Local Authorities Sinking Funds Act 1920 (WA)

No. 5.1 Local Authorities Sinking Fund. [1920.

LOCAL AUTHORITIES SINKING

FUND.

11° GEO. V., No. V.

No. 5 of 1920.

AN ACT to authorise the investment in Treasury Bonds under the War Gratuity Act, 1920, of contributions by Local Authorities to Sinking Funds for the redemption of Loans.

[Assented to 21st October, 1920.]

Council and Legislative Assembly of Western Australia, inBE it enacted by the King's Most Excellent Majesty, by

and with the advice and consent of the Legislative

this present Parliament assembled, and by the authority of

the same, as follows:—

Shorttitle. 1. This Act may be cited as the Local Authorities Sink-

ing Funds Act, 1920.

Power to invest 2. (1.) The contributions to the sinking fund formed to

sinkinn fund

in War Gratuitycontributions liquidate any loan incurred by a local authority may, notwith-

Bonds. standing anything contained in any local government Act to the contrary, be invested in Treasury Bonds issued under the War Gratuity Act, 1920, subject to the provisions of that Act; and such Bonds shall be held by the Colonial Treasurer under and subject in all other respects to the provisions of the local government Act relating to sinking fund invest- ments.

(2.) In this Act the words "local authority" include any municipal council, road board, or other board authorised by statute to raise money by the issue of debentures, and re- quired to provide a sinking fund for the redemption thereof ; and the words "local government Act" mean any Act pro- viding for the constitution or defining the powers and func- tions of a local authority.