Railway Loan Act of 1867 No 11a (NSW)

No. XI.

An Act to enable the Government to raise a
Loan of One Million Pounds towards the

completion of the Railway Lines already

sanctioned. [23rd December, 1867.]

WH E R E A S after specified Be i t therefore enacted by t h e Queen ' s Most Exce l len t

i t is expedient t o author ize t h e Gove rnmen t t o

borrow t h e s u m of One Mil l ion P o u n d s for t h e purpose herein­

Majesty by and wi th t he advice a n d consent of t h e Legislat ive Council a n d Legislat ive Assembly of N e w South W a l e s in P a r l i a m e n t assembled and by t h e au thor i ty of t h e same as follows :—

1. I t shall be lawful for t h e Governor w i th t h e advice of t h e
Execu t i ve Council to raise by t h e sale of Deben tu res secured upon t h e

Consolidated R e v e n u e F u n d of t h e Colony and bear ing in teres t a t a

r a t e not exceeding five pe r c e n t u m per a n n u m a sum of money n o t

exceeding one mil l ion pounds towards t h e complet ion of t h e Ra i lway

Lines a l ready sanct ioned.

2. F rom t h e first day of J a n u a r y in t h e year one thousand

e ight h u n d r e d and s ix ty-e ight t o t h e thir ty-f irs t day of December in t h e year one t housand e ight h u n d r e d a n d seventy-one inclusive t h e s u m of Fifty t housand pounds shall be appropr ia ted and applied by the Governmen t of N e w South W a l e s each year towards t h e paymen t of I n t e r e s t on t h e said Loan and thereafter t h e sum of Seventy thousand pounds shall be appropr ia ted and applied each year du r ing

t h e cur rency of t h e L o a n in t h e following m a n n e r namely :—

(1.)	Towards t h e p a y m e n t of in teres t on the Loan
(2.)	Towards t h e reduc t ion and final ext inc t ion of t h e Loan by t h e paymen t of Twen ty thousand pounds as a s ink ing fund of two per c e n t u m to be determined by a n n u a l drawings a t par .
(3.)	Towards t h e pu rchase of t h e Deben tu re s of t h e Loan .

3 . T h e money borrowed u n d e r th i s A c t shall be paid to t h e

Colonial Treasurer and shall be by h i m placed to t h e credit of t h e Consolidated R e v e n u e F u n d a n d shall be applied towards t h e purpose hereinbefore men t ioned and shall be accounted for in t h e same m a n n e r as if it h a d formed p a r t of t h e c u r r e n t a n n u a l Revenue of t he Colony.

4. The said Treasure r shall issue a n d pay t h e said sum for t he

purpose hereinbefore men t ioned in such m a n n e r and in such propor­

t ions as t h e Governor by any w a r r a n t or order in wr i t ing u n d e r h is

h a n d and directed to t h e said Treasurer shall from t ime to t ime order

a n d direct A n d the paymen t s so to be m a d e shall be charged upon

and payable out of t h e sum so borrowed as aforesaid.
5. The said Treasurer shall in his accounts from t ime to t i m e

be al lowed credit for every sum of money paid by h i m in pu r suance

of such w a r r a n t or order in wr i t ing as aforesaid A n d t h e rece ip t of
each a n d every person to w h o m t h e same shall be so paid shal l be a full a n d valid discharge to t h e said Treasurer in passing his said accounts for each sum the re in ment ioned a n d he shall receive credit for t h e same accordingly.

6. This A c t m a y be cited as t h e " Ra i lway Loan A c t of 1867 . "

N o . X I I .