Railway (Capital Indebtedness) Reduction Act Amendment Act of 1942 (6 Geo Vi No. 33) (Qld)

250 RAILWAYS AND TRAMWAYS. Railway (Capital Indebtedness) Etc., Act. 6 GEO. VI. No. 33, PUBLIC AIR RAID SHELTERS. See WAR LEGISLATION. PUBLIC CURATOR. See TRUSTEES. RABBITS. See LAND. RAILWAYS AND TRAMWAYS. 6 GEO. VI. No. 33. THE RAILWAY (CAPITAL INDEBTED· NESS) REDUCTION ACT AMENDMENT ACT OF 1942. An Act to Amend "The Railway (CapItal Indebtedness> Reduction Act of 1931 " in certain particulars. [ASSENTED TO 4TH DECEMBER, 1942.] B E it enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legis- lative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- Short title 1. (1.) This Act may be cited as "The Railway and . (Oapital Indebtedness) Reduction Act Amendment Act construction. of 1942," and shall be read and construed as one with *" The Railway (Oapital Indebtedness) Reduction Act of 1931," herein referred to as the Principal Act. Collective (2.) The Principal Act and this Act may collectively title. be cited as " The Railway (Oapital Indebtedness) Reduction Acts, 1931 to 1942." A mendments of the Principal Act. Amendment 2. Section five of the Principal Act is repealed, ofs.5. and the following new section five is inserted in lieu thereof, namely :- "The rate of interest on the adjusted capital indebtedness defined as aforesaid, and on any accretions thereto since the first day of July, one thousand nine hundred and thirty-one, shall be at the same average rate as applies to the Public Debt of the State, as defined by the Treasurer in each financial year." * 22 G. 5 No. 33. See v. 8, p. 131.

1942. RAILWAYS AND TRAMWAYS. Railway (Oapital Indebtedness) Etc., Act. 251 3 Section six of the Principal Act is repealed, Repeal of and the following new section six is inserted in lieu ~ ~ s~ ~ ~ n of thereof, namely:- new s. 6. . "[6.] In the event of there having been or being Provisions disclosed in the Queensland Railways Account, in any ~ ~ : ~ t~ et year after the thirtieth day of June, one thousand nine hundred and thirty-two, a net profit, such net profit shall remain in Consolidated Revenue Fund for the financial years during which the earnings as hereinafter defined and on which the net profit has been based shall have been received at the Treasury; and the Treasurer is hereby authorised and empowered to give such directions and take such action in respect of any readjustment of the Queensland Railway, Consolidated Revenue, or other Accounts as may be necessary to give effect to this section. For the purposes of this section the term " Net profit" means an amount by which the earnings exceed charges for working expenses, maintenance, renewals, replacements, relaying and reconditioning of permanent way, writing off of demolished or abandoned assets, and adjustments on account of temporarily capitalised expenditure, as appropriated by Parliament from the Consolidated Revenue Fund, and interest as defined in section five of this Act. For, the purpose of this section, ea.rnings shall be those applicable solely to the particular financial year of operation, regardless whether all such earnings have been paid to the Consolidated Revenue Fund in that financial year. The provisions of this section shall take effect on Retrospee- and from the first day of July, one thousand nine tive . hundred and thirty-two, and to this extent this Act operatIOn. shall have retrospective operation." 4 Section seven of the Principal Act is repealed. Repeal of s.7. Notwithstanding anything in the Principal. Act, ~ etrospec­ such repeal of the said section seven shall take effect on tlve repeal. and from the first day of July, one thousand nine hundred and thirty-two, and to this extent this Act shall have retrospective operation.