Private Irrigation Districts Act 1973 Private Irrigation Districts (Debentures) Regulation 1999 (1999-351) [GG No 81 of 16.7.1999, p 4980] (NSW)

1999 No 351

Private Irrigation Districts (Debentures) New South Wales

Regulation 1999

under the

Private Irrigation Districts Act 1973

His Excellency the Governor, with the advice of the Executive Council, has made the following Regulation under the Private Irrigation Districts Act 1973.

RICHARD AMERY, M.P.,

Minister for Land and Water Conservation

Explanatory note

Section 75 of the Private Irrigation Districts Act 1973 permits the Board of Management for a private irrigation district to borrow money for specified purposes, and to issue debentures to secure the repayment of principal and interest on such a loan. A debenture issued for these purposes is to be in the prescribed form. The object of this Regulation is to prescribe a form for such debentures.

This Regulation is made under the Private Irrigation Districts Act 1973, including
sections 75 (2) and 93 (the general regulation-making power).

This Regulation comprises or relates to matters of a machinery nature.

Published in Gazette No 81 of 16 July 1999, page 4980	Page 1
[8]
1999 No 351
Private Irrigation Districts (Debentures) Regulation 1999
Contents
Contents

Page

1	Name of Regulation	3
2	Definitions	3
3	Notes	3
4	Prescribed form of debenture	3

Schedule 1 Form of debenture 4

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1999 No 351

Private Irrigation Districts (Debentures) Regulation 1999 Clause 1

Private Irrigation Districts (Debentures) Regulation
1999

1     Name of Regulation

This Regulation is the Private Irrigation Districts (Debentures)

Regulation 1999.

2 Definitions

In this Regulation, the Act means the Private Irrigation Districts Act

1973.

3 Notes

The explanatory note and table of contents do not form part of this
Regulation.

4     Prescribed form of debenture

For the purposes of section 75 (2) (b) of the Act, the form set out in

Schedule 1 is the prescribed form for a debenture.

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1999 No 351

Private Irrigation Districts (Debentures) Regulation 1999

Schedule 1	Form of debenture
Schedule 1	Form of debenture

(Clause 4)

FORM OF DEBENTURE

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (“The Board”)

(insert name of Private Irrigation District Board)

Issue of Debenture No . . . . . . . . . . . . . . . . under section 75 (2) (b) of the Private Irrigation Districts Act 1973 (“the Act”) pursuant to a

resolution of the Board dated	. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Undertaking to pay
The Board will pay to	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

or to the bearer of this debenture the principal sum of . . . . . . . . . . .

and interest on the principal sum at the rate of . . . . . . . . . . . . . . . .

per annum by instalments of principal and interest in the amounts and on the dates specified in the Schedule to this debenture over a period

from . . . . . . . .	to . . . . . . . . . . . inclusive.
Charge

In accordance with section 78 (1) of the Act, the Board acknowledges that the repayment of the principal sum and the interest on that sum is a charge on the income of the Board from whatever source arising.

Conditions

This debenture is issued subject to the following conditions:

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1999 No 351

Private Irrigation Districts (Debentures) Regulation 1999

Form of debenture Schedule 1

Debentures to rank pari passu

In accordance with section 80 of the Act, all debentures issued by the Board rank pari passu without any preference one above another by reason of priority of date or otherwise.

Transfer by simple delivery

transferred by simple delivery.

Loss or destruction of debenture

destroyed or defaced before it has been paid, the Board may issue a new debenture.

(Insert, in accordance with the approval of the Governor, other
conditions or provisions agreed on.)

Pursuant to a resolution of the Board made on . . . . . . . . . . . the common seal of the . . . . . . . . . . . . . . . Private Irrigation District Board of Management was

affixed hereto on . . . . . . . . . . . . . . . in the presence of:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Member Member

BY AUTHORITY

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