Loan Act 1927 (NSW)

LOAN ACT

Act No. 48, 1927.

A n A c t t o a u t h o r i s e t h e r a i s i n g of a L o a n for P u b l i c

W o r k s a n d S e r v i c e s ; a n d for o t h e r p u r p o s e s .

[ A s s e n t e d t o , 1 2 t h D e c e m b e r , 1 9 2 7 . ]

lative Council and Legis la t ive Assembly of N e w South by and wi th t h e advice and consent of t he Legis- "Wales in P a r l i a m e n t BE it enacted by the K ing ' s Most Exce l l en t

Majesty,

assembled, and by the au tho r i t y of

t h e same, as follows :—

set

1 .     This A c t m a y be cited as the " L o a n Act , 1927 ."

2 .     I n th is A c t t he expression " L o a n S e r v i c e " has

the m e a n i n g given to it in t h e A u d i t Act , 1 9 0 2 ;

" T r e a s u r e r "	means	t he	Colonial	Treasurer	for	t h e
t ime b e i n g ;	and	" S t o c k "	means	Inscr ibed	or	F u n d e d
Stock.

3 . The Governor may , by t he issue of D e b e n t u r e s or

Stock, secured upon the Consolidated R e v e n u e F u n d , raise such sums of money , no t exceeding in t h e whole t h e a m o u n t of F i v e mil l ions n ine h u n d r e d and t w e n t y -

two thousand four h u n d r e d pounds , as are respect ively

set aga ins t t he following Pub l i c W o r k s and Services,

be ing the same sums as are set ou t in Schedule " B"

to t he Supply Act , 1027, t h a t is to say : —

NAVIGATION—

Construction of new Pilot S:eamer to replace the " A j a x " —

further sum £ 5 0 0 0 0

SYDNEY HARBOUR T R U S T —

Towards construction of Works generally, and for the

improvement of the Port 1 5 1 , 0 0 0 0 0

R A I L W A Y S —

Rolling-stock, t o m e t Additional Traffic Requirements, in­
cluding Equipment of New Lines; Additions to Rail way

Lines, Stations, and Buildings, and for other purposes ;

anil towards Equipment of Refreshment Rooms . . . £ 1 , 0 7 0 , 0 0 0 0 0

Electrification	of Railway	Lines	8 8 0 , 0 0 0	0	0
Duplication	of	Lines	8 9 , 0 0 0	0	0

TRAMWAYS—

Additions to Linos, Workshops, Buildings, Rolling-stock,

&c . . . 7 5 , 0 0 0 0 0

RAILWAY CONSTRUCTION—

Booyong to BalHna—further sum 1 0 , 0 0 0 0 0

Condobolin to Broken Hill—further sum 1 0 , 0 0 0 0 0

Uranquinty	to Moon's	Siding—further	sum	. . .	. . .	2 3 , 0 0 0	0	0
Regent's	Park	to Bankstown—further	sum	. . .	. . .	2 2 , 0 0 0	0	0

Ungarie to Monia (Jap—further sum . . . . . . . . . 3 0 , 0 0 0 0 0

Moss Vale to Port Kembla -further sum 2 0 0 , 0 0 0 0 0

City and Suburban Railways and Railways generally—

Lund Resumptions and Costs . . . . . . 2 5 0 , 0 0 0 0 0

City Electric Railway—further sum 2 8 0 , 0 0 0 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 capital for Purchase of Wire Netting, Material, &c, in terms of section 3 0 of the Pastures Protection Act , No. 3 5 , 1912—the. amount to be carried to Special Deposits Account (Wire

Nett ing Working Capital Account) 1 7 , 5 0 0 0 0

Carried forward £ 3 , 1 0 8 , 0 0 0 0 0

Brought forward £3 ,108 ,000 0 0

B R I D G E S —

Sydney Harbour Bridge—further sum 531,000 0 0

Bridges generally—further sum . . . . . . . . . . . . 47,000 0 0

HARBOURS AND R I V E R S —

Newcastle Harbour Improvements, including Wharfage,

Shipping, Dredging, and other Plant—further sum .. . Coft's Harbour Improvements, Je t ty Extension, &c .—	19,000	0	0
further sum	15,000	0	0

Port Kembla Harbour Improvements—further sum	. . .	21,400	0	0
N e w Dredging Plant—further sum	5,200	0	0
Byron Bay, New Jetty—further sum	31,900	0	0

W A T E R S U P P L I E S —

Improvements, Sydney Water Supply—further sum ... 108,000 0 0

Country Towns Water Supplies—further sum .. . . . . 110,000 0 0

SEWERAGE CONSTRUCTION—

Metropolitan Sewerage and Stormwater Channels—further

sum ... 131,500 0 0

Country Towns Sewerage and Stormwater Channels—

further sum 30,000 0 0

Newcastle Sewerage and Stormwater Channels—further

sum 46,500 0 0

PUBLIC B U I L D I N G S —

Mental Hospi ta ls—New Buildings, Improvements, and

Additions—further sum 26,500 0 0

State Hospitals and Asylums, including Coast Hospital—

N e w Buildings, Improvements, and Addit ions—

further sum 7,000 0 0

ELECTRICAL—

Hydro-Electric Schemes—further sum	50,000	0	0
Port Kembla Power Station and Transmission System—

Augmentation—further sum ... 50,000 0 0

MISCELLANEOUS—

River Murray Commission—Part cost of Works to be carried out under the Act and Hydro-Electric Development—further sum 149,000 0 0

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

Establishment—further sum 75,350 0 0

Carried forward . . . .. £4 ,592 ,350 0 0

Brought forward ... £ 4 , 5 9 2 , 3 5 0 0 0

H U N T E R DISTRICT W A T E R SUPPLY AND .SEWERAGE BOARD —

Water Supply—

Amplification, Extension of Reticulation, Improvements,

and other Works—further sum 1 1 0 , 7 0 0 0 0

Sewerage —

Extension and Reticulation—Improvements and other

Works--further sum.. . . . . . . . . . . . . . 7 , 9 5 0 0 0

Stormwater Drainage—further sum ... . . . . . . 4 , 3 5 0 0 0

P U B L I C INSTRUCTION—MISCELLANEOUS—

School Buildings,Teachers' Residences and Other Buildings, School ami Residence Sites 2 2 0 , 0 0 0 0 0

MAIN ROADS B O A R D —

County of Cumberland Main Roads Fund 1 3 2 , 0 0 0 0 0

Country Main Roads Fund 2 0 0 , 0 0 0 0 0

DEPARTMENT OF AGRICULTURE—MISCELLANEous—

For promotion of .Agriculture, Agricultural Colleges,

Experiment Farms, &c, including purchase of Land,

Buildings, & c — further sum ... 2 ,500 0 0

Grain Elevators—Towards Construction of Country Grain

Si los and permanent Working Houses—further sum.. . 7 5 , 0 0 0 0 0

Glenfield Veterinary Research Station—Building and

Imrovements, &c.—further sum ... . . . . . . 1 ,000 0 0

Belief to Necessitous Farmers and Graziers To provide

a Working Capital for Relief (Amount to be carried to Special Deposits Account), " Relief to Necessitous

Fanners and Graziers—Working Capital Account .. . 3 1 0 , 0 0 0 0 0

W A T E R CONSERVATION AND IRRIGATION COMMISSION—

To provide fo r the Construction of Burrinjuck Dam

Developmental Works, including Factories, Plant , and Subsidiary Works ; payment of tenant rights ; deferred	rents a n d water rates, Murrumbidgee Irrigation Areas
a n d Advances to individual Settlers, or Organisations
of Settlers (to be subsequently repaid), on Irrigation
Areas generally—further sum. . . . 1 6 0 , 0 0 0 0 0

Returned Soldiers' Settlement—To provide for Settlement

of Discharged Soldiers on Irrigation Farms and to

a s s i s t them in the development thereof—further sum.. . 5 0 , 0 0 0 0 0

Shallow boring—To provide Water Supplies for Settlers—

further sum ... . . . . . . . . . . . . . . . 3 8 , 7 5 0 0 0

W o r k s under the Water Act , No. 4 4 , 191 2—further sum 17,8110 0 0

Tota l , Loan Es t ima te s . . £ 5 , 9 2 2 , 4 0 0 0 0

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4 . (1) The Loans so au thor i sed as aforesaid m a y be negot ia ted whol ly or in p a r t in t he form of D e b e n t u r e s

or Stock in N e w S o u t h W a l e s or in L o n d o n a t such

t imes a n d for such a m o u n t s a n d for such periods as	m a y
be directed by t h e Governor .

(2) N o t w i t h s t a n d i n g t h e provis ions of a n y o the r

Act , t he loans so au thor ised m a y be raised a t a ra te of in te res t exceeding four pounds per c e n t u m per a n n u m .

5 . A n y Stock issued in New Sou th W a l e s unde r th i s

A c t	shal l	be s tyled " N e w South Wales F u n d e d	S tock , "
a n d shal l , if sold o therwise	t h a n	by tender , be	pu r ­

chasable a t t he Treasury u p o n any lawful day.

(1) The provisions of t he F u n d e d Stock A c t of 1892, r e l a t ing to t he me thod of inscr ip t ion a n d t ransfer

6 .

of Stock, and the regula t ions u n d e r t h e Inscr ibed Stock ( Issue and Renewals) Act , 1912, and the forms prescr ibed in t h e said regula t ions , a re he reby declared to be appl ic­ able to , a n d shal l be followed and used, m u t a t i s

mu t and i s , in connect ion wi th Stock issued wi th in

N e w South W a l e s u n d e r th i s A c t .

(2) I n respect of any Stock issued in London u n d e r t h e provisions of th i s Ac t , t h e Governor may

m a k e regula t ions , n o t be ing inconsis tent w i th t he p ro ­

visions of t he Inscr ibed Stock Act , 1902, for c a r r y i n g th is A c t in to effect ; and such regu la t ions shal l be publ i shed in t h e Gaze t te and laid before P a r l i a m e n t

w i t h i n fourteen days of t h e publ ica t ion thereof, if Pa r ­

l i amen t be t h e n s i t t ing , and if P a r l i a m e n t be not s i t t ing ,

t h e n wi th in four teen days of the c o m m e n c e m e n t of the

n e x t session thereof.

7 . P e n d i n g the issue of Deben tu re s or Stock unde r

t he a u t h o r i t y of th i s Ac t , t h e Governor may , by the issue of Treasury Bills secured u p o n t h e Consolidated R e v e n u e F u n d , raise such sums of m o n e y no t exceed ing

in t h e whole t h e a m o u n t of moneys author ised to be

raised u n d e r this Ac t . Such Treasury Bills shal l have such cur rency , n o t exceeding five years , as t he Governor

m a y direct .

8 . T h e pr incipal moneys for which such Treasury
Bills m a y be m a d e ou t shal l be chargeable on and

payab le ou t of the Genera l Loan A c c o u n t on t h e

m a t u r i n g

m a t u r i n g of such Bills. The in teres t on such Treasury Bills shall be chargeable on a n d payable ou t of t h e

Consolidated Revenue F u n d .

9 . The provisions of the Treasury Bil ls Act , 1902, and the Treasury Bills and Deben tu res (Signatures) Act , 1920, re la t ing to t h e m a k i n g out, s igning, n u m b e r i n g , da t ing , a n d to the a m o u n t s of t he Treasury Bills au thor ised to be issued, and to t he cancel la t ion of defaced Treasury Bills and t h e issue of new Bills in l ieu of such Bills and also of such Bills as arc lost, burned , or otherwise destroyed, and to t h e cancellat ion of discharged Bills, shall app ly to Treasury Bil ls issued

unde r th is Act .

1 0 .     Al l moneys borrowed u n d e r this Ac t shal l be

paid to t he Treasurer , and shal l be by h im carr ied to and form p a r t of t he General Loan Account , and be appropr ia ted and applied, as required, to the works and services hereinbefore specified, or to any o ther duly au thor ised Loan Service, in t e rms of the Aud i t Act , 1902.

1 1 . Deben tu res , Stock, or Treasury Bills sold or issued u n d e r this A c t are hereby declared to be for all purposes Gove rnmen t Secu r i t i e s ; and all cor­ pora t ions and other persons whatsoever shal l have power to inves t in t he purchase of such Deben tu re s , Stock, and Treasury Bills any proper ty held by t h e m , w h e t h e r as t rus tees or o therwise , which t h e y are not

expressly forbidden to invest in G o v e r n m e n t Stock or

Securi t ies , w i t h o u t	on	t h a t	account	be ing	l iable	for	a
breach	of	t r u s t	a n d	wi thou t	i n c u r r i n g	any	l iabil i ty

whatsoever, provided t h a t such inves tmen t is in	o the r
respects reasonable and proper .

1 2 . (1) N o t w i t h s t a n d i n g t h e foregoing provisions

of th i s Ac t or the provisions of any o ther Act t he loans author ised by th is A c t may be negot ia ted or raised wholly or in p a r t in t h e form of Deben tu re s or Stock in such c o u n t r y or cities as t h e Governor m a y direct , and

m a y be negot ia ted and raised in any cu r rency .

(2) The Governor in connect ion wi th t he

negot ia t ion or ra is ing of t h e loans so authorised may by regu la t ions direct t h a t a special S ink ing F u n d should be

establ ished

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.