State Advances Acts and Other Acts (Rate of Interest) Act of 1943 (7 Geo Vi No. 34) (Qld)

I PUBLIC ACTS OF THE PARLIAMENT OF QITEENSLAND~ 7° GEO. VI. AGRICULTURAL BANK. See BANKING. APPROPRIATION ACTS. See CONSTITUTION. ART UNION REGULATION. See GAMING. BANKING. (1) State Advances Acts and Other Acts (Rate of Interest) Act of 1943 .. (2) Co-ordination of Rural. Advances and Agricultural Bank Act Amendment Act. of 1943 . ., 7 Geo. VI. No. 34 7 Geo. VI. No. 40 An Act to Provide for the Reduction of the Rate of 7 G N E o O . . 3 V 4 I. Interest payable to the State Advances TAHDEVASNTOAETSE Oorporation in respect of Advances made OATHCTESRAANODTS (RATE OF pursuant to "The State Advances Acts, 1916 INATCETREOSFT) to 1934," and certain other Acts and to the 1943. Workers' Homes Oorporation in respect of Oontracts of Sale made pursuant to "The Workers' Homes Acts, 1919 to 1934." [ASSENTED TO 18TH NOVEMBER, 1943.] B E it enacted by the King's Most Excellent Majesty, 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. This Act may be cited as " The State Advances Short title. Acts and Other Acts (Rate of Interest) Act of 1943." A

2 BANKING. State Advances, Etc. (Rate of IlItcrest) Ad. 7 GEO. VI. No. 34, I nterest on advances 2. (1.) The rate of interest payable, on and after the made by first day of July, one thousand nine hundred and forty- tAhdevSantactees three, by every borrower to the State Advances Corporation Corporation in respect of the amount not duly repaid b 1 e 8 f t o J r u e ly. on or before such date of any advance theretofore made 1943. to such borrower by the said Corporation- (i.) Pursuant to the provisions of *" The State Advances Acts, 1916 to 1934"; or (ii.) As the deputy, agent or attorney for or on behalf of the Crown or any Minister of the Crown, pursua:nt to the provisions of t" The Discharged Soldiers' Settlement Acts, 1917 to 1930," t" The Clermont Flood Relief Act of 1917," §" The Clermont Flood Relief Act Amendment Act of 1917," II"The Clermont Flood Relief Undertaking Act of 1917," or ~ " The State Advances Corporation Buildings Improvement Act of 1932," or any other Act or law, shall be four pounds per centum per annum. Interest on (2.) (a) The rate of interest payable by every :;i:l:; the borrower to the State Advances Corporation in respect State of the amount of any advance made, during the period ~ ~ ~ ~ ~ ~ ~ ~ on from and including the first day of July, one thousand on or after nine hundred and forty-three, to and including the day ~ ~ t4: ~ ly, next preceding the date of publication in the Gazette of the first Order in Council made by the Governor in Council pursuant to section four of this Act, to such borrower by the said Corporation, pursuant to its powers in that behalf hereinbefore mentioned in subsection one of this section, shall be four pounds per centum per annum. (b) The rate of interest payable by every borrower to the State Advances Corporation in respect of the amount of any advance made, during the period from and including the date of publication in the Gazette of an Order in Council made by the Governor in Council pursuant to section four of this Act to and including * 7 G. 5 No. 17 and amending Acts. See v. 1, p. 501. t 7 G. 5 No. 32 and amending Acts. See v. 5, p. 323. t 7 G. 5 No. 30. See 1916 Sess. v., p. 7677. § 8 G. 5 No. 15. See 1917 Sess. v., p. 8369. 11 8 G. 5 No. 3. See 1917 Sess. v., p. 8365. ~ 23 G. 5 No. 19. See v. 1, p. 527.

1943. BANKING. B'tate Advances, Etc. (Rate of Interest) Act. 3 the day next preceding the date upon which the next such Order in Council is so published, to such borrower by the said Corporation, pursuant to its powers in that behalf hereinbefore mentioned in subsection one of this section, shall be the rate per centum prescribed by such first-mentioned Order in Council. 3. (1.) The rate of interest payable, on and after the Interest on first day of July, one thousand nine hundred and forty- ~ 1~~ s:ts three, by every purchaser of a home to the Workers' entered into Homes Corporation in respect of the balance unpaid upon Wo! ~: rs' such date of the purchase moneys secured by a contract Homes . of sale theretofore entered into by such purchaser with ~ ~ g~ r~: ~ on the Workers' Homes Corporation, pursuant to the July, 1943. provisions of *" The Workers' Homes Acts, 1919 to 1934," shall be four pounds per centum per annum. (2.) (a) The rate of interest payable by every pur- Interest on chaser of a home to t . he Workers' Homes Corporation in scaolneteranctetsreodf respect of the unpaId purchase moneys secured by a into by the contract of sale entered into, during the period from and iiorkers' including the first day of July, one thousand nine hundred C~ ~ ~ ation and forty-three, to and including the day next preceding ~ nt o} ~ fter the date of publication in the Gazette of the first Order 1~ 43. u y, in Council made by the Governor in Council pursuant to section four of this Act, by such purchaser with the Workers' Homes Corporation pursuant to the provisions of *" The Workers' Homes Acts, 1919 to 1934," shall be four pounds per centum per annum. (b) The rate of interest payable by every purchaser of a home to the Workers' Homes Corporation in respect of the unpaid purchase moneys secured by a contract of sale entered into, during the period from and including the date of publication in the Gazette of an Order in Council made by the Governor in Council pursuant to section four of this Act to and including the day next preceding the date upon which the next such Order in Council is so published, by such purchaser with the Workers' Homes Corporation, pursuant to the provisions of*" The Workers' Homes Acts, 1919 to 1934," shall be the rate of interest prescribed by such first-mentioned Order in Council. * 10 G. 5 No. 7 and amending Acts. See v. 4, p. 914.

BANKING. State Ad1vances, Etc. (Rate. of Illterest) Act. 7 GEO. VI. No. 34, Power of 4. The Governor in Council may, from time to g~~ ~~o~oin time, by Order in Council published in the Gazette prescribe prescribe the rate of interest payable by every borrower ~~ ! : r~ t on to the State Advances Corporation and by every future loans. purchaser of a home to the Workers' Homes Corporation in respect of- (a) Any advance made to such borrower by the State Advances Corporation- (i.) Pursuant to the provisions of *" The State Advances Acts, 1916 to 1934"; or (ii.) As the deputy, agent or attorney for or on behalf of the Crown or any Minister of the Crown, pursuant to the provisions of t" The Discharged Soldiers' Settlement Acts, 1917 to 1930," t" The Clermont Flood Relief Act of 1917," §" The Clermont Flood Relief Act Amendment Act of 1917," 11" The Clermont Flood Relief Undertaking Act of 1917," or ~ " The State Advances Corporation Buildings Improvement Act of 1932," or any other Act or law, and (b) The unpaid balance of the purchase moneys secured by a contract of sale entered into pursuant to the provisions of **" The Workers' Homes Acts, 1919 to 1934," by such purchaser with the Workers' Homes Corporation, during the period from and including the date. of publication in the Gazette of such Order in Council to and including the day next preceding the date upon which the next such Order in Council is so published: Provided that an Order in Council made under this section shall not apply to or in respect of any such advance or contract of sale made or entered into before the date of publication in the Gazette of such Order in Council and that the rate of interest payable in respect of any such advance or contract of sale entered into * 7 G. 5 No. 17 and amending Acts. See v. 1, p. 501. t 7 G. 5. No. 32 and amending Acts. See v. 5, p. 323. :j: 7 G. 5 No. 30. See 1916 Sess. v., p. 7677. § 8 G. 5 No. 15. See 1917 Sess. v., p. 8369. 11 8 G. 5 No. 3. See 1917 Sess. v., p. 8365. ,-r 23 G. 5 No. 19. See v. 1, p. 527. ** 10 G. 5 No. 7 and amending Acts. See v. 4, p. 914.

1943. BANKING. State Advances, Etc. (Rate of Intel/'est) Act. before such date shall, notwithstanding the publication of such Order in Council, continue to be the rate payable under or pursuant to this Act immediately prior to such date. 5. Every borrower or purchaser of a home herein- Borrowers before mentioned in this Act shall- ~ ~ ~ chasers (i.) (In t he case 0 f a· borrower to whom an advance o p f ay hoimnteesret s o t: · . was made by the State Advances Corporation, or a purchaser of a home with whom the Workers' Homes Corporation entered into a contract of sale, before the first day of July, one thousand nine hundred and forty-three) on and after such date, pay interest at the rate of four pounds per centum per annum in respect of the amount of such advance not repaid or, as the case may be, the balance of the purchase moneys secured by such contract unpaid, on such date; and (ii.) (In the case of a borrower to whom an advance is made by the State Advances Corporation, or a purchaser of a home with whom the Workers' Homes Corporation enters into a contract of sale during the period from and including the first day of July, one thousand nine hundred and forty-three to and including the day next preceding the date of publication in the Gazette of the first Order in Council made by the Governor in Council pursuant to section four of this Act), on and from the date such advance is made or, as the case may be, such contract is entered into pay interest at the rate of four pounds per centum per annum in respect of the amount of such advance or, as the case may be, the unpaid purchase money secured by such contract; and (iii.) (In the case of a borrower to whom an advance is made by the State Advances Corporation or a purchaser of a home with whom the Workers' Homes Corporation enters into a contract of sale during the period from and including the date of publication in the Gazette of an Order in Council made by the

6 BANKING. State Advances, Etc. (Rate of Interest) Act. 7 GNO. VI. No. 34, 1943. Governor in Council pursuant to section four of this Act to and including the day next preceding the date upon which the next such Order in Council is so published) on and from the date such advance is made or, as the case may be, such contract is entered into pay interest at the rate per centum prescribed by the Order in Council first hereinbefore in this paragraph mentioned in respect of the amount of such advance or, as the case may be, the unpaid purchase money secured by such contract. Operation of Act. 6. This Act and every Order in Council made under this Act shall, to the extent necessary to give operation and effect to the provisions hereof and of every such Order in Council, be read and construed as modifying- (i.) The provisions of any other Act or law herein- before in this Act mentioned; and (ii.) The provisions of *" The State Advances Act and Other Acts Relief Amendment Act of 1934," and any Order in Council made thereunder; and (iii.) The terms and conditions of any mortgage, contract of sale, or other security securing any advance or purchase moneys hereinbefore in this Act mentioned, and not otherwise. * 23 G. 5 No. 16. See v. 1, p. 527.