Loan Act 1938 (NSW)

LOAX ACT.

Act No. H3, 1938.

An Act to authorise the raising of a Loan fir Public Works and Services; and for other purposes. [Assented to, 20th December, 1938.]

2 . In this Act the expression " Agreement " means
the agreement set out in the Schedule to the Financial
Agreement Ratification Act, 1928; "Loan Service" lias the

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

1L Tins Act may be cited as the '"'Loan Act, 1938."

t he meaning given to it in the Audit Act, 1902; " Treasurer " means the Colonial Treasurer for the t ime be ing; and " S t o c k " means Inscribed or Funded 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 nine million and four thousand two hundred and thirty-five pounds, as are respectively set against the following

Publ ic Works and Services, t ha t is to	s a y : —
MINISTER FOR PUBLIC HEALTH—

Subsidised Hospitals—New Buildings, Improvements, Additions, New Equipment and Furnishings—further sum £180,000 0 0

CHIEF SECRETARY—

Fish Hatcheries—Construction, Additions and Improve­

ments 510 0 0

TREASURER—

Newnes Shale Oil Undertaking—Loan to National Oil Proprietary Ltd. to assist in the development of the Undertaking—further sum ...	50,000 0 0
Erskineville Housing Scheme—further sum	36.0C0 0 0

DEPARTMENT OF RAILWAYS—

Railways—

Rolling Stock, to meet additional Traffic Require­ ments, including Equipment of New Lines; Additions to Railway Lines, Stations, and Build­ ings, and for other purposes; and towards Equip­

ment of Refreshment Rooms—further sum

... 1,740.003 0 0

Railway Construction—

Sandy Hollow to Maryvale and Reconditioning of Existing Line, Muswellbrook to Sandy Hollow— further sum	200,000 0 0
Bungendore to Captain's Flat Railway—further sum	68,000 0 0

DEPARTMENT OF ROAD TRANSPORT AND TRAMWAYS—

Tramway Services—

Erection of Administrative Buildings—further sum... 7,100 0 0

Carried forward 12,311,910 0 0

Brought forward £2,341,910 0 0

MAIN ROADS DEPARTMENT—

County of Cumberland Main. Roads Fund—Widening and Construction of Metropolitan Main Roads—further sum 50,000 0 0

Country Main Roads Fund—Construction and Reconstruc­ tion of Country Main Roads—further sum ... . . 50,000 0 0

Developmental Roads Fund—Construction of Develop­ mental Roads—further sum ... ... ... ... 77,000 0 0

SECRETARY FOR LANDS—

Closer Settlement—

To provide for the Acquisition of Land for purposes of Closer Settlement and Contingent Expenses, the whole amount to be carried to the Closer Settlement Account 100,000 0 0

DEPARTMENT OF WORKS AND LOCAL GOVERNMENT—

Harbours and Rivers—

Newcastle Harbour Improvements, including Wharf­ age. Shipping, Dredging, and other Plant—further sum	32,000 0 0
Port Kembla Harbour Improvements—further sum	70,000 0 0
Coff's Harbour Improvements, Jet ty Extension, etc.—

further sum 60,000 0 0

Now Dredging Plant—further sum 10,000 0 0

Public Buildings—

Mental Hospitals—New Buildings, Improvements and

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

National Library, Additions—further sum	20,030 0 0
Public Buildings Generally—Construction Additions, Improvements, and Acquisition of Sites—further sum	30,000 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 120,000 0 0

Purchase of Plant for use in Government Institutions 1,500 0 0

Circular Quay Improvements ... ... 150,000 0 0

Testing Branch Working Account—Amount to be
carried to "Advances for Departmental Working

Accounts and other purposes, and Advances to

be recovered Account"	...	4,000 0 0
Carried	forward	£3,272,410 0 0
Brought forward	£3,272,410 0 0

DEPARTMENT OF WORKS AND LOCAL GOVERNMENT—continued.

Special Expenditure—

Roads and Bridges—further sum 1,850,000 0 0

Harbours and Rivers—further sum ... ... ... 960,000 0 0

Storm water Drainage Works—further sum ...	...	320,000 0 0
Buildings Generally—further sum	50,000 0 0
Miscellaneous Minor Works—further sum	446,000 0 0

To provide for the Construction of Drainage Works and Stormwatcr Channels in Shires and Municipalities— further sum	20,000 0 0
To provide for the Construction of Water and Sewerage
Works in Shires and Municipalities—further sum ... To provide for Improvement and Embellishment of Public Reserves and Places of Public Recreation or Resort in Shires and Municipalities—further sum	450,000 0 0
145,000 0 0
To provide for Miscellaneous Works to be carried out by
Shires and Municipalities—further sum	500,000 0 0

Maritime Services Board of New South Wales—

Sydney Harbour Section—Towards construction of Works Generally and for the Improvement of the Port—further sum 10,000 0 0

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 ... 194,000 0 0

DEPARTMENT OF AGRICULTURE—MISCELLANEOUS—

For Promotion of Agriculture—Agricultural Colleges, Experiment Farms, etc., including Purchase of Land, Buildings, etc.—further sum	6 ,000 0 0
Grain Terminal Elevator—Newcastle—Construction of
and for purposes incidental thereto—further sum...	25 0 0
To provide for the erection of Dressing Sheds and Pavilion at Queens Park	800 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 lights; De­ ferred Rents and Water Rates, Murrumbidgee Irri­ gation Areas, and Advances to Individual Settlers, or Organisations of Settlers (to be subsequently rc-paid), on Irrigation Areas generally—further sum 36 ,000 0 0

Carried forward £8 ,260,235 0 0

Brought forward £8,260,235 0 0

WATER CONSERVATION AND IRRIGATION COMMISSION—continued.

Shallow boring—To provide Water Supplies for Settlers—

further sum	49 ,000 0 0
Wentworth Irrigation Area—Extension, including addi­ tional Pumping Plant—further sum	1,000 0 0
Coomealla Irrigation Area—Additional Works—further
sum	32 ,000 0 Q
Works under the Water Act No. 44, 1912—further sum...	462,000 0 0
Burrinjuck Dam—To provide for Reconstruction, Alter­
ations, &c.	200,000 0 0

Total Loan Estimates £9,004,235 0 0

4 . (1) The Loans so authorised as aforesaid m a y b e negotiated wholly or in pa r t in the form of Debentures or Stock in New South Wales or in London a t such t imes and for such amounts and for such periods as m a y b e arranged in pursuance of t he Agreement and subject thereto as m a y be directed by the Governor, and shall be secured upon the Consolidated Revenue Fund.

(2) Notwiths tanding the provisions of any other Act, the Loans so authorised may be raised a t a ra te of interest exceeding four pounds per centum per annum.

5. I n respect of any Stock issued in London under the provisions of this Act, the Governor m a y m a k e regulations, not being inconsistent with the provisions of t he Inscribed Stock Act, 1902, for carrying this Act into effect; and such regulations shall be published in the Gazette and laid before Par l iament within fourteen

days of the publication thereof, if Par l iament be then
sitt ing, and if Par l iament be not sitt ing, then within

fourteen days of the commencement of the next session

thereof.

6. Pending the issue of Debentures or Stock under the au thor i ty of this Act, the Governor may , by t he issue of Treasury Bills secured upon the Consolidated Revenue Fund , raise such sums of money not exceeding in the whole the amoun t 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. 7 .

7. The principal moneys for which such Treasury Bills m a y be made out shall be chargeable on and payable out of the General Loan Account on the matur ing of such Bills. The interest on such Treasury Bills shall be chargeable on and payable out of the Consolidated

Bevenue Fund .

8 . The provisions of the Treasury Bills Act, 1902, and the Treasury Bills and Debentures (Signatures) Act, 1920, relating to the making out, signing, numbering, dat ing, 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.

9. All moneys borrowed under this Act shall be paid to the Treasurer, and shall be by him carried to and form pa r t of the General Loan Account, and be appro­ priated and applied, as required, to the works and services hereinbefore specified, or to any other duly authorised Loan Service, in terms of the Audi t Act, 1902.

10. Debentures, Stock, or Treasury Bills 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 purchases of such Debentures, Stock, and Treasury Bills any proper ty held by them, whether as trustees or otherwise, which they are not expressly forbidden to

invest in Government Stock or Securities, wi thout on	t h a t account being liable for a breach of t rus t and with­
out incurring any liability whatsoever, provided t h a t such investment is in other respects reasonable and proper.
11. (1) Notwithstanding the foregoing provisions of this Act or the provisions of any other Act b u t subject to the said Agreement the loans authorised by this Act may be negotiated or raised wholly or in pa r t 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)

(2) Tlie Governor in connection with the

negotiations 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 maimer 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.