Public Works Loan Act of 1876 No 30a (NSW)

1876. 40” VIC. No. 12. 99

JPublic Works Loan.

No. XII.

An Act to enable the Government to raise a

Loan for Public Works, \22nd August,	—
1876.]

T T T nE R E A S it is expedient to authorize the Government to borrow Preamble.

eertain sums of money amounting in the whole to Two million two hundred and thirty-six thousand pounds for the several purposes hereinafter speeified either hy the issue and sale of Debentures or in the form of Eunded Stoek in the Colony or in London Be it therefore enacted hy the Queen’s Most Excellent Majesty hy and with the advice and consent of the Legislative Council and Legislative Assembly of Now South Wales in Parliament assembled and by the authority of the same as follows ;—

VV

1. I t shall be lawful for the Governor with the advice of the I'oan £2,236.000.

Executive Council to raise by the sale of Debentures secured upon the Consolidated llevcnue Eund of the Colony and bearing interest at a rate not exceeding four per centum per annum such several sums of money not exceeding in the whole the sum of two million two hundred and thirty-six thousand pounds as may be required for the following several purposes not exceeding for the same respectively the several sums respectively set against such purposes:—

K aIW ATS :—

Orange to Wellington fifty-six miles... ...£350,000 0 0

Wellington to Dubbo including Bridge over

Macquarie Elver thirty miles ... ... 260,000 0 0

Prom a point on the Great Southern Line

near Junee to Narrandera on the Mur-

rumbidgee sixty-four miles ... ... 384,000 0 0

Tamworth to District of Armidale Great

Northern Line seventy-five miles ... 600,000 0 0

Were’s Creek to Gunnedah Great Northern

Line forty miles ... ... ... ... 220,000 0 0

Trial Surveys ... ... ... ... ... 25,000 0 0

Additional Eolling Stock ... ... ... 150,000 0 0

For strengthening the Bridge and improving

the gradients on the Windsor and Eich-

mondLine... ... ... ... ... 10,000 0 0

1,999,000 0 0

H aeboves and E ivebs:—

Southern Breakwater Extension Newcastle

Harbour further sum ... ... ... 35,000 0 0

Wharf and Shipping Appliances Newcastle ... 100,000 0 0

135,000 0 0

E oads	B r a n c h ;—
Bridges over Iron Cove Creek and Parramatta

Eiver further sum... ... ... ... 40.000 0 0

Bridge over Darling at Bourke ... ... 30.000 0 0

Eoad and Eailway Bridge over the Murray at

Echuca half cost less £10,000 voted in

1862 .................................................... 32,000 0 0

102,000 0 0

Total £2,236,000 0 0

2. The Loan so authorized as aforesaid may be negotiated

wholly or in part in the form of funded stock in the Colony or inltock?”'°

London at such times and for such amounts as may be directed by the

Governor with the advice of the Executive Council.

100 No. 12, 40“ VIC. 1876.

Public WorTts Loan.

Style and ownership	3. Any stock created under this Act shall he styled “ New South Wales Four per Cents.” and ownership in such stock shall be secured to the holders thereof by inscription of their respective names and amounts in books of record kept for the purpose.
by inscription.
Interest payable	4. The principal sum of such stock shall bear interest at the rate of four per centum per annum which interest shall be payable and paid out of the Consolidated Fevenue Fund half-yearly on the first day of January and July in each year.
half-yearly.
Stock how transfer-	5. Every transfer of the said stock shall be effected by an entry in transfer books kept for the purpose and shall be signed by the person making the transfer or by his lawful attorney duly appointed in writing under his hand and seal Provided that in the event of any such inscribed stock being kept in London the mode of keeping the same and of making transfers thereof may be in accordance with regulations made or approved by the Committee of the Stock Exchange or adopted by the Bank of England.
rable.
Stock certificates to
bo prepared and	6. Upon the negotiation and allotment of the said stock a cer­ tificate or certificates prepared and signed by the Colonial Treasurer or by such other person or persons as the Governor with the advice of the Executive Council shall authorize and appoint shall be issued to every allottee of such stock upon the payment by such allottee of the amount due under terms of agreement tender or allotment as the case may be.
issued.
Sums borrowed and
applied how to be	V. All sums borrowed or authorized to be applied under this Act shall be paid to the Colonial Treasurer and shall be by him placed to a separate credit to be called “ The Loan Fund ” and no part of the money so borrowed shall on any pretence be paid used or applied directly or indirectly to or for any public purpose other than the purposes respectively to which the same is hereby directed to be applied Provided nevertheless that the Governor with the advice of the Executive Council may from time to time authorize the deposit with any Bank or Banks hero or in London of the whole or part of the money borrowed under this Act until required for the purposes of the Act.
accounted for.
Power to trustees to
invest in stock.	8. The “ Fimded Stock” created by this Act shall be “ Govern­ ment Stock ” and a “ Government Security ” within the meaning of the Act twenty-six Victoria number twelve (the “ Trust Property Act of 1862 ”) and of the Act seventeen Victoria number twenty-six or any Act in force for the time being relating to Friendly Societies and every corporation company or co-partnership and all trustees executors and administrators whether incorporated established or appointed before or after the passing of this Act and whether by act of parties or operation of law not expressly forbidden to invest their funds in the purchase of Government Stock or securities by their charter Act of Incorporation deed of settlement or of partnership trust deed settlement testamentary or other instrument whatsoever respectively is and are hereby authorized and empowered to invest such funds in the purchase of and to hold stock created by this Act without incurring or com­ mitting any breach of trust or of any condition restriction or provision in that behalf contained in any such Act charter or instrument as
aforesaid. •

Counterfeiting	9. Every person who shall forge fabricate or counterfeit wholly
certificates to be

forgery and punished	or in part any paper writing or instrument purporting to be a stock
with extreme	certificate under this Act—or who shall forge counterfeit alter add to
penalty.	obliterate or wilfully mutilate or deface any word letter or figure in or upon any such certificate—or who shall fill up with any word letter or figure any blank space in or upon any such certificate—or who shall make use of or attempt to make use of with intent to defraud any such forged fabricated counterfeited altered added to obliterated wilfully

mutilated

1876. 40 ̂ VIC. No. 13. 101

Sydney Sewerage Act Amendment.

mutilated or defaced or filled up certificate as aforesaid sliall be guilty of a felony and sliall be liable to the extreme punishment applicable by law to the crime of forgery.

1 0 . The Gorernor with the advice of the Executive Council Regulations to bo

may make all llcgulations that may be deemed necessary for carrying ““ the publication thereof if Parliament be then sitting and if Parliament be not sitting then Avithiii fourteen days after the next session thereof.

this Act into efiect And such llcgulations shall be published in the

1 1 . The said Treasurer shall issue and pay the said several sums Treasurer to pay

lor the purposes hereinbelore mcutioned in such manner and in sucli-n-arraut

jiroportions as the Governor by any Avarrant or order in Avriting under

his hand and directed to the said Treasurer shall from time to time

order and direct And the payments so to be made shall be charged

upon and payable out of the sums so borroAved or applied as aforesaid.

1 2 . The said Treasurer shall in his accounts from time to time And to reacivo credit

be alloAved credit for every sum of money paid by him in pursuance of such Avarrant or order in A vriting as aforesaid And the receipt of any jAcrson to whom the same shall be so paid shall be a full and valid dis­ charge to the said Treasurer in passing his said accounts for each sum therein mentioned and he shall receive credit for the same accordingly.

1 3 . This Act may be cited as the Public Works Loan Act o f S'lort title.

1 8 7 6 .”