Local Bodies' Loans Guarantee Act of 1923 (14 Geo v No. 8) (Qld)

LOCAL AUTHORITIES.-LOCAL BODIES. s. 56. 10693 14 GEO. V. No. 8, 1923. Local Bodies' Loans Guarantee Act. member in payment of the fare by coach, railway, steam- boat, or other public conveyance (or in lieu thereof a sum of one shilling per mile computed for one way only), for the distance actually and necessarily travelled by the nearest practicable route between the residence of the member and the phwe of meeting; and (b) No allowance for attending meetings, exclusive of actual travelling expenses or expenses computed under paragraph (a), shall exceed one guinea per day for each sitting day; and (c) No such payments to any member in any year shall in the aggregate exceed fifty pounds. But this provision shall not be construed so as to affect any allowance to the Chairman or President granted under this Act. (ii.) Prescribing the payment to members (including the Chairman or President) out of the Local Fund or Common Fund of reasonable expenses incurred by them in and in connection with the inspection of works or any necessary journey having for its object the further- ance of the business of the Local Authority. 56. *" The Undue Subdivision of Land Prevention Repeal of Act 0/ 1885 " is repealed. 49 Vie. No. 15. LOCAL BODIES' LOANS. An Act to Authorise the Treasurer on behalf of the 14 Geo. V. No. 8. Government to Guarantee the Repayment of THE LOCAL Moneys borrowed by Local Bodies from Banks ~ o~r::' or other Financial Institutions , and for other A G C U T A O R F AN 1 T 92 E 3 E . consequential purposes. [ASSENTED TO 28TH AUGUST, 1923.J B E it enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legis- lative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows : - 1. This Act may be cited as "The Local Bodies' Short title. Loans Guarantee Act at 1923." 2. In this Act the term "Local body" includes Interpreta' any Local Authority, Water Authority, Water Board, tion-\ vVater Supply Board, Harbour Board, Trust, and any " boLdoyc; a" Board or other body for the management of any pool, and any Co-operative Association, Corporate Body, Com- mission, Society, or Association, whether in any case any such body as aforesaid is corporate or unincorporate- Which body has been created by or pursuant to the provisions of any Act; and >iF 49 Vie. No. 15, supra, page 3047.

10694 LOCAI.J BODIES' LOAXS. Local Bodies' Loans Guarantee Act. 14 GEO·. V. No. 8, Treasurer may guarantee loan, &c., raised by local body. Terms, &0., of guarantee. Recovery of moneYB paid under guarantee. Which under the provisions of such Act is empowered to borrow money from the Governor in Council or the Treasurer, or to borrow money from or obtain advances from or make financial arrangements with any bank or other financial institution for the purposes of exercising any powers or dis- charging any functions or duties conferred or imposed by such Act or any other Act upon such body. . 3. Notwithstanding the provisions of any Act to the contrary, in any case where by any Act- (i.) The Governor in Council or the Treasurer is authorised to advance moneys by way of loan to any local body, or any local body is authorised to borrow money by way of loan from the Government, then the Treasurer on behalf of the Government, in lieu of making any such advance by way of loan to such local body, may authorise such local body to obtain such advance by way of loan from any bank or other financial institution and guarantee to such bank or institution the amount or any part of the amount so borrowed with interest at the agreed rate; (ii.) Any local body is authorised to borrow money from or obtain advances from or make financial arrangements with any bl;Lnk or other financial institution, and such local body is unable to offer sufficient security for a loan, the Treasurer on "behalf of the Govern- ment may guarantee to such bank or institu- tion the amount or any part of the amount of such loan with interest at the agreed rate. 4. Any guarantee entered into by the Treasurer under this Act shall be limited to such amount and to such period of time and be subject to such other terms, reservations, and conditions as the Governor in Council shall prescribe. 5. In respect of all moneys paid by the Treasurer under any guarantee executed under this Act, the Treasurer shall have the following rights and powers ;- (i.) He may recover from the local body the amount of all such moneys, with interest at six pounds per centum per annum, by action in any court of competent jurisdiction;

1923. LOCAL BODIES' LOANS. Local Bodies' Loans Guarantee Act. 10695 ,. (iL) He shall have and may exercise all the powers vested in the Treasurer under the laws in force relating to Local Authorities in any case where a Local Authority has made default in the repayment of a loan made to it by the Government; (iii.) He shall, to the extent of any payment made by him, be entitled to the benefit of any securities held by the bank or other financial institution as security for the loan, so that- (a) Where the Treasurer has paid to the banle or other financial institution the whole of the moneys secured by such securities, the bank or such institution shall hand over such securities to the Treasurer, who may exercise all the powers of the bank or such institution in respect of such securities; (b) Where the Treasurer has paid only part of the moneys so secured, the bank or such institution shall, as and when directed by the Treasurer, realise such securities and, after satisfying its own claims out of the proceeds thereof, shall pay the balance (if any) to the Treasurer. The powers and remedies of the Treasurer under this section shall be exercisable singly or concurrently as in his discretion he thinks proper. 6. Where under any Act authorising a local body Act not to. to raise moneys by way of loan it is enacted that any fxo~ e~a~ conditions shall be performed or observed by such local f~ ~ ~ ~ Y body preliminary to the exercise by it of its borrowing c~~ tlymg powers, nothing in this Act shall exonerate such local ;:eliminary body from performing or observing all such conditions. ~~ fo~ ~ions - borrowing. 7. All moneys payable by the Treasury under any Appropria- guarantee executed under this Act shall be paid out of tion. moneys to be from time to time appropriated by Parlia- ment for the purpose. MAIN ROADS. See ROADS. mARKETING OF FRUIT. See PRIMARY PRODUCE.