Loan Act 1881 (WA)
44 VICTORLE. No. 22
The Loan Act, 1881
WESTERN AUSTRALIA
ANNO QUADRAGESIMO QUARTO
VICTORI}E REGINA;
No. 22
An Act for raising the sum of One Hundred and Fifty Thousand Pounds by Loan for the construction of certain Public Works and for the repayment to the General Revenue of the Colony of the cost of con- structing the Eucla Telegraph Line.
[Assented to 7th April, 1881.
| Preamble | ble | WHEREAS it is expedient to raise on loan the sum of One |
| Hundred and Fifty Thousand Pounds, to be expended on the Public Works, and otherwise in the manner set out in the Schedule to this Act annexed, in the 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 :- |
| Short title | 1. This Act may be cited for all purposes as The Loan Act, 1881.' |
Power to borrow 2. It shall be lawful for the Governor of Western Australia to
| fifty thousand | One hundred and raise, by the issue of debentures under this Act any sum or sums | |||
| pounds on | ||||
| ||||
| charged upon | ||||
| general revenues | ||||
| Amount of each 4. Every debenture issued under this Act shall be for a sum not | ||||
|
rate not exceeding five per cent. per annum.
| debentures Government of Western Australia, by the Crown Agents for the | Issue, a, of 5. The debentures shall be issued in London, on behalf of the |
Colonies (in this Act referred to as the Crown Agents), and shall
be signed by them on that behalf.
| 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 |
| coupons |
44 VICTORDE. No. 22
The Loan Act, 1881
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.
| 8. The debentures, and the coupons thereto, may be in such form rat! | of deben. | d |
as the Governor, or the Crown Agents acting on his behalf, may ettuponisl
direct or approve.
9. Every debenture and coupon, and the right to receive the Debentures and
| principal and interest secured or represented thereby, shall be trans- c | fee inttnuis- | ra e y |
| ferable by delivery. | delivery |
10. So long as any debentures authorised to be issued under Mode of pro-
| yearly out of the general revenues and assets of the Colony a sum and principal sufficient to provide for 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 this 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 this Act is provided), and shall remit the said sums to the Crown | this Act remain outstanding, the Governor shall appropriate half- =goft=t current half-year's interest on the day when it falls due. |
11. The Crown Agents shall, subject to the approval of Her Application of
| Majesty's Principal Secretary of State for the Colonies for the time l'01,7,„„tr | e„,8 |
| 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. |
| shall be due upon the day named in that behalf in the debenture, and niterest | 12. The interest upon the principal sum secured by each debenture Payment of |
shall be paid half-yearly, on the days named in that behalf on the
debentures, at the office in London of the Crown Agents.
13. The sinking fund shall be applied, in the first place, in Application of
| payment of all expenses of, or incidental to, the purchase or re- | sulkingfund |
| demption 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 to the aforesaid payment, in repayment of the principal moneys for the time being secured by the said debentures. |
| 14. The debentures shall, at the option of the Crown Agents, Debe | ntures | tO | be |
| subject to the approval of Her Majesty's Principal Secretary of State Cmreetmase | d | edO7 | by |
for the Colonies for the time being, be redeemed either by purchase in annual drawings
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,
44 VICTORLE. No. 22
The Loan Act, 1881
the amount for the time being standing to the credit of the sinking
fund.
| Debentures not | 15. No debentures shall be redeemed in the manner by this Act |
| redeemable for |
| five years | provided, until after the expiration of five years from the day on which such debentures shall have been issued. |
| Appointment of | |
| day for drawing | 16. So long as any of the debentures remain outstanding and unsatisfied, the Crown Agents shall in every year after the expiration of the five years aforesaid after the day on 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. |
| debentures | |
| Notice of time | 17. If a day is appointed for drawing, the Crown Agents shall give, by advertisement in the London Times ' newspaper, not less |
| and place a- | p |
| pointed fo | r |
drawing than fifteen days' previous notice, specifying the day on which, and
the hour and place at which, the drawing will take place, and the
nominal amount of the debentures to be redeemed at that drawing.
diode of drawing 18. On the day and at the hour and place so specified, the Crown 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. | - |
| Notice of debem | 19. The Crown Agents shall thereupon declare the distinguishing |
tures drawn for numbers of the debentures drawn for redemption, and shall, as soon
redemption
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.
| Cessation of | 20. From and after the day appointed for the repayment of any |
| interest from |
day appointeddebentures, all interest on the principal moneys secured thereby shall
for payment of cease and determine, whether payment of the principal have or have
| principal | not been demanded. |
| Redeemed de- | 21. Upon the repayment of the principal moneys secured by any debenture, the debenture, with all the coupons thereunto belonging, 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. |
| bentures | |
| cancelledto be |
| Money repaid not 22. No money applied in redemption of a debenture shall be | to be borrowed re-borrowed, and no debenture shall be issued in respect of, or in |
substitution for, any cancelled debenture.
WILLIAM C. F. ROBINSON,
GOVERNOR.
44 VICTORIA;. No. 22
The Loan Act, 1881
SCHEDULE
| For the Extension of the Eastern Railway | 100,000 |
| For the repayment to General Revenue of cost of construction of Eucla |
| Telegraph Line . | . | . | . | . | . | . | . | . | . | . | 50,000 |
| Total | • | • | 150,000 |
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