South Brisbane Municipal Loan Act of 1901 (1 Edw VII No. 19) (Qld)

LOCAL GOVERNME~ T. 8193 1 Enw. VII. No. 19, 1901. South Brisbane Municipal Loan Act. LOCAL GOVERNMENT. A t n o ARcatl . s t e o MEnoanbeylebtyheDMebuennitcuirpeasl fCoor uCnocripl oorfaStioonut P h uBrpriossbeasn. e 1 T E H ~ d E w S m . O V UT I H I. [ASSENTED TO 31ST DECEMBER, 1901.J - li: ~ : : ~ B E it enacted by the King's Most Excellent. Majesty, LOAf9oi~ op by and with the advice and consent of the Legis- lative Council and Legislative Assembly of Queellsland in Parliament assembled, and by the authority of the same, as follows :- 1. This Act may be cited as " The South Brisbane Sh rt title. Municipal Loon Act 011901." 2. The Council' of the Municipality of South Bris- M nioipal bane, herm· na ft er t ermed the "Counm'I," may borrow I.n e C m o noowilered to manner hereinafter provided any sum or sums not exceed- bo ing in the whole the sum of one hundred thousand ponnds, and all such sums shall be deemed to be secured upon the rates and revenues of the Council howsoever arising. 3. All moneys borrowed by the Council under the autho- M neys to rity of this Act shall be raised by the sale of Debentures. ~: : ! ~ ~ ~ e~ : Subject to the provisions of this Act, such Debentures shall be issued in such series, at such time, and in such manner as the Council shall think fit : Provided that the total amount which may be borrowed in anyone year under the provisions of this Act shall not exceed twenty thousand pounds. Such Debentures shall bear interest at a rate not exceeding four pounds per centum per annum, and shall be repayable on the first day of January, one thousand nine hundred and thirty-two. 4. Every such Debenture shall be under the corporate De ntures to seal of the m~ nicipality, and shall be signed by the Mayor be nder seal. and Town Clerk, and every such Debenture so sealed and signed shall be deemed to have been duly issued, and the holder thereof shall not be bound to inquire whether such issue was in fact duly authorised. 5. Every such Debent"!Jre shall specify the time when Time and and the place at which the principal and interest are pay- ~ ~ ; . c! : ! t. able, and shall have annexed thereto for every payment to . grow due thereon a Coupon, and every such Debenture and Coupon shall be transferable by delivery. 6. The Council may authorise the sale or disposal of Debentures any s , uch • Debentures in Queensland, or • in places beyond I ! I ll I a Q y ubeeen s s o " ! " ~ nd the hmIts of the State, and may appomt any agent or or elsewhere. agents to negotiate such sale.

8194 LOCAL GOVERNMENT. South Brisbane Munioipal Loan Act. 1 EDw. VII. No. 19, Application of 7. The said sum of one hundred thousand pounds, or [ s~ ~ ; :~ le. J such sum as may be found necessary for the purpose, shall be expended for the purposes specified in the Schedule to this Act, and in the proportions therein specified. ProVISions of 8. The provisions of Part XVII. of "The Local " Pa T r h t e X L .V oc I a L l of Government Act of 1878 ' "* and any Act amendinO 0 ' or in Government substitution for that enactment, except so much as is con- t A o d ap o p f I y 1 . 878" ttawiennetdy-ifnivtehethseerceoont,dsphaarlal garappph1yoftosetehtieonratwl. so.mhgu 0 n f drmeodnaenyds under this Act. Payment of 9. The holder of any Debenture issued under the adnebdeinnttuerreesst. provisions of this Act shall be entitled to receive payment from the Council of the principal sum named therein upon presentation of such Debenture, on or after the due dat.e thereof, at the place where the same is expressed to be made payable. A nd the holder of any Coupon originally annexed toa Debenture, and whether separated therefrom or not, shall be entitled to receive payment in like manner of the interest mentioned in such Coupon upon presentation of the same at the place where, and on or after the date when, interest is payable. Provisions on 10. If default is made by the Council in making any pdaeyfamuelnt to. f payment, whether of principal or interest, to the holder of any Debenture or Coupon, the following provisions shall take effect;- (1) The holder of such Debenture or Coupon shall have power to make application to and procure all necessary orders and directions from the Supreme Court for the appointment of a Receiver, and the Court shall have power to make all such orders for the appointment of a Receiver, or for his removal and the appoint- ment of another in his place, as may be neces- sary, and to make any orders and give any directions which the Court may think proper. And such Receiver shall be deemed to be an officer of the Court. (2) Subject to the provisions of this Act, the Receiver shall have power to make, levy, and collect all rates authorised to be made, levied, or collected by the Council, and be entitled to * 42 Vic. No. 8, supra, page 1330.

LOCAL GOVERNMENT. 1901. South Brisbane Municipal Loan Act. receive all rates and revenues whatsoever pay- able to the Council for or in respect of which he has been appointed Receiver; but the rates so to be made and levied shall not exceed the maximum limits permitted for the time being by law, and for such purposes such Receiver shall be rleemed to be the Council, and may exercise all the powers thereof. (3) The Receiver shall be entitled to such commis- sion payable out of the rates, as remuneration for his services, as the Court may appoint. (4) The Receiver shall, subject to any order of the Court, pay over all moneys received by him to such holder; and, if there is any halance in hand over and above the amount due and payable to him under the provisions of this Act, the Receiver shall pay such balance to the Council. SCHEDULE. To discharge the indebtedness of the Council to the Queensland National Bank, Limited, incurred in carryiTlg out urgent drainage and other works £ s. d. authorised 10,000 0 0. Ward No. 1- £ s. d. Drainage 7,000 0 0 Water-channelliug 8,000 0 0 Road formation and public baths 3,5UO 0 0 - - - - 18,500 0 () Wara No. 2- Drainage 7,000 0 0 Water-channelling ... 8,000 0 0 Road formation and public baths ... 3,800 0 0 - - - - 18,800 0 0. Ward No. 3- Drainage ... 10,000 0 0 W ater-channe!ling ... 6,500 0 0 Road formation and public baths ... 1,620 0 0 - - - - 18,120 0 0. Ward No. 4- StanleY-8treet paving ... 25,000 0 0 Drainage 1,500 0 0 Water-channelling 1,ilOO 0 0 Road formation and public baths 3,3~ 0 0 0 - - - - 31,380 0 0 N(·w Technical College Hall 1,200 0 0 Norman Creek Bridge, one moiety 2,000 0 0 Total £100,000 0 0.. --- 8195