Government Loan Act of 1928 (19 Geo v No. 9) (Qld)

LAND TAX-LOANS. 19 GEO. V. No. 9, 1928. Government Loan Act. 12195 2. (1.) In section 9A of the Principal Act, the words Amendment "one thousand nine hundred and twenty-eight" are of s. 9A. repealed and the words "one thousand nine hundred and twenty-nine" are inserted in lieu thereof. (2.) The amendment of the Principal Act hereby made shall be deemed to have been made therein on the twenty-ninth day of June, one thousand nine hundred and twenty-eight. LOANS. An Act to Authorise the Raising of a Loan for 19060. V. the Public Service of the State and for N T o H . E 9. other purposes. GOVERN- MENT LOAN ACT OF 1928. [ASSENTED TO 18TH OOTOBER, 1928.] "ll"!HEREAS it is expedient to authorise the raising by Preamble. l' l way of Loan for the Public Service of the State of certain sums of money, amounting in all to nine million three hundred and twenty-ejght thousand one hundred and eighty-eight 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 : - 1. This Act may be cited as "The Government Loan Short title.. Act of 1928." 2. For the purposes of this Act- The term" Government Stock" means and includes Interpreta- debentures, including registered debentures ~ ~: ~ rnment and instalment debentures, Treasury Bills, Stock. bonds, including registered bonds, and any other form of Government Stock or Securities except Inscribed Stock; and The term "Inscdbed Stock" means Queensland Inscribed Stock issued as provided by *" The stock. Queensland Stock Inscription Acts, 1883 to 1901" or any Act amending or in substitution * 47 Vic. No. 1 and 1 Edw. VII. No. 5, supra, pages 1847 et seq.

12196 LOANS. Government Loan Act. 19 GEO. V. No. 9, for those Acts, and Government Inscribed Stock issued as provided by *" The Govern- ment Inscribed Stock Acts, 1920 to 1921" or any Act amending or in substitution for those Acts; also instalment stock, registered stock, funded stock, and stock payable to bearer. P~ wer .to 3. It shall be lawful for the Governor in CouncH =o~ ~~ ee to raise by way of Loan, for the Public Service of htundrted ~ nhdt the State, sums of money not exceeding in the whole thwoeunsayn- edlg the sum 0 fn' me IDl '11 I ' On three hundred and .twenty- eaoinngedhtehl: gunhyd- tre f doerighetxptheonudsI' taunrde o f onre thhuendpruerdpoasneds f e 0 ig 1 ho 1 twy ' m- egig, htthap t ouI . Sndtso, pounds. say:- Upon Public Works and Services which may hereafter be approved by Parliament to be defrayed out of moneys standing to the credit of the Loan Fund Account For the purposes of the Consolidated Revenue Fund .. £8,000,000 1,328,188 £9,328,188 The sum hereby authorised to be raised shall include such additional sums as may be necessary in 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. Loans 4. (1.) For the purpose of raising the whole or any :~ ured upon part of such sum, the Governor in Council may cause Consolidated Government Stock or Inscribed Stock to be issued or Revenue. created and delivered or sold. . All Government Stock or Inscribed Stock so issued or created and delivered or sold- (a) Shall be secured upon the Consolidated Revenue of the State; and (b) Shall bear interest at a rate fixed by the Governor in Council according as necessity demands; and * 11 Qeo. V. No. 10 and 12 Geo. V. No. 10, supra, pages 9569 and 9743.

LOANS. 12197 1928. r:-overnment Loan Act. (c) Shall be repayable at CN <1~,te or dates to be fixed by the Governor in Council. (2.) The Governor in Council may authorise the sale " ' ~ - ~ I~ !fay of any such Government Stock or Inscribed Stock in ~: y~~ d the places beyond the limits of the State, and may appoint limits of the any agent or agents to negotiate such sale and to enter State. into and execute any contract or contracts therefor. - (3.) All Government Stock purporting to be issued Government under the authority of this Act, if signed by the Governor ~ ! ~ : ~ d: : ; Y or by the Vice-President of the Executive Council and issued. countersigned by the Treasurer, or, if such issue purports to have been n;tade in any place beyond the limits of the Stlltte, 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. 5. All sums borrowed under the authority of this Sums Act shall be paid to the Treasurer, and shall be by him ~ orr0t! e~ placed to the credit of the Consolidated Revenue Fund. a~ : unted for. 6. 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, financial institution, or other source for such period and on such terms as to interest or otherwise as he thinks fit. 7. (1.) The provisions of *" The Oommonwealth and Application States Financt:al Agreement Ratification Act of 1927" ~ 1~ ~ eo. v. shall apply to all or any of the sums of money hereby o. . authorised to be raised. (2.) The provisions' of t" The Government Loans Application Redemption and Oonversion Act of 1923" shall apply to ~ 1~ ; eO. v. the loan hereby authorised to be raised. o. • 8. All interest upon any sums borrowed under the I~ te~ est and authority of this Act, and all contributions in respect of ~ ~ ~ n~ be any Sinking Fund hereinafter provided for, and all sums primary of money necessary for" the purchase of Government ~: ~ !~ ~ .on Stock issued and sold under the conditions in the next succeeding section hereof mentioned, shall be and be * 18 Geo. V. No. 22, supra, page 11851. t 14 Geo. V. No. 37, supra, pagelO657.

12198 LOANS. Government Loan Act 19 GElO. V. No. 9. deemed to be a (>kJge upon all the revenues of the State ann ~ lle same when due shall be paid by the Tr. , .. . .o~ rer 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 Government Loan Acts of 1890, 1894, 1896, 1899, 1900, 1902, 1908, 1910, 1911, 1914, 1918, 1921, 1924, and 1926, the Agricultural Lands Purchase Acts, the Closer Settlement Acts, "The Government Savings Bank Stock Acts, 1894 to 1897," "The Commonwealth Bank Agreement Ratification and State Advances Act of 1920," and" The Government LQans Redemption and Conversion Act of 1923."* Special 9. Any Government Stock or Inscribed Stock issued apsrotvoisSiotonck. or created and delivered or sold under'the authority of this Act may, if the Governor in Council so directs, and subject to the provisions of t" The Commonwealth and States Financial Agreement Ratification Act of 1927," be issued or created and delivered or sold sllbject to the condition that a proportion of the principal moneys representing such Stock shall be redeemed at stated intervals during the period of the currency of such Stock, or to a condition that a certain amount shall be set apart at fixed periods for the purpose of purchasing such Stock at such price and on such terms and conditions as are deemed desirable. Moneys so set apart may be payable to any bank or agent approved by the Governor in Council, to be defrayed by such bank or agent for the purpose aforesaid. Sinking Fund. 10. (1.) As provided by t"The Commonwealth and States Financial Agreement Ratification Act of 1927," the Treasurer shall pay to the National Debt Commission, until the whole of the sums borrowed under the authority of this Act have been redeemed, a sum equal to five shillings per centum per annum on the amount of such sums which have been so borrowed; and the said National Debt Commission shall stand possessed of all '" For reference to these Acts see Alphabetical Tables, supra, titles Loans, Lands, and Banks. t 18 Geo. V. No. 22, supra, page 11851.

LOANS. 12199 1928. Government Loan Act. such sums so paid to them and all interest received thereon as a Sinking Fund for the redemption of the sums borrowed under the authority of this Act. The provisions of *" The Commonwealth and States Financial Agreement Ratification Act of 1927" in respect of sinking funds shall apply and be observed. The term" National Debt Commission" shall mean the National Debt Commission constituted under tThe National Debt St:nking Fund Act 1923-25 of the Commonwealth and referred to in the Schedule to *" The Commonwealth and States Financial Agreement Ratification Act of 1927." (2.) The Auditor-General shall cause a report to be ~ e) ? rt to t made to the Legislative Assembly in each year, giving arlamen. full information in connection with the operations of such Sinking Fund during the last preceding financial year. 11. In the event of permanent effect not being given Subs~ i~ uted to the proposals contained in the financial agreement k~ ~ ~ l~ : : nt between the Commonwealth and States which is set of permanent f F o t r • n t a h n i c n t • a t l he A S g c r h e e e d m u e l n e t to R * a " ti • fTihc • aetwCnommAocnt w O e , J 1 a ' lth 19 a 2 n 7 d , " Sta t t h e e s e t b oe ff mF ~ c ig t ngnaIn? vcteianl following sections shall be respectively substituted for Agreement. the corresponding preceding sections of this Act, and shall apply in respect of loans raised in pursuance of this Act, that is to say :- (a) The following section shall be substituted for section seven, that is to say :-, " [7.] (1.) The provisions of t" The Government Stock Issue of Act of 1912" shall apply to all or any of the sums of ~ tG~ ~ . ~ der money hereby authorised to be raised, with the following No. 2. 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 purposes of this Act. (2.) The provisions of §" The Government Loans Application Redemption'and Conversion Act of 1923" shall apply to ~ o~ ~ ~ eo. v. the loan hereby authorised to be raised." * 18 Geo. V. No. 22, supra, page 11851. t Commonwealth Statutes-No. 5 of 1923, No. 6 of 1924, and No. 3 of 1925. :j: 3 Geo. V. No. 2, supra, page 5650. § U Oeo. V. No. 37, supra, page 10657.

12200 LOANS. Government Loan Act. 19 GEO. V. No. 9, (b) The following section shall be substituted for section nine, that is to say ;- tpSorpoeSvctiiosacilokn. as issue"d [9o.] r AcnreyatGedovearnndmednetlivSetroecdk oorr IsnosldcribuenddeSr tothcke authority of this Act may, if the Governor in Council so directs, be issued or created and. delivered or sold~ subject to the condition that a proportion of the principal moneys representing such Stock shall be redeemed at stated intervals during the period of the currency of such Stock, or to a condition that a certain amount shall be set apart at fixed periods for the purpose of purchasing such Stock, at such price and on such terms and conditions as are deemed desirable. Moneys so set apart may be payable to any bank or agent approved by the Governor in Council, to be defrayed by such bank or agent for the purpose aforesaid." (c) The following section shall be substituted for section ten, that is to say;- "r FeSsiutnankbdilnitsgohebde. the Pub 1 l 0 ic .] D( 1e. b) tTRheedTucretiaosnurFeur nshda, lol npatyhetoththiretiTertuhsdteaeys ooff June and the thirty-first day of December in every year, until the whole of the sums borrowed under the authority of this Act (exclusive of sums borrowed pursuant to the last preceding section hereof) have been redeemed, a sum equal to ten shillings per centum per annum on the amount of such sums which have been so borrowed, exclusive of sums borrowed pursuant to the last pre- ceding section hereof; 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 redemption of the sums borrowed under the authority of this Act exclusive of the sums aforesaid. 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 all interest accruing in respect of the investments of the Sinking Fund, in any Securities of the Imperial Government or any Australian Govern- ment. Application (3.) The Sinking Fund shall be applied solely in o F f uSndin. king repayment of the sums borrowed under the authority of this Act exclusive of sums borrowed pursuant to the last preceding section hereof; and all expenses of and incidental to the repayment of the sums borrowed under the authority of this Act exclusive of the sums aforesaid

LOANS. 12201 1928. Government Loan 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 Trustees that arrangements have been made for the ~ : b~ ' a~ h, repayment of the whole or any part of the sums borrowed T;easurer's under the authority of this Act exclusive of the sums dISposal. 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. (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 made t 0 the L egl.s I at·lve Ass· embyl·In each year, gl.v.mg ParlIament. full information in connection with the operations of such Sinking Fund during the last preceding financial year." And this Act shall be read and construed accordingly: Provided, however, if before the first day of July, one This section thousand nine hundred and twenty-nine, th • e Constitution etOfefhcat" 1 .e f no of the Commonwealth has been altered m accordance Financial with the proposals referred to in Part IV. of such Ag( ~ e~ ~ nt Financial Agreement and a law of the Parliament of the va 1 a e • Commonwealth has been made thereunder validating such Financial Agreement, the provisions of this section shall cease to have any effect whatever. LOCAL AUTHORITIES-MAIN ROADS. See ROADS. MAIN ROADS. See ROADS. "MALTINGS," TOOWOOMBA. See PRIMARY PRODUCE (19 GEO. V. No. 8, s. 5).