Renmark Irrigation Trusts Loan Act 1896 (SA)

A 4NNO QUINQUAGESIMO NON0 ET SEXAGESIMO

A. D. 1896.

No. 650.

An Act to amend " The Renmark Irrigation Trusts -

Act, 1893.''

[Assenkd to, Se#fember rbth, 1896.1

E.i t Enacted by the Governor of the Proviiice of South Aus-

B tralia, with the advice and consent of the Legislative Council

and House of Assembly of the said province, in this present

Parliament assembled, as follows:

1. Any Trust constituted undcr " The Renmark Irrigation Trusts Power to d e c l 8 ~

Act, 189':3," in this Act hereafter called the Trust, may, for the

purpose of carrying out any of the purposes or objects of the Trust, from time to time raise money by way of loan on the security of its rates.

2, The Treasurer may, out of the public moneys, advance to Treaeurer may

G The Renmark Irrigation Trust, No. 1," hereinafter called the Trust,	0831000
the sum of Three Thousand Pounds.

3, The said sum of Three Thousand Pounds, with interest Termsof repayment.

thereon at the rate of Four and a Half Pounds per ccntum per annum, shall be repaid by the Trust by half-yearly payments of One Hun- dred and Fourteen Pounds Ten Shillings, extending over a period of twenty years, such payments to be made on the first days of March and September in each year during the said period, the first of such payments to be made on the first day of March, one thousand eight hundred and ninety-seven, and the sums to be so paid shall be a first charge on all rates declared by the Trust until

650 the

8 59' & 60" VICTORIW, NO. 650.

The Renmark Grigation T!~usts Loan Act, 1896.

the Ioan and interest is paid off: Provided always -that the Trust may at any time during the said period of twenty yeare pay off the whole amount of said loan then unpaid, with the interest accrued

due to the date of papent.

Paymonta to be made 4, The payments of principal and interest shall be made by

stet43 Bank. the Trust to the State Bank of South Australia, hereinafter called the State Bank; and the State Bank is hcrcby empowered to receive, sue for, and recover all sums due from the Trust in repayment of the loan, and the moneys received by the State Bank shall be paid to the Tremurer.

Powers of Bank	in	6, If default shall be made by the Trust in making any pay- ment of principal and interest, the State Bank shall give notice to the Trust of its intention to exercise the powers conferred upon it by this Act if such default be allowed to continue, and if the amount due in respect of principal and interest be not paid within three months after service of such notice all powers of the Trust in rela- tion to receiving and recovering outstanding rates, to the making of assessments, and to the declaring, levying, and recovering of rates shall, upon the Bank giving notice in the Government Gazette that such powers have become vested in it, vest in the State Bank, and shall continue so vested until the whole amount of the loan and the interest thereon is repaid, and no consent of a ratepayer shall be required to a special rate.
case of default.

How moneys to be 6. The moneys received by the State Bank shall be applied

applied. in paving all sums due in respect of the loan and the costs incurred in e&rying out the powers vested in the State Bank by this Act, and any balance shall be paid to the Trust.

Short title. 7. This Act may be cited as The Renmark Irrigation Trusts

Loan Act, 1896."

In the name and on behalf of Her Majesty, I hereby assent to

this Bill.

T. F. BUXTON, Governor.

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Adelaide: By authority, C. E. BRIBTOW, Government Printer, North-terrace.