Local Government (Amendment) Act 1952 (NSW)

LOCAL GOVERNMENT (AMENDMENT) ACT.

Act No. 13, 1952.

An Act to make certain provision in relation to loans repayable by the Council of the City of Sydney and in relation to reserves for loan repayment established under the Local Government Act, 1919, as amended by subsequent Acts; for these purposes to amend the said Act, as so amended, and the Stamp Duties Act, 1920, as amended by subsequent Acts; and for purposes connected

therewith. [Assented to, 17th April, 1952.J

BE it enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legis­

lative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows:—

1. This Act may be cited as the "Local Government (Amendment) Act, 1952."

2 . The Local Government Act, 1919, as amended by

-subsequent Acts, is amended—

(a) (i) by inserting in subsection four of section one hundred and eighty-six after the word " s h a l l " the words "except as provided in subsection six of this section";

proceeds

(ii)   by inserting at the end of subsection six of

the same section the following new

paragraph:—

(b) Where the proceeds of such sale have been added to the reserve for loan repayment in the appropriate fund—

(i)   any interest or profits realised on any investment of such

proceeds may, notwithstanding the provisions of subsection nine of this section, be paid into that fund; and

(ii)   the amount which the council is required to transfer during

each year to the reserve for

loan repayment in accordance with subsection four of this

section may be reduced by the

proportion which such proceeds bear to the amount of the loan.

(iii)   by omitting from subsection seven of the same section the words "directed by this

Act to b e " ;

(b) by inserting in subsection three of section 200c

after the word " s h a l l " the words "both as

regards the issue and any transfer thereof for

full consideration in money or money's worth";

(c) by inserting next after section 200E the following new short heading and section:—

Priority and security for loans—City of Sydney.

200F. Notwithstanding anything contained in

the Local Government (Areas) Act, 1948-1951,

or in this or any other Act—

(a) all loans raised by the Council of the

City of Sydney whether before or after

the commencement of the Local Government (Amendment) Act, 1952,

and all loans in respect of which any

liability was by virtue of the Local

Government (Areas) Act, 1948-1951, imposed upon the Council of the City

of Sydney shall be secured upon the

income of that council from whatever

source arising;

(b) all loans referred to in paragraph (a)

of this section shall rank pari passu

with each other without any preference one above the other by reason of priority of date or otherwise.

The

The foregoing provisions of this section shall apply, mutatis mutandis, to and in respect of all debentures, bonds, mortgage-deeds or other .securities issued in respect of any such loan.