Government Loan Act of 1918 (9 Geo v No. 12) (Qld)

LOANS, GOVERNMENT. 9 GEO. V. No. 12, 1918. Government Loan Act. 8535 LOANS, GOVERNMENT. An Aot to Authorise the Raising of a Loan for the 9 N G o e . o 1 . 2 V . . Publio Servioe .of the State and for other THE purposes. GOVERN. MENT LOAN Ac'r [ASSENTED TO ,I4TH NOVEMBER, 1918.] OF 1918. 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 eight hundred and forty-seven thousand three hundred and twenty-seven pounds; 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 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. Act of 1918." 2. For the purposes of this Act, the term "Govern- I~ terpreta. ment Stock" means and includes Debentures, TreasurytlOn. 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 Queensland Stock Inscription Act of 1883." 3. It shall be lawful for the Governor in Council to Power to raise by way of Loan for the Public Service of the State~~~47 327. such several sums of money, not exceeding in the whole ' , the' sum of Nine mjllion eight hundred and forty-seven thousand three bundred and twenty-seven pounds, for the purposes following, that is to say:- For expenditure incurred to 30th June, 1918, upon Public Works and Services which from time to time have been approved by Parliament £3,509,327 For expenditure upon Public Works and Services which may hereafter be approved by Parlia- ment to be defrayed out of moneys standing to the credit of the Loan Fund Account. . 6,338,000 £9,847,327 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 * 47 Vie. No. 1" supra, page 1847.

8536 LOANS, GOVERNMENT.' Government Loan Act. 9 GEO. V. No. 12, 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 4. For the purpose of raising the whole or any part of secured upon such sum, the Governor in Council may cause Government ~ ho: solidated Stock or Inscribed Stock to be issued or created, and sold; Revenue. 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 fixed by the Governor in Council according as necessity demands. Stock may 5. The Governor in Council may authorise the sale bbeeysoonldd the of any such Government Stock or Inscribed Stock in limits of the places beyond the limits of the State, and ~ ay appoint State. any agent or agents to negotiate such sale. Sums borrowed, how to be accounted for. 6. All sums borrowed under the authority of this . Act shall be paid to the TreasUl:er, and shall be by him placed to the credit of the Consolidated Revenue Fund. Loan when 7. All sums borrowed under the au.thority of this to be repaid. Act shall be repayable not later than the first day of July, . one thousand nine hundred a,nd sixty-five. Stock when 8. All Government Stock purporting to be issued ?eemed duly under the authority of this Act, and signed by the Issued. Governor or by the Vice-President of the Executive Council, and cou.ntersigned 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 appointed under *" The Queensland Stock Inscription 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 shall not be bound to inquire whether such issue was in fact ~ uly authorised. Temporary 9. Pending the final disposal of any Government advances. Stock or Inscribed Stock authorised by this Act to be * 47 Vie. No. 1, supra, page 1847.

LOANS, GOVERNMENT. 8537, 1918. Government Loan Act. issued or created, the Governor in Council may obtain temporary advances from any bank, corporation, or financial institution for such period and on such terms as to interest or otherwise as he thinks fit. 10. The provisions of *" The Gcvernment Stock .A.chssue of of 1912" shall apply to all or any of the sums of money Stock under hereby authorised to be raised, with the following ~ ~ e~ : v. modification: - 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 Interest and autho? t~ of this Act, a:nd all contr:ibutions in respect of~ ~ ~to be the SInkmg· Fund heremafter provIded for, shall be and primary be deemed to b. e a charge upon all the revenues of the rcehvaernguese. on State, and the same when due shall be paid by the Treasurer out of such revenues in the following order:- Firstly, the said interest; and Secondly,the said contributions in priority to all demands on such revenues, except the cha.rges andlexpenses of the' collection thereof and the interest UPO~ l the sums authorised to be borrowed under the authority of the tGovermnent Loan Acts! of 1884,1889, 1890, 1894, 1~ 96, 1899,1900, 1902, 1908, 191~ , 1911, 1913, and 1914, *'f"The Government Stock Act of 19]2," ttheAgri- cultural Lan s Purcha~ eActs, §.the Closer Se~ tlement Acts, 11" The Gover I ment Sav~ngs Banlc Stock Acts, ~ 894 to 1897," and 'if the Treasury Bills Acts of 1911 and Hn7. 12. (l.) Subject to the provision contained in sub- Sinking section seven of this section, the Treasureri shall pay to F~~l~~ ~ the Trustees of the Public Debt Reduction. Fund, on the eS a IS e . thirtieth day of June and the thirty-fir6t day of Decem- ber in every year, until the whole of the SlJms 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 bprrowed; and . the said Trustees shall stand possessed of all snch sums * 3 Geo. V. No. 2, 8upra, page 5650. t For these Acts 8ee 8upra, pages 1812 et 8eq., 5194, 5649, 5913, and 6255. t 58 Vie. No. 27, 61 Vie. No. 13, and 1 Edw. VII. Nos. 9 and 23, repealed (8ee Historical Table, Index Volume). . § Reprinted infra, Appendix F, pages 8901 et 8eq. il 58 Vie. No. 31 and 61 Vie. No. 8, 8upra, pages 121 et 8eq. "if. 2 Geo. V. No. 3, 8upra, page 5197, and 8 Geo. V. No. 9, 8upra, page 8303.

8538 LOANS, GOVERNMENT. Government Loan Act. 9 GEO. V. No. 12, 1918.. 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. Investment (2.) The said Trustees shall, so soon after the receipt thereof. of the aforesaid payments on account of the Sinking Fund ag they in their judgment think expedient, invest the sums so received, and shall also reinvest all interest accruing in respect of tPe investments of the Sinking Fund in Stock or Debentures or Treasury Bills issued by the Imperial Government or any Australian Government. Application (3.) The Sinking Fund shall be applied solely in oFfunSdin.king trheipsayAmcet; ntanofd athlleexsupmenssebsororof' waendd uinndceidr etnhtealautothothrietyroe- f 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 revenu,es of the State. Sinking (4.) Whenever the Treasurer notifies to the said tFoubned awthen Trustees that arrangements have been made for the Treasurer's 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. Audit. (5.) The Sinking Fund Account shall be audited once at least in each financial year by the Auditor-General. Report to (6.) The Auditor-General shall cause a report to be Parliament. laid '_Ill 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. Suspension .(7.) Provided that notwithstanding anything con- oFfunSdinking tained in this section the Treasurer shall not be required to payments. pay, and shall not pay, to the Trustees of the Public Debt Reduction Fund at any time during the financial year ending the thirtieth day of .June, one thousand nine· hundred and nineteen, or in any financial year thereafter during the continua nce of the present war, including the financial year in which peace is proclaimed, any sum or sums of money as or by way of contribution towards bhe Sinking Fund established under this section in respect of the sums borro'Wed under the authority of this Act.

LOANS, GOVERNMENT.-LOCAL WORKS LOANS. 8539 9 GEO. V. No. 7, 1918. Local Works Loans Acts Amendment Act. 13. The following provisions shall apply to .the Further Sinking Fund established under and for the purposes of prov: isi~ ns as this Act :-- 'i?~f.kmg (a) The Trustees may, whenever in their opinion it is necessary, remit any moneys stand~ng to the credit of th e 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. LOCAL WORKS LOANS. An Act to Amend the Law with respect to the Rate 9 Geo.V. of Interest on Future Loans by the Treasurer NO:,,7. t C oor L poorcaa t 1 I · o A nsu, t h o C ro . lmt . lepsa, nl . L eso, c I a B A ss 0 o d c · l . leas . t,lo B nso, ar d osr, A LTO M HWA E EON N LRS D OK MA CS CE A TN L ST - P e . rsons, and to prOVI· dethat the amount 0 f any ACT OF 1918. Instalment of Repayment on account of any Existing or Future Loan shall bear Interest if not paid at its due date. [ASSENTED TO 24'l'H SEPTEMBER, 1918.J B E it enacted hy the King's Most Excellent Majesty, _ by and with the advice and consent of the Legis- lative Oouncil 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 Local Works Short title. Loans Acts Amendment Act of 1918," and shall be read as one with *" The Local Works Loans Acts, 1880 to 1899," herein collectively referred to as the Principal Act. * 44 Vic. No. 9 and amending Acts, supra, page 2023. G