Inscribed Stock Act 1882 (SA)

,4NNO QUADRAGESIMO QUTNTO ET QUADRAGESIMO

SEXTO

A.D. 1882.

An Act to authorise the Creation and Issue of Inscribed

Stock, and for other purposes.

[Assented to, November r ~ t h, 1882.1

IIEREAS by an Act of the Parliament of the United Kingdom Preamble.

W of Great Britain and Ireland, chapter No. 59, of 1817, pro-

vision was made for the inscription and transfer of stock forming

part of the public debt of any colony: And whereas it is expedient to authorise the creation and issue of Inscribed Stock thcrcunder, and the making of agreements in respect thereto, and for other matters in connection therewith-Be it therefore Enacted by the Governor of the Province of South Australia, with the advice and consent of the Legislative Council and House of Assembly of the said province, in this present Parliament sssemblcd, as follows:

and, subject to the provisions of this Act, shall be issucd in such to iasue of stock, &c 3, All such stock shall be styled " South Australian Stock," Conditionsatteehed amounts,

1. This Act may be cited as the " Inscribed Stock Act of 1882." Short title.

2. Whenever, by any Act now or hereafter in force, power is given Loans may be raiaed

to the Governor or Treasurer to borrow or raise by the sale of deben- in the form of Stock.

tures or otherwise any sum or sums of money, it 'shall be lawful for the Governor, unless there be some provision to the contrary in such Act, to borrow or raisc the whole or any portion 01 such sum or sums, either in the mode prescribed by the Act authorising the loan or in the form of Inscribed or Registered Stock (hereinafter tcrmed "stock") or partly in one way and partly in another.

45' & 46" VICTORIE, No. 268.

~nscribed Stock A c t. 1 8 8 2.

amounts, in such manner, at such times, bear interest a t such rate, and shall be redeemable at par at, such times and on such conditions, and shall be subject to such terms and conditions as the Governor before exercising the aforesaid power shall from time to time determine and appoint.

Power of Governor 4. The Governor shall have and may exercise the following

for conversion of

into powers and authorities, or any of them-

I. He may from time to time declare all or any of the deben- tures or other public securities issued under the authority of any Act of Parliament to be convertible into stock:

11. He may authorise the issue of an equivalent amount of such

stock in exchange for such debentures:

III. Ile may, on such conditions as hc may determine, authorise the creation and issue of any stock for the purpose of redeeming any outstanding debentures and of paying any expenses in connection with such redemption or in carrying out the provisions of this Act:

IV. Any such conversion of public securities into stock may be effected, either by arrangement with the holders of such securities or by purchase thereof out of moneys raised by

the sale of new stock, or partly in one way and partly in

the other.

Amountoflmnnot~	5. Nothing in this Act shall authorise an increase of the authorised amount of anv loan or otherwise aflect such loan, except that in any case where dibentures exchanged for stock bear a high& rate of interest than such stock an additional amount of stock may be issued to make up the difference in current saleable value between
to be increased.
such debentures and stock.

6. The principal money due and payable in respect of any

PGnci~alhterestfac.* on stook, how payable.

stock, together with all interest payable thereon, shall be paid by the

Treasurer out of the General Revenue.

Powers of Governor	7. The Governor may from time to time enter into such agreement with the Bank of England, or any other bank in London or elsewhere, as to him seems fit, to provide for all or any of the following matters-
in respect of a p e -
ments, BC.

I. For the inscription of stock in the books of such bank and for its issue:

11. For effecting the conversion -of debentures into stock and regulating transfers of stock:

III. For paying interest on stock:

IV. For issuing stock certificates to bearer, and, as often as

occasion

45O & 46' VICTORIW, No. 268.

Inscribed Stock Act .1882.

occasion shall require, re-issuing or re-inscribing stock cer-

tificates.

v. For receiving from time to time all moneys raised under this Act, and for paying such money from time to time into the public account with the bank in which such account is kept, or into such bank as may be duly appointed in that behalf:

YI. For issuing scrip for deposits on loans raised by the sale of

stock:

v ~ r. For paying off capital of stock or loans:

vr~r. Generally for conducting all business connected with stock

or loans:

rx. And for the protection and remuneration of any such bank

under and in respect of any such agreement.

Provided that no such agreement shall be made for a longer tcrrn than seven ycars, unless it shall contain provisions enabling the Governor or such bank to determine the same, at any time after the expiration of seven years, by giving two years' notice to the other contracting party to determine the agreement.

8. Every agreement made with any such bank shall be as valid ~trea of a p e m e n t

and effectual as if thc terms thereof had bcen enacted by this Act, with bank.

and all remuneration payable thereunder to such bank shall be a

charge an and be payable out ~f the General Loan Fund.

9. The Governor may from time to time appoint one or more Power of ~ovemor of

persons to bc an agent or agents for the purposes of this Act, and as	agents,	to appointment	&C.
may cmpower such agents or any one or more of them to exercise all or any of the powers by this Act exercisable by the Governor,

and may at any time remove any such agent or agents.

10. Every such appointment of an agent shall be notified to the Notification of

bank with which any agreement has been entered into under this Act, ~~~'$atment

and the power and authority of every such agent shall continue in

force until such bank shall have rcceived a notice of the termination

of the agent's appointment signcd by the Governor.

11. The agents may from time to time, and in accordance with Pokers &C, of

the terms of their appointment, by an instrument in writing under 'gents.

thcir hands, delegate the powers and authority vested in them as

agents, wholly orin part, absolutely, conditionally, or otherwise, to any

other person or persons. The agents may appoint either one or two

persons under this section, with such limitations and powers as may

be by such agents prescribed, and such delegate or delegates shall

by virtue of this Act and of the instrument of delegation have power and authority accordingly. In case of the death of the agents or one or more of them, the powers given to the delegate or

delegates

45" & 46" VICTORIW, No. 268.

lizscrihed Stock A c t. 1 8 8 2.

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delegates of such agents shall not thereby be revoked, but shall continue in full force until the appointment of another agent or other agents by the Governor,

Waving clause, 12. Nothing in this Act, and nothing done under this Act,

except by agreement, shall abridge or prejudicially affect the rights

or remedies which any person would have had against the

General Revenue or othei-wise if this Act had not been passed.

In the name and on behalf of Her Majesty, I hereby rtsscnt to

this Bill.

WM. F. DRUMMOND JERVOIS, Governor.

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Adeltids : By authority, E. SPILLER, Government Printer, North-terrace.