Public Loans (Amendment) Act 1928 (NSW)

PUBLIC LOANS (AMENDMENT)

ACT.

Act No. 43, 1928.

An Act to make provision for the replacement in places outside New South Wales of deben- tures, bonds, or securities lost, stolen, destroyed, defaced, or mutilated ; to amend the Public Loans Act, 1902 ; and for purposes connected therewith. [Assented to, 26th December, 1928.]

lative Council and Legislative Assembly of New South BE it enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legis-

Wales in Parliament assembled, and by the authority oi the same, as follows : —

1. This Act may be cited as the "Pub l i c Loans (Amendment) Act, 1928."
2 . The Public Loans Act, 1902, as amended by subsequent Acts, is further amended by inserting after section seven the following new sections :—

8. (I) The Governor may appoint two or more persons in any country to execute, countersign, and issue in that country debentures, bonds, or securities to replace any debenture, bond, or security issued in that country proved to such persons to have been lost, stolen, destroyed, defaced, or mutilated upon an indemnity being given to the satis­ faction of such persons in the case of a debenture, bond, or security proved to have been lost, stolen, or destroyed or upon the surrender and cancellation of a debenture, bond, or security which has been defaced or mutilated. ( 2 ;

(2) Such persons may he authorised by power of attorney under the hand of the Colonial Treasurer to carry out the above powers and to take such other steps on behalf of the State of New South Wales in relation to such debentures, bonds, or securities as the Governor may deem proper.

(3) The production of a copy of the Gazette containing a notification of the appointment of such persons to execute the powers referred to in subsection one of this section in the country specified in the notification shall be conclusive evidence of the appointment of such persons for such purpose.

(4) Any debenture, bond or security pur­ porting to be issued in pursuance of this section and bearing the signatures of the persons so appointed in that behalf shall be deemed to be securities lawfully issued under this Act, and a holder of any such debenture, bond or security shall not be bound to inquire whether the issue of such security was in fact duly authorised.

9. In this Act the expression " debenture," " bond " or " security " includes any interest coupon which at the time of issue was attached thereto.

H U N T E R