Government Loan Act of 1941 (6 Geo Vi No. 4) (Qld)

182 LOANS. Government Loan Act. 6 GEO. VI. No. 4, ----- ----------------------------------- LOANS. 6 G N E o O . . 4 V . I. An Act to Authorise the Making of Arrangements THE GOVERNMENT by the State of Queensland pursuant to LOAN ACT OF 1941. the Provisions of" The Commonwealth and States Financial Agreement Ratification Act of 1927 " for the Raising of a Loan by the State, and for other purposes. [ASSENTED TO 12TH DECEMBER, 1941.] Preamble. "l-XTHEREAS it is expedient to authorise the making Vl of arrangements by the State of Queensland~ pursuant to the provisions of *" The Commonwealth and States Financial Agreement Ratification Act of 1927," for the raising of a Loan by the said State of certain sums of money amounting to Seven million five hundred thousand 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 1941." Interpreta. tion. 2. For the purposes of this Act-- (a) The term" Financial Agreement" shall mean the Agreement as set forth in the Schedule to *"The Commonwealth and States Financial Agreement Ratification Act of 1927 " ; (b) The terms " Government Stock" and "Inscribed Stock" shall have the same meanings respectively assigned to them as defined in t" The Government Loan Act of 1928." * 18 G. 5 No. 22. See v. 1, p. 776. t 19 G. 5 No. 9. See v. 5, p. 798.

LOANS. 1941. Government Loan Act. 3. This Act shall be read and construed with and Act to be subJ'ect to the provisions of *" The Oommonwealth and w re l ~ th d a"s T o h n e e States Financial Agreement Ratification Act of 1927," Common- and nothing in this Act shall be construed in derogation ~ : : : : ~ and of any provision of the Financial Agreement. Financial Agreement Ratification Act of 1927." 4. The Governor in Council is hereby authorised Authority of and empowered to make arrangements in accordance State to with and in the manner provided in the Financial : ~ : ~ ge­ Agreement for the raising of a Loan for the Public m~ nts tLo . SerVl' Ce 0 ftheS tate 0 fQueens1and 0 f sums 0 f money not roaf lseaoan exceeding in the whole the sum of Seven million five £7,500,000. hundred thousand pounds for expenditure upon Public Works and Services which may hereafter be approved by Parliament and for deficits (actual and/or prospective) in the Consolidated Revenue Fund to be defrayed out of moneys standing to the credit of the Loan Fund Account. The sum in respect of which arrangements for the raising thereof are hereby authorised 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. 5. (1.) Subject to this Act, for the purpose of raising Loans t h e w h o 1 e or any part 0 f suc h sum pursuant to any stheceured upon such arrangement which may be made as aforesaid, the Consolidated G overnor I ' I C I ounCl 'I may su b J ' ec t t 0 any suc h arrange- Revenue. ment cause Government Stock or Inscribed Stock to be issued or 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 (c) Shall be repayable at a date or dates to be fixed by the Governor in Council. (2.) The Governor in Council may subject to any Stock may such arrangement which may be made as aforesaid ~ e sold authorise the sale of any such Government Stock or li~ ~: ~ /~ e _ _ _ _ _ _ _ _"'--_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ State. • 18 G. I) No. 22. BetS v. 1, p. 776.

184 LOANS. Government Loan Act. 6 GEO. VI. No. 4, Inscribed Stock in places beyond the limits of the State,. and may appoint any agent or agents to negotiate such sale and to enter into and execute any contract or contracts therefor. ~ ~v~ nm~ t (3.) All Government Stock purporting to be issued de~ ~ ed ' ; ul~ ; under the authority of this Act, if signed by the Governor issued. or by the Vice-President of the Executive 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. Sums 6. Subject to this Act all sums borrowed under the hboowrrtoowbeed- authority of this Act shall be paid to the Treasurer, and accounted shall be by him placed to the credit of the Consolidated for. Revenue Fund. Temporary advances. 7. Pending the final disposal of any Government Stock or Inscribed Stock authorised by this Act to be 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. Ao14fpptGhleiecoa. A tVi d o.n Rede 8 m . pt T io h n e a p n r d ov C is o io n n ve s rsi o o f n * A " cTt hoef 1 G 9 o 2 ve 3 r " nm s e h n a t ll L a o p a p n ly s No. 37. to the Loan hereby authorised to be raised. Interest and 9. All interest upon any sums borrowed under the FSiunnkdintgo be authority of this Act, and all contributions in respect of primary any Sinking Fund hereinafter provided for, and all sums crehvaergneuse.on of money necessary for the purchase of Government Stock issued and sold under the conditions in the next succeeding section hereof, 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 * 14 G. 5 No. 37. See v. 5, p. 787.

LOANS. 185 1941. Gov,ernment Loan Act. the authority of the Government Loan Acts of 1890, 1894, 1896, 1899, 1900, 1902, 1908, 1910, 1911, 1914, 1918, 1921, 1924, 1926, 1928, 1931, and 1937, the Agricultural Lands Purchase Acts, the Closer Settlement Acts, *" The Government Savings Bank Stock Acts, 1894 to 1897," t" The Oommonwealth Bank Agreement Ratifica- tion and State Advances Act of 1920," and t" The Government Loans Redemption and Oonversion Act of 1923." 10. Any Government Stock or Inscribed Stock Spec~a} issued or created and delivered or sold under the ~ ~ o~ ~ ~ ck. authority of this Act may, if the Governor in Council so directs, and subject to the provisions of §" The Oommonwealth and States Financial Agreement Ratification Act of 1927," 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. 11 (1.) As provided by §" The Oommonwealth andsinking States Financial Agreement Ratification Act of 1927," the Fund. Treasurer shall pay to the National Debt Commission, until the whole of the sums borrowed under the authority of this Act have been redeemed, such sums by way of Sinking Fund payments as are prescribed by virtue of the provisions of the Financial Agreement; and the said National Debt Commission 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. (2.) The Auditor-General shall cause a report to be Report to made to the Legislative Assembly in each year giving Parliament. full information in connection with the operations of such Sinking Fund during the last preceding financial year. * 58 V. No. 31 and amending Acts. t 11 G. 5 No. 5. See v. I, p. 530. ~ 14 G. 5 No. 37. See v. 5, p. 787. § 18 G. 5 No. 22. See v. I, p. 776. See v. I, pp. 497 et 8eq.