Government Loan Act of 1962 (11 Eliz Ii No. 1) (Qld)

689 ANNO UNDECIMO ELIZABETHAE SECUNDAE REGINAE I I I I I I I I I I I I I I. e I. I • I e. e I e e e e e • • I. I e. I I. e I I •• I. I e. I No. 1 An Act to Authorise the Making of Arrangements by the State of Queensland pursuant to the Provisions of "The Commonwealth and States Financial Agree- ment Acts, 1927 to 1944," for the Raising of certain Sums of Money by way of Loan by the State, and for other purposes. [AsSENTED TO 8TH MARCH, 1962) W HEREAS it is expedient to authorise the making Preamble of arrangements by the State of Queensland pursuant to the provisions of " The Commonwealth and States Financial Agreement Acts, 1927 to 1944," for the raising by way of Loan by the said State of certain sums of money amounting to fifty million pounds- Be it therefore enacted by the Queen'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:- !. This Act may be cited as " The Government Loan Short title Act of 1962.''

690 Interpre- tation Government Loan Act 11 ELIZ. II. No. 1, 2. For the purposes of this Act- (a) the term "Financial Agreement" shall mean the Agreement between the Commonwealth and the States as approved, ratified and validated by " The Commonwealth and States Financial Agreement Acts, 1927 to 1944 "; (b) the terms " Government Stock " and "Inscribed Stock" shall have the meanings respectively assigned to them in " The Government Loan Act of 1928." wrAeicattdhta " o T sb h oe e ne subje 3 ct . TtohisthAe cptroshvaislliobnes roefad" a T n h d e c C o o n m st m ru o e n d we w a i l t t h h a a n n d d Common- States Financial Agreement Acts, 1927 to 1944," and wSteaatleths and nothing in this Act shall be construed in derogation of A Fi g n r a e n e c m ia e l "t any provision of the Financial Agreement. Acts, 1921 to 1944" =~~:e~: Authority of 4. The Governor in Council is hereby authorised and empowered to make arrangements in accordance to raise a with and in the manner provided in the Financial tso~ooo Agreement for the raising by way of Loan for the Public ' · Service of the State of Queensland of sums of money not exceeding in the whole the sum of fifty million pounds for expenditure 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. 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, or of any part thereof. ~!d 5. (1) Subject to this Act, for the purpose of raising upon the the whole or any part of such sum pursuant to any Consolidated such arrangement which may be made as aforesaid, Revenue the Governor m· Counc1·1 may sub~ ' ect to any sueh arrangement cause Government Stock or Inscribed Stock to be issued or created and delivered or sold.

1962 Government Loan A ct 691 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 itoc~r'Y ruts such arrangement which may be made as aforesaid bey~nd the authorise the sale of any such Government Stock or or the Inscribed Stock in places beyond the limits of the State, tate 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 issued Government under the authority of this Act, if signed by the Governor !~:- or by the Vice-President of the Executive Council and ~eemed fully countersigned by the Treasurer, or if such issue purports ISSued to have been made in any P.lace 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 Act shall be paid to the Treasurer,~~:~~- 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. 8. The provisions of " The Government Loans Application Redemption and Conversion Act of 1923" shall apply to fii:O~~ the Loan hereby authorised to be raised. No. 37

692 Government Loan Act 11 Euz. n. No. 1. S I F n i u n t n e k r d i e n s t g o t abned autho9r.ityAllofinttheirsesAt cutp, oannadnyallsucmosntrbiobrurtoiwonesd iunndreesrptehcet c p re h r v i a m e r n g a u e r e s y on osufmasnyofSminoknienygneFcuenssdarhyefroerintahfeteprurpcrhoavsiedeodf Gfoorv, earnnmd eanllt 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 the authority of the Government Loan Acts of 1910, 1914, 1918, 1921, 1924, 1926, 1928, 1931, 1937, 1941, 1948, 1950, 1952, 1954, 1956, and 1959, " The Commonwealth Bank Agreement Ratification and State Advances Act of 1920," and "The GovernmentLoansRedemptionandConversionAct of 1923." Special 10. Any Government Stock or Inscribed Stock t p o ro s v to is c i k on as 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 Commonwealth and States Financial Agreement Acts, 1927 to 1944," 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. Sinkina Fund 11. (I) As provided by " The Commonwealth and States Financial Agreement Acts, 1927 to 1944," the Treasurer shall pay to the National Debt Commission, in respect of the whole of the sums borrowed under the authority of this Act, such sums by way of Sinking Fund

1962 Government Loan Act 693 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 ~ef-rt tot made to the Legislative Assembly in each year giving ar uunen full information in connection with the operations of such Sinking Fund during the last precedmg financial year.