State Electricity Commission Act Amendment Act 1952 (WA)

1952.] State Electricity Commission. [No. 4.

STATE ELECTRICITY COMMISSION.

1° Elizabeth II., No. IV.

No. 4 of 1952.

AN ACT to amend the State Electricity Commission

ACT, 1945.

[Assented to 4th September, 1952.]

RE it enacted, by the Queen's Most Excellent

Majesty, by and with the advice and consent

of the Legislative Council and the Legislative

Assembly of Western Australia, in this present

Parliament assembled, and by the authority of the

same, as follows:—

1. (1) This Act may be cited as the State and

Electricity Commission Act Amendment Act, 1952.

(2) In this Act the State Electricity Commission Act, 1945,

Act No. 60 of 1945 as amended by Act No. 33 of 1948,

is referred to as the principal Act.

(3) The principal Act as amended by this Act may be cited as the State Electricity Commission Act, 1945-1952.

2. Section forty-five of the principal Act is amended by inserting after the word "Commission" in line one of subsection (1) the words, "in addition to the powers conferred on it by sections forty-five A to forty-five E inclusive of this Act".

No. 4.] State Electricity Commission. [1952.

roctrilta. 3. The principal Act is amended by adding after

section forty-five the following sections-

Power of

Commission	45A. (1) Subject to subsection (2) of this
to borrow

money on	section, the Commission may at any time and
issue of
debentures	from time to time with the approval of the
or inscribed
stock.	Governor
Cf. No. 51 of

1946. s. 25	(a)	borrow and reborrow moneys by the issue and creation and sale of deben- tures and of inscribed stock for the purpose of raising the funds of the Commission for the effectual exercise by the Commission of the powers conferred by this Act;
(b)	create and issue debentures and inscribed stock in exchange for any debentures and inscribed stock respec- tively issued in respect of moneys previously borrowed by the Commis- sion, and not repaid;
(c)	create, issue and sell debentures and inscribed stock for the purpose of bor- rowing money for redeeming any loans owing by the Commission and for paying the expenses incurred in the issue and creation of the debentures and inscribed stock and otherwise carrying out the provisions of this Act;
(d)	effect any conversion authorised by this section either by arrangement with the holders of the existing deben- tures or registered owner of inscribed stock, or by the purchase of the deben- tures or inscribed stock out of the moneys raised by the sale of debentures and inscribed stock or partly in the one way and partly in the other.

(2) The Governor shall not approve of the borrowing by the Commission of moneys under the provisions of this section, unless a proposal in writing showing

(a)	the term and particulars of the pro- posed loan;
(b)	the rate of interest to be paid on the loan;

1952.] State Electricity Commission. [No. 4.

(c)	the purposes to which the money pro- posed to be borrowed is to be applied; and
(d)	the manner in which the loan is to be repaid,

is first submitted by the Commission to, and

approved of by, the Minister.

(3) Any moneys borrowed by the Commission 'kir

under the provisions of this section— 1952, 0.4.

(a) may be raised as one loan or as several loans; and

(b) may be raised-

(i)    by the issue of debentures with or without interest coupons attached;

(ii)  by the creation and issue of inscribed stock to be called the "State Electricity Commission of Western Australia Inscribed Stock";

(iii)    partly as provided by subpara- graph (i) and partly as provided by subparagraph (ii) of this paragraph; or

(iv)    in such other manner as may be prescribed or as the Governor may approve.

45B. For the purpose of making provision to aygrwtt,

pay off either the whole or any part of any loan pa off loan. y

Cf. Tasmania

raised by the Commission under the provisions No. 20 of

of this Act, the Commission may with the 1952.0.4.

consent of the Governor, and subject to subsec- tion (2) of section forty-five A of this Act, borrow the necessary moneys before the loan or part of it becomes payable.

45C. (1) (a) Due payment of debentures 10=4 and inscribed stock respec- cUarge on tively issued or created under go,=='sd

the provisions of section forty- cagigge.

five A of this Act and sold by Cf. Tasmania

the Commission, with all in- 11.°,1(223,f 952,

terest thereon shall be charged on and secured upon the revenues of the Commission.

No. 4.] State Electricity Commission. [1952.

(b) For the purposes of this sec- tion, "revenues" of the Com- mission means all charges, fees, rents, interest and profits given to or vested in or authorised to be demanded or received by the Commission.

Victoria

2 Geo. VI,	(2) (a) The due repayment of the principal moneys and the pay- ment of all interest secured by debentures or inscribed stock issued by the Commission under the provisions of section forty-five A of this Act is hereby guaranteed by the Government of The State.
NO. 4512,
s. 10(W •
Victoria

2 Geo. VI,	(b) Any sums required by the Treasurer of The State for ful- filling any guarantee given by this Act shall be paid out of the consolidated r e v e n u e, which is hereby to the neces- sary extent appropriated accordingly, and any sums received or recovered by the Treasurer from the Commis- sion or otherwise in respect of a sum so paid by the Treasurer shall be paid into the consoli- dated revenue.
No. 4512,
A 10(W•
Application

of provisions	45D. (1) The provisions of Part I of the
of Third

Schedule to	Third Schedule shall apply with respect to
debentures
and inscribed	debentures and inscribed stock issued under
stock.
Wet. 2	section forty-five A of this Act.
Geo VI, No. 4512, s. 15.	(2) The provisions of Part II of the Third Schedule shall apply with respect to debentures issued under section forty-five A of this Act.
(3) The provisions of Part III of the Third Schedule shall apply with respect to inscribed stock issued in Perth under the provisions of section forty-five A of this Act.

1952.] State Electricity Commission. [No. 4.

45E. (1) Debentures and inscribed stock yg‘hgertc,

issued by the Commission under the provisions =1„,,,

debentures

of section forty-five A of this Act shall— or inscribed

(a)

be securities authorised by the laws st"k* moneys, and

(b) have the status of Government securi- ties within the meaning of any Act in force for the time being relating to friendly societies.

(2) A trustee unless expressly forbidden by the instrument, if any, creating the trust, may invest trust funds in his hands in the debentures and inscribed stock.

(3)

The debentures and inscribed stock shall be a lawful investment for moneys which a body corporate is authorised or directed to invest in addition to any other investments expressly authorised for the investment of the moneys.

(4) A trustee or body corporate may pursuant

to this Act convert the debentures in his or its

hands into inscribed stock.

4. The principal Act is amended by adding after 'jgrecclule

Second Schedule a Schedule as follows— added.

THIRD SCHEDULE.

PART I—DEBENTURES AND INSCRIBED STOCK.

The following provisions shall apply to debentures and S. 45D.

inscribed stock issued by the Commission under the provi-

sions of section forty-five A of this Act-

1. All debentures and inscribed stock

(a)

shall bear interest at such rate and be redeemable Interest. may, with the approval of the Governor, determine; and

(b) may with the consent of the holder or the registered atdes&ules any time before the due date for repayment, at not ciaef.e dueowner thereof, as the case may be, be paid off at payable

more than the face value thereof.

2. Interest secured by any debentures or inscribed stock rest issued or created pursuant to this Act shall be payable half- payable. yearly on such days and at such places as the Commission

determines.

No. 4.] State Electricity Commission. [1952.

Debentures

The Commission may, at the request of the holder issued or created pursuant to this Act, in lieu thereof issue to him inscribed stock or debentures, as the case may be, in respect of the same loan, and of the same amount, and of the same currency, and bearing the same interest.

and stock 3.

interchange-	of a debenture or of the registered owner of inscribed stock
able.

Brokerage. 4.

The Commission may pay moneys by way of brokerage for the making, procuring, negotiating, or obtaining the loan of any money borrowed under the authority conferred by section forty-five A of this Act.

Sinking

(1) The Commission shall set aside half-yearly by way of a sinking fund for the purpose of redeeming any loans raised by it pursuant to section forty-five A of this Act an amount calculated at a rate approved by the Treasurer and sanctioned by the Governor.

Fund. 5.

(2) When it is necessary to have resort to any sinking fund referred to in subclause (1) of this clause for the purpose of paying off either the whole or any part of any loan in respect of which the fund is provided, the Commis- sion may sell any securities in which the fund is invested, or may obtain an advance thereon from any bank or from the Treasurer of The State.

Notice of

No notice of any trust, express, implied or constructive, shall be received by the Commission or by an officer of the Commission in relation to a debenture or inscribed stock issued or created pursuant to this Act, and the Commission or the officer shall not be bound to see to the execution of the trust to which the debenture or inscribed stock may be subject.

trust not 6.

receivable.

Owners of

securities not 7. A person advancing money to the Commission and

responsible	receiving in consideration of the advance a debenture or
for applica-
tion of	inscribed stock issued under this Act shall not be bound
moneys.	to inquire into the application of the money advanced or be in any way responsible for the non-application or mis- application thereof.

PART II—DEBENTURES

The following provisions shall apply to do.n.situres issued by the Commission under this Act-

Form of

debenture. 1. A debenture shall be in the form prescribed by the

regulations.

2. A debenture shall

Seal (a) be sealed with the common seal of the Commission in the presence of the chairman and the secretary; and

Number. (b) be numbered consecutively beginning with the

number one and proceeding in an arithmetical pro-

gression whereof the common difference is one.

1952.] State Electricity Commission. [No. 4.

and every interest coupon after being detached therefrom delivery. 3. A debenture with the interest coupons annexed thereto Pass by

shall pass by delivery and without any assignment or

endorsement.

4. The bearer of a debenture or detached interest coupon Rights of

shall have the same rights as if he were expressly named bearer.

as payee therein.

except to the holder of the coupon representing the interest interest. 5. No interest shall be payable in respect of a debenture Payment of

claimed and upon delivery of the same.

6. (1) The Commission shall cause to be kept in one Register of

or more books a register of debentures, and within a reason-	debentures.
able time after the date of a debenture shall cause to be made an entry in the register specifying the number date and amount of the debenture.

(2) The register of debentures— Inspection,

(a)

may be inspected at all reasonable times by a person on payment of one shilling for each inspection; and

(b)

shall be evidence of any matters required or Register ter be evidence.

authorised by or under this Act to be inserted

therein.

(3) A person shall be entitled to obtain from the Corn- copies to be

mission copies or extracts certified by the officer in whose supplied.

custody the register is kept to be true copies of or extracts

from such register upon paynient for each copy or extract

of a fee of two shillings and sixpence and twopence for every

folio of seventy-two words; and any copy or extract so

certified shall be admissible in evidence.

7. Upon proof being made before a judge in chambers Provision

by affidavit of any credible person that a debenture issued acjerb 1:/gin."

by the Commission under this Act and held by such person

the number and sum whereof is specified by him has been

lost or accidentally burnt or otherwise destroyed before the

same has been paid off, and after the insertion of such

advertisements as the judge directs and upon the judge

certifying that he is satisfied with the proof, the Commis-

sion may after the expiration of six months cause a new

debenture with interest coupons attached to be made having

the like currency and bearing the same number date prin-

cipal sum and rate of interest as the debenture so lost or

destroyed and to be delivered to the person upon his giving

sufficient security to the Commission to indemnify the

Commission against any double payment.

8. If a debenture is defaced by accident—	Provision
for defaced

(a)	the Commission may cancel the same and cause debentures. a new debenture to be made in lieu thereof; and
(b)	the new debenture shall have the like currency and be in all respects subject to the same provisions and bear the same number date and principal sum and rate of interest as the cancelled debenture.

No. 4.] State Electricity Commission. [1952.

Discharged

debentures 9. (1) A debenture paid off discharged exchanged or

to be	converted into stock shall
destroyed.

(a)	be cancelled by the secretary; and
(b)	be burnt in the presence of the secretary and the Auditor-General or one of his officers thereto authorised by him in writing.

(2) The Auditor General or such officer (as the case may be) before the debenture is burnt shall audit the same and allow the accounts thereof and furnish the Commission with a certificate particularising the debenture so burnt; and the secretary shall file that certificate in the office of the Commission.

PART III—STOCK.

The following provisions shall apply to the State Electricity Commission of Western Australia Inscribed Stock issued in Perth, Western Australia (in this part called "stock")-

Establish-	1. The Commission may establish at the office of the
ment of

registry and

Commission a registry for the inscription of stock created

appointment

of registrar.

and issued under the authority of this Act and appoint an

officer of the Commission to be registrar of stock.

Parcels of 2. Stock may be sold by the Commission for ready money

stock.

in parcels or amounts of ten pounds or some multiple of

ten pounds.

Stock 3. (1) The Commission shall cause to be provided and

Ledgers.

kept at the office of the Commission books to be called

"stock ledgers."

Inscription (2) All stock issued shall be inscribed in the stock ledgers

of stock.

by entering the names of the purchasers of stock and the

amount of stock purchased by them respectively.

Joint (3) In the case of joint purchasers of stock the names

purchasers.

of not more than four of them shall be inscribed as the

joint purchasers.

Evidence.

(4) The stock ledgers shall be evidence of any matters appearing therein and required or authorised by or under this Act to be inserted therein.

Stock how 4. (1) Stock or any share therein shall be transferable

transferable in the manner prescribed by the regulations from one person to another by instrument in the form so prescribed and not otherwise.

Restrictions	(2) A person shall not be entitled or allowed to transfer
on amount

of stock	any fraction of one pound or any smaller sum than ten
which may	pounds unless that smaller sum is the full amount of the
be trans-
ferred.	balance standing to his credit in the stock ledger.

1952.] State Electricity Commission. [No. 4.

An instrument of transfer of the stock or any share therein shall be executed by all parties and the signatures

Execution of

transfer.

to the instrument shall be attested in the manner prescribed

by the regulations.

(4) An instrument of transfer when executed shall be delivered to the registrar who shall register the same by

Registration

of transfer.

entering a memorial of it in the stock ledger and shall inscribe the name of the transferee in the stock ledger as the owner of the stock.

(3)

5. (1) A person to whom stock is transmitted in conse-

Application

:or trans-

quence of the death or bankruptcy or insolvency of the

mission

registered owner of the stock or by any other lawful means

transfer)

(other than

than by a transfer in accordance with this Act may apply

of stock.

in the form prescribed by the regulations to the registrar

at the registry to be inscribed as the owner of the stock.

(2) An application for transmission shall be verified by verification

statutory declaration or in such other manner as is so goajiPg.ea-

transmis-

prescribed, and— sion.

(a)

in the case of a transmission consequent on death— the probate of the will or the letters of administra- tion shall be produced to the registrar or in the case of transmission to a survivor or the survivors of a joint owner a certificate of the death of the owner who has died accompanied by a statutory declaration identifying the person named in the death certificate with the person who is shown as the registered owner of the stock may if the registrar approves be produced to him in lieu of probate or letters of administration; and

(b)

in the case of a transmission consequent on bank- ruptcy or insolvency—an office copy of the adjudi- cation or order of sequestration shall be delivered to the registrar.

(3) The registrar shall if he is satisfied that the provisions of this Act have been complied with register any such trans-	Registration
of trans-
mission.
mission by entering a memorial of it in the stock ledger and inscribe the name of the person to whom the stock has been transmitted in the stock ledger as the registered owner of the stock.
6. (1) A person may by power of attorney under his hand and seal and attested by two or more credible witnesses	Power of
attorney.
appoint some person to be his attorney for any purpose in relation to stock (including an application for conversion or to receive interest or redemption money).
(2) A power of attorney shall be valid and effectual for all purposes therein mentioned until notice of its revocation or of the bankruptcy insolvency lunacy unsoundness of mind or death of the principal has been received by the registrar at the registry.

No. 4.] State Electricity Commission. [1952.

When trans-

fer books	7. (1) An instrument of transfer of stock or of any part or within the period of fourteen days or within such period (not exceeding twenty-one days) as is prescribed next before any of the days on which the interest thereon is payable.
to be closed	thereof shall not be registered on any Saturday or holiday
and ledgers
balanced.
(2) During the periods referred to in the last preceding subclause the Commission shall cause the amount of the stock respectively standing to the credit of the several registered owners thereof to be ascertained and the balances to be struck and carried forward in the proper stock ledger.
(3) An instrument of transfer of stock or of any part thereof shall not be registered during the period of twenty- one days immediately preceding the date of maturity of stock.

Receipt of registered8. (1) The receipt of the person in whose name stock

stock-holders stands in the stock ledger, or if it stands in the names of

to discharge

without	more persons than one the receipt of one of the persons
regard to
trust.	named in the stock ledger shall be a sufficient discharge to the Commission for any interest payable in respect of the stock, notwithstanding any trusts to which the stock may then be subject and whether or not the Commission has had notice of the trusts, and the Commission shall not be bound to see to the application of the money paid upon such receipt.
Receipt	(2) If stock is held in joint names and one or more of the registered owners of the stock dies becomes bankrupt

where	ne
of Joint

holders dies

etc. insolvent or otherwise legally incapable, the receipt of any one of the other joint owners or survivors shall be a sufficient discharge to the Commission for any interest payable in respect of the stock, notwithstanding that a transmission has not been registered as required by this Act.