Loan Act 1878 Amendment Act 1879 (WA)

WESTERN AUSTRALIA.

ANNO QUADRAGESIMO SECUNDO

-VICTORIA] REGIA AE.

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No. XXXII.

AN ACT to amend " The Loan Act, 1878."

[ Assented to, 15th January, 1879. ]

HEREAS by an Act passed in the last Session of Council, Works," the Governor was authorised to borrow a certain sum of money, and certain provision was made in the said Act for the repayment of the said sum ; And Whereas it is expedient to amend the said Act so far as regards the provision made for such repay- ment; Be it therefore enacted by His Excellency the Governor of Western Australia and its Dependencies, by and with the advice

W

Thousand Pounds by Loan for the construction of certain Public

intituled "An Act for raising the sum of Two Hundred Preamble'

and consent of the Legislative Council thereof, as follows:—

1 THIS Act may be cited for all purposes as " The Loan Act, Short Title.

1878, Amendment Act, 1879."

2 THE provisions of section ten of the said Act of 1878, shall

not apply to any moneys borrowed under the said Act; but in. lieu lofelptm c ereh stionant principal

thereof it is hereby provided (and the following provisions shall, as substituted for provisions of en of Loan Aet,

regards 18787

42°. YICTORIIE, No. 32.

The Loan Act, 1878—Amendment.

regards any moneys borrowed under the said Act, be deemed to be substituted for the said. tenth section) that so long as any of the debentures authorised to be issued by. the said Act remain out- standing, the Governor shall appropriate half-yearly, out of the general revenue and assets of the Colony, a sum sufficient to produce the half-year's interest on the total nominal value of all debentures issued (including any that may have been purchased or redeemed as by the said Act is provided); and after five years from the date of the first issue of debentures, the Governor shall in like manner appropriate half-yearly a further sum equal to ten shillings per cent. on the nominal value of all debentures issued (including any that may have been withdrawn by purchase or lot as by the said Act is provided); and shall remit the said sums to the Crown Agents at such times as will enable them to pay thereout the then current half-year's interest on the day when it falls due.

Provisions of Loan Act, of debentures to be drawn by lot, shall not apply until after the1878, as to redemption of 3 THE provisions of the said Act, with regard to the redemption

debentures not to apply for expiration of five years from the day on which any such debentures

five years. are first issued.

In the name and on behalf of the Queen I hereby assent to

this Act.

H. ST. GEORGE 01W, Governor.

By Authority : R CRARD P , Government Printer, Perth.