Public Loans Act 1855 No 13a (NSW)

No. XIII.

An Act to provide for the raising and securing

of Loans for Public Works in New South

Wales. [14th September, 1855.]

WH E R E A S i t is deemed expedient to raise; by Loans secured on the Pub l i c Revenues of N e w South W a l e s t he E u n d s requi red

for t he cons t ruc t ion the re in of Rai l roads and other p e r m a n e n t works of publ ic u t i l i ty and convenience and it is considered necessary to m a k e genera l provisions for t h e ra is ing and securing of such Loans Be it therefore enacted by H i s Excel lency t h e Governor of N e w South W a l e s wi th t he advice and consent of t h e Legislat ive Council thereof as follows :—

1. Al l Loans which shall a t any t ime hereafter be raised by the

Governor for t he t ime be ing u n d e r t he au thor i ty of any Ac t of t h e

Legis la tu re of t he Colony upon t h e security of t he General Revenues shall be and be deemed a p r imary charge upon all t h e Revenues of th i s Colony from whatever source ar is ing which shall be subject t o t h e control of such Legis la ture and all in teres t thereon and the pr incipal thereof w h e n the same respect ively shall have fallen due shall be paid by t h e Treasurer of t h e Colony out of such Revenues unde r w a r r a n t s which shall be issued by the Governor in pr ior i ty to all demands the reon except t he charges and expenses of t h e collection

thereof.

2. I f a t any t ime i t shall be found convenient to negot ia te any such L o a n in Grea t Br i t a in or elsewhere out of t h e said Colony it shall be lawful for t he said Governor wi th t he advice of t h e said Execu t ive Counci l to au thor ize such Loan to be negot ia ted and contrac ted for by an agen t or agents to be appointed on behalf of t he Colonial Govern­

m e n t by t h e said Governor .

3 . Al l securit ies p u r p o r t i n g to be issued by t h e said Governor

w i th the advice of H i s Execu t ive Council unde r t h e au tho r i t y of t h e

Colonial Legis la tu re and bear ing the s igna ture of t h e Governor and counters igned by t h e Colonial Treasurer shal l be deemed to have been duly issued and t h e holder thereof shall no t be b o u n d to inqu i re

w h e t h e r such issue was in fact duly authorized.

No . xrv