERE shall be attached to every Debenture Coupons for the payment of the interest to become due in each half-year upon the principal secured by the Debenture. The Coupons shall be suffici- ent in number to provide for the payment of the interest, either during the whole period for which the Debenture has to run, or for such limited period as the Crown Agents, acting on behalf of the Government of Western Australia, may determine.

7.

Interest Coupons.

8.     THE Debentures, and the Coupons thereto, may be in such

Form of Debentures

and Coupons.

form as the Governor, or the Crown Agents acting on his behalf,

may direct or approve.

Debentures and 9. EVERY Debenture and Coupon, and the right to receive the

Coupons transfer-	principal and interest secured or represented thereby, shall be trans-
able by delivery.	ferable by delivery.

Mode of providing 10. SO long as any of the Debentures remain outstanding, the

for payment of in-	Governor shall, in each half-year ending with the day on which the
terest and principal
of Debentures.	interest on the Debentures falls due, appropriate out of the General Revenues and Assets of this Colony a sum equal to one half-year's interest on the whole of the Debentures previously issued, including any which may have been redeemed, but exclusive of any which

may

48° VICTORI2E, No. 4.

The General Loan and Inscribed Stock Act, 1884.

may have been at any time exchanged for Inscribed Stock, and shall remit that sum to the Crown Agents at such time as will enable them to pay thereout the then current half-year's interest on the day when it falls due. After the date specified in the Act authorising the Loan as that on which the contributions to the Sinking Fund shall commence, the Governor shall, in each half-year ending as aforesaid, appropriate out of the said Revenues and Assets of this Colony an additional sum equal to ten shillings sterling per centum on the total nominal amount of all the Debentures issued on or before the first day of that half-year, including any which may have been redeemed, but exclusive of any which may have been at any time exchanged for Inscribed Stock, and shall remit that sum to the Crown Agents with the remittance hereinbefore mentioned.

11.

THE Crown Agents shall, subject to the approval of Her Majesty's Principal Secretary of State for the Colonies for the time moneys L;elifted to »lic I

being, place and keep the moneys so remitted to them, or so much c rown Agen

tts.

thereof as may not be required for immediate payments, on deposit at interest in their names with some Bank or Banks in London or Westminster, and shall hold all such moneys and the accumulations thereon in trust, to apply them, in the first place, in payment of the interest for the current half-year upon the Debentures for the time being outstanding, and, in the next place, in the formation of a Sinking Fund.

12.

THE interest upon the principal secured by each Debenture shall run from the day named in that behalf in the Debenture, and

Payment of interest.

shall be paid half-yearly, on the days named in that behalf in the

Debenture, at the office in London of the Crown Agents.

13. THE Sinking Fund shall be applied in the first place lace in Anplieltio of Sink-

payment of all expenses of, or incidental to, the redemption of hi -Pm	' d.
Debentures, including the charges of the Notary Public attending at any drawing thereof, and the costs and expenses of all notices required by this Act to be given, and in the next place, and subject to the aforesaid payments in repayment of the principal moneys for the time being secured by the Debentures.

THE Debentures shall, at the option of the Crown Agents, subject to the approval of Her Majesty's Principal Secretary of State	Debentures to be re-
deemed by purchase or by annual draw-
for the Colonies for the time being, be redeemed either by purchase	ings.
in the open market or by annual drawings, and, subject to the aforesaid payments, the sum to be applied annually to such redemp- tion shall correspond as nearly as may be to, but not exceed, the amount for the time being standing to the credit of the Sinking Fund.

14.

4   480 VICTORLE, No. 4.

The General Loan and Inscribed Stock Act, 1884.

E.ppointment of day 15. AFTER the date specified in the Act authorising a Loan as

inr drawing ofthat on which the contributions to the Sinking Fund shall commencem

Debentures. in respect of that Loan, and so long thereafter as any of the

Debentures remain outstanding and unsatisfied, the Crown Agents shall in every year, unless the whole of the money applicable in that year to the redemption of Debentures has been applied in the purchase thereof, appoint a day in that year for the drawing by lot of the Debentures to be redeemed.

IF a day is appointed for drawing, the Crown Agents shall than fifteen clays previous notice, specifying the clay on which, and the hour and place at which, the drawing will take place, and the nominal amount of the Debentures to be redeemed at that drawing.

Notice of time am o'n'e by advertisement in the London 01 Times news]) 1 ‘a • 16.

)Iace appointed for apLi n - less not

L ying.

ON the day and at the hour and place so specified, the Crown Agents shall hold a meeting, at which the holder of any Debenture may, if he think fit, be present, and shall then in the presence of such Debenture-holders (if any) as may attend, and of a Notary Public, draw by lot out of the whole number of Debentures for the time being outstanding Debentures of the specified nominal amount.

:dodo i drawin 17.

THE Crown Agents shall thereupon declare the distin- guishing numbers of the Debentures drawn for redemption, and shall as soon as may be, by advertisement in the London " Times newspaper, specify those numbers and appoint a day (not being later

otice of Debentures drawn for redemp- 18.

as to each Debenture than the day on which the then current half-

year's interest thereon is payable) on which the principal

secured by the Debentures so distinguished will be repaid. moneys

Payment of drawn	19, ON the clay so appointed, the Crown Agents shall, at their office in London, on demand, pay, to the holders of the Debentures drawn for repayment, the principal moneys secured by those Debentures, with all interest payable thereon up to that clay.
Debentures.

eeseer oi interest 20. FROM and after the clay appointed for the repayment of an)

from day appointed Debenture, all interest on the principal moneys secured thereby shall	for payment of
principal. cease and determine, whether payment of the principal shall have been demanded or not.

21. UPON the repayment of the principal moneys secured by

lkdeemed Deben- any Debenture, the Debenture with all the Coupons thereunto Ives to be cancelled.

belonging shall be delivered up to the Crown Agents, to be by them cancelled and forwarded to the Government of Western Australia. Any Debenture redeemed by purchase shall likewise be so cancelled and forwarded.

48° ITICTORLE, No. 4. 5

The General Loan and Inscribed Stock Act, 1884.

22. WHEN borrowing shall be upon Inscribed Stock, such

Stock shall be issued in England by the Crown Agents for the Colonies scribed Stock.	Borrowing upon In-
under the provisions of the Act of the Imperial Parliament intituled " The Colonial Stock Act, 1877," upon the best and most favorable terms that can be obtained, and on such other conditions, subject to the provisions of this Act, as the Governor may before the issue thereof from time to time direct, provided that the interest on such Inscribed Stock shall not exceed four per cent. per annum.

23. ALL the Inscribed Stock which may be created under the

provisions of this Act shall be redeemable at par on a date to be	th	ree	h pa	ir cipaL
such date not being later than fifty years from the ' date of issue.
named in that behalf by the Crown Agents when issuing the Stock, ;7'11°1 secured thereby shall cease and determine, whether payment of the principal shall have been demanded or not.

24. SO long as any of the Inscribed Stock shall remain unre-

deemed, the Governor shall, in each half-year ending with the day on i)daircdpea;ml payment of

which the interest on such Inscribed Stock falls due, appropriate out terest and principal

of the General Revenues and Assets of this Colony a sum equal to of I nscribedStock.

one half-year's interest on the whole of such Inscribed Stock, and shall remit that sum to the Crown Agents at such time as will enable them to pay thereout the then current half-year's interest on the day when it falls due. The Governor shall further appropriate out of the said Revenues and Assets, in each half-year ending as aforesaid, an additional sum for the formation of a Sinking Fund equal to ten shillings per centum on the total nominal amount of such Inscribed Stock, except in the following cases :—

(a)	In the case of that portion of Inscribed Stock created and exchanged for Debentures which Debentures were sub- ject to repayment by annual drawings, the said further appropriation shall commence at the date at which the Sinking Fund on the Debentures so exchanged would have commenced had the Debentures remained outstand- ing.
(b)	In case of Loans raised by the issue of Inscribed Stock after the date of this Act, the said further appropriation shall commence at the date specified in the Acts authorising such Loans for the commencement of the Sinking Fund respectively.

25. THE amount so remitted for the formation of a Sinking

Fund for the redemption of Inscribed Stock shall be invested in the irku	eestenFund to be
names of Trustees to. be appointed by the Secretary of State for the Colonies ; the Trustees shall also from time to time invest the dividends, interest or produce arising froth such investment, so that

the

6   48° VICTORTiE, No. 4.

The General Loan and Inscribed Stock Act, 1884.

the same may accumulate by way of compound interest and be applied by the Crown Agents towards the final extinction of the debt.

Securities in which 26. ALL sums paid to the account of such Sinking Fund and the

Sinking Fund is to	interest thereof shall be invested in Imperial or Colonial Govern-
be invested.	ment Securities at the discretion of the Trustees.

Any deficiency in	27.	IN case the said Sinking Fund shall be insufficient to
made good out of

Sinking Fund to be	provide the necessary funds for the redemption of the Inscribed
general revenues and	Stock when it shall have become due, the deficiency shall be made
aAsets.	good out of the General Revenues and Assets of the Colony.

Expenses to be paid 28. ALL expenses of or incidental to the management of the

out of Sinking Fund.

Sinking Fund or to the repayment of the principal moneys borrowed

shall be paid out of the Sinking Fund.

Governor may order 29. THE Governor shall also have and may exercise the

or znahorise: following powers and authorities, or any of them :—

ConversionofDeben-	(a) He may from time to time declare all or any of the
tures into Inscribed

Stock. existing Debentures of this Colony issued under any of the Acts enumerated in the Schedule to this Act annexed, to be convertible into Inscribed Stock of such denominations and on such conditions as he may before the creation thereof from time to time determine.

Creation and issue of	(k) He may authorise the creation and issue of such an
exchange for other

Inscribed Stock in	amount of Inscribed Stock in exchange for the Securities
Securities.	held for such Loans as may be necessary.

Creation and sale of	(c) He may authorise the creation and sale of any such
raise Loans and for

Inscribed Stock to	Inscribed Stock for the purpose of raising money, for
other purposes.	redeeming any outstanding Loans, and in paying any expenses in the creation of Inscribed Stock, and other- wise carrying out the provisions of this Act, on such conditions as he may determine.

Arrangements for	(d) Any conversion so authorised may be effected either by arrangement with the holders of existing Securities, o . by purchase thereof out of moneys raised by- the sale of
conversion.

Inscribed Stock, or partly in one way and partly in the

other.

Governor may exer-

(e) Any power of this section conferred on the Governor may

conditions as often as occasion shall require, provided

that

cise powers at any	be exercised from time to time, and he may alter any
time.

48° VICTORI 2E, No. 4.

The General Loan and Inscribed Stock Act, 1884.

that no contract or engagement previously entered into

shall be prejudicially affected thereby.

30. NOTHING in this Act contained shall authorise an Ext/ruwe of Securi-

increase of the capital or of the annual charge on any Loan, except: ties 1.Z Inscribed Stock.

(a)	When Securities exchanged for Inscribed Stock bear a higher rate of interest than the Inscribed Stock, an additional amount of Inscribed Stock may be created and issued to make up the difference in saleable value between the Securities and the Inscribed Stock.
(b)	In the case of the conversion of Securities into Inscribed Stock, the Crown Agents shall issue such an amount of Inscribed Stock as may be required to defray the stamp -duties and all other expenses incidental to the conver- sion.

31. THE Crown Agents may from time to time, at the request Crew inscription,

of the Governor, make arrangements for all or any of the following issue, conversion,	and transfer of In-
things :—	scribed Stock.

( I ) For inscribing Stock in their books.

(2) For managing the creation, inscription, and issue of Inscribed Stock.

(3) For effecting the conversion of Loans into Inscribed Stock. (4) For paying interest on Inscribed Stock, and managing

transfers thereof.

(5) For issuing Inscribed Stock certificates to bearer, and as often as occasion shall require, re-issuing or re-inscribing Stock, and re-issuing Inscribed Stock certificates.

32. THE Debentures exchanged or otherwise converted into Converted Deben-

Inscribed Stock shall be forthwith cancelled by the Crown Agents. ture. t b	s o e eancelled.
and transmitted to the Government of Western Australia.

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

to this Act.

F. NAPIER BROOME, Governor.

SCHEDUL

8   48° VICTORI±E, No. 4.

The General Loan and Inscribed Stock Act, 1884.

SCHEDULE.

Act No. 3 of 1872 .. 6 per Cent., 35,000.

„ No. 19 of 1873 .. 5 per Cent., £100,000.

.	„	No. 21 of 1875	5	per Cent.,	26,000.
„	No. 22 of 1878 I	.

4 per Cent., ;200,000

„	No. 32 of 1879 J
„	No. 22 of 1881 .. 4 per Cent., £150,000.
„	No. 22 of 1882 „ 4 per Cent.., £254,000

By Authority: EICIA verninellt Pririt,:r, Perth.