Loan Act 1926 (NSW)

LOAN ACT.

Act No. 25, 1926.

An Act to au thor i se t h e rais ing of a Loan for Publ ic

W o r k s	and	Serv ices ;	and for o the r	purposes .
[Assented	to ,	3 0 t h	D e c e m b e r ,	1926.]

lative Council and Legislative Assembly of New South BE it enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legis­

Wales in Parliament assembled, and by the authority of the same, as follows :—

3 . The Governor may, by the issue of Debentures or Stock, secured upon the Consolidated Revenue Fund, raise such sums of money, not exceeding in the whole the amount of Eleven millions three hundred and sixteen thousand

1. This Act may be cited as the " Loan Act, 1926."

2. I n this Act the expression " L o a n Service" has the meaning given to it in the Audit Act, 1902; "Treasure r " means the Colonial Treasurer for the time being; and " S t o c k " means Inscribed or Funded Stock.

thousand eight hundred and seventy-three pounds, as are respectively set against the following Public Works and Services, that is to say : —

S Y D N E Y HAHISOUR T R U S T —

Towards construct ion of Works general ly, a n d for the

improvement of t he P o r t £ 2 7 1,200 0 0

R A I L W A Y S —

Rolling-stock, to meet addit ional Traffic requirements ,

including Equipment of N e w L i n e s ; Addi t ions to

Rai lway Lines, Sta t ions , Buildings, and for o ther pur -

poses ; and towards Equ ipmen t of Ref reshment Rooms	1,960,600	0	0
Duplication of Lines	620,200	0	0
Electrification of Rai lway Lines	2,168,100	0	0

S t a t e Colliery, L i thgow—Development of 100,000 0 0

T R A M W A Y S —

Addi t ions to Lines , Workshops , Buildings, Rolling-stock,

&c 71,300 0 0

Electrification of Newcast le Tramways . . . . . . . . . 48,000 0 0

R A I L W A Y CONSTRUCTION—

Booyong to Ba l l ina—fur the r sum 128,800 0 0

Richmond to Kurra jong—fur ther sum . . . . . . . . . 6,600 0 0

Condobolin t o Broken Hi l l—fur the r sum . . . . . . . . . 140,800 0 0

U r a n q u i n t y to Moon's S id ing—fur ther sum . . . . . . 20.700 0 0

Grafton to South Graf ton—fur ther	sum	18,600	0	0
Moss	Vale to P o r t Kembla Rai lway	50,000	0	0

City Electr ic Ra i lway—fur the r sum 558,900 0 0

Ci ty and Suburban Railways and Ra i lways generally,

Land Resumpt ions and Costs . . . . . . . . . . . . 564,000 0 0

TRAMWAY CONSTRUCTION—

Tramways generally . . . . . . . . . . . . . . . . . . 4,000 0 0

Carr ied	forward	£6 ,737 ,800	0	0
Brought	forward	£6 ,737 ,800	0	0

CLOSER S E T T L E M E N T —

For redempt ion of Closer .Settlement Deben tures (amount

to be carr ied to t he Closer Se t t l ement Accoun t ) . . . 1,025,750 0 0

SECRETARY FOR L A N D S — M I S C E L L A N E O U S —

To provide for a working capi tal for Purchase of W i r e Ne t t i ng , Mater ia l , &c, in t e rms of section 30 of the

Pas tu re s Pro tec t ion A c t , No . 35, 1912—the a m o u n t to be carried to Special Deposits Account ( W i r e

N e t t i n g W o r k i n g Capi ta l Account )—fur the r sum .. . 20,000 0 0

To provide for a supply of wate r a t Benanee . . . . . . 50,000 0 0

B R I D G E S —

Sydney	H a r b o u r	Br idge—fur ther	sum	. . .	. . .	. . .	531,500	0	0
Bridges	genera l ly—fur ther	sum	. . .	. . .	. . .	. . .	29,100	0	0

H A R B O U R S AND R I V E R S —

Newcast le H a r b o u r Improvements , including W h a r f a g e ,

Shipping, Dredging, and o ther P l a n t — f u r t h e r sum . . . 28,300 0 0

P o r t K e m b l a H a r b o u r Improvemen t s—fur the r sum . . . 36,900 0 0

Coff's	H a r b o u r	Improvement s ,	J e t t y	Extens ion ,	&c.—
fur ther	sum	. . .	28,200	0	0

M a n n i n g Rive r Improvements—fur the r sum .. . . . . 12,900 0 0

Byron Bay, N e w J e t t y — f u r t h e r sum . . . . . . . . . 9,700 0 0

W A T E R S U P P L I E S —

Count ry Towns W a t e r Suppl ies—fur ther sum . . . . . . 156,400 0 0

Improvemen t s , Sydney W a t e r Supply—fur the r sum . . . 219,900 0 0

S E W E R A G E C O N S T R U C T I O N —

Metropol i tan Sewerage and S to rmwate r Channe l s—fur ther

sum 296,100 0 0

Count ry Towns Sewerage and S to rmwate r Channe l s—

fur ther	sum	58,300	0	0
Newcast le	Sewerage	and	S to rmwate r	Channe l s—fur ther

sum 25,100 0 0

P U B L I C B U I L D I N G S —

Menta l Hosp i t a l s—New Buildings, Improvemen t s , and

Addi t ions—fur the r sum .. . . . . 45,200 0 0

S ta te Hospi ta l s	and	Asylums,	including Coast	H o s p i t a l —
N e w	Buildings,	Improvement s ,	and	A d d i t i o n s —
fur ther	sum	6,300	0	0

D e p a r t m e n t of A g r i c u l t u r e — n e w bui ld ing . . . . . . 50,000 0 0

Carr ied	forward	£9 ,367 ,450	0	0
Brought	forward	£9 ,367 ,150	0	0

E L E C T R I C A L —

Hydro-Elec t r ic Schemes—fur ther sum . . . . . . . . . 159,500 0 0

P o r t Kembla Power Sta t ion and Transmission S y s t e m —

Augmenta t ion—fur ther sum .. . . . . . . . . . . 28,S00 0 0

M I S C E L L A N E O U S —

River	M u r r a y	Commiss ion—Par t	cost	of	W o r k s to	be
carr ied	out	under	t h e	A c t	and	Hydro-Elec t r i c

Deve lopment—fur ther	sum	257,300	0	0
Border	Ra i lways—Pre l iminary	Survey	Expenses	and

Acquisi t ion of Land for Construct ion Purposes—

fur ther sum 2,500 0 0

GOVERNMENT DOCKYARD, N E W C A S T L E —

Es tab l i shment—fur the r sum 12,200 0 0

H U N T E R D I S T R I C T W A T E R S U P P L Y AND SEWERAGE B O A R D —

W a t e r Supply—-

Amplification, Extens ion of Ret icula t ion, Improvements ,

and other Works—fur the r sum 216,400 0 0

Sewerage—

Extens ion	and	Re t i cu l a t i on—Improvemen t s	and	o ther
W o r k s — f u r t h e r	sum	15,000	0	0

Storm water Dra inage—fur the r sum .. . . . . . . . 1,000 0 0

Miscellaneous—

To provide for purchase of Stores and Mater ia ls , t h e cost of which cannot properly be charged to Appropr ia t ions of Pa r l i amen t unt i l actual ly issued for use .—(The amoun t to be carr ied to Special Deposits A c c o u n t — H u n t e r Dis t r ic t

W a t e r Supply and Sewerage Board Store

Advance Account ) 10,000 0 0

P U I J L I C I N S T R U C T I O N — M I S C E L L A N E O U S —

School Bui ldings , Teachers ' Residences and Other Buildings,

School and Residence Sites . . . . . . . . . . . . 156,100 0 0

C H I L D W E L F A R E D E P A R T M E N T —

Purchase of Buildings and Sites, and Erect ion of Addi t iona l

Buildings 21,500 0 0

L A B O U R AND I N D U S T R Y —

To recoup Resumed Proper t ies Depar tmen t , Loan Votes, Improvements to Observatory Hi l l Resumed Area , Erec t ion of Shops, Dwell ings , &c , expend i tu re in connection with building erected outside the A r e a for

Immigra t ion requi rements (£9 ,902 17s. 11d.) . . . 9,903 0 0

Carr ied	forward	£ 1 0 , 2 5 7 , 6 5 3	0	0
Brough t	forward	£10 ,257 ,653	0	0

M A I N R O A D S B O A R D —

For	Const ruct ion	and	Recons t ruc t ion	of	Main	R o a d s —
Subsidies—

Coun ty of Cumber land M a i n Roads F u n d .. . 251,000 0 0

Count ry Main Roads Fund 300,000 0 0

Developmental Roads 138,000 0 0

D E P A R T M E N T OF A G R I C U L T U R E — M I S C E L L A N E O U S —

For promotion of Agr i cu l tu re , Agr icu l tura l Colleges,

Expe r imen t F a r m s , &c, including purchase of Land ,

Buildings, &c.—fur ther sum . . . 4,000 0 0

Gra in E leva to r s—Towards Const ruct ion of Count ry Grain

Silos and permanent W o r k i n g Houses—fur the r sum. . . 93,000 0 0

W A T E R CONSERVATION AND IRRIGATION COMMISSION—

To provide for the Construct ion of Burr injuck Dam

Developmenta l W o r k s , including Factories , P l a n t , and

Subsid iary W o r k s ; paymen t of t enan t r ights ;	deferred
r en t s and water rates, Murrumbidgee Irr igat ion	Areas ,

and Advances to individual Se t t le rs , Or Organisa t ions

of Se t t le rs ( to be subsequent ly repaid), on I r r iga t ion

Areas genera l ly—fur ther s u m . . . . . . . . . . . . 1 47,200 0 0

Shallow bo r ing—To provide W a t e r Supplies for Se t t l e r s—

fur ther	sum	56,300	0	0
R e t u r n e d	Soldiers ' Se t t l ement—To	provide	for	Se t t l ement

of Discharged Soldiers on I r r iga t ion Fa rms and to

assist them in the development thereof—further sum. . . 50,100 0 0

W o r k s unde r t he W a t e r A c t , No. 44, 1912—fur ther sum 15,320 0 0

R ive r M u r r a y Lands Se t t l ement—Cos t of W o r k s generally

in connect ion wi th deve lopment—fur ther sum ... 1,000 0 0

Total, Loan Estimates .. £11,316,873 0 0

4 . (1) The Loans so authorised as aforesaid may be negotiated wholly or in part in the form of Debentures or 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.

(2) Notwithstanding the provisions of any other
Act, the loans so authorised may be raised at a rate of
interest exceeding four pounds per centum per annum.

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 pur­ chasable 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 the Inscribed Stock (Issue and Renewals) Act, 1912, and the forms prescribed in the said regulations, are hereby declared to be applic­ able 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 pro­ visions 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 Par­ liament be then sitting, and if Parliament be not sitting, then within fourteen days of the commencement of the next session thereof.

7. Pending the issue of Debentures or Stock under the authority of this Act, the Governor may, by the issue of Treasury Bills 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. Such Treasury Bills shall have such currency, not exceeding five years, as the Governor may direct.

3. The principal moneys for which such Treasury
Bills may be made out shall be chargeable on and

payable out of the General Loan Account on the

maturing

maturing of such Bills. The interest on such Treasury Bills shall be chargeable on and payable out of the Consolidated Revenue Fund.

9. The provisions of the Treasury Bills Act, 1902, and the Treasury Bills and Debentures (Signatures) Act, 1920, relating to the making out, signing, numbering, dating, and to the amounts of the Treasury Bills authorised 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 . Debentures, Stock, or Treasury Bills sold or issued under this Act are hereby declared to be for all purposes Government Securities; and all cor­ porations and other persons whatsoever shall have power to invest in the purchase of such Debentures, Stock, and Treasury Bills any property held by them, whether as trustees or otherwise, which 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

respects reasonable and proper.	whatsoever, provided that such investment is in other
1 2 . (1) Notwithstanding the foregoing provisions of this Act or the provisions of any other Act the loans authorised by this Act may be negotiated or raised wholly or in part in the form of Debentures or Stock in such country or cities as the Governor may direct, and may be negotiated and raised in any currency.
(2) The Governor in connection with the negotiation or raising of the loans so authorised may by regulations direct that a special Sinking Fund should be

established

established and that the payments to such fund shall he invested and applied towards the liquidation of such loans in the manner prescribed by the regulation.

(3) Any payment to such Sinking Fund shall be chargeable and payable out of the Consolidated Revenue Fund.

(4) The Governor may make regulations under the Inscribed Stock (Issue and Renewals) Act, 1912, as amended by subsequent Acts, to give effect to this section.