Loan Act 1939 (NSW)
LOAN ACT.
Act No. 34, 1939.
| An Act to authorise the raising of a Loan for | Public Works and Services; and for other1 |
| purposes. [Assented to, 13th November, 1939.] |
| the agreement set out in the Schedule to the Financial | Agreement |
| 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 :— |
1. This Act may be cited as the " Loan Act, 1939."
2 . In this Act the expression " Agreement" means
Agreement Ratification Act, 1928; " L o a n Service" Las 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, in accordance with and in the
manner provided in the Agreement raise such sums of money, not exceeding in the whole the amount of seven
million and thirty-eight thousand nine hundred pounds, as are respectively set against the following Public Works and Services, that is to say:—
MINISTER FOR PUBLIC HEALTH—
Subsidised Hospitals—New Buildings, Improvements, Additions, New Equipment and Furnishings—further sum
£220,000 0 0
'CHIEF SECRETARY—
Fish Hatcheries—Construction, Additions and Improve
ments—further sum 400 0 0
.TREASURER—
Belief of Unemployment 1,500,000 0 0 Newnes Shale Oil Undertaking—Loan to National Oil Proprietary Ltd. to assist in the development of the Undertaking—further sum ...
67,000 0 0
Government Printer-—Extension of Premises 13,500 0 0 Bural Bank of New South Wales— Government Agency Department—-
Closer Settlement Agency— 139,000 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 62,000 0 0
DEPARTMENT OF BAILWAYS—
Bailways—
Boiling Stock, to meet additional Traffic Bequire- ments, including Equipment of New Linos; Additions to Bailway Lines, Stations, and Build ings, and for other purposes; and towards Equip
ment of Befreshment Booms—further sum ... 1,700,000 0 0
Electrification of Bailway Lines—further sum ... 80,000 0 o Bailway Construction—
Sutherland to Cronulla Bsilwiy—further sum ... 100,000 0 0
Carried fcrwarl £3,881,900 0 0 Brought forward £3,881,900 0 0
DEPARTMENT OF RAILWAYS—continued.
Railway Construction.—continued.
Sandy Hollow to Maryvale and Reconditioning of Existing Line, Muswellbrook to Sandy Hollow— further sum
150,000 0 0
Bungendore to Captain's Flat Railway—further sum 50,000 0 0
DEPARTMENT OP ROAD TRANSPORT AND TRAMWAYS—
Tramway Services—
Additions to Tramway Lines—furthor sum ... 10,000 0 0 Motor Omnibus Services— Purchase of Omnibuses and Equipment—further
sum 160,000 0 0
MAIN ROADS DEPARTMENT—
County of Cumberland Main Roads Fund—Widening and Construction of Metropolitan Main Roads—further sum
50,003 0 0
Country Main Roads Fund—Construction and Reconstruc tion of Country Main Roads—further sum
175,000 0 0
Developmental Roads Fund—Construction of Develop mental Roads—further sum
20,000 0 0
Elimination and Improvement of Rail and Road Crossings 50,000 0 0
DEPARTMENT OF WORKS AND LOCAL GOVERNMENT—
Harbours and Rivers—
Newcastle Harbour Improvements, including Wharf age, Shipping, Diedging, and other Plant—further sum
4,000 0 0
Port Kembla Harbour Improvements—further sum 140,000 0 0 Cofi's Harbour Improvements, Jet ty Extension, etc.—
further sum 15,000 0 0
New Dredging Plant—further sum 5,000 0 0 Public Buildings—
Mental Hospitals—New Buildings, Improvements and
Additions—further sum 35,000 0 0
National Library, Additions—further sum 60,000 0 0 Electrical—
Hydro Electric Schemes—further sum 333,000 0 0 Port Kembla Power Station and Transmission System
Augmentation—further sum 90,000 0 0 Carried forward £5,223,900 0 0 Brought forward £5,228,900 0 O
DEPARTMENT OF WORKS AND LOCAL GOVERNMENT—continued.
Miscellaneous—
Biver Munay Commission—Part Cost of Works to be carried out under the Act and Hydro Electric Development—further sum
58,000 0 0
South-West Tablelands Water Supply Working Account (Amount to be carried to Sp cial Deposits Account)
7,000 0 0'
To provide for Eoads of Access and Bridges and Develop ment of Tourist Traffic in Shires and Municipalities— further sum
75,000 0 0
To provide for the Construction of Water and Sewerage Works in Shires and Municipalities—fuither sum ...
262,000 0 0
To provide for Improvement and Embellishment of Public Beservcs and Places of Public Becreation or Besort in Shires and Municipalities—further sum
77,000 0 0
To provide for Miscellaneous Works to be carried out by Shhcs and Municipalities—further sum
296,000 0 0>
PUBLIC INSTRUCTION—MISCELLANEOUS—
School Buildings, Teachers' Besidences. and other Buildings, Additions to existing Buildings, School and Besidence Sites, Purchase and Erection of Plant and Equipment—further. n r>
350,000 0 O
Sydney University—New Buildings, Improvements and Additions 50,000 0 0
WATER CONSERVATION AND IRRIGATION COMMISSION—
To piovide for the Construction of Burrinjuck Dam Developmental Works, including Factories, Plant and
Subsidiaiy Works; payment of tenant lights; De
ferred Bents and Water Bates. Muirumbidgee Irri gation Areas, and Advances to Individual Settlers, or Organisations of Settlers (to be subsequently re-paid), on Inigation Areas generally—further sum
60,000 0 0
Shallow boring—To provide Water Supplies for Se t t l e r s - further sum 25,000 0 0 Works under the Water Act No. 44, 1912—further sum... 300,000 0 0 Burrinjuck Dam—To provide for Beconstruction, Altera tions, &c—further sum
250,000 0 0
Total Loan Estimates £7,038,900 0 0
4 . (1) The Loans so authorised as aforesaid may be negotiated wholly or in par 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 periods as may be arranged in pursuance of the Agreement and subject thereto as may be directed by the Governor, and shall be secured upon the Consolidated Revenue Fund.
(2) Notwithstanding 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 may make regulations, not being inconsistent with the provisions of the Inscribed Stock Act, 1902, for carrying this Act in to effect; and such regulations shall be published in the Gazette and laid before Parl iament within fourteen days of the publication thereof, if Par l iament be then si t t ing, and if Par l iament be not sitting, then within fourteen days of the commencement of the next session
thereof.
6 . Pending the issue of Debentures or Stock under t he author i ty 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 .
7 . The principal moneys for which such Treasury
Bills may be made out shall be chargeable on and payable
| o u t 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 | ||
| ||
| 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 oi defaced Treasurv Bills and the issue of new Bills in lieu of such Bills and also of such Bills as are lost. |
burned,
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 part of the General Loan Account, and be appro priated and applied, as required, to the works and
services hereinbefore specified, or to any other dulyauthorised Loan Service, in terms of the Audit 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 investin the purchases of such Debentures, Stock, and Treasury
Bills any property held by them, whether as trustees or
otherwise, which t rey are not expressly forbidden to invest in Government Stock or Securities, without on that account being liable for a breach of trust and with out incurring any liability whatsoever, provided that 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 but subject to the said Agreement 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 anv currency.
(2) The 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 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.
12. Nothing in this Act shall be construed in derogation of any provision of the said Agreement.
A P P R E N T I C E S
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