Municipal Loans Validating Act 1902 (NSW)

Act No. 103, 1902.

An Act to val idate cer tain municipal loans and securi t ies , and to amend the Municipal Loans F u r t h e r Val idat ing Act of 1897. [20th

December, 1902.]

BE t h e advice and consent of t h e Legislat ive Counci l and Legis la t ive

it enacted b y t h e K i n g ' s Mos t Exce l l en t Majesty , by and wi th

Assembly of N e w South Wales in P a r l i a m e n t assembled, a n d by t h e

au thor i ty of t h e same, as follows :—

separa te munic ipa l i t ies or had otherwise ceased to exist .
1. This A c t may be cited as t h e " Munic ipa l Loans	Val ida t ing

Ac t , 1902 . "

2 . The provisions of t h e Munic ipa l Loans Fur ther Va l ida t ing

A c t of 1897 are extended to any loan (whether original or for pay ing off a previous loan, or pa r t l y for t h e one purpose a n d pa r t ly for t he

o ther ) made to t h e council of any munic ipa l i ty before t h e commence­

m e n t of t h a t Act , no twi ths t and ing t h a t a t such c o m m e n c e m e n t or a t

t h e t ime of t he publ ica t ion of a p roc lamat ion unde r t h a t A c t in	respect
of t he loan—

(a) the loan had been paid off, satisfied, or otherwise determined; or

(b) t he munic ipa l i ty h a d been divided in to a n d cons t i tu t ed

3 . N o loan m a d e to t h e council of a munic ipa l i ty after t h e

c o m m e n c e m e n t of t he Mun ic ipa l Loans F u r t h e r Va l ida t ing A c t of 1897, and no securi ty for any such loan shall be deemed inval id or in any way affected by reason only t h a t in t he notice of in ten t ion to borrow, advert ised in pur suance of t h e A c t t h e n in force re la t ing to

municipal i t ies , t h e council s ta ted in general t e r m s the purposes for

which t h e m o n e y to be borrowed was in tended to be applied, or t h a t

it was to be applied for t h e purpose of car ry ing out p e r m a n e n t

improvements	wi th in	t he munic ipa l i ty ,	w i thou t	fur ther	specifying	t h e
n a t u r e of	t h e improvemen t s	or	g iv ing	fu r the r	informat ion	as to t h e

said purpose .