Public Transport Commission (Loans) Amendment Act 1980 (NSW)

PUBLIC TRANSPORT COMMISSION (LOANS)

AMENDMENT ACT, 1980, No. 59

males

ANNO VICFSIMO NONO

ELIZABETH E II REGINiE

;i- ^ ^ Hi ^ tiJ ^ ^ ^ ^ Hi

Act No. 59, 1980.

An Act to amend the Public Transport Commission Act, 1972, so as to extend the borrowing powers of the Public Transport Commission of New Sou!.h Wales: and for other purposes. [Assented to. 28th April. 1980.]

See also Land Commijwion (Temporary linancial Accommodation) Amendment Act, 1980.

Act No. 59, 1980.

Pu'niic Transport Commission (Loans) Amendment.

BIC it cnai.', :̂d pn i!ic Queen's Most lexcellcnt Majesty, by and with the ttdvice and consent of the Legislative Council and Legislative Assembly ol New .Sou.th Waies in Ptiriiament assembled, and by

the authority oi the se.me. ;is I'oilows -

1. This ' et may be cited as the "Public Transport shori litlc

Commission (Loans) Amendment Act. 1980".

2.      The Public Tninspoi't Commission Act. 197. 2. is amended \ mc ndmcn t

bv inserting til’ter section 14i the I'ollowing sections ;—

s'., 1972.

SccA. 14ia

- 14II-.

14n\. ( I ) 4 his section ap|4ies to and in respect of a loan, oihcr HKihods of

wherever raised, where the Ciovcrm)r. with the concurrence

of the 4 rcasurer. approves (as referred to in section 14b) of loans,

the loan in an.! in an iiistrumen! which specifies that it is a

loan to which this section applies.

(2) Lxeept as prov ided in this section, the provisions of this Act do nc'.t apply to or in respect of a loan to which this section ap|4ies.

(3) A loan to which this section applies may be—

(a) reused in such amounts and in such currencies;

fb) raised in such manner and on such terms and

conditions; and

(c ) secured by such securities, if any.

as the Governor, with the concurrence of the Treasurer, approves in end by the instrument referred to in'subsection ( I ) or in that instrument bv reference ti> another instrument.

(4) ,'\ny security or other instrument issued or

executed by the Commission or the Government in respect of a loan t<i which this section aiiplics shall, both as regards its issue or cxecutitm and its transfer or assignment, be

Act No. 59, 1980.

Public Transport Commission (Loans) Amendment.

deemed to be included in the general exemptions from stamp duty under Part HI of the Stamp Duties Act, 1920, contained in the Second Schedule to that Act.

(5) The Governor may, upon the recommendation

of the Commission, appoint 2 or more persons for and on behalf of the Commission to enter into any securities or other instruments in respect of a loan to which this section applies and to sign, execute or otherwise perfect all such securities or other in.strumcnts, and to do all such things as may be necessary or convenient to be done for the purpose of raising the loan under this Act, and may upon the like recommendation revoke or vary any such appointment and make any fresh appointment.

(6) The production of a copy of the Gazette

containing a notification of an y appointment or revocation under subsection (5) shall in favour of a lender, of the holder of any security or of a person to whom the benefit under any such instrument is assigned he conclusive evidence of the appointment or revocation.

(7) The due payment of any amounts payable by

the Commission to the lender in respect of any loan to which this section applies is a charge on the income and revenue of the Commission, from whatever source arising, and is hereby guaranteed by the Government, and. where any agreement to which the Government is a party specifies any terms or conditions upon or subject to which the due payment of those amounts is so guaranteed, the due payment of those amounts is so guaranteed upon or subject to those terms and conditions.

( 8) An agreement with respect to a loan to which

this section applies and to which the Government and the Commission are parties may require the Government to make

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Public Transport Commission (Loans) Amendment.

any payment tor which the Commission would, under the agreement, be liable but for its being |)recluded from making the payment b\ any law in force in New South Wales.

(9) The C'ons()lidated Revenue I'und is hereby

appropriated for the |iurpose of meeting any liability in respect of any guarantee referred to in subsection (7) and any liability of the Ciovernment arising under any agreemem referred to in subsection (8).

(10) The provisions of—

(a) sections 14ib. i4ic. 14ii:) and 14il apply to and in

respect of the tippointment of a receiver by reason of a'ty defauh being made by the Commission in making atiy |''•lymcnt m respect of a loan to which this section tipplies aitd ter and in respect oi' ;i receiver apiroinied by virtue of the application I'f section ! 4 ib b\' this subsection in the same way as those sections apply to and in resjtcct of the apisoinlment of a receiver I'y rctison of any deftuilt being made bv the Commission in making any payment, whether c'.f principal or interest, to the holder of any tlebenture. c'r coupon, issued, or stock inscribed, by the C’ommission ami to tmd in res|iect

of a receiver appointed under section I4 ib ;

(b) section 14c; ( 1 ) apply t(' tmd in respect of a iverson

advancing money to the Commission by way of a loan to vvliich this section applies in the same way as they applv to and in respect of a person advancing numey to the C'ommission tis referred to in section 14o ( 1);

(c) section 14o (2) apply to and in respect of a nolilication in the Ga/.ette of the approval of the Ciovernor having been given to a loan to which this section applies in the same way as they apply to and in respect of a notification in the Ga/.ette of the approval of the Governor having been given to a borrowing referred to in section 14c (2);

Act No. 59, 1980.

Public Transport Commission (Loans) Amendment.

(d)

section I4h apply to and in respect of a loan to which this section applies as if the reference in that section to other securities which are secured upon the income and revenue of the Commission included a reference to such a loan; and

(e)

any other section of this Act relating to loans or financial accommodation (being a section that, in an agreement between the Commission and the lender with respect to a loan to v/hich this section applies, is specified as being a section that applies to and in respect of the loan or as being a section that, with such modifications or additions as arc so specified, applies to and in respect of the loan) apply or apply with those modifications or additions, as the case may be, to and in respect of the loan.

Receivers. Mi B. ( 1 ) If for 6 mc-nths default is made by the Commis­

sion in making any payment, whether of principal or interest, to the holder of any debenture, or coupon, issued or stock inscribed by the Commission, the holder thereof may apply to the Supreme Court for the appointment of a receiver of the income of the Commission.

(2) A receiver may be appointed in respect of the

income of the Commission cither generally or as regards

specified income.

(3) The Supreme Court may make such orders and

give such directions as it may deem proper for and with

respect to all or any of the following matters : —

(a) the appointment of a receiver;

(b) the removal of a receiver;

Act No. 59, 1980.

Public Transport Commission {Loans) Amendment.

(c)	the appointment of a receiver in place of a receiver previously appointed.
(4) The receiver shall be deemed to be an officer of

the Supreme Court, and shall act under its directions.

14ic. (1) A receiver shall have power to collect all Powers and

income payable to the Commission which he has by order of receive°L

the Supreme Court been so authorised to collect and for the

purposes of this subsection the receiver shall be deemed to be

the Commission and may exercise all the powers of the

Commission.

(2) The receiver shall discharge such duties of the Commission or of any officers or employees of the Commission as may be prescribed.'

1 4 id . The receiver shall be entitled to such commission or Commission

remuneration for his services as the Supreme Court may receiver,

order, and the commission or remuneration shall be payable

out of the income for and in respect of which he has been

appointed receiver.

14 i e . The receiver shall, subject to any order of the Application

Supreme Court, pay and apply all moneys received by him in the following order, that is to say—

(a)	firstly, in payment of the costs, charges, and expenses of collection, and of his commission or remuneration;
(b)	secondly, in payment of the amount due and payable to the holder of the debenture or inscribed stock or coupon, as the case may be; and

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Act No. 59, 1980.

Public Transport Commission (Loans) Amendment.

(c) thirdly, in payment of all the residue of the moneys to the Commission.

Repeal of 3. If the Public Transport Commission Act, 1972, is repealed

sec. 2.

after the commencement of this Act, section 2 is repealed as on

and from the date on which that repeal takes effect.