Loan Act 1912 (NSW)

Act No. 13, 1912.

An Act to authorise the raising of a Loan for

Public Works and Services, and for other

purposes. [4th April, 1912.]

tive Assembly of New South Wales in Parliament assembled, and by	BE it enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legisla-
the authority of the same, as follows :—

1 . This Act may be cited as the " Loan Act, 1912."

2 .    In this Act the expression " Loan Service " has the meaning

given to it in the Audit Act, 1902 ; " Treasurer" means the Colonial Treasurer for the time being ; and " Stock" means Inscribed or Funded

Stock.

3 . The Governor may, by the issue of Debentures or Stock, secured upon the Consolidated Revenue Fund, and bearing interest at a rate not exceeding four per centum per annum, raise such sums

of money, not exceeding in the whole the amount of Four hundred
and five thousand pounds, as are respectively set against the following

Public Works and Services, that is to say :—

TREASURER AND SECRETARY FOR FINANCE AND T R A D E —

For the Purchase or Resumption of Land, for the

Erection of Buildings, and the Construction of

Works, and for other costs and expenses under the

Housing Act, 1912, the whole amount to be carried

to the Housing Fund constituted under the said Act £75 ,000 0 0

RAILWAY CONSTRUCTION—

North Coast Railway—further sum	120,000 0 0
Lockhart to Clear Hills—further sum	2 0 , 0 0 0 0 0
Moree to Mungindi -further sum	60,000 0 0
To provide for the purchase of stores for Public Works and Services, which cannot properly be charged to appropriations of Parliament until actually issued for use ; the amount to be carried to Special .Deposits Account (Railway Construction Store Advance

Account) ... 80,000 0 0

TRAMWAY CONSTRUCTION—

Tramways generally 50,000 0 0

Total £405,000 0 0

4 . The Loans so authorised as aforesaid may be negotiated wholly or in part in the form of Debentures or Inscribed Stock in New South Wales or in London at such times and for such amounts and for such periods as may be directed by the Governor.

5 .     Any Stock issued in New South Wales under this Act shall be

styled " New South Wales Funded Stock," and shall, if sold otherwise
than by tender, be purchasable at the Treasury upon any lawful day.

6 .     (1) The provisions of the Funded Stock Act" of 1892, relating

to the method of inscription and transfer of Stock, and the regulations under such A c t . and t h e forms prescribed in the said regulations, are hereby declared to he applicable to, and shall be followed and used, mutatis mutandis, in connection with Stock issued within New South
Wales under this Act.
(2) In respect of any Stock issued in London under the provisions of this Act, the Governor may make regulations, not being inconsistent with the provisions of the Inscribed Stock Act, 1902, for carrying this Act into effect; and such regulations shall be published in the Gazette and laid before Parliament within fourteen days of the publication thereof, if Parliament be then sitting, and if Parliament
be not sitting, then within fourteen days of the commencement of
the next session thereof.
7. (1) Pending the issue of Debentures or Inscribed Stock under the authority of this Act, the Governor may, by the issue of Treasury Dills secured upon the Consolidated Revenue Fund, raise such sums of money not exceeding in the whole the amount of moneys authorised to be raised under this Act.

(2) Such Treasury Rills shall bear interest at a rate not

exceeding four pounds per centum per annum, and shall have such
currency, not exceeding five years, as the Governor may direct.
8 . The principal moneys for which such Treasury Rills may be

made out shall be chargeable on and payable out of the General Loan

Account on the maturing of such Rills. The interest on such
Treasury Bills shall be chargeable on and payable out of the Consoli­

dated Revenue Fund.

9 . The provisions of the Treasury Bills Act, 1902, relating to the making out, signing, numbering, dating, and to the amounts of the Treasury Bills authorised by that Act to be issued, and to the

cancellation of defaced Treasury Bills and the issue of new Bills in lieu
of such Bills and also of such Bills as are lost, burned, or otherwise destroyed, and to the cancellation of discharged Bills shall apply to Treasury Bills issued under this Act.
1 0 . All moneys borrowed under this Act shall be paid to the

Treasurer and shall be by him carried to and form part of the General

Loan Account, and be appropriated and applied, as required, to the works
and services hereinbefore specified, or to any other duly authorised Loan

Service, in terms of the Audit Act, 1902. 1 1 .

1 1 . Debentures, Stock, or Treasury hills sold or issued under this Act are hereby declared to be for all purposes Government Securities ; and all corporations and other persons whatsoever shall have power to invest in the purchase of such Debentures, Stock, and Treasury Dills any property held by them, whether as trustees or other- wise, w hich they are not expressly forbidden to invest in Government Stock or Securities, without on that account being liable for a breach of trust and without incurring any liability whatsoever, provided that such investment is in other respects reasonable and proper.