Special Deposits (Industrial Undertakings) Act 1912 (NSW)

Act No. 22, 1912.

A l l Act to constitute special deposit accounts SPKCIAI. JlK.I'O.SITS

( I n d i 'striai .

in the Treasury for the receipt and payment	U n u k r t a k i n o s ).
of moneys I’elating- to certain industrial undertaking's ; to amend the (yonstitntion Act, 1902 ; and for jmrposes conseipient thereon or incidental thereto. [12//i November, 1912.]

it enacted liy tlie King’s Most Excellent Majesty, by and with _1A the advice and consent of the Legislative Council and Legislative Assembly of New" South Mhdes in Parliament assembled, and by the antliority of the same, as follow"s :—

1 . This Act may be cited as the “ Special Deposits (Industrial shori, liUc.

Undertakings) Act, 1912.”

2. The Colonial Treasurer shall cause special deposit accounts .Special deposit

to be opened in tlie Treasury to Avhich shall be paid all moneys	opened.
received from all sources in the course of the management of—■

(a) the Government dockyard, Cockatoo ;

(b) the State brickworks ; (c)

Act No. 22, 1912.

Special Deposits {Industrial Undertakings).

(c) the State lime-works ;

(d) the State metal quarries;

(e) the State timber yards ;

(f) the State elothin^ factory ;

(g) any other industrial undertaking tliat the Governor may specify l>y notiticalion in the Gazette.

I'ayinents out of 3. There shall he paid out of any such account any expenditure

Huoli accounts. of or in relation to the industrial undertaking to which it relates, including charges for management, maintenance, working ex[)enses, and interest on capital at the current rate for loan money j)ayal)lc hy tlie Government.

ciuirge against such 4 . Eucli sucli account shall eacli year be charged with one-

accmmt.	third of One per centum of the amount of the loan capital debt on the thirtieth day of June of that year of the undertaking to whieh it relates. The amount of such charge shall be carried to the Consolidated R(!venue Eund to reimburse that fund for payments made to the State Debt Commissioners.
to be arranged by

Supply of products 5. The Minister of the Crown umhu’ whose direction the

M inister.

undertaking is carried on may arrange with any Government Depart­

ment to supply such Department with the jiroducts of the under- '

taking at prices to be agreed upon, sueh prices not to exceed current

market rates of the eommodity : Provided all such transactions shall

be shown in detail in the general account prescribed herein.

Statem ent of

receipts and

G. As soon as practicable after tlu' thirtieth day of J uuc in each year the officer in charge of any such undertaking shall yirepare and submit to the Minister of the Crown under whose direction the undertaking is carried on a balance sheet, trading account, and protit and loss account, and a full statement of the receipts and expenditure of and in relation to the undertaking during the twelve months next preceding the said date. Any such statements shall include proper allowance for depreciation of plant and buildings.

expenditure.

Copies of such statements shall, as soon as practicable, be laid before both Houses of Parliament.

C'onatitution ot

committee and

7. There is hereby constituted a committee of four persons which shall fix and determine the capital cost of any such industrial undertaking as soon as possible after being notified by the manager that the first capital expenditure thereof is complete, and shall each year tluTcafter in the month of August fix and deti'rmine the amount of such capital cost as on the thirtieth day of .1 une preceding, and for this purpose shall in each year be furnished Avith a duly auditcal balance-sheet.

capital cost.

The value of Crown lands and property occupied by the undertaking shall be included in the capital cost.

Each such determination shall be published in the Gazi Itc

Such

r'f;oP£*vTv o f tj, s. ■f.v •O V tfiN relEN T.

Act No. 23, 1912.

District Courts.

Such committee shall consist of the Auditor-General, the Comptroller of Accounts, the Government Land V^aluer, and a fourth person ndio shall be appointed l)y and represent the Minister of the Crown wlio controls the industrial undertaking in question.

8. There shall be carried to the Consolidated Revenue Fund Protits to be carried

from the special deposits ai^count relating to any such undertaking, such portion of the net profits of the undertaking as are disclosed by the audited accounts herein provided during such twelve months as the Governor may deteimine.