Government Loan Act of 1948 (12 Geo Vi No. 25) (Qld)

LOANS. 12 (}EO. VI. No. 25, 1948. Gover'nrnent Loan Act. 143 LOANS. An Act to Authorise the Making of Arrangements 12 N G o E . O 2 . 5 V . I. by the © State of Queensland pursuant to the Gr; , ~ ~ Nf~ : T Provisions of "The Commonwealth and States OF 1948. Financial Agreement Acts, 1927 to 1944," for the Raising of a Loan by the State, and for other purposes. [ASSENTED TO 6TH APRIL, 1948.] l-XTHEREAS it is expedient to authorise the making Preamble. l' l' of arrangements by the State of Queensland pursuant to the provisions of *(( The Commonwealth and States Financial Agreerne'id Acts, 1927 to 1944," for the raising of a Loan by the said State of certain sums of money amounting to Fifteen million pounds- Be it therefore enacted by the King's Most Excel- lent 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 mav be cited as ((The Government Short title. Loan Act of 1948." u 2. For the purposes of this Act- Interpre- tation. Ca) The term ' 'Financial Agreement' , shall mean the Agreement between the Common- wealth and the States as approved, ratified and validated by *"The C01nmonwealth and States Financial Agreement Acts, 1927 to 1944" ; Cb) The terms "Government Stock" and "Inscribed Stock" shall have the meanings respectively assigned to them in t" The Government Loan Act of 1928." " 18 G. 5 No. 22 and amending Acts. t 19 G. 5 No. 9.

144 LOANS. Government Loan Act. 12 GEO. VI. No. 25, Act to be 3. This Act shall be read and construed with and lw'eiathd a " s Th on e e subject to the provisions of *" The Coml1wnwealth and Common- States Financial Agreement Acts, 1927 to 1944," and wanedalSthtates nothing in this Act shall be construed in derogation of Financial any provision of the Financial Agreement. Agreement Acts, 1927 to 1944." Authority 4. The Governor in Oouncil is hereby authorised ~a~ ! ate to and empowered to make arrangements in accordance arrange- with and in the manner provided in the Financial ~ ~~ ! s a to Agreement for the raising of a Loan for the Public Loan of Service of the State of Queensland of sums of money £15,000,000. not exceeding in the whole the sum of Fifteen 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 F'und 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. Loans 5. (1.) Subject to this Act, for the purpose of secure<! raising the whole or any part of such sum pursuant to ~ E~ ~ ol~ ~~ ted any such arrangement which may be made as aforesaid, Revenue. the Governor in Oouncil may subject to any such arrangement 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 Oonsolidated Revenue of the State; and (b) Shall bear interest at a rate fixed by the Governor in Oouncil according as necessity demands; and (c) Shall be repayable at a date or dates to be fixed by the Governor in Oouncil. Stock may be (2.) The Governor in Oouncil may subject to any sthoeldlimbeiytsond such arrangement whw . h may b e ma d e as a f oresal ··d of the State. authorise the sale of any such Government Stock or Inscribed Stock in places beyond the limits of the State, * 18 G. 5 No. 22 and amending Acts.

1948. LOANS. Government Loan Act. 145 and may appoint any agent or agents to negotiate such sale and to enter into and execute any contract or contracts therefor. (3.) All Government Stock purporting to be Government issued under the authority of this Act, if signed by the ! l~ ~ deemed Governor or by the Vice-President of the Executive fully 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. 6. Subject to this Act all sums borrowed under the Sums authority of this Ac . t shall be paid to the T . reasu ' rer hboowrrotowbeed- and shall be by hIm placed to the credIt of the accounted Consolidated Revenue Fund. for. 7. 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. S. The provisions of *" The Government Loans Application Redemption and Conversion Act of 1923" shall apply ~~ : e A~ t to the Loan hereby authorised to be raised. No. r;: . 9. All interest upon any sums borrowed under the I~ te~ est and authority of this Act, and all contributions in respect ~ ~ : g of any Sinking ]lund hereinafter provided for, and all to.be sums of money necessary for the purchase of Govern- ~ ~ ~ ~ : ~ I ment Stock issued and sold under the conditions in the on revenue. 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 the authority of the Government Loan Acts of * 14 G. 5 No. 37.

146 LOANS. -. - -- ----. ----- .. _--- .-------- _ . _ - - Government Loan A.ct. 12 GEO. VI. No. 25, 1948. 1890, 1894, 1899, 1900, 1902, 1908, 1910; 1911, 1914, 1918, 1921, 1924, 1926, 1928, 1931, 1937, and 1941, the Agricultural Lands Purchase Acts, the Closer Settle- ment Acts, *" The Government Savings Bank Stock Acts 7 1894 to 1897," t{(The Commonwealth Bank Agreement Ratification and State Advances Act of 1920" and t" The Government Loans Rede1nption and Conversion Act of 1923." ~ pec~ a.l 10. Any Government Stock or Inscribed Stock i~ o7~ 108~ock. issued 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 §" The Com- monwealth and States Financ1:al Agreement Acts, 1927 to 1944," be issued or created and delivered 01' 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.. Sinking Fund. 11. (1.) As provided by §«The Commonwealth and States Financial Agreement Acts, 1927 to 1944," 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, 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 A.ct. Report to (2.) The Auditor-General shall cause a report to be Parliament. made to the Legislative A.ssembly in each year. giving full information in connection with the operatIOns of such Sinking Fund during the last preceding financial year. * 58 V. No. 31 and amending Actl!. * t 11 G. 5 No. 5. 14 G. 5. No. 37. ; 18 G. 5 No. 22 and amending Acts.