Loan Act 1935 (NSW)

LOAN ACT.

Act No. 56, 1935.

1 . This Act mav be cited as the "Loan Act, 1935."

An Act to authorise the raising of a Loan for Public Works and Services; and for other purposes. [Assented to, 16th December, 1935.]

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

2. I n this Act the expression " Agreement " means the agreement set out in the Schedule to the Financia l Agreement Ratification Act, 1928; " Loan Service " h a s the meaning given to it in the Aud i t Act, 1902; " T r e a s u r e r " means the Colonial T r e a s u r e r for the t ime

be ing; and " S t o c k " means Inscr ibed or F u n d e d Stock.

3. The Governor may, in accordance with and in the

manner provided in the Agreement raise such sums of

money, not exceeding in the whole the amount of twelve
millions and six thousand eight hundred pounds, as a r e respectively set aga ins t the following Public Works and

Services, tha t is to s ay :—

MINISTER FOR PUBLIC HEALTH—

Subsidised Hospitals—New Buildings, Improvements and

Additions—further sum £200,000 0 0

TREASURER—

To provide for Relief of Unemployment—(Amount to bo

carried to Special Deposits Account—Unemploy­

ment Relief Fund.) .. 3,750,000 0 0

Rural Bank of New South Wales, Government Agency

Department—

Home Building Scheme	Agency	190,000	0	0
Rural Industries	Agency	100,000	0	0
Building Relief Agency"	100,000	0	0
Advances to Settlers Agency	100,000	0	0

Irrigation Agency .. . . . . . . . . . . . . . . . . 50,000 0 0

Government Printer—

Purchase of New Machinery and Plant 10,000 0 0

Sydney Harbour Trust—

Towards Construction of Works generally, and for the

Improvement of the Port 80,000 0 0

DEPARTMENT OF RAILWAYS—

Railways—

Rolling Stock, to meet additional Traffic Requirements,	including Equipment of New Lines; Additions to	Railway Lines, Stations, and Buildings, and for
other purposes; and towards Equipment of
Refreshment Rooms 2,250,000 0 0

Electrification of Railway Lines 100,000 0 0

Railway Construction—

City and Suburban Railways and Railways generally—

Land Resumptions and Costs 80,000 0 0

DEPARTMENT OF ROAD TRANSPORT AND TRAMWAYS—

Tramway Services—

Additions to Tramway Lines—further sum . . . . . . 50,000 0 0

Duplication of Tramway Lines—further sum ... . . . 10,000 0 0

Additions to Tramway Rolling Stock—further sum 150,000 0 0

Carried forward £7,220,000 0 0

Brought forward £7,220,000 0 0

MAIN ROADS DEPARTMENT—

County of Cumberland Main Roads Fund—Widening and Construction of Metropolitan Main Roads 100,000 0 0

Country Main Roads Fund—Construction and Reconstruc- tion of Country Main Roads 150,000 0 0

Developmental Roads Fund—Construction of Develop­

mental Roads 100,000 0 0

DEPARTMENT OF PUBLIC WORKS—

Harbours and Rivers—

Newcastle Harbour Improvements, including Wharf­ age, Shipping, Dredging, and other Plant—further sum	29,000 0 0
Port Kembla Harbour Improvements—further sum ...	21.000 0 0
Coff's Harbour Improvements, Jet ty Extension, etc.—

further sum 29,100 0 0

Macleay River Improvements—further sum ... ... 12,500 0 0

Water Supplies—

Country Towns Water Supplies—further sum 308,000 0 0

Sewerage Construction—

Country Towns Sewerage and Stormwater Channels—

further sum 338,500 0 0

Public Buildings—

Mental Hospitals—New Buildings, Improvements, and

Additions—further sum 18,700 0 0

Public Buildings Generally—Construction Additions, Improvements, and Acquisition of Sites—further sum 27,700 0 0

Electrical—

Hydro Electric Schemes—further sum 132,500 0 0

Miscellaneous—

River Murray Commission—Part Cost of Works to be carried out under the Act and Hydro Electric Development—further sum	95,300 0 0
Dyke End Dredge Repair Shop, Newcastle—Establish­

ment 25,400 0 0

Special Expenditure—

Roads and Bridges—further sum	37,000 0 0
Harbours and Rivers—further sura	18,000 0 0
Stormwater Drainage Works—further sum	921,000 0 0
Buildings Generally—further sum	110,000 0 0
Miscellaneous Minor Works—further sum	6,000 0 0

Carried forward	£9,099,700 0 0
Brought forward	£9,099,700 0 0

DEPARTMENT OF PUBLIC WORKS—continued.

Hunter District Water Supply and Sewerage Board—

Sewerage—

Extension and Reticulation—Improvements and

other Works—further sum 10,800 0 0

DEPARTMENT OF PUBLIC INSTRUCTION—

Miscellaneous—•

School Buildings, Teachers' Residences, and other Buildings, Additions to Existing Buildings, School and Residence Sites. Purchase and Erection of Plant and Equipment—further sum 230,000 0 0

Child Welfare Department—

Riverina Welfare Farm, Yanco—Bridge over Main

Canal 2,800 0 0

DEPARTMENT OF LOCAL GOVERNMENT—

To provide for Roads of Access and Bridges and Develop­ ment of Tourist Traffic in Shires and Municipalities ...	200,000 0 0
To provide for the Construction of Drainage Works and

Stormwater Channels in Shires and Municipalities ... 200,000 0 0

To provide for the Construction of Public Baths in Shires and

Municipalities	75,000 0 0
To provide for the Construction of Water and Sewerage Works in Shires and Municipalities	400,000 0 0
To provide for Improvement and Embellishment of Public Reserves and Places of Public Recreation or Resort in Shires and Municipalities	50,000 0 0
To provide for Establishment and Extension of Electricity Works, Trading Undertakings, particularly in Rural
Districts, in Shires and Municipalities	150,000 0 0

To provide for Purchase of Tools and Materials Required in

connection with any Work for the Relief of Unemploy­

ment carried out by Shires and Municipalities... ... 200,000 0 0

DEPARTMENT OF AGRICULTURE—MISCELLANEOUS—

For Promotion of Agriculture—Agricultural Colleges, Experiment Farms, etc., including Purchase of Land, Buildings, etc.—further sum	3,000 0 0
Grain Terminal Elevator—Newcastle—Construction of and

for purposes incidental thereto—further sum... ... 23,100 0 0

Public Watering Places in the Western Division of the State 10,000 0 0

Carried forward £11,254,400 0 0

Brought forward £11,254,400 0 0

WATER CONSERVATION AND IRRIGATION COMMISSION-

TO provide for the Construction of Burrinjuck Dam Developmental Works, including Factories, Plant, and Subsidiary Works ; payment of tenant rights ; Deferred Rents and Water Rates, Murrumbidgee Irrigation Areas, and Advances to Individual Settlers, or Organisa­ tions of Settlers (to be subsequently re-paid), on

Irrigation Areas generally—further sum ... ... 80,000 0 0

Shallow boring—To provide Water Supplies for Settlers—

further sum ... 50,000 0 0

Coomealla Irrigation Area—Additional Works—further sum 20,000 0 0

Wentworth Irrigation Area—Extension, including addi­ tional Pumping Plant—further sum ... ... ... 1,400 0 0

Water Conservation Works generally—further sum ... 1,000 0 0

Works under the Water Act No. 44, 1912—further sum ... 600,000 0 0

Total Loan Estimates ... £12,006,800 0 0

4 . (1) The Loans so authorised as aforesaid may be negot iated wholly or in p a r t in the form of Debentures or Stock in New South Wales or in London a t such times and for such amounts and for such per iods as may be a r r a n g e d in pursuance of the Agreement and subject there to as may be directed by the Governor, and shall be secured upon the Consolidated Revenue F u n d .

(2) Notwi ths tanding the provis ions of any other Act, the Loans so authorised may be ra ised a t a r a t e of in teres t exceeding four pounds pe r centum per annum.
5 . I n respect of any Stock issued in London under
the provisions of this Act, the Governor may make

regulat ions , not being inconsistent with the provisions

of the Inscr ibed Stock Act, 1902, for ca r ry ing this Act	into effect; and such regulat ions shall be published in
the Gazette and laid before Pa r l i amen t within fourteen days of the publication thereof, if Pa r l i amen t be then s i t t ing, and if Pa r l i amen t be not sit t ing, then within fourteen days of the commencement of the next session
thereof.
6 . Pend ing the issue of Debentures or Stock under the au thor i ty of this Act, the Governor may, by the issue of T r e a s u r y Bills secured upon the Consolidated Revenue F u n d , raise such sums of money not exceeding in the

whole

whole the amount of moneys author ised to be raised unde r this Act. Such T r e a s u r y Bills shall have such currency, not exceeding five years , as the Governor may direct .

7 . The pr incipal moneys for which such T reasu ry Bills may be made out shall be chargeable on and payable out of the General Loan Account on the m a t u r i n g of such Bills. The in teres t on such T r e a s u r y Bills shall be chargeable on and payable out of the Consolidated

Revenue Fund .

The provis ions of the T r e a s u r y Bills Act, 1902, and the T r e a s u r y Bills and Debentures (S igna tures ) Act, 1920, re la t ing to the making out, signing, number ing, dat ing, and to the amounts of the T r e a s u r y Bills author ised to be issued, and to the cancellation of defaced T r e a s u r y Bills and the issue of new Bills in lieu of such Bills and also of such Bills as a re lost, burned, or otherwise destroyed, and to the cancellation of d ischarged Bills, shall app ly to T r e a s u r y Bills issued under this Act.

8 .

9 . All moneys borrowed under this Act shall be pa id to the T reasu re r , and shall be by him carr ied to and form p a r t of the General Loan Account, and be appro ­ p r i a t ed and applied, as required, to the works and services hereinbefore specified, or to any other duly author ised Loan Service, in t e rms of the Audi t Act, 1902.

1 0 . Debentures , Stock, or T r e a s u r y Bills sold or

issued under this Act a re hereby declared to be for all purposes Government Secur i t ies ; and all corpora t ions and other persons whatsoever shall have power to invest in the purchase of such Debentures , Stock, and T r e a s u r y

Bills any p rope r ty held by them, whether as t rus tees or otherwise, which they are not expressly forbidden to	invest in Government Stock or Securi t ies , wi thout on
tha t account being liable for a breach of t r u s t and with­ out incur r ing any liability whatsoever , provided tha t such investment is in other respects reasonable and p roper .

1 1 .     (1) Notwi ths tand ing the foregoing provisions of

this Act or the provisions of any other Act but subject to the said Agreement the loans author ised by this Act m a y be negot ia ted or ra ised wholly or in p a r t in the form of Debentures or Stock in such count ry or cities as the Governor m a y direct, and may be negot ia ted and

ra ised in any currency. (2)

(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 and that the payments to such fund shall be 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 on 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.

1 2 . Nothing in this Act shall be construed in derogation of any provision of the said Agreement.