Railway (Capital Indebtedness) Reduction Act of 1931 (22 Geo v No. 33) (Qld)

13874 HAlLWAYS. Railway (Capital Indcbtedllcss) Reduction Act. 22 GEO. V. No. 33, 22 GEO. V. An Act to Authorise tbe Reduction of the Capital No. 33. THE Indebtedness of the Queensland Railway RAILWAY Account, and for other purposes. (CAPITAL INDEBTED- NESS) REDUCTION [ASSENTED TO 16TH DECEMBER, 1931.] ACT OF 1931. If{7 HEREAS at the thirtieth day of June, one Preamble. VV thousand nine hundred and thirty-one, the Capital Indebtedness of the Queensland Railway Account was the sum of Sixtv-four milliOli one hundred and eighty-four thousand fi~ e hundred and sixty-nine pounds: And whereas for the more effective working of the Queensland Railways and for the general wellbeing of the State it is deemed advisable that suc~ Capital Indebtedness should be reduced by the sum of 'l\venty- eight million pounds and that the necessary adjust- ments should be made in the Public Accounts kept at the Trclts: Iry~ -- Bc it therefore enacted by the King's Most Exoellent MajestJy by and with the advice and consent of the Legi,slative Assembly. of Queensland in Parliament assembled Dnd by the authority of the same, as follows :-- Short title. 1. This ri.ct may bp cited as ., The Railway (Capital Indebtedness) Reduction Act of 1931," and shall where necessary be read as one \yith *"111ce Raihuays Acts, 1914 to 1929." Interpreta- tion. 2. In this Act the tenn "Canital Indebtedness" shall be the sum of Sixty-four mi11jo~ one hundred and eighty-four thousand c fiV8 hundred and sixty-nine pounds, which sum is set forth in Table" L" of the Tables relating to the Treasurer's Financjal Statement for the financial year one thousand nine hundred and thirty-one to one thousand nine hundred and thirty-two, being referred to in the said Table as "Queensland Railways-Total Loan Expmditure to thirtieth day of June, one thousand nino hundred and thirty-one (including Depreciation and CapitaIis6d Interest)," which Tables were duly presented to Parliament qn the first day of October, one thousand nine hundred and thirty- one. * 5 Oeo. V. No. 24 und amending Acts, supra, pages 7215 et Beq. (See Alphabetical Tuble.)

RAILWAYS. 13875 1931. Railway (Capital Indebtedness) Reduction Act. 3. The Capital Indebtedness of the Queensland ~ Ilthorisa. Railways is hereby and shall be reduced by the sum of ~ ~ ~: : tiol) . 'Twenty-eight million pounds, and such sum shall be and is of Capital hereby written off such Capital Indebtedness as from the ~ ~ ~ ~ b~ d. :first day of July, one thousand nine hundred and thirty- one, and all powers and authorities which are or may be :required in respect of such reduction are hereby authorised, and such reduction is hereby approved, authorised, and validated. The Capital Indebtedness ;so reduced as aforesaid shall be in this Act referred -to as the" Adjusted Capital Indebtedness." 4. (1.) There is hereby constituted at the Treasury Opening of :an Account to be styled the "Reduction of Railway new Account <capital Account" to the debit of which Account shall ~ ~ : ~ S~ y be placed the sum of Twenty-eight million pounds, being called . the sum by which the Capital Indebtedness has been ~li~~ ~ !~ ; l) . :reducSeudchandAcscuocuhnat msohuanllt wbreittedneeomffeads atfoorehsaaivde. been CAacpciotaulnt. " <constituted on the first day of July, one thousand nine hundred and thirty-one, and the Loan Liability of such Account as at that date shall be the sum of Twenty- -eight million pounds aforesaid. (2.) The interest on this Account shall be a direct Interest on <charge on the Consolidated Revenue Fund and shall not this Account. be a charge against the Queensland Railways Account. 5. The rate of interest on the Adjusted Capital Int~ rest on lndebtedness defined as aforesaid which shall be~ ~ ~ : ! ied <charged or debited against the Railway Account shall Indebted- be at the rate calculated on the same basis or average ness. ·as obtained prior to the commencement of this Act and referred to in Table "L" of the Tables of the 'Treasurer's Financial Statement (referred to in section -two) af; " Interest on Loan Expenditure." 6. There is hereby established at the Treasury a Railway : ~ F e u p n l d ace t m o ent b s e Rceals1eerdve tFhue nd". R" ailSwucahy FRuenndewaslhsa11 anbde maRneednneRtsweapllsace- -constituted as hereunder provided. RFuensedr.ve In the event of a net profit occurring in the Railway Accounts in any year subsequent to the thirtieth day of June, one thousand nine hundred and thirty-one, such net profit shall be transferred t,o the credit of such ]fund: /

13876 RAILWAYS. Railway (Capital Indebtedness) Reduct'ion Act. 22 GEO. V. No. 33, Provided that the total net profit transferred to the credit of the Fund shall not exceed the sum of one per cent. of the Adjusted Capital Indebtedness (defined as aforesaid) for each year subsequent to the thirtieth day of June, one thousand nine hundred and thirty-one, except when the net profit in anyone or more previous, years (but not prior to the year ending the thirtieth day of June, one thousand nine hundred and thirty-two) has been insufficient to provide the full sum of one per' cent. on the Adjusted Capital Indebtedness. In such cases the excess profit over one per cent. on the Adjusted Capital Indebtedness shall be transferred to the Railway Renewa18 and Replacements Reserve Fund until such shortage or shortages added together shall have been fully provided fot. Subject to the preceding paragraph any sum in excess of such provision so required to be paid into the Railway Renewals and Replacements Reserve Fund shall be transferred to the credit of the Reduction of Railway Capital Account (denned as aforesaid) in the year in which the net profit exceeds such provision required to be paid into such Railway Renewals and Replacements Reserve Fund. In this section the term "net profit" means an amount in excess of all working expenses, maintenance,. and interest charges on the Adjusted Capital Indebted-, ness for the year concerned. Out of the Railway Renewals and Replacements Reserve Fund there shall be expended such sums as. may be appropriated by Parliament for the purpose- of renewals and replacements other than renewals and replacements carried out in the ordinary course of maintenance. Sinking fund 7. Notwithstanding anything to the contrary con- ~: k: \ Sst tained in section six, on and from the first day of July.- July,1935. one thousand nine hundred and thirty-five, the following; provisions shall apply, namely :- The Railway Department shall pay to the Treasurer by way of sinking fund in every year an amount of five shillings for each one hundred pounds of the Adjusted Capital Indebtedness: Provided that no such payment by way of sinking fund shall be made unless and until provision has been effected whereby the amounts required to be paid int()

RAILWAYS. 13877 1981. Railway (CapitaZ Indebtedness) Reduction Act. the Railway Renewals and Replcwements Reserve Fund, pursuant to the said section six, shall have been so paid: Provided further that such payment by way of sinking fund shall only be made in any year in which the net profit (as defined in section six) is in excess of the amounts required for the Railway Renewals and Replacements Reserve Fund, pursuant to the said ,section six : Provided also that any deficiency of any payment by way of sinking fund for any year shall not be made up in the year or years following, and to this extent any such deficiency shall not be cumulative. 8. (1.) The Treasurer is hereby authorised and Keeping of empowered to give such directions and take such action Accounts. in respect of the readjustment of the Railway, Loan, and other Accounts at the Treasury as may be necessary or expedient to give full effect to the objects and purposes of this Act. (2.) Moreover any law directly or indirectly con- Existing cerning the matters referred to in this Act shall be read laws. and construed as being subject to the provisions of this Act, and any such law shall be deemed to be affected, 8,brogated or amended or otherwise, according as the objects and purposes and provisions of this Aet so affect}, abrogate, or amend any such law. HEAL PROPERTY ACTS ASSURANCE TRANSFER APPROVAL. See FUNDS. FUND REAL PROPERTY. See INSURANOE. REDISTRIBUTION OF ELECTORAL DISTRICTS. See ELECTIOXS. :REDUCTION OF IVIElVIBERS OF LEGISLATIVE ASSEMBLY. See ELECTIO:'<S.