Loan (Railways) Act 1913 (NSW)

Act No. 20, 1913.

An Act to authorise the raising of a loan for railway purposes ; to amend the Audit Act, 1902 ; and for purposes consequent thereon or incidental thereto. [30th October, 1913.]

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 authoritv of the same, as follows :—

1. This Act may be cited as the " L o a n (Railways) Act, 1913."

2. I n this Act " t h e Treasurer" means the Colonial Treasurer; and " S tock" means Inscribed or Funded Stock
3 . The Governor may, by the issue of Debentures or Stock, secured upon the Consolidated Revenue Fund, and bearing interest at a rate not exceeding four pounds per centum per annum, raise any sums of money not exceeding in the whole three million pounds, to be expended for railway purposes.

4. Such Debentures or Stock may be issued in New South Wales or in London, at such times, for such amounts, and for such periods as may be directed by the Governor.

6. (1) The provisions of the Funded Stock Act of 1892, and the regulations thereunder and the forms therein prescribed, so far as they relate to the method of inscription and transfer of Stock, are hereby declared to be applicable to, and shall be followed and used, mutatis mutandis, in connection witli Stock issued in New South Wales under this Act. (2)

5. Any Stock issued in New South Wales under this Act shall be styled " N e w South Wales Funded Stock," and shall, if sold otherwise than by tender, be purchas­ able at the Treasury upon any lawful day.

(2) I n respect of a n y Stock issued in London

under th i s Act , t he Governor m a y m a k e regula t ions , Insc r ibed Stock Ac t , 1902, for carrying th is A c t

n o t	be ing	inconsis tent	w i t h	t he provisions	of	t h e
in to

effect. Such regula t ions shall he publ i shed in t h e

Gazet te and laid before Pa r l i amen t wi th in four teen days

after such publ ica t ion , if P a r l i a m e n t be t h e n s i t t ing,

and if P a r l i a m e n t be no t s i t t ing, t hen wi th in fourteen days

after	the	c o m m e n c e m e n t	of	t he n e x t	session	thereof.
7 .	(1) P e n d i n g	the	issue	of D e b e n t u r e s	or	Stock

unde r th i s Act , t h e Governor may , by t h e issue of Treasury Bills secured upon the Consolidated R e v e n u e F u n d , raise any sums of money no t exceeding in t h e whole the a m o u n t author ised to be raised unde r this Act .

(2) Such Treasury Bills shal l bear in teres t a t a r a t e not exceeding four pounds per c e n t u m per a n n u m , and shal l have such currency, not exceeding five years , as t he Governor may direct.

8. The p r inc ipa l moneys for which such Treasury Bills may be made out shall be chargeable on and payab le out of the Bai lways Loan Account , 1913, con­ s t i tu ted as here inaf ter in th is Ac t provided. The in teres t on such Treasury Bills shall lie chargeable on and pay­

able out of the Consolidated B e v e n u e B u n d .

9 . The provisions of t he Treasury Bills Act , 1902,

re la t ing to the m a k i n g out , s igning, n u m b e r i n g , da t ing ,

and t h e a m o u n t s of t he Treasury Bills author ised b y

t h a t Act to be issued, and to t he cancellat ion of defaced Treasury Bills and the issue of new Bills in lieu of such

destroyed, a n d to t he cancel lat ion of discharged Bills,	Bills or of such Bills as an; lost, burned , or otherwise
shal l apply to Treasury Bills issued u n d e r this Act .
1 0 . (1) There shal l be an account k e p t in t he Treasury under t h e A u d i t Act , 1902, called the Ba i l -
ways Loan Account , 1913.

(2) No twi th s t and ing the provisions of section

thir ty-f ive of the said Act , all moneys borrowed unde r th i s A c t shall be paid to the Treasurer , and shall be by h i m carried to t he Ba i lways L o a n Account , 1913, and moneys so carried to such account shall be applied towards t he purchase and const ruct ion of rol l ing stock for ra i lways and to meet t he cost of dup l i ca t ing port ions of the ma in t r u n k lines of rai lway, and o ther works in

connect ion therewi th .

(3)

(3) No money shall be drawn from the Railways Loan Account, 1913, except under the authority of this Act.

(4) Section thirty-six of the Audit Act, 1902, shall not apply to an appropriation or balance of an appropriation made by this Act.

(5) In section fifty-seven of the Audit Act, 1902,

add the following paragraph :—•

(e) A detailed statement of the receipts and expenditure of the Railways Loan Account, 1913, for such quarter or year.

(6) In subsection one of section fifty-eight of

the same Act, add the following paragraph : —

(f) A detailed statement of the receipts and expenditure for such year of the Railways Loan Account, 1913.

1 1 . Debentures, Stock, and 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 purchase of such Debentures, Stock, and Treasury Bills any moneys 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 whatsoever, provided that such investment is in other respects reasonable and proper.