Government Loan Act of 1913 (4 Geo v No. 20) (Qld)

LOANR. 4 GEO. V. No. 20, 1913. Government Loan Act. 5913- LOANS. .A n Aot to Authorise the Raising of a Loan for the 4 Geo. V. Retirement of the Loans raised. under 'the N; ~ ~ O. Government Loan Aots of 1875, 1876, 1877, GL~ : ; NA: : T 1878, 1879, 1881, and 1882, and to Make OF 1913. Further Provisions as to Sinking Funds estab- lished under any Government Loan Aot, and for other purposes. [ASSENTED TO 14TH NOVEMBER, 1913.] W HEREAS it is expedient to authorise the raising by Preamble. way of loan for the retirement of the loans raised under "The Government Loan .Act uf 1875,"* " The Government Loan .Act of 1876,"t " The Government Loan .Act of 1877,":\: "The Government Loan Act of 1878,"§ " The Government Loan .Act of 1879," 11 " The Government Loan .Act of 1881,'" and" The Government Loan Act of 1882 "** of certain sums of money, amounting in all to Eleven million seven hundred and twenty-eight thomand eight hundred pounds, and to make further provision as to Sinking Funds established under any Government Loan Act: 13e it therefore enacted by the King's Most Excel- lent Majesty, by and with the. advice and consent of the Legislative Council and Legislative Assembly of Queensland in Parliament assembled, and by the autho-rity of the same, as follows :- 1. This Act may be cited as "The Government Loan Short title• .Act of 1913." 2. For the purposes of this Act, the term" Govern- In~ erpre­ ment stock" means and includes Debentures, Treasury Bills, tatlOD. and any other form of Government Stock or Securities except Inscribed Stock; and the term "Inscribed Stock" means Inscribed Stock as provided by "'l'he 'Queensland Stock Inscription .Act of 1883."tt 3. It shall be lawful for the Governor in Council to Power to raise by way of loan for the Pu • blic • Ser . vice of the State rfoairseee m r tO a ~ m e1 such sum of money, not exceedmg In the whole the sum purposes. of Eleven million seven hundred and twenty-eight thousand • 39 Vie. No. 8, supra, page 1813. t 40 Vie. No. 19, 8"1"'a, page 1814. :t: 41 Vie. No. 22, supra, page 1816. § 42 Vie. No. 10, lIupra, page 1817. 11 43 Vie. No. 6, supra, page 1819. • 'IT 45 Vie. No. 8, supra, pNge 1820. ·.46 Vie. No. 16, supra, page 1822. tt 47 Vie. No. 1, 8upra, 'page 1847.

5914 LOA~ S. Government Loan Act. 4 GEO. V. No. 20, eight hundred pounds, as may be required for the retire- ment of the loans raised under ":Phe Government Loan Act of 1875,"* "The Government Loan Act of1876;"+ "The Government Loan Act of 1877,"t " The Government Loan Act of 1878,"§ "The Govet'nment Loan Act of 1879," 11 "The Government Loan Act of 1881,"'- and "The Government Loan Act of 1882,"** falling due on the first day of July, one thousand nine hundred and fifteen. The total sum hereby authorised to be raised shall include such additional sums as may be necessary in order to actually produce to the Treasury the said sum after providing for all costs, charges, and expenses connected with the raising thereof or with the redemption, retire- ment, or renewal of the Government Stock or Inscribed Stock issued or created in respect thereof; and for that purpose Government Stock or Inscribed Stock in excess of the sum hereby authorised to be raised may be issued or created accordingly. Loans secured 4. For the purpose of raising the whole or any part of ~ ~ : : o~ : ated such sum, the Governor in Council may cause Government Revenue. Stock or Inscribed Stock to be issued or created, and sold; and all Government Stock or Inscribed Stock so issued or created, and sold, shall be secured upon the Consolidated Revenue of the State, and shall bear interest at a rate not exceeding Four pounds per centum per annum. Stoek may be 5. The Governor in Council may authorise the sale of : ~ ~ dl: lt~ ~ ~ any such Government Stock or Inscribed Stock in places the State. beyond the limits of the State, and may appoint any agent or agents to negotiate such sale. Sums 6. All sums borrowed under the authority of this Act ~ ~~ t:e~ ~ shall be pa~ d to the Treas"?-rer, and shall be by him placed accounted for. to the credIt of the ConsolIdated Revenue Fund; and shall be applied for the purposes of and incidental to retiring the loans -raised under "The Government Loan . Act of 1875,"* " The Government Loan Act of 1876,"t "The Government Loan Act of 1877,"t "The Government Loan Act of 1878,"§ "The Government Loan Act of 1879,"11 ·1l9 Vie. No. 8· , ~ upra, page-181S. --- N- 48 Vic; - N- o~ 6, : s. lCp" / 1" pll.ge 1819...._-- t 40 Vie. No. 19, supra, page 1814. t 41 Vie. No. 22, ,upra, page 1816. 'If 45 Vie. N:o. 8, supra, page 1820. • ·46 Vie. No. 16, 8upra, page 1822. § 42 Vic. No. 1O,8upra, page 1817.

I.OANS. 5915 l!J13. Government Loan Act. "The Government Loan Act of 1881,"* and "The Oovernment Loan Act of 1882,"t amounting to Eleven million seven hundred and twenty-eight thousand eight hundred pounds. 7. All sums borrowed under the authority of this Act Loan when to· shall be repayable not later than the first day of July, be repaid. one thousand nine hundred and sixty-five. 8. All Government Stock purporting to be issued Stock when . under the authority of ·this Act, and signed by the ~ : ~ ~ d~ duly Governor or by the Vice-President of the Executive Council, and countersigned by the rt'reasurer, or, if such issue purports to have been made in London, in the United Kingdom of Great Britain and Ireland, signed by the Agent-General for Queensland and an agent appointed under" The Queensland Stock Inscription Act of 1883," t and countersigned by some officer of the Depart- ment of the said Agent-General designated in that behalf by the Auditor-General, ~ hall be deemed to have been duly issued, and the holder thereof shall not be bound to inquire whether such issue was in fact duly authorised. 9. Pending the final disposal of any Government Temporary Stock or Inscribed Stock authorised by this Act to be issued advancell. or created, the Governor in Council may obtain temporary advances from any baQ.k, corporation, or financial institu- tion for such period and on such terms as to interest or otherwise as he thinks fit. . 10. The provisions of "The GovernmentStockAct Issue of . Of 1912"§ shall apply to all or any of the sums of money Stock under hereby authorised to be raised, with the following modifica- ; ~ e; - v. cation :-That the limit of currency of Government Stock issued under the said Act shall not apply to any Govern- ment Stock issued under the said Act for the purposes of this Act. 11. All interest upon any sums borrowed under the Interest and' authority of this Act, and all contributions in respect of ~ in: ing .Fund the Sinking Fund hereinafter provided for, shall be and be c~ ar~ ! sr~ ' : . " " 1 dee~ ~ d to be a charge upon all the revenues of the State, revenue. and the same when due.shall be paid by the Treasurer out of su.ch revenues in the following order : - . Firstly, the said interest; and Secondly, the said contributions 11< 45 Vio. No. 8, supra, page 1820. t 46 Vie. No. 16, sup,.a, page 1822. :t 47 Vie. No. 1, supra;page 1847. § 3 Geo. V. No. 2, B~ ra, llage 5650.

5916 LOANS. Government Loan Act. 4 OEO. V. No. 20, in priority to all demands on such revenues, except the charges and expenses of the collection thereof and the int,erest upon the sums authorised to be borrowed under the authority of the Government Loan Acts of 1884, 1889. 1890, 1894, 1896, 1899, 1900, 1902, 1908,1910, and 1911,* " The GOIJeJ'nment Stook Liot of1912,"t the Agricultural Lands Purchase Acts,t the Closer Settlement Acts,§ " The Savings Bank (Seourities) Aot 'if 1895,"11 "The Govern- ment Savings Bank Stoolc Aots, lS9t to 1897,'" and" The Treasu,ry Bills Aot of 1911. "* ~ Sinking .Fund. 12. (1.) The'rreasurer shall pay to the Trustees of the ! ~ t~ ~ lishcd. Public Debt Reduction Fund, on the thirtieth day of June and the thirty-first day of DecembeL> 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 horrowed; and the said Trustees shall stand. possessed of all slich sums so paid to them and all interest received thereon as a Sinking l!'und for the repayment of the sums borrowed under the authority of this Act. Investment (2.) The said Trustees shall, so soon after the receipt thereof. of the aforesaid payments on account of the Sinking Fund as they in their judgment think expedient, invest the sums so received, and shall also reinvest all interest accruing in respect of the investments of the 8inking Fund in Stock or Debentures or Treasury Bills issued by the Imperial Government or any Australian Government. Application of (3.) '1'he Sinking }'und shall be applied solely in Sinking Fund. repayment of the sums borrowed under the authority of this Act; and all expenses of and incidental to the re- payment of the sums borrowed under the authority of this 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. Sinking Fund (4.) Whenever the Treasurer notifies to the said T Wrheeanstuore b r ; s at Trustees that arrangements have been made for the disposal. repayment of the whole or any part of the sums borrowed under the authority of this Act, the said Trustees shall take * 47 Vie. No. 10, 48 Vie. No. 25, 53 Vie. No. 16. 5i Vie. No. 25, 58 Vie. No. 32. 60Vic. No. 17,63 Vie. No. 14, 64 Vie. No. 24, 2 Edw. VII. No. 27, 8 Edw. VII. No. 19. 1 Geo. V. No. 14, supra, pages 1823 et seg. ; and 2 Geo. V. No. 23, supra, page 5194. t 3 Geo. V. No. 2, .upra, page 5650. t 58 Vie. No. 27,61 Vic. No. 13,1 Edw. VII. Nos. 9 and 23, repealed. (See Historical Table, Index volume.) § 11 Edw. VU. No. 32, supra, page 1678; and 6 Edw. VII. No. 26,Iupra, page 4038. 11 59 Vie. No. 20, supra, page 118. , 58 Vie. No. 31 and 61 Vie. No. 8, supra, pages 121 et seg. *!!< 2 Geo. V. No. 3, supra, page 5197.

LOAl"S. 59t7 1913. Gorernment LOlln Act. the necessary action so that the Sinl\ing Fund or such part thereof as is required sh1:111 be available to the Treasurer for the purposes of s11ch repttyment. (5.) The Sinking l<-'und 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 Report to laid on the bble of each House of Parliament within one Parliament. month after the thirtieth day of .J une in each veal', if Parliament is then :-itting, ~ md, if Parliament' is not sitting, thfn within one month after the next sitting of Parliament, giving full information il1connecti<ln with the operations on the Sinking Fund during the last financial year and up to the said thirtieth day of June. 13. rrhe following provisions shall apply to every Furt!l?r S I · n I { ' lng T .l I 'un d os t ru 1 l ' l " S l lec I u d n' Cl' anc J t f or t . l le purposes 0_ f p to rO S V i I n S k IO in n g s a, "The GOl)(!1'nmel1t LoCtn Act or 1910,"* " TIle UovernmentFun~ ~ L oCtn A _ C t U if 19 L I 1 , ". t anc 1 t1 ll ' S _ ,\ tiC t : -- . eusntdaebrushed ( rt ) r1'l le '1' Tus t ees mtty, W 1 leneverl . ll t ) h e ' n' Opl . l1 . _10n 1 't LGooavnerAncmtse. nt is 11( - 'C( ~Ssary, remit any moneys standing to the credit of the Sinking Fund to London, in the United K.ingdom of Great Britain .and Ireland, for thl~ purpose of investing- the same in any inv('strnent authorised by the said Acts, and may appoint agents in London for that purpose of whom the Agent-General of the State shall always be one; (b) The Auditor-General shall once at lea'lt in each financial ye'll' cause the inve,.,tments on account of the 8inking Fund made in London aforesaid to be audited by some qualified person ap- pointed by him for that purpose, and shall include the result of such aucht in his annual report to, Parliament. # 1 Geo. V. No. 14, supra, page IS,to. G t 2 Ueo. V. No. 23, SUplYt, page ol\c14.