Southern Electric Authority of Queensland Act Amendment Act of 1954 (3 Eliz Ii No. 52) (Qld)

ELECTRICITY. 3 E liz . II. No. 52, 1954. Southern Electric Authority, Etc., Act. 51 ELECTRICITY. An Act to Amend “The Southern Electric Authority 3 N E o l . iz 5 . 2 I . I. of Queensland Act of 1952,” in certain S ou T t h h e ern particulars, and for other purposes. E lectric A uthority of Q ueensland [A ssented to 10 th D ecember , 1954.] A ct A mendment A ct of 1954. E it enacted by the Queen’s Most Excellent Majesty, B by and with the advice and consent of the Legis­ lative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:— 1. (1.) This Act may be cited as “ The Southern Short Electric Authority of Queensland Act Amendment Act of 1954.” * ( 2 .) *“ The Southern Electric Authority of Queensland ^10ipal Act of 1952,” is in this Act referred to as the Principal ' Act. " (3.) The Principal Act and this Act may collectively Collective be cited as “ The Southern Electric Authority of Queensland 1 e‘ Acts, 1952 to 1954.” 2. Section two of the Principal Act is amended by Amendment inserting after the words “ Division IV. — Local0*8'2' Authorities ” the words “ Division V. — Toowoomba Electric Light and Power Company Limited ”. 3. The following definition is inserted in section Amendment three of the Principal Act before the definition of the ° s‘ 3‘ term “ Undertaking ”, namely “ “ Toowoomba Company ” means the Toowoomba Toowoomba Electric Light and Power Company Limited, Company' a company duly incorporated and registered . in the State of Queensland and an electric authority duly authorised to supply electricity pursuant to agreement made on the thirtieth day of November, one thousand nine hundred and thirty-nine, between the Toowoomba company and the Commission (as subsequently amended) and Orders in Council pursuant to the said agreement;”. * 1 Eliz. 2 No. 50.

52 ELECTRICITY. Southern Electric Authority, Etc., Act. 3 E liz . II. No. 52, N” W headnoto *nd ss. 19 a to 19o inserted. 4. The following headnote and sections are inserted after section nineteen of the Principal Act, namely :— “ Division V. — Toowoomba Electric Light and Power Company Limited. Toowoomba [19 a .] On the coming into operation of this tCoobmepany section:— dissolved: Authority to be successor of (a) The Toowoomba Company shall cease to be an electric authority; Toowoomba Company. (b) The agreement made on the thirtieth day of November, one thousand nine hundred and thirty-nine, between the Commission and the Toowoomba Company (as from time to time amended) and all Orders in Council pursuant to the said agreement shall be cancelled and determined; (c) The Toowoomba Company shall be dissolved ; (d) Notwithstanding such dissolution all powers of the Toowoomba Company and of the shareholders and the directors thereof shall and may be exercised by the Authority ; (e) The Authority shall be deemed to be the successor in law of the Toowoomba Company ; and (/) The area of supply of the Authority shall be extended to include the area in which the Toowoomba Company was authorised to supply electricity as an electric authority immediately before the coming into operation of this section. Such area of supply may be defined by Order in Council pursuant to section nine of this Act. On coming [_Z9 b .] ( 1 .) Without affecting the generality of oinpteoration of section 19 a of this Act, on the day on which this section section, comes into operation .— undertaking of Toowoomba Company (a) The undertaking and assets of the Toowoomba Company shall be transferred to and vested to be transferred to in the Authority as from and including the first day of July, one thousand nine hundred Authority. and fifty-four, and all assets and property, real or personal, moveable or immoveable, and all powers, authorities, amenities, rights, privileges, and functions and all liabilities,

ELECTRICITY. 1954. Southern Electric Authority, Etc., Act. obligations, and duties which, immediately before the coming into operation of this section were vested in, exerciseable or owing by or imposed or binding upon the Toowoomba Company by virtue of any Act or otherwise howsoever shall without any transfer, assignment or conveyance or notice other than this Act, be transferred to, vested in, exerciseable or owing by, imposed or binding upon and be executed by the Authority ; ( 6 ) All contracts, deeds, bonds, agreements, and other instruments legally made or entered into by or on behalf of the Toowoomba Company or binding upon the Toowoomba Company and in force immediately before the coming into operation of this section shall be as binding and as of full force and effect in every respect as they would have been in favour of or against the Toowoomba Company and may be enforced as fully and effectually as if the same had been entered into by or on behalf of the Authority ; (c) All debts due and moneys payable by the Toowoomba Company and all claims liquidated or unliquidated recoverable against the Toowoomba Company shall be debts due and moneys payable by and claims recoverable against the Authority 3 (d) All moneys and liquidated and unliquidated claims payable to or recoverable by the Toowoomba Company shall be moneys and liquidated and unliquidated claims payable to or recoverable by the Authority ; (e) Any proceeding which immediately before the coming into operation of this section is pending or existing by or against the Toowoomba Company shall not abate, be discontinued, or in any way prejudicially affected, but may be continued, prosecuted, or be enforced by or against the Authority as it may have been by or against the Toowoomba Company but not further or otherwise; 53

54 ELECTRICITY. Southern Electric Authority, Etc., Act. 3 E liz . II. No. 52, (/) All matters and things of a continuing nature lawfully made, done or commenced before the coming into operation of this section by or on behalf of the Toowoomba Company shall be deemed to have been made, done or commenced by or on behalf of the Authority; (g) All employees of the Toowoomba Company immediately before the coming into operation of this section shall become and be employed by the Authority and the Authority shall give to every such employee who is then and who has been during the preceding period of two years regularly employed in or about the undertaking of the Toowoomba Company equivalent employment for at least twelve months so that the service of such employee with the Authority shall be deemed to have been continuous service from the time of such commencement of such service with the Toowoomba Company or its predecessors or alternatively, the Authority shall (unless such employee has, of his own accord refused to accept or has terminated such equivalent employment) compensate such employee by an amount to be mutually agreed upon or in the case of a dispute to be settled by the Industrial Court: Provided that subject to this Act and *“ The Industrial Conciliation and Arbitration Acts, 1931 to 1953,” nothing in this Act shall prevent the Authority from dismissing or otherwise terminating the service of such an employee during such period of twelve months for inefficiency or misconduct or for any other good cause whatever without payment of compensation ; (h) All sums provided by the Toowoomba Company and standing to the credit of the Toowoomba Company in its books immediately before the coming into operation of this section for the purpose of providing retiring allowances for or otherwise for the benefit of employees of the Toowoomba Company shall be paid by the Authority to * 23 G. 5 No. 36 and amending Acts.

ELECTRICITY. 55 1954. Southern Electric Authority, Etc., Act. The Southern Electric Authority of Queensland Superannuation Fund to be paid and applied for the benefit of the employees for whose benefit such money was so provided in accordance with Rules of the Fund. ( 2 .) As from and including the first day of July, one Retrospec- thousand nine hundred and fifty-four, the Toowoomba operation of Company shall be deemed to have carried on its business section, and undertaking on behalf of the Authority and shall account and be entitled to be indemnified accordingly and all contracts and obligations entered into by it (including directors fees and auditors fees) are expressly ratified. (3.) The Registrar of Titles shall, upon the written application of the Authority, register the Authority as° proprietor of estates and interests in land under *“The Beal Property Acts, 1861 to 1952,” vested in it or to which it is or may be entitled by virtue of this Act and for that purpose may make every entry, cancellation, and correction in any Register Book as shall to him appear necessary and proper. 1 es' (4.) The Secretary for Public Lands and the Secretary Secretary for Mines shall respectively, upon the written application Lands and of the Authority, register or cause the Authority to be Secretary registered in respect of the estate or interest createdforMines- under any Act administered by the Secretary for Public Lands or, as the case may be, the Secretary for Mines, in any land which is vested in it or to which it is or may be entitled by virtue of this Act and for that purpose may respectively make or cause to be made every entry, cancellation, and correction in any Register of estates and interests in lands kept in his department as shall appear necessary and proper. (5.) Neither the coming into operation of this sectionDebentur nor any provision of this Act shall prejudicially affect h0 ers‘ any security, rights, powers, authorities, and remedies of any holder of a bond, debenture, mortgage, deed, or other security given by the Toowoomba Company before the date on which this section comes into operation but every such holder shall have and continue to have during the currency of his bond, debenture, mortgage, * 25 V. No. 14 and amending Acts.

56 ELECTRICITY. Southern Electric Authority, Etc., Act. 3 E liz . II. No. 52, deed, or other security the same rights, powers, and remedies in respect of the undertaking and other assets of the Authority (including the undertaking and assets vested in the Authority under this section) and the revenue therefrom as if the bond, debenture, mortgage, deed, or other security had been given by the Authority instead of by the Toowoomba Company. The liabilities imposed on the Authority by this section shall for the purpose of securing the discharge thereof, rank in priority over any loan raised by the Authority after the coming into operation of this section. Compen­ [19c.] ( 1 .) The shareholders of the Toowoomba ssahtairoen­ to Company immediately before the coming into operation holders of of this section, other than the Authority, shall be entitled TCooomwpoaonmy.ba to receive from the Authority by way of compensation for the loss of their shares in the Toowoomba Company extinguished as aforesaid, the sum of twenty-four shillings and sixpence (24s. 6 d.) for every fully paid share of one pound (£ 1 ) each. ( 2 .) The Authority, on application made to it, shall pay compensation as aforesaid to every such shareholder or other person claiming by or through such shareholder. (3.) If any moneys payable by way of compensation as aforesaid shall not have been claimed and paid by the Thirty-first day of December, one thousand nine hundred and fifty-five, such moneys shall be deemed to be unclaimed moneys of the Toowoomba Company within the meaning of *“ The Public Curator Acts, 1915 to 1954,” and shall be dealt with by the Authority in accordance with the provisions of such Acts.”. Amendment 5. Subsection eleven of section thirty-four of the of s. 34. Principal Act is repealed and, in lieu of that repealed subsection, the following subsection is inserted:— Sinking funds. “ (11.) Whenever by the conditions of issue of any debentures or inscribed stock to secure any loan, whether such conditions are set out in an Order in Council under section thirty-six of this Act or otherwise, payments into a sinking fund to redeem such loan are required, the Authority shall and in any other case the Authority may establish a sinking fund for the redemption of such loan and contributions to such sinking fund so established shall be duly made by the Authority.”. * 6 G. 5 No. 14 and amending Acts.

ELECTRICITY. 57 1954. Southern Electric Authority, Etc., Act. 6 . The following section is inserted after section New s. 39 a thirty-nine of the Principal Act, namely : — inserted. “[39 a .] (1.) The persons for the time being sinking fund respectively holding the offices of Auditor-General,Trustees- Under Secretary to the Department of the Treasury, and the Secretary of the Authority (in this section referred to as “ the Trustees ”), shall be a body corporate with the name of “ Trustees of The Southern Electric Authority of Queensland Debt Redemption Fund ” and by that name shall have perpetual succession and an official seal which shall be judicially recognised and shall be capable in law of suing and being sued. Every sinking fund as aforesaid shall be vested in and administered by the Trustees. The Trustees shall not for any purpose be deemed to represent the Crown or the Authority. (2.) The Trustees shall open an account or accounts Banking in the name of the Trustees with the bankers of theaccouut- Authority for the time being or other bankers approved by the Authority and shall pay to such account or accounts all contributions to the sinking funds as aforesaid. Such moneys shall be placed to the credit of the proper sinking fund. The Trustees may obtain advances by way of overdraft to an amount not exceeding in respect of any sinking fund one year’s contributions by the Authority to the sinking fund. (3.) The Trustees shall apply the proper sinking fund investment to the repayment of the loan in respect of which it iSf 4 Xkmg established, on its due date, and in the meantime may from time to time apply the same in redeeming any part of such loan or in the case of any part of the loan being secured by debentures or inscribed stock be made by the purchase of such debentures or inscribed stock whether on the open market or by private contract and whether at a premium or at par or less than par and such debentures or inscribed stock shall be kept on foot and shall not be re-issued or resold. Moneys not immediately applied as aforesaid may be invested in the names of the Trustees in the purchase of debentures or inscribed stock of any other loan of the Authority or in any other investments authorised by law for the investment of trust moneys approved by the Authority and such investments may be realised, transposed, or varied On the due date for the redemption of the loan

58 ELE CTKICITY. Southern Electric Authority, Etc., Act. 3 E liz . II. No. 52, the indebtedness of the Trustees to the Authority in respect of any debentures or inscribed stock of such loan in which the sinking fund for such loan shall be invested shall be cancelled and any other investments in which such sinking fund shall be invested shall be turned into money. The money held by such sinking fund shall be applied in the redemption of the loan and for such purposes may be paid to the bankers of the Authority. Any money not required for the redemption of the loan shall be repaid by the Trustees to the Authority. (4.) The Trustees shall, before the thirtieth day of September in each year, transmit to the Treasurer and to the Authority a return showing the amount which has been received by them during the year last preceding the making of such return, the description of any securities upon which any investment has been made, the purposes for which the sinking funds have been applied during such period, and the total amounts (if any) remaining uninvested during such period. If it appears to the Treasurer that the Authority has made default to the Trustees in the payment to the Trustees of any contribution to any sinking fund, the Treasurer shall direct the Trustees to recover from the Authority the sum in respect of which default has been so made and such sum shall be a debt recoverable from the Authority by the Trustees. tAsriandtkmiioninngiso­f other( 5. a)ss (a is ) taTnhcee Aauntdhoarliltybsohoaklls,prpoavpiedres,alalncdleraicccaol uanntds funds. which may be required by the Trustees. (b) The Trustees may appoint and employ a secretary and other employees who shall perform such duties as the Trustees shall determine. (c) All administration expenses necessarily incurred by the Trustees and not paid by the Authority shall be a charge against the sinking funds. ( d) The Trustees shall keep proper books of account and such accounts shall be audited in the same manner as the accounts of the Authority. (e) The Trustees shall determine how and by whom cheques on the banking accounts of the Trustees shall be paid and endorsed.

ELECTRICITY. 1954. Southern Electric Authority, Etc., Act. (/) Any two persons present at a meeting of the Trustees shall constitute a quorum.”. 7. The following section is inserted after section seventy-three of the Principal Act, namely :— “ [73 a .] ( 1 .) The persons for the time being holding office as Trustees of The Southern Electric Authority of Queensland Superannuation Fund (formerly styled City Electric Light Company Limited Superannuation Fund) established by Trust Deed made the fifteenth day of February, one thousand nine hundred and forty- nine, shall be a body corporate with the name of “ The Southern Electric Authority of Queensland Superannuation Fund ” and by that name shall have perpetual succession and an official seal and shall be judicially recognised and shall be capable in law of suing and being sued. ( 2 .) The said Trustees shall not for any purpose be deemed to represent the Crown or the Authority. (3.) The said Trustees acting in accordance with the provisions of the said Trust Deed and the rules thereunder may as such corporation and in thename of The Southern Electric Authority of Queensland Superannuation Fund exercise any or all of the powers conferred on the Trustees including the power of making and holding investments in that name.”. 59 ’ ENCROACHMENT OF BUILDINGS. See R eal P roperty .