Government Loan Act of 1924 (15 Geo v No. 4) (Qld)

11074 LOANS, GOVERNMENT. Government Loan Act. 15 GEO. V. No. 4, LOANS, GOVERNMENT. 15 Geo. V. An Act to Authorise the Raising of a Loan for the N T o H . E 4. Public Service of the State and for other GOVERN- purposes. MENT LOAN ACT OF 1924. [ASSENTED TO 8TH SEPTEMBER, 1924.] W Preamble. HEREAS it is expedient to authorise the raising by way of Loan for the Public Service of the State of certain sums of money, amounting in all to nine million pounds: Be it therefore enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, . as follows :- Short title. 1. This Act may be cited as " The Government Loan Act of 1924." ~ Interpreta- tion. Government Stock. Inscribed Stock. 2. For the purposes of this Act- The term "Government Stock" means and includes debentures, Treasury bills, bonds, and any other form of Government Stock or Securities except Inscribed Stock; and The term "Inscribed Stock" means Queensland Stock issued as provided by *" The Queensland Stock Inscription Acts, 1883 to 1901," or any Act amending or in substitution for those Acts, and Government Inscribed Stock issued as provided by t" The Govern- ment Inscribed Stock Acts, 1920 to 1921" or any Act amending or in substitution for those Acts. Power to raise nine rnillion poundB. 3. It shall be lawful for the Governor in Council to raise by way of Loan for the Public Service of the State sums of money, not exceeding in the whole the sum of nine million pounds, 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. The sum hereby authorised to be raised shall include such additional sums as may be necessary III * 47 Vic. No. 1 and amending Act, supra, pages 1847 et seq. t 11 Geo. V. No. 10 and amending Act, supra, pages 9569 and 9743.

LOANS, GOVERNlVIEN"T. 11075 1924. Government Loan Act. order actually to produce to the Treasury the said sum after providing for all costs, charges, and expenses connected with the raising thereof or with the redemp- tion, retirement, 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. 4. For the purpose of raising the whole or any part Loans of such sum, the Governor in Council ma v y cause Govern- s t ehecured upon ment Stock or Inscribed Stock to be issued or created Consolidated and delivered or sold; and all Government Stock or Revenue. Inscribed Stock so issued or created, and delivered or 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. 5. The Governor in Council may authorise the sale Stock may of any such Government Stock or Inscribed Stock. in ~ : ;z~ ~ the places beyond the limits of the State, and may appomt limits of the any agent or agents to negotiate such sale and to enter State. into and execute any contract or contracts therefor. 6. All sums borrowed under the authority of this Sums Act shall be paid to the Treasurer, and shall be by him ~ ~~ot,; ;e~ ~ placed to t,he credit of the Consolidated Revenue Fund. accounted for. 7. All sums borrowed under the authority of this Loan whe~ Act shall be repayable not later than the first day of to be repaId. .July, one thousand nine hundred and seventy. 8. All Government Stock purporting to be issued Government under t h e auth on·ty o f . t h' IS A . ct, adn ' slgned by the sdteoecmkewdhdeunly Governor or by the Vice-President of the Executive issued. Council, and countersigned by the Treasurer, or, if such issue purports to have been made in any place beyond the limits of the State, signed as prescribed by the Governor in Council, shall 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 advances. 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.

11076 LOANS, GOVERNMENT. Government Loan Act. 15 GIW. V. No. 4, Issue of 10. (1.) The provisions of *" The Government Stock ~ t~ : ~ . uv. der Act of 1912" shall apply to all or any of the sums of No. 2. money hereby authorised to be raised, with the following modification :-That the limit of currency of and the rate of interest on Government Stock as defined by and issued under the said Act shall not apply to any such Government Stock issued under the said Act for the purposE's of this Act. Application (2.) The provisions of t" The Government Loans ~ o~ ~ ieo. v. Redemption and Conversion Act ot 1923" shall apply to the loan hereby authorised to be raised. IFSniuntnekdrientsgot b a e nd autho 11 ri . tyAollf itnhtiesreAsct tu, paonndaanlly csounmtrsibbuotiroronws eina urensdpeerctthoef primary the Sinking Fund hereinafter provided for, and all sums rcehvaernguees. on of money necessary for the purchase of Government Stock issued and sold under the conditions in the next succeeding section hereof mentioned, shall be and be 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 in the following order :-- Firstly, the said interest; and Secondly, the said contributions and purchase moneys; 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 tGovernment Loan Acts of 1890, 1894, 1896, 1899, 1900. 1902, 1908, 1910, 1911, 1913, 1914·,1918, and 1921, §"The Government Stock: Act of 1912," lithe Agricultural Lands Purchase Acts, ~ the Closer Settle- ment Acts, **" The Government Savings Bank Stock Acts, 1894 to 1897," tt" The Treasury Bills Act ot 1917," tt" The Ohillagoe and Etheridge Ranways Act of 1918," §§" The * 3 Geo. V. No. 2, supra, page 5650. t 14 Geo. V. No. 37, supra, page 10657. t For these Acts see supra pages 1823 et scq., 5194, 5649, 5913, 6255, 8535, and 9738. § 3 Geo. V. No. 2, supra, page 5650. 11 58 Vic. No. 27, 61 Vic. No. 13, and 1 Edw. VII. Nos. 9 and 23 repealed (see Historical Table, Index Volume). '\I 6 Edw. VII. No. 32 and amending Acts, supra, pages 8901, 9341, and 10632. ** 58 Vic. No. 31 and 61 Vic. No. 8, supra pages 121 et scq. tt 8 Geo. V. No. 9, supra, page 8303. H 9 Geo. V. No. 17, supra, page 8607. §§ II Geo. V. No. 5, supra, page 9527.

LOANS, GOVERNMENT. - - ~ - - - - - - ~ ID24. Gouern nent Loan Act. 11077 Commonwealth Bank A. reement Rat1jicat1:on and State Advances Aft of 1920," and *" The Government Loans Redemption and Conversi n Act ot 1923." 12. Any Governmen Stock or Inscribed Stock issued Spec! a~ or created and delivered or sold under the authority of ~~ ~:I8lOn this Act may, if the GOvernor in Council so directs, be Stock. issued or created and d livered or sold subject to the condition that a propo tion of the principal moneys representing such Stock shall be redeemed at stated intervals during the pe iod of the currency of such Stock, or to a condition hat a certain amount shall be set apart at fixed periods for the purpose of purchasing such Stock at such p ice and on such terms and conditions as are deem d desirable. Moneys so set apart may be payable t any bank or agent approved by the Governor in Co ncil, to be defrayed by such bank or agent for the pur ose aforesaid. 13. (1.) The Treasur r shall pay to the Trustees of Sinking . the Public Debt Reductio Fund, on the thirtieth day of ! ~ ~ ~ li~ ~ : ; •June and the thirty-first ay of December in every year, until the whole of the sum' borrowed under the authority , of this Act (exclusive of th amount of Government Stock or Inscribed Stock issue or created and delivered or sold under the provisions in the last preceding section hereof mentioned) have been redeemed, a sum equal to ten shillings per entum per annum on -the amount of such sums w lich have been so borrowed, exclusive of sums borro ed pursuant of the last pre- ceding section hereof; an the said Trustees shall stand possessed of all such su s so paid to them and all interest received thereon as a Sinking Fund for the redemption of the sums orrowed under the authority of this Act exclusive of t~ e sums aforesaid. (2.) The said Trustees1Shall, so soon after the receipt Investment of the aforesaid payments n account of the Sinking Fund thereof. as they in their judgmen, think expedient, invest the sums so received, and all i terest accruing in respect of the investments of the Sinking Fund, in any Securities of the Imperial Government or any Australian Government. (3.) The Sinking Fund shall be applied solely in A' pp~ ica: tion repayment of the sums borrowed under the authority of ~ u~~ kmg this Act exclusive of sums borrowed pursuant to the last preceding section hereof; and all expenses of and - ------ - - - - ~ - ~ - - - - - - - - - - ~ - - - - - - - - - - - - - - * 14 Oeo. V. No. 37. supra, page 10657.

11078 LOANS, GOVERNMENT-LOCAL AUTHORITIES. Local Authorities Acts Amendment Act. 15 GEO. V. No. 20, incidental to the repayment of the sums borrowed under the authority of this Act exclusive of the sums aforesaid ana 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 (4.) Whenever the Treasurer notifies to the said t F o u 1 n :: d 0 a w t hen Trustees that arrangements have been made for the TroaEourer's repayment of the whole or any part of the sums borrowed disposal. under the authority of this Act exclusive of the sums aforesaid, 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 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. made to the Legislative Assembly in each year, giving full information in connection with the operations of such Sinking Fund during the last preceding financial year. LOCAL AUTHORITIES. 15 Geo. V. An Act to Amend" The Local Authorities Acts, No. 20. THE . 1902 to 1923" in certain particulars. LOCAL BE AL:THORITIES AME;~~~ENT [ASSENTED TO 28TH OCTOBER, 1924.] it enactedby the King's Most Excellent Majesty, ACT OF 1924. by and with the advice and consent of the Legis- lative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- Short title 1. This Act may be cited as "The Local Authorities and . Acts Amendment Act of 1924," and shall be read as one ~ ~ ~ ~ ~ CtlOl' with *" 'J.'he Local Authorities Acts, 1902 to 1923," herein collectively referred to as the Principal Act. 2. After section one hundred and two of the Principal Act the following section is inserted;- Road signs. " [ 1 02A. ] (1.) The Council of every Shire shall, within three years after the passing of "The Local Authon:ties Acts Amendment Act of 1924," at or near to every intersection of a main road with another road, establish * 2 Edw. VII. No. 19 and amending Acts, 8upra, pages 1860 et seq., 5653 5918, 8304, 9571, 10126, >"nd 10661.