Royal Melbourne Hospital Act 1938 (Vic)

Version No. 001

Royal Melbourne Hospital Act 1938

Act No. 4536/1938

Version incorporating amendments as at 21 February 2001

TABLE OF PROVISIONS

Section  Page

1.Short title, construction and citation

2.Power to Royal Melbourne Hospital corporation to raise £500 000 by issue of debentures

3.Power to Treasurer of Victoria to guarantee repayment of loan and payment of interest thereon

4.Application of proceeds of sale of land of present site of
hospital and buildings improvements and equipment thereon

5.Power to trustees to invest in debentures

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ENDNOTES

1.  General Information

2.  Table of Amendments

3.  Explanatory Details

Version No. 001

Royal Melbourne Hospital Act 1938

Act No. 4536/1938

Version incorporating amendments as at 21 February 2001

An Act to enable The Royal Melbourne Hospital to borrow certain Moneys by the Issue of Debentures and to empower the Treasurer of Victoria on behalf of the Government of Victoria to guarantee the Repayment of such Moneys and Interest thereon and for other purposes.

Preamble

WHEREAS The Royal Melbourne Hospital (hereinafter referred to as "the corporation") was by the Royal Melbourne Hospital Act 1935 authorized to sell certain land in the city of Melbourne and the buildings improvements and equipment thereon and to apply the proceeds of such sale for or towards the cost and expenses of or incident to providing a general hospital on certain other land in the said city and of erecting any buildings and of equipping the same and of making improvements on the said other land:

AND WHEREAS it is expedient to authorize the corporation to raise by loan such sums of money (not exceeding Five hundred thousand pounds in all) for the purpose of facilitating the provision of the general hospital aforesaid and to empower the Treasurer of Victoria on behalf of the State of Victoria to guarantee the repayment of such moneys and the payment of interest thereon and also to make other provisions as hereinafter enacted:

BE IT THEREFORE ENACTED by the King's Most Excellent Majesty by and with the advice and consent of the Legislative Council and the Legislative Assembly of Victoria in this present Parliament assembled and by the authority of the same as follows (that is to say):

1.Short title, construction and citation

This Act may be cited as the Royal Melbourne Hospital Act 1938 and shall be read and construed as one with the Royal Melbourne Hospital Act 1935 (hereinafter called the Principal Act) which Act and this Act may be cited together as the Royal Melbourne Hospital Acts.

2.Power to Royal Melbourne Hospital corporation to raise £500 000 by issue of debentures

(1)For the purpose of providing a general hospital on the land described in the Fourth Schedule to the Principal Act and of erecting any buildings and of equipping the same and of making improvements on the said land the corporation subject to the approval of the Governor in Council may from time to time by the issue of debentures under its seal borrow at interest sums of money not exceeding Five hundred thousand pounds in all.

(2)The repayment of any principal sums so borrowed and the payment of interest thereon shall be secured on the revenues of the corporation.

(3)The Governor in Council may make regulations prescribing the form of such debentures and the term for which such debentures may be issued.

3.Power to Treasurer of Victoria to guarantee repayment of loan and payment of interest thereon

(1)The Treasurer of Victoria on behalf of the State of Victoria may guarantee in such manner and form and upon such conditions as he thinks fit—

(a)the repayment of any sum so borrowed; and

(b)the payment of interest on any sum so borrowed.

(2)Any sums required by the Treasurer of Victoria for fulfilling any guarantee given under this section shall be paid out of the consolidated revenue (which is hereby to the necessary extent appropriated accordingly) and any sums received or recovered by the said Treasurer from the corporation or otherwise in respect of any sum so paid by the said Treasurer shall be paid into the consolidated revenue.

(3)The Treasurer of Victoria shall lay before both Houses of Parliament a statement of any guarantee given under this section and an account of any sums paid out of the consolidated revenue for the purposes of any such guarantee as soon as may be after the guarantee is given or the sums are paid.

4.Application of proceeds of sale of land of present site of hospital and buildings improvements and equipment thereon

(1)Notwithstanding anything in section seven of the Principal Act the proceeds of the sale by the corporation of the land buildings improvements and equipment authorized to be made by section four of the Principal Act shall be applied—

(a)first, in recouping the Treasurer of Victoria for any amounts theretofore paid by him pursuant to any guarantee give under the last preceding section; and

(b)secondly, in repayment of moneys borrowed by the corporation under this Act—

and any balance then remaining shall be paid into The Building Plant and Equipment Account of the corporation and be applied as provided in sub-section (2) of section seven of the Principal Act.

(2)(a)  If by reason of the terms of repayment of any moneys borrowed by the corporation as aforesaid it is not practicable to apply as aforesaid the proceeds of such sale immediately, such proceeds or such portion thereof as cannot be so applied shall be temporarily paid to the credit of a trust account approved by the Treasurer of Victoria.

(b)The moneys standing to the credit of such account may be temporarily invested in such manner as the said Treasurer approved.

(c)The income arising from any such investment shall be carried to the credit of such account and shall be applied in the same way as the proceeds of such sale are required to be applied.

5.Power to trustees to invest in debentures

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(2)Any debentures issued by the corporation under an authority conferred by this Act shall be a lawful investment for any moneys which any company or body corporate incorporated by any Act of the Parliament of Victoria is authorized or directed to invest in addition to any other investments expressly authorized for the investment of such moneys.

(3)Without affecting the generality of the last preceding sub-section, notwithstanding anything in any Act such debentures and stock shall be a lawful investment for any moneys which The Commissioners of the State Savings Bank of Victoria are authorized or directed to invest pursuant to the State Savings Bank Acts as if they were municipal debentures.

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ENDNOTES

1.     General Information

The Royal Melbourne Hospital Act 1938 was assented to on 1 August 1938 and came into operation on 1 August 1938.

2.     Table of Amendments

This Version incorporates amendments made to the Royal Melbourne Hospital Act 1938 by Acts and subordinate instruments.

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Trustee (Authorized Investments) Act 1978, No. 9204/1978

Assent Date:	5.12.78
Commencement Date:	5.12.78
Current State:	All of Act in operation

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3.     Explanatory Details

No entries at date of publication.