Local Works Loans Acts Amendment Act of 1918 (9 Geo v No. 7) (Qld)

LOANS, GOVERNMENT.-LOCAL WORKS LOANS. 8539 9 GEO. V. No. 7, 1918. Local Works Loans Acts Amendment Act. 13. The following provisions shall apply to .the Further Sinking Fund established under and for the purposes of prov: isi~ ns as this Act :-- 'i?~f.kmg (a) The Trustees may, whenever in their opinion it is necessary, remit any moneys stand~ng to the credit of th e Sinking Fund to London, in the United Kingdom of Great Britain and Ireland, for the purpose of investing the same in any investment authorised by this Act, and may appoint agents in London for that purpose of whom the Agent-General of the State shall always be one; (b) The Auditor-General shall once at least in each financial year cause the investments on account of the Sinking Fund made in London aforesaid to be audited by some qualified person ap- pointed by him for that purpose, and shall include the result of such audit in his annual report 'to Parliament. LOCAL WORKS LOANS. An Act to Amend the Law with respect to the Rate 9 Geo.V. of Interest on Future Loans by the Treasurer NO:,,7. t C oor L poorcaa t 1 I · o A nsu, t h o C ro . lmt . lepsa, nl . L eso, c I a B A ss 0 o d c · l . leas . t,lo B nso, ar d osr, A LTO M HWA E EON N LRS D OK MA CS CE A TN L ST - P e . rsons, and to prOVI· dethat the amount 0 f any ACT OF 1918. Instalment of Repayment on account of any Existing or Future Loan shall bear Interest if not paid at its due date. [ASSENTED TO 24'l'H SEPTEMBER, 1918.J B E it enacted hy the King's Most Excellent Majesty, _ by and with the advice and consent of the Legis- lative Oouncil and Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows :- 1. This Act may be cited as ,; The Local Works Short title. Loans Acts Amendment Act of 1918," and shall be read as one with *" The Local Works Loans Acts, 1880 to 1899," herein collectively referred to as the Principal Act. * 44 Vic. No. 9 and amending Acts, supra, page 2023. G

6540 LOCAL WORKS LOANS. Local Works Loan.s Acts A1nendment Act. 9 GEO. V. No. 7, 1918. Rate of '. 2. The following provision shall apply in every case ifnutteurreest on of a loan by the Treasurer ,to any local authority, local loan. 'body, board, corporation, company, association, orperson, made after the passing of this .Act under or pursuant to or subject to the Principal Act or under or pursuant to any other Act which with respect to loans from the Treasurer applies the provisions of the Principal Act, or which without expressly so doing contains proVisions for the repayment of loans from the Treasurer by fixed 'yearly or half-yearly instalments of principal and interest' .calculated on a fixed rate of interest- (a) Notwithstanding the provisions of the Principal Act or any such other Act the Governor in Council may and shall fix the rate of interest which any such loan as aforesaid made after the passing of this Act shall bear at such rate as he thinks proper, and the amount per centum of yearly or half-yearly instalments of repay- ment of such loan calculated on the rate of interest so fixed by him, and taking into con- sideration the period of such loan. (b) Such loan shall so bear interest at such rate and be repayable by such instalments accordingly; ," (0) SAavcet aosrafoofressuacihd tohtehperrovAicsitonass oafftohreesParidincsihpaalll continue to be applicable and shall be observed. Instalments 3. Where a loan made by the 'rreasurer, ·w4ether in arrear to before or after the passing of this .Act, under or pursuant, beatinterest. to the Principal Act or any other Act providing for such loans, has been made on the condition that the said loan shall be repayable, with interest, by yearly or half-yearly instalments until the loan is entirely liquidated, and any such instalment or part thereof is not paid on the due date for the payment thereof, the amount remaining unpaid shall thereafter bear interest until payment at such rate per centum per annum, calculated at si,mple interest, as shall be fixed for the time being by the Governor in Council by Order in Council published in the Gazette. The amount of such interest as aforesaid shall until payment be and remain a debt and shall be recoverable by the like remedies as are provided for the recovery and enforcement of payment of' the said instalments, or the principal moneys so lent.