Public Works Loan Act of 1877 No 14a (NSW)

No. VII.

An Act to enable the Government to raise a

Loan for Public Works. [11th October,
1877.]

WHEREAS it is expedient to authorize the Government to borrow one hundred and twenty thousand pounds for the several purposes here­certain sums of money amounting in the whole to One million

inafter specified either by the issue and sale of Debentures or in the form of Funded Stock in the Colony or in London Be it therefore enacted by the Queen's Most Excellent Majesty by and with the advice and consent

of the Legislative Council and Legislative Assembly of New South Wales

in Parliament assembled and by the authority of the same as follows:—
1. It shall be lawful for the Governor with the advice of the
Executive Council to raise by the sale of Debentures secured upon
the Consolidated Revenue Fund 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 One million one

hundred and twenty thousand pounds as may be required for the

following several purposes not exceeding for the same respectively the

Governor with the advice of the Executive Council.

several sums respectively set against such purposes :—

R A I L W A Y S —

For the extension of the Great Southern Railway

from the end of No. 3 Contract near Wagga Wagga to Albury—including the Viaduct over the river Murrumbidgee—82 miles ...£680,000 0 0

For Railway Trial Surveys	20,000 0 0
To double the Line from "Wallsend Junction to
Hexham	20,000 0 0
For Rolling Stock including Engines	240.000 0 0

960,000 0 0

FORTIFICATION S—

Defence Works at Port Jackson Botany Bay and Newcastle as

per Resolution of the Assembly 160,000 0 0

Total £1,120,000 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 in London at such times and for such amounts as may be directed by the

3. Any stock created under this Act shall be 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.

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 Revenue Fund half-yearly on the first
day of January and July in each year.

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.

G. 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.

7. All sums borrowed or authorized to be applied under this

Act shall be paid to the Colonial Treasurer and shall bo 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 Provident nevertheless that the Governor with the advice of the Executive Council may from time to time authorize the deposit with any Bank or Banks here or in London of the whole or part of the money borrowed under this Act until required for the purposes of the Act.
8. The " Funded 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 18G2") 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 committing any breach of trust or of any condition restriction or provision in that behalf contained in any such Act charter or instrument as aforesaid.
9. Every person who shall forge fabricate or counterfeit wholly or in part any paper writing or instrument purporting to be a stock certificate under this Act—or who shall forge counterfeit alter add to 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 or defaced or filled up certificate as aforesaid shall be guilty of a felony and shall be liable to the extreme punishment applicable
by law to the crime of forgery.

10. The Governor with the advice of the Executive Council may make all Regulations that may be deemed necessary for carrying this Act into effect And such Regulations shall be published in the Government Gazette and laid before Parliament within fourteen days after the publi­ cation thereof if Parliament be then sitting and if Parliament be not

sitting then within fourteen days after the next session thereof.

11. The said Treasurer shall issue and pay the said several sums
for the purposes hereinbefore mentioned in such manner and in such

proportions as the Governor by any warrant or order in writing 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 borrowed or applied as aforesaid.

12. The said Treasurer shall in his accounts from time to time be allowed credit for every sum of money paid by him in pursuance of such warrant or order in writing as aforesaid And the receipt of any person to whom the same shall be so paid shall be a full and valid discharge to the said Treasurer in passing his said accounts
for each sum therein mentioned and he shall receive credit for the

same accordingly.

13. This Act may be cited as the " Public "Works Loan Act of

1877."