Local Bodies' Loans Guarantee Act Amendment Act 1973 (Qld)

580 Quinushtubc ANNO VICESIMO SECUNDO ELIZABETH AE SECUN D AE RE G INAE No 65 of 1973 An Act to am end the Local Bodies' Loans Guarantee Act 1923-1972 for the purpose of making special validating provision in relation to certain borrowings by local bodies and certain guarantees by the Treasurer with respect to such borrowings, and for purposes incidental thereto [ASSENTED TO 19TH DECEMBER, 1973] BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled , and by the authority of the same , as follows:- 1. Short title and citation . (1) This Act may be cited as the Local Bodies' Loans Guarantee Act Amendment Act 1973. (2) The Local Bodies' Loans Guarantee Act 1923-1972 as amended by this Act may be cited as the Local Bodies' Loans Guarantee Act 1923-1973.

Local Bodies' Loans, Etc., Amendment Act 1973, No. 65 581 2. New s. 4C. The Local Bodies' Loans Guarantee Act 1923-1972 is amended by inserting after section•4a the following section:- " 4C. Validation in relation to certain borrowings and guarantees. (1) Where in any case prior to the commencement of the Local Bodies' Loans Guarantee Act Amendment Act 1973- (a) the Governor in Council by Order in Council published in the Gazette has, according to law, authorized a local body, declared by any Act to be or to be deemed to be a local body under and within the meaning of this Act or as defined by this Act, to borrow money by the sale of debentures; (b) the local body has, prior to the publication in the Gazette of the Order in Council, borrowed money from a bank, financial institution, body corporate or unincorporate or person (hereinafter in this section referred to as the lender) by the sale of a debenture, the local body purporting to so borrow pursuant to the authority of-the Governor in Council in respect thereof; and (c) the Treasurer on behalf of the Government has agreed to guarantee and has guaranteed or purported to have guaranteed or is deemed by law to have guaranteed to the lender the amount or any part of the amount so borrowed with interest thereon at the agreed rate limited however to such amount and to such period of time and subject to such other terms, reservations and conditions as the Governor in Council may have prescribed, then, notwithstanding that the Order in Council by which the Governor in Council has authorized the local body to borrow money as aforesaid was published in the Gazette after the date of such borrowing- (d) the borrowing of money as aforesaid shall not be unlawful by reason only that it occurred prior to the publication in the Gazette of the Order in Council in question and it is declared that such borrowing is and is deemed to be and always to have been a lawful borrowing authorized by that Order in Council as if the Order in Council had been published in the Gazette prior to the date of such borrowing; (e) the debenture issued by the local body in respect of the amount borrowed shall not be invalid or of no effect by reason only that it was issued prior to the publication in the Gazette of the Order in Council in question and it is declared that such debenture is and is deemed to be and always to have been a valid and effective debenture as if it had been issued after the publication in the Gazette of the Order in Council; and

582 Local Bodies' Loans, Etc., Amendment Act 1973, No. 65 (f) the guarantee by the Treasurer on behalf of the Government to the lender shall not be invalid or of no effect by reason only that the borrowing of money occurred prior to the publication in the Gazette of the Order in Council in question or that the debenture issued by the local body in respect of the amount borrowed was issued prior to such publication, and it is declared that such guarantee is and is deemed to be a valid and effective guarantee and is deemed always to have been a valid and effective guarantee on and from such publication in the Gazette of the Order in Council.".