Municipal Loans (Validating) Act 1904 (NSW)

Act No. 18, 1904.

An Act to provide for the validation of municipal

loans, and for purposes consequent thereon

or incidental there to . [1st December, 1904.]

Assembly of New South Wales in Parliament assembled, and by the the advice and consent of the Legislative Council and Legislative; authority of the same, as follows :— BE it enacted by the King's Most Excellent Majesty, by and with

1. This Act maybe cited as the "Municipal Loans (Validating)

Act, 1904."

2. If the council of any municipality so resolves, the mayor

may, on behalf of the council, apply in writing to the Governor, for the validation under this Act of any loan to the council made before the commencement of this Act.
A separate application must be made in respect of each loan required to be validated.

3. The application shall contain particulars of—•

(a) the amount of the loan ;
(b) the name of the person by whom the loan was made; and
(c) the date and currency of the loan.

4. On the receipt of any such application, the State Treasurer shall publish notices in the Gazette and in two daily newspapers published in Sydney of the application and of the particulars therein contained, and appointing a date, not being less than thirty days after the publication of the last of such notices before which objections will be received against the granting of the application.

6. If the Governor grants the application, then, on his decision being published as aforesaid in the Gazette, the loan shall be deemed to have been and to be a good, valid, and legal loan, and to have been lawfully contracted by such council, and the securities given

5. On the expiration of the said thirty days, the Governor, after considering all objections received, may grant the application, in which case he may impose such conditions as he may think just, and may fix the order of priority of the loan with regard to other loans to the council, made alter the making of tin; loan so validated, or he may refuse the application. In cither case lie shall notify his decision by publishing the same in the; Gazette and in two daily newspapers published in Sydney.

given for such loan shall he deemed to have been and to be good and valid securities, and to have been lawfully given to secure the repayment of such loan, subject, nevertheless, to any conditions and any order of priority contained in or fixed by the Governor's decision as aforesaid.