Loan Act 1882 (WA)

46 VICTORI/E. No. 22

The Loan Act, 1882

WESTERN AUSTRALIA

ANNO QTJADRAGESIA10 SEXTO

VICTORIA REGINIE

No. 22

An Act for raising the sum of Two Hundred and Fifty- four Thousand Pounds by Loan for the construction of certain Public Works.

[Assented to 21st September, 1882.

Preamble

WHEREAS it is expedient to raise on loan the sum of Two

Hundred and Fifty-four Thousand Pounds, to be expended

on the Public Works, and otherwise in the manner set out in the

Schedule to tins 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,

1882.'

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

and fifty-Come raise, by the issue of debentures under this Act, any sum or sums not

thousand pounds exceeding in the whole Two hundred and Fifty-four thousand pounds

Oil debentures

sterling, to be expended on the public works, and in the manner

enumerated in the Schedule to this Act.

Loan to be 3. The principal moneys and interest secured by the debentures charged n issued under this Act are hereby charged upon and shall be payable general reuve ponues

out of the general revenues and assets of the Government of Western Australia, and shall constitute a charge thereon, to rank next after the charges imposed thereon by The Public Works Loan Act, 1872,' and ' The Public Works Loan Act, 1873,' and The Railway Supple- mentary Loan Act, 1875,' and The Loan Act, 1878,' and ' The Loan Act, 1881.'

Amount of each 4. Every debenture issued under this Act shall be for a sum not

debenPun and rate of interest less than One hundred pounds sterling, and shall bear interest at a

rate not exceeding five per cent. per annum.

debentures Government of Western Australia, by the Crown Agents for the Issue, ,be., 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

debentures 6. Every debenture shall, before being issued, be registered in a Register Book to be kept for that purpose at the Office in London of the Crown Agents.

40 VICTORDE. No. 22

The Loam Act, 1882

7. There shall be attached to every debenture coupons for the Interest on

payment of the interest, to become due in each half-year upon the coupons

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 Government of

Western Australia, may determine.

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

as the Governor, or the Crown Agents acting on his behalf, may direct tums and	are,
or approve.

9. Every debenture and coupon, and the right to receive the Debentnre$ and

principal and interest secured or represented thereby, shall be trans- coupons trans.	feral° b
ferable by delivery.	delivery

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 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.

10. So long as any debentures authorised to be issued under this Mode of provid.

Act remain outstanding, the Governor shall appropriate half-yearly 10';%1= Tit

out of the general revenues and assets of the Colony a sum sufficient principal

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 from the fifteenth day of

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 t

Mgt=

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.

12. The interest upon the principal sum secured by each debenture paymen t of

shall be due upon the day named in that behalf in the debenture, interest

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.

of all expenses of, or incidental to, the purchase or redemption of sinkingfund 13. The sinking fund shall be applied, in the first place, in payment Application 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

46 VICTORLIE. No. 22

The Loan Act, 1882

Debentures to he	subject to the approval of Her Majesty's Principal Secretary of State
redeemed by pur-
chase or by	for the Colonies for the time being, be redeemed either by purchase
annual drawings	in the open market or by annual drawings ; and, subject to the afore- said payments, the sum to be applied annually to such purchase or redemption shall correspond as nearly a s may be to, but not exceed, the amount for the time being standing to the credit of the sinking fund.
Debentures not

redeemable for 15. No debentures shall be redeemed in the manner by this Act

five years	provided, until the fifteenth day of July, 1887.
Appointment of
day for drawing	16. So long as any of the debentures remain outstanding and unsatisfied, the Crown Agents shall in every year, commencing in the year 1897, 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
and place ap-	17. If a day is appointed for drawing, the Crown Agents shall than Sfteen 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.
pointed for	give, by advertisement in the London Times ' newspaper, not less
drawing
Mode 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 redeemable debentures for the time being outstanding, debentures of the specified nominal amount.
Notice of deben-
tures drawn for	19. The Crown Agents shall thereupon declare the distinguishing numbers of the debentures drawn for redemption, and shall, as soon 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-
redemption
year's interest thereon is payable.

Cessation of	20. From and after the day appointed for the repayment of any
interest from

day appointed

debentures, all interest on the principal moneys secured thereby shall

for payment of

principal

cease and determine, whether payment of the principal have or have

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

bentures to be

cancelled

forwarded.