Local Bodies' Loans Guarantee Acts Amendment Act of 1957 (6 Eliz ll No. 24) (Qld)

LOCAL BODIES’ LOANS GUARANTEE. 6 Euz. II. No. 24. 1957. Local Bodies’ Loans Guarantee, Etc., Act. 177 LOCAL BODIES' LOANS GUARANTEE. An Act to Amend “The Local Bodies’ Loans 6NEOL.IZ2. 4I. I. Guarantee Acts, 1923 to 1936,” in certain T h B eod L ioecs ’ al L oans particulars. G uarantee A cts A mendment [A ssented to 26 tii N ovember , 1957.] A ct op 1957. E it enacted by the Queen’s Most Excellent Majesty, B by and with the advice and consent of the Legis­ lativeAssembly of Queensland in Parliament assembled, and by the authority of the same, as follows:— 1. (1.) This Act may be cited as “ The Local Short title Bodies ’ Loans Guarantee Acts Amendment Act of 1957.” (2.) *“ The Local Bodies’ Loans Guarantee Acts, Principal 1923 to 1936,” are in this Act referred to as the Principal Act‘ Act. (3.) The Principal Act and this Act may be Collective collectively cited as “ The Local Bodies’ Loans ti,le- Guarantee Acts, 1923 to 1957.” 2. Section four of the Principal Act is amended Amendment by repealing therein the words “entered into”. ofs-4- 3. The Principal Act is amended by inserting after New *• 4a- section four thereof, the following section, namely:— “[4 a .] Notwithstanding anything to the contrary Guarantee contained in this Act or any other Act or law or rule or of loans' process of law, when pursuant to the provisions of any Act, the borrowing of money by a local body declared by that 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 has been authorised or is hereafter authorised by the Governor in Council and in any of the cases mentioned in section three of this Act, the Treasurer on behalf of the Government has agreed to guarantee to the lender the amount or any part of the amount so borrowed with interest at the agreed rate, then upon the publication in the Gazette of the Order in Council authorising such borrowing the amount when borrowed or such part thereof (as the case may be) with interest * 14 G. 5 No. 8 and amending Act.

178 LOCAL BODIES’ LOANS GUARANTEE. Local Bodies’ Loans Guarantee, Etc., Act. 6 E liz . II. No. 24, 1957. thereon at the agreed rate (and whether borrowed before, on, or after the passing of *“ The Local Bodies' Loans Guarantee Acts Amendment Act of 1957,” and whether so borrowed from a bank, financial institution, body corporate or unincorporate or person) shall be and be deemed to be and to have always been guaranteed by the Treasurer on behalf of the Government, 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 or may prescribe.” New s, 4 b 4. The Principal Act is amended by inserting inserted. after section 4 a thereof as previously inserted by this Act, the following section, namely :— When “ [4 b .] The transfer pursuant to any Act (including gnuoatraafnfeteceted any Act passed before the enactment of this section) by transfer from one local body, declared by any Act to be o* to be of liability. deemed to be a local body under and within the meaning of this Act or as defined by this Act, to another such local body of any liability guaranteed by the Treasurer under this Act shall not affect (and, in the case of such a transfer pursuant to an Act passed before the enactment of this section, shall be deemed never to have affected) that guarantee. In every such case the guarantee shall on and from the date of the transfer of the liability have and continue to have operation and effect (and, in every case where that date preceded the enactment of this section, be deemed always to have had operation and effect thereon and thereafter) as if it had been entered into by the Treasurer under this Act in relation to the local body to which the liability is or has been transferred as aforesaid.” Amendment 5. Section five of the Principal Act is amended by of s. 5. repealing in the first paragraph thereof the word “ executed ”. Amendment 6. Section seven of the Principal Act is amended of s. 7. by repealing therein the word “ executed ”. * This Act.