Public Works Loan Act of 1881 No 2 No 34a (NSW)

130 No. 22. 45 ̂ VIC. 1881.

Public Works Loan.

No. XXII.

P ublic W orks

Loan. An Act to enable the Government to raise a

Loan for Public Works.	[20 /̂i December,
1881 .]

Preamble.	T V T IIE IIE AS it is expedient to authorize the Government to borrow
V T
certain sums of money amounting in the whole to One million pounds for the several purposes hereinafter specified either hy the issue and sale of Debentures or in tlie form of Eunded Stock in the Colony or in London Be it therefore enacted by the Queen’s Most Excellent Majesty hy 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 :—

Loan of £1,000,000.

1. I t shall he lawful for the Governor with the advice of the Executive Council to raise hy the sale of Debentures secured upon the Consolidated Bevenue 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 Avhole the sum of One million pounds as may he required for the following several purposes not exceeding for the same respectively the several sums respectively set against such purposes:—

R ailways —

Por providing Additional Rolling Stock... ... ... £ 5 0 0 ,0 0 0 0 0

I I auboues and R itee s N avigation—

Towards completing Darling Harbour Wharf and extending the

Railway to the deep waters of Port Jackson including

compensation for land &c. resumed ... ... ... 500,000 0 0

Total £1,000,000 0 0

Loan may bo raised in	2. The Loan so authorized as aforesaid may he 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 he directed hy the Governor with the advice of the Executive Council.
stock.
Style and ownership	3. Any stock created under this Act shall he styled “ New South "Wales Eour per cents ” and ownership in such stock shall he secured to the holders thereof by inscription of their respective names and amounts in books of record kept for the purpose.
by inscription.
half-yearly.
Interest payable	4. The principal sum of such stock shall hear interest at the rate of four per centum per annum which interest shall be payable and paid out of the Consolidated Bevenue Eund half-yearly on the first day of January and July in each year.
Stock liow transfer­	5. Eveiw transfer of the said stock shall he effected by an entry in transfer hooks kept for the purpose and shall he signed hy the person making the transfer or hy his lawful attorney duly appointed in waiting 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 he in accordance with regulations made or approved l)y the Committee of the Stock Exchange or adopted hy the Bank of England.
able.
Stock certificates
be prepared and	G. Uj)on the negotiation and allotment of the said stock a cer­ tificate or certificates prepared and signed hy the Colonial Treasurer or hy such other person or persons as the Governor wdth the advice of the Executive Council shall authorize and appoint shall he issued to
issued.

the form of funded

every

1881. 45 ̂ VIC. No. 22. 131

Fublie TForks Loan.

every allottee of sucli stock upon the payment by such allottee of the amount clue under terms of agreement tender or allotment as tlic case may be.

7. All sums borrowed or authorized to be applied under tins Sums borrowed Act shall be paid to the Colonial Treasurer and shall be by liinr placed ™oI,uted 7or̂ ̂ to a separate credit to be called “ The General Loan Account.”

8. The “ Lunded Stock” created by this Act shall be “ Govern-rower to Trusiecs

ment Stock” and a “ Government Security” within the meaning of the Act twenty-six Yictoria number twelve (the “ Trust Pro})crty Act of 1802 ”) and of the Act seventeen Victoria number twenty-six or any Act in force for the time being relating to Lriendly Societies and every corporation company or co-partnership and all trustees executors and administrators whether incorjiorated established or appointed before or after the passing of this Act and wlictlier 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 'wdiatsocver respectively is and arc 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 fabri(;ate or counterfeit wholly counterfeiting

or in part any paper writing or instrument purporting to be a stock certificates to bo

certilicate under this Act—or who shall forge counterfeit alter add to witii extreme

obliterate or wilfully mutilate or deface any Avord letter or figure in or penalty,

upon any such certificate—or Avho shall fill up with any Avord letter or

figure any blank space in or upon any such certificate—or A\ ho shall

make use of or attempt to make use of with intent to defraud any such

forged fabricated counterfeited altered added to obliterated Avilfully

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 laAV to the crime of forgery.

10.    Tlie GoA'ernor Avith the adA’ice of the Executive Council may Regulations to bo

make all Eegulations that may be deemed necessary for carrying this Act into effect And such Eegulations shall be published in the Govern­ ment Gazette and laid before Parliament Avithin fourteen days after the publication thereof if Parliament be then sitting and if Parliament be not sitting then AAdthin fourteen days after the next session thereof.

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

for the purposes hereinbefore mentioned in such manner and in such proportions as the Governor by any AAurrant 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 ebarged upon and payable out of the sums so borroAved or applied as aforesaid.

12. The said Treasbirer shall in his accounts from time to time and to receive credit

be alloAved credit for every sum of money paid by him in pursuance of

such Avarrant or order in AATiting as aforesaid And the receipt of any person to Avhom the same shall be so paid shall be a full and valid disebarge 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 Short title.

1881 No. 2.”

No. XXIII.