Loan (Railways) Act 1915 (NSW)

LOAN (KAILWAYS) ACT.

Act No. 14, 1915.

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. [Assented to, 22nd February, 1915.]

BE it enacted by the K i n g ' s Mos t Exce l len t lat ive Council and Legislat ive Assembly of N e w Sou th

Majesty,

b y and wi th t h e advice and consent of t he Leg i s ­

W a l e s in P a r l i a m e n t assembled, and by the au tho r i t y of

t he same, as follows :—

1 . This Ac t may be cited as the " Loan (Rai lways)

Ac t , 1915 . "

2.     I n this Ac t " t he Treasurer " means t he Colonial

Treasurer ; a n d	" Stock "	m e a n s	Inscr ibed	or	E u n d e d
Stock.

The Governor may , by t h e issue of Deben tu re s or Stock, secured upon the Consolidated R e v e n u e E u n d , raise any sums of money not exceeding in the whole three mil l ion pounds , to be expended for ra i lway purposes .

3 .

Such Debentures or Stock m a y be issued in N e w South W a l e s or in London , a t such t imes, for such amoun t s , and for such periods as m a y be directed by t h e Governor .

4 .

5 . Any stock issued in N e w South W a l e s unde r th i s

A c t shall be styled " New South W a l e s E u n d e d S t o c k , "

6.	(1) The provisions of t h e F u n d e d	Stock A c t of
1892, re la t ing to t he me thod of	inscr ipt ion and	t ransfer

of Stock, and the regula t ions u n d e r t he Inscr ibed Stock ( Issue and Renewals ) Act , 1912, and the forms pre­ scribed in the said regulat ions , are hereby declared to be applicable to, and shall be followed and used, m u t a t i s m u t a n d i s , in connect ion wi th Stock issued wi th in N e w South Wales unde r th is Act .

(2) I n respect of any Stock issued in London u n d e r th i s Act , the Governor m a y m a k e regula t ions , not being inconsis tent wi th the provisions of t he Inscr ibed Stock Act , 1902, for ca r ry ing th is Ac t in to effect. Such regula t ions shall be publ ished in t he

Gazet te and laid before P a r l i a m e n t wi th in fourteen days

after such publicat ion, if P a r l i a m e n t be t hen s i t t ing,

and if Pa r l i amen t be not s i t t ing, t h e n wi thin four teen days

after the c o m m e n c e m e n t of t he n e x t session thereof.

(1) P e n d i n g the issue of Deben tu res or Stock unde r this Act , t he Governor may , by the issue of Treasury Bills secured upon the Consolidated R e v e n u e F u n d , raise any sums of money not exceeding in t he whole the a m o u n t author ised to be raised u n d e r th is Ac t .

7.

Such Treasury Bills shall have such currency, not exceeding five years, as the Governor may direct.

(2) Stock, Debentures , and Treasury Bills issued

u n d e r th is Act shal l bear in teres t a t a ra te no t	exceeding
four	pounds per c e n t u m per a n n u m :
Provided t h a t any such Stock, Deben tures , and Treasury Bills issued wi th in twelve m o n t h s after	t he

commencemen t of th is A c t m a y bear interest a t a r a t e

exceeding four pounds per c e n t u m per a n n u m .

8 . T h e pr inc ipa l moneys for wh ich such T reasu ry

Bills m a y be m a d e ou t shall be chargeable on a n d payable out of t he Ra i lways Loan Account , 1915, con­ s t i tu ted as hereinaf ter in th is A c t provided. The in teres t on such Treasury Bil ls shal l be chargeable on and pay­ able out of t h e Consolidated Revenue Fund .

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

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

and the a m o u n t s of the Treasury Bills authorised by t h a t Act to be issued, and to the cancellat ion of defaced Treasury Bills and the issue of new Bills in lieu of such

Bills

Bills or of such Bills as are lost, bu rned , or o therwise destroyed, a n d to t h e cancel la t ion of discharged Bills, shall app ly to Treasury Bil ls issued unde r th i s Act .

1 0 . (1) There shal l be a n account kep t in t he

Treasury u n d e r t h e Aud i t Act , 1902, called the Rai l ­

ways Loan Account , 1915.

(2) N o t w i t h s t a n d i n g t h e provisions of section

thir ty-f ive of t h e said Ac t , a l l moneys borrowed u n d e r

th i s A c t shall be paid to t he Treasurer , and shall be by

h i m carr ied to t h e Ra i lways Loan Account , 1915, and moneys so carr ied to such accoun t shall be applied to mee t t he cost of dup l i ca t ing por t ions of the m a i n t r u n k l ines

of rai lway, a n d o the r works in connect ion t he r ewi th .

(3) N o moneys shal l be d r a w n from t h e

Ra i lways	L o a n	Account ,	1915,	excep t	unde r	t h e
au tho r i t y	of this	Act .

(4) Sect ion th i r ty -s ix of t h e A u d i t Act , 1902,

shall no t apply to an appropr ia t ion or ba lance of an

appropr ia t ion m a d e by th is Act .

(5) I n section fifty-seven of t h e Aud i t Ac t , 1902,

add	t he following pa rag raph :—
(e) A detai led s t a t emen t of t h e receipts a n d

expend i tu re of t h e Rai lways Loan A c c o u n t ,

1915, for such q u a r t e r or year .

(6) I n subsection one of section fifty-eight of

t h e same Act , add the foil )wing pa rag raph :—

(f) A detai led s t a t emen t of t h e receipts and

expend i tu r e for such	year of t h e	Ra i lways
Loan Accoun t , 1915.

1 1 .      Deben tu re s , Stock, a n d Treasury Bills sold or

issued u n d e r th is A c t a re he reby declared to be for all

purposes G o v e r n m e n t Securi t ies , a n d al l corporat ions

a n d o the r persons wha t soever shal l have power to inves t
in the pu rchase of such Deben tu re s , Stock, and Treasu ry

Bills a n y moneys held by t h e m , w h e t h e r as t rus tees or otherwise, wh ich t hey are no t expressly forbidden to inves t 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	a ccoun t	be ing l iable for	a b reach	of t r u s t	a n d
w i t h o u t	i n c u r r i n g	any	l iabi l i ty	whatsoever ,	provided

t h a t such i n v e s t m e n t is in o ther respects reasonable