Government Loan Act of 1910 (1 Geo v No. 14) (Qld)

LOANS. 1 GEO. V. No. 14, 1910.. Government Loan Act. 10017: LOANS. ~ n Aot to Authorise the Raising of a Loan for the Publio Servioe of the State and for other purposes. 1 Geo. V. No.H. THE GOVERNMENT LOAN AOT OF 1910. [ASSENTED TO 2:tTH DECEMBER, 1910.J W HEREAS ·it is expedient to authorise the raising by Preamble. way of Loan for the Public Service of the State of certain sums of money, amounting in all to Nine million nine hundred and ninety-one thousand five hundred pounds, for the several purposes hereinafter specified: Be it there- fore enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows : - 1. This Act may be cited as ' ~ The Government Loan Short title. Aal q/1910." . 2. It shall be lawful for the Governor in Council to Power to raise by way of Loan for the Public Service of the Stat~ £ : : : e~ ~ ~ : Y such several sums of money, not exceeding in the whole purposes. the sum of Nine million nine hundred and ninety-one thousand five hundred pounds, as may be required for the several purposes following, that is to say,- GREAT WESTERN E,AILWAY ••• £ 8. d. 4,177,000 0 0 NORTH COAST RAILWAY 2,320,000 0 0 RA.ILWAYS GENERALLY- Southern ... 1,742,500 0 0 Central 459,000 0 0 Northern ... 542,000 0 0 ADDITTONA.L RAILWAY TEL1W·RAPIis ••• 15,000 0 0 ROLLING STOCK, ALL RAILWATfJ 736,000 0 0 ~ -r- - - - £9,991,500 0 0 3. For the purpose of raising the whole or any part of Loans secured such sum, the Governor in Council may cause Debf:;lntures ~~ ~ ~o\ t~ ated to be made out and sold, or may authorise the creation and Revenue. . sale of Inscribed Stock as provided by " The Queensland Stoak Inscription Aat of 1883 "*; and all Debentures or Inscribed Stock so made out or created, and sold, shall be secured upon the Consolidated Revenue of the State, and "" 47 Vie. No. 1, Bupra, page 1327.

10018· LOANS. GOf}ernment Loan A.ct. 1 GEO. V. No. 14, shall bear interest at a rate not exceeding Three pounds and ten shillings per centum per .annum. Deb~ ntur«' s 4. The Governor in Council may authorise the sale elf ~~ o~ ~ s~ ~ ~ e~ e any such Debentures or Inscribed Stock in places beyond sold beyond the limits of the State, and may appoint any agent or tthhee Slitmatiets. of agen t S t 0 nego t' late suc h .sa1e. 0' Sums 5. All sums borrowed under the authority of this Act ~~:ot:e~e shall be pai.d to the Treasu~ er, and shall be by. him placed accounted for. to the credIt of the Consohdated Revenue Fund.. Loan when to 6. All sums borrowed under the authority of this Act be repaid. shall be repayable not later than the first day of January, one thousand nine hundred and seventy. S.ecurities 7. All Debentures purporting to be issued by the ~ ? e~ ~ ~ rrnor Governor under the authority of this Act, and signed by or Vice- the Governor or by the Vice-President of the Executive PthreesEidxeenctuotifve C ounm '1 , an d coun t er " slgne d b· y t h e T reasurer, s h a 11 · b e Council to be deemed to have been duly issued, and the holder thereof diseseumede.d duly S ha11 not be bound to I.nquI.re whetehI' such I.ssue was I.n fa;ct duly authorised. I~ te~ st and 8. All interest upon any sums borrowed under the ~ ~ ~ ~ l~ ~ i! ~ nd authority of this Act, and all contributions in respect of charges on ry the Sinking Fund hereinafter provided for, shall be and b.e revenue. deemed to be a charge upon all the revenues of the State, and the same when due shall be paid by the Treasurer out of such revenues ~ n priority to all demands thereon, except the charges and expenses of the collection thereof and the interest upon the sum authorised to be borrowed under the authority of the *Gover-nment Loan Acts of 1872, 1875, 1876, 1877, ] 878, ] 879, 1881, 1882, 1~ ti4, 1889, 1890, 1894, 1896, 1899, 1900, 1902, and 1908, the Agricultural Lands Purchase Acts, the Closer Settlement Acts, " The Savings Bank (Seourities) Act of 1895," "The Govern- ment Savings Bank Stook Aots, ] 894 to 1897," and the Treasury Bills Acts of 1901 and 1902. Sinking Fund 9. (1.) The Treasurer shall pay to the Trustees of the ~ t~ blished. Public Debt lteduction Fund, on the thirtieth day of June and the thirty-first day of December in every year, until the whole of the sums borrowed under the authority of this Act have been repaid, a sum equal to ten shillings per centum per annum on the amount of such sums which have been so borrowed; and the said Trustees shall stand • These Acts will be found in the Statutes under titles Loans; Lands; and Banks.

LOANS. 10019 1910. Government Loan Act. possessed of all such sums so paid to them and all interest received thereon as a Sinking Fund for the repay- ment of the sums borrowed under the authority of this Act. (2.) The said Trustees shall, so soon after the receipt Investment of the aforesaid payments on account of the Sinking Fund thereJf. as they in their judgment think expedient, invest the sums so received, and shall also reinvest all interest accruing in resped of the investments of the Sinking Fund in Stock or Debentures or Treasury Bills issued by the Imperial Government or any Australian Government. (3.) The Sinking Fund shall be applied solely in A: pp~ ica~ onof repayment of the sums borrowed under the authority ofSlllklDg~ und. this Act, and all expenses of and incidental to the re- payment of the sums borrowed under the authority of the Act and of or incidental to the management of the Sinking Fund shall be a charge upon and be paid out of the revenues of the State. (4.) Whenever the Treasurer notifies to the said Sinking Fund Trustees that arranO o 'ements have been made for the Twrheeansutroel" bSe at repayment of the whole or any part of the sums borrowed disposal under the authority of this Act, the said Trustees shall take the necessary action so that the Sinking Fund or such part thereof as is required shall be available to the Treasurer for the purposes of such repayment. (5.) The Sinking Fund Account shall be audited once Audit. at least in each financial year by the Auditor-General. (6.) The Auditor-General shall cause a report to be Rep?rt to laid on the table of each House of Parliament within one Parhament. month after the thirtieth day of June in each year, if Parliament is then sitting, and if Parliament is not sitting, then within one month after the next sitting of Parliament, giving full information in connection with the operations on the Sinking Fund during the last financial year and up to the said thirtieth day of June. / d