Industrial Development Act Amendment Act 1973 (Qld)

374 ANNO VICESIMO SECUNDO LIZ` " E A.F.: J'..i T E SEC .9..;! REG INA E No. 3 6 19 73 An Act to ' the 196 1_i7U in ct in pa ,i :mars [ASSENTED To 26TH APRIL, 1973] BE IT 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:- 1. Short title and citation . (1) This Act may be cited as the Industrial Development Act Amendment Act 1973. (2) The Industrial Development Act 1963-1970 is in this Act referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Industrial Development Act1963-1973. 2. Amendment of s. 3. Section 3 of the Principal Act is amended by omitting the definition " Corporation " and inserting in its stead the following definition:- Corporation "-For the purposes of sections 25A to 25c and sections 26A to 26c, the Corporation of The Minister for 'Industrial Development of Queensland constituted under this Act;

Industrial Development Act Amendment Act 1973, No. 36 375 for all other purposes, a company formed and registered or deemed to be formed and registered under the Companies Act 1961-1972, a co-operative association formed and registered under The Primary Producers' Co-operative Associations Acts 1923 to 1965, a co-operative society formed and registered under The Co-operative and Other Societies Act of 1967, and any body or association of persons declared by the Governor in Council (who is hereby thereunto authorized) by Order in Council to be a corporation for the purposes of this Act; ". 3. New ss. 25A, 25B and 25C. The Principal Act is amended by inserting after section 25 the following sections:- " 25A. Industrial Estates Construction Fund . (1) The fund called " Industrial Estates Construction Fund " as established in the Treasury immediately prior to the passing of the Industrial Development Ast Amendment Act 1973 is continued in existence and established in the Treasury under this Act. (2) There shall be paid into the Industrial Estates Construction Fund- (a) all moneys appropriated by Parliament in each year for the purposes of acquiring, developing, providing and disposing of land and improvements thereon, buildings or other property (real or personal) for use for industrial purposes authorized by this Act and notwithstanding the Audit Act 1874-1968 or any other Act, any part of the moneys so appropriated and not expended shall remain at credit in that Fund and be available for expenditure as provided by this Act; (b) all moneys borrowed by the Corporation by the sale of debentures; (c) all moneys received by the Crown (including the Corporation) in respect of the sale of land and improvements thereon, buildings or other property (real or personal) being in any case property of the Crown (including the Corporation) or land and improvements thereon, buildings or other property (real or personal) acquired or being acquired or developed or being developed by the Corporation or provided or disposed of by the Crown (including the Corporation) for industrial purposes authorized by this Act. (3) The moneys standing to the credit of the Industrial Estates Construction Fund shall be applied- (a) towards. payment of the costs and expenses incurred by the Corporation for the purposes of acquiring, developing, providing and disposing of land and improvements thereon, buildings or other. property (real or personal) for use for industrial purposes authorized by this Act; (b) in doing or causing to be done such acts or things as the Corporation is by this Act empowered or required to do in connexion with the purposes referred to in subparagraph (a) of subsection (2).

376 Industrial Development A ct Amendment Act 1973, Alo. 36 25a. Estat es Mail :, re ' , ( 1) There shall be established at the Treasury an Estates Maintenance Fund. (2) There shall be paid into the Estates Maintenance Fund- (a) all moneys appropriated by Parliament in each year for the purposes of- (i) maintaining and servicing land and improvements thereon , buildings or other property ( real or personal) being in any case property of the Crown (i ncluding the Corporation) or land and improvements thereon, buildings or other property (real or personal ) acquired or being acquired or developed or being developed by the Corporation or provided or disposed of by the Crown ( including the Corporation) for industrial purposes authorized by this Act; (ii) the payment of instalments of principal and interest to the Treasurer on moneys credited to the Industrial Estates Construction Fund pursuant to subparagraph (a) of subsection ( 2) of section 25A; (iii) the payment of principal and interest and other expenses in res pec t of moneys borrowed by the Corporation by the sale of debentures; (b) all moneys received by the Corporation , other than moneys appropriated by Parliament , for the purposes of maintaining and servicing land and improvements thereon, buildings or other property ( real or personal) being in any case property of the Crown ( including the Corporation ) or land and improvements thereon, buildings or other property (real or personal ) acquired or being acquired or developed or being developed by the Corporation or provided or disposed of by the Crown ( including the Corporation ) for industrial purposes authorized by this Act; (c) all moneys received by the Crown (including the Corporation ) on account of interest charges on amounts outstanding in respect of the sale price of land and improvements thereon, buildings or other property (real or personal ) being in any case property of the Crown ( including the Corporation ) or land and improvements thereon, buildings or other property (real or personal ) acquired or being acquired or developed or being developed by the Corporation or provide( or disposed of by the Crown ( including the Corporation for industrial purposes authorized by this Act; (d) all moneys received by the Crown (including the Corporation ) by way of rents on leases or licenceC granted in respect of land and improvements thereon buildings or other property ( real or personal ) being in any case property of the Crown ( including the Corporation) or land and improvements thereon, buildings or other property ( real or personal ) acquired or being acquired or developed or being developed by the Corporation or provided or disposed of by the Crown ( including the Corporation ) for industrial purposes authorized by this Act.

Industrial Development Act Amendment Act 1973, No, 36 377 (3) The moneys standing to the credit of the Estates Maintenance Fund shall be applied- (a) towards payment of the costs and expenses incurred by the Corporation in respect of maintaining or servicing land and improvements thereon, buildings or other property (real or personal) being in any case property of the Crown (including the Corporation) or land and improvements thereon, buildings or other property (real or personal) acquired or being acquired or developed or being developed by the Corporation or provided or disposed of by the Crown (including the Corporation) for industrial purposes authorized by this Act; (b) in doing or causing to be done such acts and things as the Corporation is by this Act empowered or required to do in connexion with the purposes referred to in subparagraph (a); (c) towards payment to the Treasurer half yearly of instalments of principal and interest on amounts appropriated by Parliament and credited to the Industrial Estates Construction Fund pursuant to subparagraph (a) of subsection (2) of section 25A; (d) towards payment of principal and interest and other expenses in respect of moneys borrowed by the Corporation by the sale of debentures. 25C. Repayment of appropriations. (1) All moneys actually appropriated to the use of the Corporation by Parliament for the purposes of this Act and credited to the Industrial Estates Construction Fund shall be deemed to be by way of loan by the Treasurer to the Corporation and each such loan shall be repaid by payment to the Treasurer by the Corporation half yearly of such instalments of principal and interest at the prescribed rate as will permit the loan to be wholly redeemed within the prescribed term until all moneys owing thereunder have been paid. (2) The term of repayment of any amount deemed to be a loan under this section and the rate of interest payable thereon shall be fixed by the Treasurer.". 4. New ss. 26A to 26G. The Principal Act is amended by inserting after section 26 the following sections:- " 26A. Power to borrow. (1) Subject to this Act, the Corporation may borrow money by the sale of debentures. (2) Before entering into negotiations to borrow money by the sale of debentures the Corporation shall obtain the sanction of the Treasurer to enter upon those negotiations and for that purpose shall furnish to the Treasurer such information as he requires. (3) The Corporation shall not borrow money pursuant to negotiations sanctioned by the Treasurer unless the authority of the Governor in Council, given by Order in Council, is first obtained.

378 Industrial Development Act Amendment Act 1973, No. 36 The Order in Council shall declare the amount That may be borrowed, the purposes for which the money is to be borrowed, the currency of the loan, the amount of interest payable thereon, the terms and conditions for the redemption of the loan, whether by yearly, half-yearly or quarterly payments or by payments into a sinking fund, and such other conditions as the Governor in Council thinks fit to impose. (4) The Corporation shall be a local body under and within the meaning of the Local Bodies' Loans Guarantee Act 1923-1972 and the provisions of that Act shall, subject to such modifications as the Governor in Council prescribes (whether generally or in respect of a particular loan), apply and extend accordingly. 26B. Application of loan moneys. All moneys borrowed by the Corporation shall be expended for the purpose for which the Corporation was authorized to borrow those moneys and not otherwise. If any moneys comprising a loan remain unexpended upon the completion of the purpose for which the moneys were borrowed that amount shall be applied as the Treasurer directs. ,,s. (1) All debentures issued under the authority of this Act- (a) sh-_l, subject to this Act, be issued in such series at such times and places in or outside the State and in such manner as the Corporation thinks fit; (b) shall bear interest at the rate and be redeemable at such date or dates and at such place or places in or outside the State as are provided for in the Order in Council referred to in subsection (3) of section 26A; (c) may with the consent of the holder, be paid off at any time previous to the due date thereof (at not more than the amount of the principal sum remaining unpaid at the time or with the consent of the Governor in Council at a premium) with interest thereon to the date of payment only. (2) Interest secured by debentures shall be payable at such times and at such place or places in or outside the State as are prescribed in the Order in Council referred to in subsection (3) of section 26A. (3) All debentures issued under the authority of this Act- (a) shall be sealed with the seal of the Corporation and, so sealed, shall be taken to be duly issued; (b) shall be numbered consecutively so that no two debentures in a series shall bear the same number; (c) shall have set forth therein the places and dates at which the principal and interest are payable; (d) may, at the option of the lender, have annexed thereto a coupon for each payment to become due whether of principal or interest or both. (4) Every debenture and, in the case of a debenture with coupons annexed, every coupon shall, unless the Governor in Council has otherwise provided in the Order in Council by which the loan concerned was authorized, be transferable by delivery and payment to the person in possession of the debenture or

Industrial Development Act Amendment Act 1973, No. 36 379 coupon of the amount named therein shall discharge the Corporation from all liability in respect of the payment due under the debenture. When a debenture or coupon is not transferable by delivery that fact shall be stated on the face thereof. 26D. Entitlement of holder of debenture . ( 1) In the case of a debenture issued under the authority of this Act with coupons, the holder of a coupon , whether it be separated from the debenture or. not, shall be entitled to receive payment from the Corporation of the amount named therein upon presentation on or after the due date for payment at the place where the coupon is expressed to be made payable. (2) In the case of a debenture issued under the authority of this Act without coupons , the lender , or in the event of a transfer of a debenture, the transferee for the time being shall, subject to this paragraph , be entitled to receive payments from the Corporation in respect of principal or interest or both in accordance with the terms and conditions of the debenture. A transferee with respect to whom the Corporation has not been given notice as prescribed shall not be entitled to receive and the Corporation shall not be liable to make to that transferee, any payment in respect of any debenture issued without coupons save under attachment by process of law, and then only to the extent of the moneys due and payable to that transferee under the debenture , and unpaid by the Corporation to the lender or a prior transferee. The entitlement of a transferee, with respect to whom the Corporation has been given notice as prescribed to receive any payment in respect of a debenture issued without coupons shall be subject to any payment that , having become due and payable under that debenture before the Corporation was given notice, was made by it to the lender or a prior transferee. In this subsection the expression " notice as prescribed " means a notice in writing signed by the transferor and transferee and verified to the satisfaction of the Corporation. 26E. Status of debenture as investment and security . (1) Unless expressly forbidden by the instrument ( if any) creating the trust, an investment by a trustee of trust funds in a loan raised under the authority of this Act shall be and be deemed to be an authorized investment by the trustee pursuant to the provisions of The Trustees and Executors Acts 1897 to 1964 and those Acts shall be read and construed accordingly. (2) The Corporation or an officer , servant or agent thereof shall not receive , and shall be deemed to have not received notice of any trust express, implied or constructive with respect to any debentures issued under the authority . of this Act and the Corporation or any such officer, servant or agent shall not be bound to see to the execution of any trust to which any debentures may be subject. (3) A person advancing money to the Corporation and receiving in consideration therefor debentures duly issued shall not be bound to inquire whether the issue of those debentures was in fact duly authorized or into the application of the money so advanced or be in any way responsible for the non-application or misapplication thereof.

380 Industrial Development Act Amendment Act 1973, No. 36 26F. Brokerage . The Corporation may, but only with the approval of the Treasurer and upon such terms and conditions as he thinks fit, pay moneys by way of brokerage with respect to the making, procuring , negotiating or obtaining the loan of any money that the Governor in Council has authorized the Corporation to borrow. Section 14 of the Money Lenders Act 1916-1969 shall not apply or extend to brokerage that the Corporation is authorized by this section to pay. 26G. Remedy of debenture holder. If the Corporation defaults in making a payment, whether of principal or interest, to the holder of any debenture or coupon , that holder may recover the amount thereof as a debt by action against the Corporation in any court of competent j urisdiction.". 5. Amendment of s. 27. Section 27 of the Principal Act is amended by, in subsection (1), (a) inserting after subparagraph (c) the following subparagraph:- " (d) all matters and things relating to debentures; "; (b) re-lettering the present subparagraph (d) as subparagraph (e).