Rural Bank of New South Wales Act 1932 (NSW)
638 Rural Bank of New South Wales Act.
EURAL BANK OF NEW SOUTH
WALES ACT.
Act No. G3, 1932.
| George V. | An Act to Di’ovide for the alteration of the mem- |
| N n | 1Q ?9 | |
|
BE
| Rural Bank of New South Wales Act. | 639 |
| . | Uo. 63,1932, |
| 1 3 E it enacted by the King’s Most Excellent Majesty, | — |
| | j by and with the advice and consent of the Legis lative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows :— |
1 . (1) This Act may be cited as the “ Rural Bank of short title.
New South AVales Act, 1932,” and shall be read with the
| Government Savings Bank Act, 1906, as amended by sub- | . |
| sequent Acts, including the Commonwealth and State Banks Agreements Ratification Act, 1931. | |
| (2) The Government Savings Bank Act, 1906, as so amended, is in this Act referred to as the Principal Act. |
(3) This Act shall commence upon a date to be ap- uatoof
pointed by the Governor and notified by proclamation
published in the Gazette.
2. (1) Upon the commencement of this Act the com- Alteration missioners appointed in pursuance of section six of the ghipo?'̂ '̂'' Principal Act shall cease to hold office and the offices of body
the five commissioners directed to be appointed by the ' “I'porate. said section six.
said section six shall be abolished and the commissioners
for the time being holding office under section four of this
| (2) | The commissioners appointed in pursuance of |
the said section six and holding office immediately before the commencement of this Act shall bo eligible for ap pointment as commissioners under section four of this Act, and if any of such commissioners is not so appointed he shall receive such compensation as he would have been entitled to had his services been dispensed with otherwise than according to law, having regard to any pension which such commissioner may be entitled to re ceive under any Act.
3 . (1) Upon the commencement of this Act the name (Changeof
of the said body corporate constituted by section six of
the Principal Act shall be the “ Rural Bank of New corporate.
South Wales.”
| (2) | Nothing contained in this Act shall prejudice |
or affect in any way the continuity of such body cor porate, but the same shall continue notwithstanding the provisions of this Act.
(3)
640 Rural Bank of New South Wales Act.
| So.63.1932. | alteration of name effected by subsection one of tills section and the provisions of subsection one of section two of this Act shall not affect any property, powers, rights, authorities, duties, functions, liabilities or obligations of the said body corporate, or render defec tive any legal or other proceedings instituted or to be instituted by or against the corporation; and any legal or other proceedings may be continued or commenced by or against the corporation by the name of the Rural Bank of New South AVales that might have been continued or commenced by or against the corporation by the name of the Commissioners of the Government Savings Bank of New South Wales. |
| (4) The corporation aforesaid shall continue not withstanding that there are at any time or times vacancies in the offices of all the commissioners or any one or more of them. | |
| (5) Upon the commencement of this Act a refer ence in any Act or other instrument to the Commissioners of the Government Savings Bank of New South Wales shall be read and construed as a reference to the Rural Bank of New South Wales. | |
| (6) Without prejudice to the full operation of subsection two of this section the powers, rights, authori ties, duties, functions, liabilities and obligations conferred |
| • | or imposed by or under any Act upon the commis sioners for the time being holding office under section six of the Principal Act shall, subject to the provisions of this Act, be executed and performed by the commissioners appointed under section four of this Act. |
| Appoint | 4 . | (1) Three commissioners shall be appointed in pur |
| ment of |
| Commis | suance of this Act. |
| sioners. | (2) Each of such commissioners shall be appointed by the Governor and one of such commissioners shall be appointed by the Governor to be General Manager. |
| (3) The first paragraph of section thirty-two of the Principal Act is amended by omitting the words “ (in cluding a general manager).” | |
| (4) Each commissioner shall devote the whole of his time to the duties of his office and shall not absent himself from such duties except for an annual leave of twentv-one davs unless bv leave granted bv the Governor. |
| ̂ | ̂ | “ | ■ | (5), |
| Rural Bank of New South Wales Act. | 641 |
| , | . | . | M | o | . | 68, i m |
| (5) Each commissioner shall be appointed for a term not exceeding seven years. | ---- |
| (6) In the event of the office of any commissioner becoming vacant a commissioner shall be appointed by the Governor to fill the vacancy so arising. A person who has been a commissioner shall, if not otherwise disquali fied under this Act, be eligible for such appointment. | |
| (7) No act or proceeding of the commissioners shall be invalidated or prejudiced by reason only of the fact that at the time when such act or proceeding was done, taken or comnK'nced there was a vacancy in the office of any commissioner. |
| o. If any such commissioner— | Vacation of ofBee. |
| (a) | becomes a director or a member of the managing body of any bank, building society or other com pany carrying on business within the State; |
| (b) | becomes bankrupt or compounds with his credi tors ; |
(c) is convicted of any indictable offence;
(d) becomes a lunatic or of unsound mind;
| (e) | resigns his office by writing under his hand addressed to the Governor, |
his office shall thereupon be vacant.
6 . In the case of the illness, suspension or absence of Yî ppointment
any commissioner, the Governor may appoint some per son as deputy to act in the place of such commissioner during such illness, suspension or absence:
Provided that if tlie commissioner who is ill, suspended or absent is General Manager the Governor may appoint one of the other commissioners to be his deputy as Ileneral Manager during his illness, suspension or absence.
Every such person while acting as a deputy shall have all the powers, authorities and duties of the person in whose office he acts.
7 . (1) A commissioner may be removed from his office Eomoval
| or offices for misbehaviour only in the following | offlc®. |
| manner |
| (a) | he may be susi:>ended from his office or offices by the Governor for such alleged misbehaviour; and thereupon |
| X | ̂ ̂ | (b). |
642 Rural Bank of New South Wales Act.
| No. 63,1932. | there shall, within fourteen days after such sus pension, if Parliament is then sitting, or, if Parliament is not then sitting, within fourteen days after the next meeting of Parliament, be laid before each House of Parliament a full statement of the grounds of such suspension; |
| (c) | if, within twenty-four sitting days after such statement has been laid .before them respec tively, the Houses of Parliament pass resolu tions that the commissioner ought to be re moved from his office or offices, the commissioner shall be so removed by the Governor; but if such resolutions are not so passed within the said twenty-four days, such suspension shall be removed. |
| (2) | Nothing in this section shall affect the opera |
tion of section five.
| p.aymentfor | 8 . (1) Each Commissioner shall be entitled to re- the date of his appointment by the Governor. The com missioner who is appointed General Manager shall in addition be entitled to such further remuneration by way of salary at such rate as is fixed at the date of his appoint ment by the Governor. |
| comrais-”̂ | muneratioii by way of salary at such rate as is fixed at |
| sioners. | |
| (2) Such salaries shall be paid out of the funds of the bank and shall be subject to any deduction or reduc tion provided by the Public Service Salaries Act, 1931 1932, or any Act amending, consolidating or replacing the same. | |
| (3) No commissioner shall be entitled to pension under any Act in respect of the period during which he is a commissioner. |
| (4) | The Principal Act is | amended by omitting |
section 12a.
| Quorum of | 9 . | (1) Any two of such commissioners shall be a |
| commis |
| sioners. | quorum for the exercise of the powers and authorities of the commissioners. |
| (2) The General Manager shall preside at any meeting of the commissioners at which he is present, and if the votes at any such meeting are equal he shall have a second or casting vote. If at any meeting at which the |
General
| Rural Bank of New South Wales Act. | G43 |
Genei'.-il Alaiiagei' is not present the voting is equal, the matter sliall be postponed to the next meeting of the commissioners.
(.3) The Principal Act is further amended—
| (a) | l)y omitting from section five the definition of “ President |
(b) by omitting sections eleven and twelve.
1 0 . ( 1 ) Such commissioners may, by writing under relegation
the seal of the corjmration, declare that any acts of a specified class performed by any one commissioner, and any documents of a specified class signed by one commis sioner and/or sealed by him with the seal of the corpora tion, shall be of the same effect as if performed, sealed, or signed by the commissioners.
| (2) Ain- such declaration shall have the force of (3) Any such declaration shall be revocable by the commissioners by writing under the seal of the cor- poridion; tind no such declaration shall prevent the exer- -cisc of any iiower by the commissioners. | law. |
| (4) Every such declaration and revocation shall be notified in the Gazette. |
1 1 . (1) Notwithstanding the Commonwealth and ]>jwor(o
State Banks Agreements Ratification Act, 1931, and the ’'■•'P'. any agreement or agreements—
agreements copies of which are sot out in the First and iioioemc'iits.
Second Schedules to that Act, the State of New South
(!) with the Commonweath Savings Bank of Aus tralia with the consent or approval of the Treasurer of the Commonwealth of Australia vajwing, modifjing or altering any of the pro visions of the agreement, a copy of which is set out in the First Schedule to the said Act; and/or
(ii) with the Commonwealth Bank of Australia Avith the consent or approval of the Treasurer of the Commonwealth of Australia varying, modifying or altering any of the j)rovisions of the agree ment, a copy of Avhich is set out in the Second Schedule to the said Act.
| ; | (2) |
644 Rural Bank of New South Wales Act.
| Mo. 63,1932. |
(2) Every agreement made under subsection one of this section sliall be signed for the State of New South Wales by the Governor, and such signature shall be deemed to be a valid and effectual execution of the agree ment by the State of New South Wales.
(3) No variation, alteration or modification of the provisions of the agreement, a copy of which is set Din in the First Schedule to the said Act, or of the pro- /isioi.s of the agreement, a copy of which is set out in die Second Schedule to the said Act which has the effect of increasing the monetary liability of the State of New South Wale.s or of the Rural Bank of New South Wales shall take elTect unless and until approved by a resolution of each House of Parliament.
(4) Every agreement made under subsection one
of this section may be notified by the Colonial Treasurer
in the Gazette.
.
| (5) | Subject to subsection three of this section |
every such agreement may lie carried out and full effect given thereto by the authority of this Act and notwith standing the provisions of any other Act.
| Profits, | 1 2 . Any profits paid before or after the commence |
| kxNeaand |
| liabilities of | ment of this Act 1)}̂ the Commonwealth Savings Bank of |
| Sayings | Australia to the Commissioners of the Government |
| Bank Depart | |
| ment. | Savings Bank of New South Wales or to the Rural Bank of New South Wales under clause eleven of the agree ment, a copy of which is set out in the First Schedule to the Commonwealth and State Banks Agreements Ratifica tion Act, 1931, shall be paid to the Savings Bank Depart ment of the corporation lastmentioned, and all losses which such corporation is under that clause liable to pay to the Commonwealth Savings Bank of Australia shall be paid out of the said dei)artment of the Rural Bank of New South AVales. Subject thereto and to all other liabilities of that department the said profits may with’ the consent of the Colonial Treasurer be invested by such bank by way of loan with other departments of that bank. |
| Amendment | 1 3 . Subsection one of section twenty-three of the |
| of Act No. |
| 48, 1906, | Principal Act is amended by inserting in lieu of the word |
| a. 23. | “ four ” the word “ five ” and by adding after subpara graph (d) the following new subparagraph:— |
(e) the Government Agency Department.
| Rural Bank of New South Wales Act. | 645 |
No. 63,1932.
| 1 4 . | Tlie Principal Act is amended by inserting after | • ■ |
Jj’urther amend
| Part V I a tlie following new P a rt:— | ment of Act |
| jN̂o. 48, 1900. | |
| Xew Part VIb. |
PART VIb.
| ' | G o v e r n m e n t | A gency | D e p a r t m e n t . |
70ii. (1) There shall be a Government Agency Govem- Department of the bank to perform and exercise such Agency duties, functions, powers and authorities (including
| the administration of property and assets) as may be | ' |
| delegated to the bank in pursuance of any Act or by the Governor. | |
| (2) Each separate agency shall be carried out by the bank in accordance with the terms and pro visions of the instrument creating such agency. | |
| (3) Separate accounts shall be kept by the bank in respect of each agency. |
| . | (4) There shall be provided from time to time to the Government Agency Department for the purpose of exercising and perfoi’ming the duties, |
| . | functions, ])owers and authorities delegated in pursuance of this section— |
| (a) | such moneys as are appropriated from time to time by Parliament; |
| (b) such moneys as the Treasurer may make avail- | ■’ |
| ■ | able to the bank for the purposes of any |
| . | agenc}'; or |
| (c) | such part of the proceeds of the sale of deben tures or inscribed stock as may be allocated to |
| ■ | any agency under section 3().v of this Act. |
| 15 . The Princi]ial Act is amended by inserting after Part IV the following new P a r t:— | ^'ew Part IVa. |
| No. 48, 190a. |
PART I V a .
B o r r o w in g .
3 6 a . (I) The bank maj ̂from time to time, with the Borrowing
consent of the Colonial Treasurer, borrow money and
issue debentures or inscribed stock.
(2) The due payment of such debentures or C largeof
inscribed stock and the interest thereon shall be a guaianLed charge on all moneys and securities held by the bank byGovem-
and
646 Rural Bank of New South Wales Act.
| No. 83,1932. | and is hereby guaranteed by the Government. Any Jlability arising from such guarantee shall he pay able out of the Consolidated Revenue Fund; |
| Provided that such charge shall not prejudice or affect the powers of the bank to reconvey, release or discharge any of such securities or the properties comprised therein, or to sell or convey such pro perties, or to foreclose such securities or properties, or to deal with the same under this Act. | |
| Application | (3) The proceeds of the issue of any such debentures and inscribed stock or portions thereof may, with the consent of the Colonial Treasurer, be carried to such departments of the bank, or to such agency within the Government Agency Department, as the commissioners may determine. |
| of proceeds. | |
| As between the departments of the bank and the agencies of the Government Agency Department, the department or the agency to which such proceeds have been so carried shall be responsible for all liabilities in respect of the debentures or inscribed stock from which such proceeds were derived, and for such purposes all necessary apportionmentis shall be made. | |
| Issue of | (4) Debentures or inscribed stock shall be issued in sums as prescribed by the regulations for the time being in force and at such minimum price with such currency and hearing such interest as may be fixed by the bank, with the consent of the Colonial Treasurer, and may bo sold in the State or elsewhere. |
| debentures, | |
| etc. | |
| Amount of | (5) The total amount of debentures and in scribed stock issued under this section and uncan celled shall not at any time exceed, except with the consent of the Governor, five million pounds. |
| issue. | |
| Series. | (6) Such debentures may be issued in different series. Each series shall be numbered con secutively, beginning with the number one and pro ceeding arithmetically by units. |
| Signature. | (7) Each debenture shall be signed by the commissioners or by any one of the commissioners in pursuance of the powers conferred by section ten of the Rural Bank of New South Wales Act, 1932, and shall be countersigned by an officer authorised by the commissioners. |
The
| Rural Bank of New South Wales Act. | 647 |
| m-i | ‘ | j | rt | 1932» |
| llic Signature or any person on a debenture m pursuance of the requirements of this section may be made in the handwriting of such person, or may be made by engraving, lithography, or any mechanical process approved by the regulations. | __ |
(8) At the request of the bearer of a deben- Exchange,
ture or the holder of inscribed stock the hank may, in lieu thereof, issue to him inscribed stock or deben tures as the case may be of the same currency and bearing the same interest.
(9) Every such debenture shall be transfer- Debentures
able by delivery without assignment or endorsement.,
| and shall entitle the bearer of the same to be paid. | " |
| according to the tenor thereof. | |
| (10) Debentures and inscribed stock may be Purchase of purchased by the bank out of mone} s of the bank êî ontures. at or below their face value. |
All debentures and inscribed stock redeemed or Canceiia-
purchased by the bank under this Act shall bo can
celled.
(11) If any debenture is defaced by accident. Defaced
the bank may cancel the same, and cause a new
debenture to be made in lieu thereof, and such can- exchanged,
celled debenture shall be filed in the bank. Such new
debenture shall be to the like purport, and be in all
respects subject to the same rules, methods and con
tinuance, and bear the same number, date, principal
sum and rate of interest as such cancelled deben
ture.
(12) Upon proof being made on oath before Provisions a judge of the Supreme Court by any credible person tureslost,' that any debenture issued under this Act and held etc.
by him, the number and sum whereof is specified by him in his evidence, has been lost or accidentally burnt or otherwise destroyed before the same has been paid off, and upon such judge certifying that he is satisfied with such proof, the Bank may cause a new debenture to be made bearing the same number, date, principal sum and rate of interest as the deben ture so lost or destroyed, and to be delivered to such person iq)on his giving sufficient security to the bank
to
648 Rural Bank of New South Wales Act.
| No. 63,1982. |
to indemnify them against any double payment if the missing document should thereafter be presented for payment.
| Power to | (13) | All debentures and inscribed stock |
| trustees to |
| invest. | issued under this Act shall be securities authorised l)y the Trustee Act, 1925, and shall have the status of Government securities within the meaning of any Act in force for the time being relating to friendly societies, and any trust funds may be invested in such debentures and inscribed stock accordingly, and all corporations, companies or co-partnerships, and all trustees, executors, and administrators, whether incorporated, established or appointed before or after the commencement of the Rural Bank of New South Wales Act, 1932, not expressly forbidden to invest their funds in the purchase of Government stock or securities by their charter. Act of incorpora tion, deed of settlement or of partnership, trust deed, settlement, testamentary or other instrument what soever respectively, are hereby authorised and em powered to invest such funds in the purchase of and to hold such debentures and inscribed stock as afore said Avithout incurring or committing any breach of trust or of any condition, restriction or provision contained in any such Act, charter or other instru ment Avhatsoever as aforesaid. |
| iioguiiitions. | (14) The bank may make regulations to carry out and gi\e effect to, or which arc necessary or convenient to carry out or give effect to the provi sions of this section. |
| . , | The regulations may prescribe a penalty not exceediiig twenty jiounds for any breach thereof. |
The regulations shall—
(i) be submitted to the Governor for approval, and after such approval he published in the Gazette; and
(ii) shall take effect from the date of publication! thereof, or from a later date to be specified in the regulations; and
(iii)
| Rural Bank of New South Wales Act. | 649 |
(iii) be laid before both Houses of Parliament within fourteen sitting days after publica tion if Parliament is then in session, and if not, then within fourteen sitting days after the commencement of the next session.
If either House of Parliament passes a resolution of Avhich notice lias been given at any time within fifteen sitting days after the regulations have been laid before such House disallowing any regulation or part thereof, the regulation or part shall there upon cease to have effect.
(1 5 ) Without prejudice to subsection two of indemnity,
| this section, the bank is hereby indemnified by the Crown against the liabilities in respect of debentures and inscribed stock for which the agencies of the Government Agency Department are responsible under subsection three of this section to the extent to which the same cannot be recovered from the assets of the agency concerned. | . |
(IG) The provisions of this section shall be Provisions read and construed cumulatively with, and not in cumulative, impairment or derogation of any borrowing powers
conferred on the bank by any other section of this Act or l)y any other Act now or hereafter to be passed.
1 6 . (1) In this Act and in the Principal Act the Avord Definition.
“ Bank,” unless the context otherwise requires, means the body corporate constituted by the name of the “ Com missioners of the Government Savings Bank of N gav South Wales ” until the date of commencement of this Act and by the name of the “ Rural Bank of New South Wales ” after such date.
(2) The Principal Act is further amended by omitting from section five the definition of “ Bank.”
1 7 . This Act and the Principal Act shall be read and Constructiom
construed so as not to exceed the legislative poAver of the State to the intent that AAdiere any enactment thereof
AVOuIll,
| G50 | Finances Adjustment (Further Provisions) Act. |
No. 63,1932. would, but for this section, have been construed as being
in excess of that power, it sliall nevertheless be a valid enacinieni to the extent to which it is not in excess of that power.
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