Queensland National Bank, Limited (Agreement) Act of 1904 (4 Edw VII No. 6) (Qld)

II. LOCAL, PERSONAL, AND PRIVATE ACTS OF THB PARLIAMENT OF QUEENSLAND, 4° EDWARDI VII. BANKS. An Act to Authorise" the Treasurer to Enter into 4~ dw" VII. an Agreement or Agreements with reference to N; ~ : . any Moneys owing, or to become due and owing, QN~ ~ ~~ ~ ~D by the Queensland National Bank, Limited, to L~ ; ~ T~ the Government, and for other purposes in con- Cfg: ~ ~ , : : ) nection therewith. [ASSENTED TO 16TH NOVEMBER, 1904.] W HEREAS by an agreement dated the twenty-fourth Preamble. day of November, one thousand eight hundred and ninety-seven, between the Right Honourable Sir Hugh Muir Nelson, the then Treasurer of Queensland, of the one part and the Queensland National Bank, Limited, of the other part, and being an agreement entered into under the authority of "The Queensland National IJank, Limited (Agreement) Act of1~ 96" * (and hereinafter called the "old agreement"), it was agreed that a certain principal sum of £1,833,326, which was then owing by the said Bank to the Government of Queensland, .should be repaid with interest, partly by annual instalments and partly out of the half-yearly profits of the said Bank in manner therein specified: And whereas since the date of the old agreement sums amounting in the aggregate to ' £369,665 4s. have been paid by the said Bank to the Government in reduction of the said principal SUll:t of £1,833,326, and the said sum has thereby been reduced to the sum of £1,463,660 16s., which still remains owing by the said Bank to the Government: But whereas, under the old agreement, no part of the said principal sum of £1,4"63,660 16s. will become due and payable until the first day of July, one thousand nine hundred and • 60 Vi~. No. 22, 8upra, page 6124. G

8758 BANKS. Queensland National Bank Agreement. 4 EDW. VII. No. 6, eighteen, except such part as may be paid out of profits:- And whereas it is desirable that the Treasurer should be- authorised on behalf of the Government to enter into an agreement or agreements with the said Bank for the speedier repayment of the moneys owing or to become- due and owing by the said Bank to the Government and for other purposes in connection therewith: Be it there- fore enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows :- Short title. 1. This Act may be cited as "The Queensland National Bank, Limited (.Agreement) Act of 1904." Interpreta- tion. 2. In this Act- "The Bank" means the Queensland National Bank,. Limited; "The Act of 1896 " means "The Q.ueensland National Bank, Limited (Agreement)· Act of 1896"* ; "The Old Agreement" means a certain agreement dated the twenty-fourth day of November, one thousand eight hundred and ninety-seven, and made between the Treasurer of the one part and the Bank of the other part, and being the agreement entered into by the Treasurer under the authority of the Act of 1896; "The Scheme of Arrangement" means the Bank's scheme of arrangement sanctioned by the Supreme Court of Queensland on the twenty- fourth day of May, one thousand eight hundred and ninety-seven. Power for 3. It shall be lawful for the Treasurer to enter into' a T egn r r e tee a er s mm ~ e e tn r otstoo. n awnheyraegbryee-ment or agreements on behalf of the Government bGeohvaelrfnomf ent. ( a )Au Ymoneys oW . Ing, or t 0 bec' o·me due an d oW ' Ing" by the Bank to the Government under the terms of the old agreement and the Bank's scheme of arrangement, shall be repayable only at such time or times, and in such manner, and until repayment shall bear interest only at such rate- or rates as hereinafter provided; «060 Vie. No. 22, 8upra, page 6124.

BANKS. 8759 1904. Queensland National Bank Agreement. (h) The Bank may continue to carry on the Banking business of the Government until the thirtieth day of June, one thousand nine hundred and twenty-one. Any such agreement may be made in addition to, or in substitution for, or as a variation of any of the terms of the old agreement or of I1ny subsisting agreement with respect to the carrying on by the Bank of the Banking business of the Government. 4. Any agreement entered into under the authority Terms of of this Act may provide- aagnryeesmucehnt. (1) That in full payment .and satisfaction of the sum of £1,463,660 16s. still remaining owing by the Bank to the Government as aforesaid, the Bank will give and the Treasurer will accept from the Bank sixteen promissory-notes each for the sum of £86,097 13s. lOd., and one promis- sory-note for the sum of £86,097 14s. 8d., each such promissory-note bearing date the thirtieth day of June, one thousand nine hundred and four, and respectively becoming due and pay- able on the thirtieth day of June, in the year one thousand nine hundred and five, and the sixteen next succeeding years. (2) That the sums secured by the said promissory- notes shall bear interest at the rate of two pounds twelve shillings and sixpence per centum per annum from the thirtieth day of June, one thousand nine hundred and four, until payment, and that such interest shall be payable half-yearly on the thirty-first day of December and the thirtieth day of June in each year. (3) That, until the whole of the sums secured by the said promissory-notes with interest shall have been paid by the Bank to the Government, the Bank shall not, without the consent of the Auditor-General in writing, redeem or purchase any stock created or that may be created and issued by the Bank to secure or represent the moneys or any part thereof owing by the Bank on the fifteenth day of May, one thousand eight hundred and ninety-three, to any person other than the Government.

8760 BANKS. Queensland National Bank Agreement. 4 EDW. VII. No. 6, (4) That, until one-half of the said principal sum of £1,463,U60 16s. with interest has been paid by the Bank to the Government, the Bank shall not declare or pay any dividend, and that thereafter, until the whole of the said principal sum with interest has been so paid, the Bank shall not declare or pay any larger dividend than a dividend at the rate of three pounds ten shillings per centum per annum. (5) That the whole of the said principal sum of £1,463,660 16s. or so much thereof as has not been paid by the Bank to the Government shall become due .and be forthwith payable to the Government if the Bank makes default in the payment of any principal or interest due and payable under the agreement, or if the Supreme Court of Queensland or any other Court having jurisdiction in that behalf makes an order or an effective resolution is duly passed under the laws in force for the time being relating to Joint Stock Companies for the winding-up of the Bank. (6) That, upon any default made by the Bank or upon any order or resolution for the winding- up of the Bank made or passed as in· the last preceding paragraph mentioned, the Treasurer may, at his option, by notice in writing and without prejudice to any other remedy, termi- nate the agreement; and that thereupon the agreement shall cease to have effect. Promissory- 5. Notwithstanding anything contained in any other :tes etempt Act, all promissory-notes given in pursuance of an agree- d:t;.s amp ment entered into under the authority of this Act shall be exempt from stamp duty. Examination 6. The Auditor-General, or some person appointed by oafndacc re o p un o t r ts b y him, • sh • all once at least in every half-year make an .Auditor- exammatlOn of the accounts of the Bank, and the General. Bank shall supply to him such books and documents as are usually supplied to the Bank Auditors and as he may require for the purpose of such examina- tion. On the occasion of every· such examination he shall prepare a report on the accounts so examined by him, and upon the latest balance-sheet laid before the

1904. BANKS. Queensland National Bank Agreement. 8761 Bank in general meeting, and in every such report shall state whether the balance-sheet referred to in the report is a full and fair balance-sheet properly drawn up, so as to exhibit a true and correct view of the affairs of the Bank as shown by the books of the Bank. Within seven days after preparing any such report as aforesaid, if Parliament is then sitting, or if Parliament is not sitting, then within seven days after the next meeting of Parliament, the Auditor-General shall transmit the same to both Houses of Parliament. 7. Notwithstanding anything in any Act to & cl! ml- :Frohib~tion of t W rharl· Cyh cmoanytaibnee.dm, saenrt. yedcronn,dtihtieonmoermorerganudlautmionornoarwtl. Ci1ne,s o 0 f r omalrtee a mr r a ~ ot i Ir c Oa ~ n e n 8 douo. fmf as • sociation of the Bank which enables full ef • fect to be raeSsSpoeCclattloOfn ill gIven to the terms of any agreement entered mto under cert~ in j the authority of this Act, shall not, so long as such agree- partIculars. ment remains in force be, or be deemed to be, capable of rescission or alteration except by the consent of the Governor in Council. 8. Nothing in this Act or in any agreement entered Saving of into under the authority of this Act shall prejudice or gghts of the affect the right of the Government to enforce payment of rown. any debt due by the Bank to the Government in priority to all other creditors thereof in the event of the Bank making default in carrying out the terms of any such agreement or in payment of any moneys payable there- under, or in the event of the Bank being wound-up. 9. "The Queensland National Bank, Limited, Agree- Repeal of ment Act of lSU3" and" The Queensland National Bank,prlor Limited (Agreement) Act of lS96"* are hereby repealed. enactments. CHARTERS TOWERS MINES DISASTER. See MINING. GRACElVIERE CEMETERY IMPROVEMENT. See PARKS· AND PUBLIC LANDS. 57 Vic. No. 1, supra, page 4881; and 60 Vie. No. 22, supra, page 6124.