Loan Act 1878 (WA)

WESTERN AUSTRALIA

ANNO QUADRAGES/MO SECUNDO

VICTORLE REGIN4E

No. 22

An Act for raising the sum of Two Hundred Thousand Pounds by Loan for the construction of certain Public Works. [Assented to 24th July, 1878.

HEREAS it is expedient to raise on loan the sum of Two Preamble

WWorks enumerated in the Schedule to this Act annexed, in theHundred Thousand Pounds, to be expended on the Public

amounts mentioned respectively : Be it therefore enacted by His Excellency the Governor of Western Australia and its Dependencies, by and with the advice and consent of the Legislative Council thereof, as follows :-

1. This Act may be cited for all purposes as ' The Loan Act, 1878.' short bee

2. It shall be lawful for the Governor of Western Australia to Power to borrow

raise, by the issue of debentures under this Act, any sum or sums ?i,`,`;,a,,,,17,1(iproct„1,0,

not exceeding in the whole Two hundred thousand pounds sterling,

ontlebentmes

to be expended on the public works enumerated in the Schedule to

this Act.

3. The principal moneys and interest secured by the debentures Loan to be

issued under this Act are hereby charcred upon and shall be payable charged "Om

out of the general revenues and assets of the Government of Western genera revenues b

Australia, and shall constitute a charge thereon, to rank next after the sums of Thirty-five thousand pounds, One hundred thousand pounds, and Twenty-six thousand pounds, already charged thereon by Acts of the Legislature of the Colony.

less than One hundred pounds sterling, and shall bear interest at a debenture and 4. Every debenture issued under this Act shall be for a sum not Amount of each

te of interest

rate not exceeding five per cent. per annum.

5. The debentures shall be issued in London, on behalf of the Issue, &e., of

Government of Western Australia, by the Crown Agents for the debentures signed by them on that behalf.

42 VICTORIE. No. 22

The Loan Act, 1878

Registry of 6. Every debenture shall, before being issued, be registered in a

debentures

Register Book, to be kept for that purpose at the office in London of

the Crown Agents.

Interest on

7. There shall be attached to every debenture coupons for the payment of the interest, to become due in each half-year upon the principal secured by the debenture. The coupons shall be sufficient in number to provide for the payment of the interest, either during the whole period for which the debenture has to run, or for such limited period as the Crown Agents, acting on behalf of the Govern- ment of Western Australia, may determine.

coupons

Form of deben-	8. The debentures, and the coupons thereto, may be in such form
tures and

coupons	as the Governor, or the Crown Agents acting on his behalf, may direct
Or approve.

Debentures and	9. Every debenture and coupon, and the right to receive the
coupons trans.

Seeable by	principal and interest secured or represented thereby, shall be trans-
delivery	ferable by delivery.
Mode of pro-	10. So long as any of the debentures remain outstanding, the interest on the debentures fall due, appropriate out of the general revenues and assets of this Colony, a sum equal to one-half of the annual interest and one-half per cent. in addition thereto on the whole of the debentures previously issued, including any which may have been purchased or redeemed, as hereinafter mentioned, and remit that sum 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.
viding for pay-
ment of interest	Governor shall, in each half-year ending with the day on which the
and principal

Application of 11. The Crown Agents shall, subject to the approval of Her

to Crown Agents money remittcd Majesty's Principal Secretary of State for the Colonies for the time

being, place and keep the moneys so remitted to them, or so much thereof as may not be required for immediate payment, on deposit at interest in their names, with some Bank or Banks in London or Westminster, and shall hold all such moneys and the accumulations thereon in trust, to apply them, in the first place, in payment of the interest for the current half-year upon the debentures for the time being outstanding, and, in the next place, in the formation of a. sinking fund.

Payment of	12. The interest upon the principal sum secured by each debenture shall be due upon the day named in that behalf in the debenture, and shall be paid half-yearly, on the days named in that behalf on the debentures, at the office in London of the Crown Agents.
interest
Application of	13. The sinking fund shall be applied, in the first place, in payment of all expenses of, or incidental to, the purchase or redemp- tion of debentures, including the charges of the notary public attending at any drawing thereof, and the costs and expenses of all notices required by this Act to be served ; and in the next place, and subject
sinking Turd
to the aforesaid payment, in repayment of the principal moneys for thei
time being secured by the said debentures.

42 VICTORI1E. No. 22

The Loan Act, 1878

14. The debentures shall, at the option of the Crown Agents, Debentures to subject to the approval of Her Majesty's Principal Secretary of State iblrgaesele"„e,(?,;', for the Colonies for the time being, be redeemed either by purchase annual drawbigs

in the open market or by annual drawings, and, subject to the aforesaid payments, the sum to be applied annually to such purchase or redemption shall correspond as nearly as may be to, but not exceed, the amount for the time being standing to the credit of the sinking fund.

15. So long as any of the debentures remain outstanding and Appointment of

unsatisfied, the Crown Agents shall in every year after the day on t.I"Y kr draw-	mg debenture:
which the first of the debentures is issued, unless the whole of the money applicable in that year to the purchase or redemption of debentures has been applied in the purchase thereof, appoint a day in that year for the drawing by lot of the debentures to be redeemed.

give, by advertisement in the London Times ' Newspaper, not less 16. If a day is appointed for drawing, the Crown Agents shall Noticei of time

than fifteen days' previous notice, specifying the day on which, and drawing

the hour and place at which, the drawing will take place, and the

nominal amount of the debentures to be redeemed at that drawing.

17. On the day and at the hour and place so specified, the Crown Male of drawing

Agents shall hold a meeting, at which the holder of any debenture may, if he thinks fit, be present, and shall then, in the presence of such debenture holders (if any) as may attend, and of a Notary Public, draw by lot, out of the whole number of debentures for the time being outstanding, debentures of the specified nominal amount.

18. The Crown Agents shall thereupon declare the distinguishing Notice of deben.

numbers of the debentures drawn for redemption, and shall, as soon torts	retlempton	for
as may be, by advertisement in the London Times' Newspaper, specify those numbers ; and the principal moneys secured by the debentures so distinguished, together with all interest due thereon, shall be payable on demand to the holders thereof at the office of the Crown Agents in London, on the day on which the then current half-year's interest thereon is payable.

19. From and after the day appointed for the repayment of any Cemuon of

debentures, all interest on the principal moneys secured thereby shall (1,,3,„epsp`2,,d cease and determine, whether payment of the principal have or have for PaYmellt of

not been demanded. Principal

20. Upon the repayment of the principal moneys secured by any Redeemed .1,

debenture, the debenture, with all the coupons thereunto belonging, cbaltle'lie:dt°

shall be delivered up to the Crown Agents, to be by them cancelled,

and forwarded to the Government of Western Australia. Any

debenture redeemed by purchase shall likewise be so cancelled and

forwarded.

21. No money applied in redemption of a debenture shall be Money repaid not

re-borrowed, and no debenture shall be issued in respect of, or in to be borrowed

substitution for, any cancelled debenture.

H. ST. GEORGE ORD,

GOVERNOR.

42 VICTORI/E. No. 22

The Loan Act, 1878

SCHEDULE

For the Construction of the Eastern Railway, with Surveys For its

Extension . . . . . . . . . . 123,000

For Completion of the Northern Railway	17,000
For Roads	50,000
For Public Works, including cost of Steam Tug	10,000

Total . . £200,000