Government Loan Act of 1914 (5 Geo v No. 35) (Qld)

LOANS. [j GEO. Y. No. 35, 1914. Government Loan Act. 6255 LOANS. An Act to Authorise the Raising of a Loan for the 5 Ge'). V. Public Service of the State and for other N; H~ 5. purposes, an d to Amen d Sections 4 ; an d 10 0 f GOVLEORANNMENT " The Government Loan Act of 1913." ACTOl!'1914. [ASsruNTED TO 23RD DECEMBER, 1914.] W HEREAS it is expedient to authorise the raising by Prc>1mble. way of Loan for the Public Service of the State of certain sums of money, amounting in all to Eight million two hundred and forty-five thousand and sixty- eight pounds, for the several purposes hereinafter specified: Be it therefore enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of Queens- land in Parliament assembled, and by the authority of the same, as follows : - 1. This Act may be cited as "The Government Loan Shorb title. Act of 1914." 2. For the purposes of this Act, the term "Govern- Interpreta- ment Stock" means and includes Debentures, Treasury tion. Bills, and any other form of Government Stock or Securities except Inscribed Stock; and the term "Inscribed Stock" means Inscribed Stock as provided by "The Q~ teensland Stock Inscription Act of 1883." R It shall be lawful for the Governor in Council to Power to raise by way of Loan for the Public Ser~ ice ,of the State ~ ~~s~e~ ~r: Y such several sums of money, not exceedmg m the whole purposes. the sum of Eight million two hundred and forty-five thousand and sixty-eight pounds, as may be required for the several purposes following, that is to say,- RAILWAYS- £ 8. d. £ 8. d. Southern 2,793,225 0 0 Cf'utral 575,0=0 0 0 NOl'thern 676,750 0 0 Additional Railway Tele- graphs 125,CO) 0 0 Rolling-stock, all Railways .. 1,923,250 0 0 Permanent Way Material .. 100,00) 0 0 6,193,223 0 0 * 47 Vie. No. 1, supra, page 1847.

6256 LOANS. Government Loan Act. 5 GEO. v. ~ o. 35, Brought forward PURCHASE OF WIRE NETTING SUGAR WORKS ACT OF 1911 LOANS TO LOCAL BODIES TOWARDS MAKING GOOD THE DEFICITS ON LOANS ISSUED UNDER THE GOVERNMENT LOAN AOTS OF 1908, 1910, AND 1911 £ 6,193,22:} 150,0:;0 4JO,OJU 1,000,00) 8. d. 00 00 00 00 501,843 0 0 £8,245,068 0 0 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. sLtheoceaunresd upon such 4su. mF, otrhtehGe opvuerprnooser ionf CraoiusinncgiltmheaywhcoauleseorGaonvyerpnamrteonft RCeovnesonluied. ated aSntodcakllorGIonvsecrrnibmeednSt tSotcokctkoobreIinssscureidbeodr cSrteoactkeds, oainssduseodlodr; created, and sold, shall be secured upon the Consolidated Revenue of the State, and shall bear interest at a rate fixed by the Governor in Council according as necessity demands. Stock lllav be 5. The Governor in Council may authorise the sale of t s h o e ld li b m ey it o s i, o d f any such Government Stock or Inscribed Stock in places the State. beyond the limits of the St9Jte, and may appoint any agent or agents to negotiate such sale. ~ ~ ; ~ ~ wed, 6. All sums borrowed under the authority of this how to be Act shall be paid to the Treasurer, and shall be by him f a o c r c . ounted placed to the credit of the Consolidated Revenue Fund. Loan when Iv 7. All sums borrowed under the authority of this be repaid. Act shall be repayable not later than the first day of July, one thousand nine hundred and sixty-five. Stock when 8. All Government Stock purporting to be issued deemed duly under the authority of this Act, and signed by the issued. Governor or by the Vice-President of the Executive Council, and countersigned by the Treasurer, 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

LOANS. -------------- .. - - ~ - - - -----.---~~ 1914. Government Loan Act. 6257 appointed under" The Queen8land Stock In8cription Act of 1883,"* and countersigned by some officer of the Depart- ment of the said Agent-General designated in that behalf by the Auditor-General, shall be deemed to have been duly issued, and the holder thereof sballnot be bound to inquire whether such issue was in fact duly authorised. 9. Pending the final disposal of any Government Tempol'lll'Y Stock or Inscribed Stock authorised by this Act to be advanCes. issued or created, the Governor in Council may obtain temporary advances from any bank, corporation, or financial ins~itution for such period and on such terms as to interest or otherwise as he thinks fit. 10. The provisions of "The GovernmentStockAct h&ue of -of 1912 "t shall apply to all or any of the sums of money St~ c~ u~der hereby authorised to be raised, with the following modifica- ~ ~\ ! ~: ". tion :-That the limit of currency of and the rate of interest on Government Stock issued under the said Act shall not apply to any Government Stock issued under the said Act for the purposes of this Act. 11. All interest upon any sums borrowed under the I~ lte~ ' est and authority of this Act , and all contributions ' in respect of S to Il, b l e nnpgri. mFuanryd the Sinking Fund hereinafter provided for, shall be and ch,trgcs on be deemed to be a charge upon all the revenues of the re>CllllC. State, and the same when due shall be paid by the Trea- surer out of such revenues in the following order Fir8tly, the said interest; and Secondly, the said contributions in priority to all demands on such revenues, except the charges and expenses of the collection thereof and the interest 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, 1911, and 1913,t " The Government Stock Act of 1912,"t the Agricul- tural Lands Purchase Acts,§ the Closer Settlement Acts,!! " The Saving8 Bank (Securitie8) Act of 1895,",-r "The Government Saving8 Bank Stock Act8, 1894 to 1897,"** and " The Trea8ury Bill8 Act of 1911."tt * 47 Vic. No. 1, supra, page 1847. t 3 Geo. V. No. 2, supra, page 561)0. t For these Aets see, supra, pages 1812 et "eq. and 5913. § 58 Vie. No. 27, 61 Vie. No. 13, and 1 Edw. VII. Nos. 9 and 23, repealed (see Historical Table, Index Volume). 116 Edw. VII. No. 32, supra, page 1678; and 6 Edw. VII. No. 2G, .oupra, page 4038. ,. 59 Vic. No. 20, supra, page 118. ** 58 Vie. No 31 and 61 Vie. No. 8, supra, pages 121 et seq. tt 2 Geo. V. No. 3, supra, page 5197. -

6258 LOANS. Government Loan Act. 5 GEO. V. No. 35, 1914. Sinking Fund 12. (1.) The Treasurer shall pay to the Trustees of ~ t~ ~ lished. the Public Debt Reduction 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 possessed of all such sums so paid to them and all interest received thereon as a Sinking Fund for the repayment of the sums borrowed under the authority of this Act. In~ estlllent thereof. (2.) The said Trustees shall, so soon after the receipt 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 Sinking Fund in Stock or Debentures or Treasury Bills issued by the Imperial Government or any Australian Government. Applicatiull of Sinking Fund. (3.) The Sinking Fund shall be applied solely in 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! : a~ t~ ~ e; ' : 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 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. Audit. (5.) The Sinking Fund Account shall be audited once at least ill each financial year by the Auditor-General. Report to ParliameIlt. (6.) The Auditor-General shall cause a report to be laid on the table of each House of Parliament within one 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.

LOANS.-LOCAL AUTHORITIES. H25!) G GEO. Y. N'o. 17,1914. Locol Authorit"ies Pa.tri()tic Contributiuns Act. 13. The following provisions shall apply to the Furt!le1' I R .J inking Fund established under and for the purposes of p 10 ro :: : ;l m n ~ k n m s g as this Act :- Fund. (a) The Trustees may, whenever in their opinion it is necessary, remit any moneys standing to the credit of the Sinking Fund to London, in the United Kingdom of Great Britain and Ireland, for the purpose of investing the same in any investment authorised by this Act, 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 least in each financial year cause the investments on account of the Sinking 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 audit in his annual report to Parliament. 14. The following amendments are made in "The Alllendl1l8nt Government Loan Act of 1913"* : - ~ o~ ~ o~o. v. In section four, the words "not exceeding Four pounds per centum per annum" are repealed, and the words "fixed by the Governor in Council according as necessity demands" are inserted in lieu thereof. In section ten, after the words "currency of" the words" and the rate of interest on" are inserted. LOCAL AUTHORITIES. An Act to Authorise and Validate Contributions 5 <;;80. v. from the Local Fund of a Local Authority to ~; ' H~ ' any Patriotic or other Public Fund established Al: ~~~ ::: rIE8 I . n Q ueens I an d ' In connectI . on . WIth the present P O A O. T ~ R ~ I ~ O I T : I U C - War. ACT OF 1nl4. 1 [ASSEK'1'ED '1'0 2ND NOVEMllEH, 1914 B E it enacted by the King's Most Excellent Majest.,-, by and with the advice and consent of the Legis- lative Council and Legislati,'e Assembly of Queensland in Parliament assemhled, rncl by the authority of the same, as follows : - 1. 'l'his Act may be cited us " The Local Authorities Short title. Patriotio Oontribntions .Act of ]914," and shall be read * 4 Geo. V. No. 20, supra, page 5913.