Port Adelaide Railway Act 1852 (SA)

No. 12.

An Act t o proaide *fir the raising of a Sum of Sixty Thomand

Pou~ds, under the aut/tnri& o f the U?~dert(lk~'rs fir the City

L / c / / - - /&

utid Port 12uilw/ry, and jbr other purposes therein named.

[Assented to 16th November, 1852.1

REAS, by an Act made and passed in the fifteenth year Preamble. 2 r / - /m, .+l

W"" of the reigii of' Her Majesty, entitled "An Act to authorise ----

the appointnient of rndertakcrs for the City and Port Railway,"	ZA-
it was emcted, among other things, that it should be lawful for the Lieutenant-Governor, from time to time, wit of the General Re- venue ofthe Colony, by warrant as thereirl directed, to issuc to the Undertakers therein referwd to such sums of money as are therein specified: A I I ~ whereas it is expedient that the funds required for tlre construction of the said railway should, as far as practicable,
be raised by bonds issued upon the security of t l ~ c General
Color~inl Revenue; and that provision should be made for the due payn~cnt of tlle interest m d for the gradual repayment of the principal of such bouds: And whereas i t is also expedient to provide specifically for the appointment of Undertaliers in the place of any who may die, resign, or become disqualified or incapable of actinq in the discharge of the duties of such office, and to remove ah doubts as to the powers of the said Uudertakers in the event of the occurrence of any vacancy:

Be it therefore Enacted, by the Lieutenant-Governor of South Colonial lnnp issue T ~ a l l r e r b t d s not

Australia, with the advice and consent of the Legislative Council .x,,ai.g ten,ouo,

thereof, That it shall he lawful for thc 'l'reasurer &the Colony fbr to bearintcrMat Eix

the time beiug, from time to time, as he may be required by the	per eent.
Undertakers mentioned in the said recited Act, to issue Bonds for the several amounts of One Thousand Pounds, Five Hundred I'oundn, Two Hundred and Fifty I'ound~, One Hundred Pounds, Fifty Pounds, Twenty Po~mds, aod Tcn Pounds, according to the

B an~outit

amount required, and as there may be a demand for the same: Provided, that the bonds so issued shall not in the aggregate exceed the sum of Sixty Thousand Pounds; and such bonds shall be in the form set forth in the Schedule A, to this Act annexed, and shall bcar interest at and after the rate of Six Pounds per ccntum per annum, and that such interest shall be paid and pnvable either half-yearly or quarterly, at such place in the City of Adelaide or elsewhere as may be appointed in such bond; and the moneys raised

by means of such bonds shall from time to time be paid over by the

Colonial Treasurer to the said Undertakers, to be by them applied in the construction of the works authorized by the said recited Act,

Interest aecured on,

and payablc out of,	2. And be it Enacted, That the Colonial Treasurer for the timc Revenue received or to be received by EJrn, on the first day of January and the first day of July ill each arid every year, for fifteen successive years from and &er the date of this Act, pay in advance into one bf the Local Banks of the City of Adelaide, or at such other places as may be mentioned in such bond, a sum i11 the whole of Three Thousand Pounds, being at the rate of' ten per cent. per aiinum on the capital sum of Sixty Thousand Pounds for the six months preceding the said first day of Jan~mry and first
tho General Colouial	being shall, and he is hereby authorizd; out of the General Colonial
Revenuo.
day of July of each and every ycar respectively, or such sinaller
sum as shall be equal to ten per cent. per annum for the six months preceding such payment, upon tlie amount raised q o n such bonds.

Interest and te- 3. And be it Enacted, That the said sun1 of Three Thousand

dernption fund to be

depo~ited, in advance, Pounds, or such other S& SO to be deposited hdf-yearly, shall form

in one of the Local

3anka.	and constitute a fund for the payment of the interest due on the bonds so issued as aforesaid, and the sur lus of the said funcl, nftel*
redemption of the capital of tlresaid' loan of Sixty Tbuusaid paying the said interest, shall form an4 Tk- a sinking f ~ ~ n i l for the
Pounds hereby authorized to be raised by the said Colonial Treasurer as aforesaid; and sneh surplus fund sflall be applied by the said Colollinl Treasurer iu the redemption and extinction of the said
bonds as hereinafter specified.

4. And be it Enacted, That the said Colonial Trensurer shall, a t

'liodh redeemsblo. and

the expiration of twelve inonths after the loan hereiuafter ruerltioned shall have been contracted, redeem or reduce boilds to the amount of the then existing sirlking fund, if bonds to such an amount shall be then payable, and after that there shall bc another similar redemption or reduction every six calendar months in

like manner; and the bonds to be so redeemed or reduced s l d l

be such as are made payable at such period of redemption, and among bonds payable at the same time shall be deter- mined by lot in the followiug manner, that is to say, the Colonial Treasurer aforesaid, shall cause all the bonds to be numbered with a different number for each bond, and one ticket'for

each sum which may be in the amount of bonds actually and for

the t h e being in existence, to be prepared, md the number borne

by

by each bond shall be written upon as many tickets as there are

sums of Ten Pounds in the said bond; and the said Colonial Treasurer, shall cause a fixed numbcr of such tickets to be drawn at random in the presence of proper witnesses, and shall thereafter cause to be made out, and published in the S m h Australian Government Gazelte, within one week aftm. such drawing shall have taken place, a list of the nurnbers appearing on the tickets so drawn; and shall, at the same time, give notice to the holders of the bold bearing such numbers, that the whole or a part of the money secured by such bond will be paid at the place named in such bond, ancl at n time to be fixed in the said notice; and from and at and after the time so fixed, the amount specified in such notice shall be payabb to tlic holder of the bond specified therein, and interest upon such amount shad1 cease: Provided, however, that the drawing of' lots, by which tlie numbers of tlie h o d to bc redeemed or recluced shall be cletennined, shall take -,lace r on a day, for bonds payable within the Province, not rnnre

tlxtn three nor less tlmi two calendar months, nncl for bonds

payable elsewhere, not more thm twelve nor less than four calendar nlonths before the day fixed for tlrnt on which the bo~tls are to bc rudeemed or reduced.

' 5. And be it Enacted, That it shall be incumbent on the said No part of the bonds	to be unredeemed in
Colonial Treasurer to redeem and pay off' the said capital sum of Sixty Thousand Po~mds, herein auhckzed to be raised on bond, wit lh fifteeu years from the raising of the first moneys upon bonds under the authority of this Act.
G. And be it Enacted, That in ench and every year, for fifteen years successively from the date of the passii~g of this Act, there	Annual appropriation of ffi,000, or ench
lesser sum as may be
s l d l be appropriated fro111 the Gcnernl Colonial Rcveizue a sun1 of'	needed, for the interest and final liquidation
Six Thousand Pounds, being ten per cart. on thc capitd snrn of	of the sum ruiscd on
Sixty 'l'housand Pounds hereby authorized to be raised; and the	loan.

said sum of Six Thousand Pounds ~ E d l be 2ipplicabl~ and shall be

applied, in tlie manner hereinbefore directed; to the payment of

the interest and to the fiual liquidation of the said capital of Sixty

Thousslid Pounds.

7. And be it Enacted, That in the event of the death, resignation, P o ~ ~ e r t o a ~ ~ o i n t n e ~ Undertakers.

disqualification, or incapacity to act of any undertaker, it shall he lawful for the Governor, if such TJndertaker was appointed by him, and if not, for the Legislative Council, at the next meeting thereof, to appoint a new Undertaker, and until such appointment, the remnining or coutinuina Undertakers shall have and exercise all the powers by the snicl recited Act given to the Unclcrtalws; and from and after such appointment, all thc provisions of the said Act slinll apply b the surviving or continuing Undertakers, jointly with such new Undertaker, in the same manner as though such new Undertakers had been originally appointed under the authority of the said Act.

8. And

Oovernor m8y f ime 8.

And be it Enacted, That it st-tall be lawful for the Governor Undertakers aforesaid, with regard to the expenditure of all such sums as may be received by or entrusted to them by virtue or for the purposes of this Act, and also with regard to the construction of the works to be constructed by the said Undertakers under the authority hereof, and also with regard to the management and conduct of the said undertaking; and every regulation to be so from time to time made as aforesaid, after printed copies thereof shall have been laid for seven day9 upon the table of the Legislative Council during any Session thereof, shall, unless in the meantime disallowed by such Council, have the force of law, and be binding upon the said Undertakers, in the same manner as though such

rcgulrttions fox	of under- from time to time to frame regulations for the guidance of the
talcera

regulations formed a part of this Act.

JOHN MORPHETT, Spealcer.

Passed the Legislutzve Cottncil this ninth day of I

November, m e thousund eight hundred and

$f ty-two.

F. C. STNGLETON,

Clerk of the Legislative Council.

I

In the name and on the behalf of IIcr Majesty I assent to this Act. 1

H. E. P. YOUNG,

Lieutenant-Governor.

Government House, Adelaide,

November 16, 1852.

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D Printed by authority, by W. C. Cox, Government Pxinter, Victoria-uiuplo,