State Electricity Commission Acts and Another Act Amendment Act of 1952 (1 Eliz Ii No. 2) (Qld)

ELECTRICITY. 1 E liz . II. No. 2,1952. State Electricity Commission, Etc., Act. 193 An Act to Amend “The State Electricity Comm|ission 1 »“*«• Acts, 1937 to 1951,” and “The Begional E lectricity . . , .. . . . .„ V. ^ . C ommission Electric Authorities Acts, 1945 to 1951, A naothernact each in certain particulars. amotus I [A ssented to 1 st A pril , 1952.] 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:— P art I. —P reliminary . P art I.— P reliminary . 1. This Act may be cited as “ The State Electricity Short title- Commission Acts and Another Act Amendment Act of 1952.” v 2. This Act is divided into Parts as follows :— Parts of Act- P art I. —P reliminary ; P art II. —A mendments of * “ T he S tate E lectricity C ommission A cts , 1937 to 1951 ” ; P art III. —A mendments of f “ T he R egional E lectric A uthorities A cts , 1945 to 1951.” P art II. — A mendments ___ E lectricity C ommission of A cts , P art II.— A mendments of “ T he S tate E lectricity * “ T he S tate ACTsfm? rnn 1QS1 ” 1937 to 1951.” ' 3. This Part of this Act shall be read as one with Construction * “ The State Electricity Commission Acts, 1937 to 1951,” Part n' and those Acts and this Part of this Act may be collective collectively cited as “ The State Electricity Commission tltle- Acts, 1937 to 1952.” * 1 G. 6 No. 26 and amending Acts, f 9 G. 6 No. 16 and amending Acts. G

194 ELECTRICITY. P art II.— A mendments op “ T he State Electricity Commission, Etc., Act. 1 E liz . II. No. 2, S tate E lectricity C ommission A cts , 1937 4. Section twenty-five of * “ The State Electricity to 1951.” Commission Acts, 1937 to 1951,” is amended— Amendments of s. 25 of (i.) By adding to subsection one of that section the N1 oG. e2o6. . VI. following subparagraph, namely :— “ (q) From time to time, subject to approval by the Governor in Council and subject to such terms and conditions as the Governor in Council may fix, to provide and lend moneys to any Regional Board under and within the meaning of f “ The Regional Electric Authorities Acts, 1945 to 1952,” for the . purpose of enabling the Regional Board to carry out its powers, authorities, duties, and functions under those Acts, and to invest any moneys held by the Commission (including any moneys borrowed by the Commission under the authority of this Act) and not immediately required in debentures, bonds, stock, Treasury Bills, or other securities of the Government of Queensland or of the Commonwealth, or in any other manner howsoever as approved by the Governor in Council.” (ii.) By repealing in the first paragraph of subsection two of that section the words “ its functions and powers under paragraph (el) of subsection one of this section and/or for the purposes of acquiring, constructing, maintaining and operating generating stations, and/or main transmission lines, and/or substations ”, and by' inserting, in lieu of those repealed words, the words “ all or any of its functions, powers, authorities, and duties under this Act ”. (iii.) By inserting after the first paragraph of subsection two of that section the following paragraphs, namely :— “Provided that the Commission may enter into and it is hereby declared always had the power to enter into negotiations with respect to the borrowing of money or the obtaining of accommodation or the making of financial arrangements as aforesaid with the sanction of the Treasurer and for the purpose of obtaining that sanction the Commission shall submit to the Treasurer such information as the Treasurer may require. * 1 G. 6 No. 26 and amending Acts, f 9 G. 6 No. 16 and amending Acts.

ELECTRICITY. 195 —.------ -------------------------------------------------------------------------:---------;------------------- P art II— 1952. State Electricity Commission, Etc., Act. ■ a “ p ™ the TS S t a tw E lectricity Without limiting the generality of the foregoing Tcw”m7 provisions of this subsection but subject to the approval T019oL as aforesaid of the Governor in Council, the Commission may from time to time borrow money by the sale of debentures, bonds, or inscribed stock, or partly in one way and partly in another way or other ways.” 5. The following sections are inserted after section Insertion of twenty-five of * “ The State Electricity Commission Acts, S'02 and^n 1937 to 1951,” namely of i* Geo. Vi. No. 26. t “ \ 25 a . ~ \ (1.) All debentures, bonds, and inscribed Debentures, stock respectively issued under the authority of this gt0o'^’and Act— (i.) Shall, subject to this Act, be sold in such amounts or parcels, at such times and places, and in such a manner as the Commission , thinks fit; (ii.) Shall with interest thereon be charged and secured upon the assets and revenues of the Commission, and to the extent of any moneys loaned to any Regional Board as a result of the issue thereof upon the assets and revenues of that Regional Board, subject to any prior debentures, bonds, and stock issued according to law ; . (iii.) Shall bear interest at the rate and be redeemable at such date or dates and at such place or places in or outside Queensland as respectively approved by the Governor in Council; (iv.) May, in the case of any debentures or bonds with the consent of the holder thereof, or in the case of any inscribed stock of the registered owner thereof be paid off at any time previous to the due date thereof at not more than the par value thereof or (with the consent of the Governor in Council) at a premium, with interest thereon to date of payment only. (2.) Interest secured by any such debentures, bonds, or stock shall l?e payable at such times and at such place or places in or outside Queensland as the Governor in Council determines. * 1 G. 6 No. 26 and amending Acts.

196 ELECTRICITY. P art II.— A mendments of “ T he State Electricity Commission, Etc., Act. 1 E liz . II. No. 2, S tate E lectricity C ommission A cts , 1937 (3.) No notice of any trust express, implied, or to 1951.” constructive shall be received by the Commission or by any officer or other servant or any agent of the Commission in relation to any debentures, bonds, or stock issued under the authority of this Act and the Commission or any such servant or agent shall not be bound to see to the execution of any such trust to which any such debentures, bonds, or any part of any such stock may be subject. (4.) An investment, unless expressly forbidden by the instrument (if any) creating the trust, by a trustee of trust funds in any debentures, bonds, or stock issued under the authority of this Act shall be and be deemed to be an authorised investment by the trustee pursuant to the provisions of section four of * “ The Trustees and Executors Act of 1897 ” (as amended by subsequent Acts) and such Act shall be read and construed accordingly. (5.) A person advancing money to the Commission and receiving in consideration of such advance any debentures, bonds, or stock issued under the authority of this Act shall not be bound to inquire whether the issue of such security wa~s in fact duly authorised or into the application of the money advanced or be in any way responsible for the non-application or misapplication thereof. Brokerage. [25 b .] The Commission may pay moneys by way of brokerage for in respect of the making, procuring, negotiating, or obtaining the loan of any money the borrowing of which the Governor in Council has approved: Provided that no moneys shall be paid by the Commission by way of brokerage for or in respect of the loan of any money by it unless the Treasurer has approved of the payment of brokerage, which approval may be given by the Treasurer subject to such terms and conditions as to him shall seem fit: Provided further that section fourteen of f “ The Money Lenders Acts, 1916 to 1946,” shall not apply or extend to brokerage which the Commission is authorised to pay under and in accordance with this section, and which brokerage has been approved by the Treasurer and is agreed by the Commission subject to the terms and conditions, if any, imposed by the Treasurer. * 61 V. No. 10. t 7 G. 5 No. 13 and amending Acts.

ELECTRICITY. 197 1952. State Electricity Commission, Etc., Act. P art II.— A mendments of “ T he S tate E lectricity [25c.] (2.) Notwithstanding anything to the contrary ACTs'pm contained in any Act, the amount of any loan bprrowed Guarantee by the Commission under the approval of the Governor of loans, in Council with interest at the rate determined! by the Governor in Council shall be and be deemed to be guaranteed by the Treasurer on behalf of the Government of Queensland. (2.) All moneys payable by the Treasurer pursuant to this section shall be paid out of moneys to be from time to time appropriated by Parliament for the purpose. (3.) The provisions of section five of * “ The Local Bodies' Loans Guarantee Acts, 1923 to 1936,” shall, with any necessary adaptations thereof, extend and apply in respect of moneys paid by the Treasurer pursuant to this section. [25 d .] (2.) The persons for the time being Trustees of respectively holding the offices of Auditor-General, Eieetrieit Under Secretary to the Department of the Treasury, and Commission Commissioner for Electricity Supply (in this section .. referred to as “ the Trustees ”) shall be a body corporate, Fund. 10n with the name of “ Trustees of the State Electricity Commission of Queensland Debt Redemption Fund,” and by that name shall have perpetual succession and an official seal which shall be judicially noticed, and shall be capable in law of suing and being sued. The said Trustees shall not, however, for any purposes be deemed to represent the Crown. (2.) The Trustees shall forthwith place all moneys Duty as to from time to time received by them on account of any Sinking Fund under this Act to the credit of the proper ' Sinking Fund. Every Sinking Fund shall be vested in and administered by the Trustees. The Trustees shall, before the thirtieth day of September in each year, transmit to the Treasurer a return showing the amount which has been received by them during the year last preceding the making of such return, and the description of the securities upon which any investment has been made, and the purposes to which any portion of a Sinking Fund has been applied during the same period, and the total amount (if any) remaining uninvested at the end of the said year. * 14 G. 5 No. 8 and amending Acts.

198 ELECTRICITY. P art II.— A mendments of “ T he State Electricity Commission, Etc., Act. 1 E liz . II. No. 2, S tate E lectricity C ommission A cts , 1937 (3.) If it appears to the Treasurer by such return TO 1951.” or otherwise that the Commission has failed to comply with the provisions of this Act with respect to any Sinking Fund, the Treasurer shall, by order, direct that the sum in respect of which default has been made shall be raised by the Commission and paid to the Trustees, and any such order may be enforced by the Treasurer in the same manner as in the case of any debt due by the Commission to the Treasurer in respect of loan money advanced under the provisions of this Act. The Treasurer shall, after deducting the expense of recovery, pay to the Trustees all sums the payment of which has been so enforced by him. (4.) The Trustees shall apply the proper Sinking Fund to the repayment of the loan in respect of which it is established, at its due date, and may from time to time apply the proper Sinking Fund or* any part thereof in redeeming any part of such loan, and shall not apply any part of any Sinking Fund for any other purpose. Such redemption may, in the case of any part of a loan being already secured by debentures, bonds, or inscribed stock, be made by the purchase of such debentures, bonds, or stock. b^waTof ovOTdraft. , (5.) Notwithstanding anything contained in any Act to the contrary, it shall be lawful for the Trustees to obtain advances from any bank or banks by way of overdraft in respect of the moneys from time to time to be received by them on account of any Sinking Fund under this Act: Provided that such overdraft shall, in the aggregate, be based on such amount as is estimated to be not greater than the moneys to be received by the Trustees on account of any Sinking Fund under this Act for a period of six months immediately succeeding the day upon which any such overdraft shall have been first incurred. Administra- (6.) The administration expenses necessarily incurred expenses by the Trustees shall be a charge against the Sinking ‘ Funds. Quorum. (7.) Any two persons present at any meeting of the Trustees shall constitute a quorum.”

ELECTRICITY. 199 ------------------------- - 1952. State Electricity Commission, Etc., Act. ___________________________ _______________________________ _____________________________________ _________________. P art II.— A mendments of “ T he S tate E lectricity 6. The following subparagraph is inserted after subparagraph (g) of the third paragraph of subsection A”nHmait one of section forty-two of * “ The State Electricity of s. 42 (i) Commission Acts,. 1937 to 1951,” namely of 1 Geo. VI. No. 26. . “ (g\) Subject to this Act, regulating and controlling, whether generally or to meet particular cases, all or any matters with respect to the conducting of business connected with the raising and repayment of loansunder the authority of this Act, including but without limit to the generality thereof— (i.) Providing for the establishment of a registry (at the office of the Commission or at any other place) for the inscription of stock created and issued and the keeping of stock ledgers, regulating the inscription in such stock ledgers of all stock issued and regulating the transfer or transmission of stock or of any shares therein, and restricting the amount of stock which may be transferred; (ii.) Prescribing the form of debentures and of bonds, providing for the keeping and inspection of and the taking of copies of or extracts from the register of debentures and bonds or from any stock ledgers, and making provision for lost or defaced debentures Or bonds and the destruction of discharged debentures or bonds ; (iii.) Providing for the issue, upon request, of stock to debenture or bond holders and of debentures or bonds to registered owners of stock; (iv.) Prescribing any matters with respect to the raising of loans outside Queensland ; (v.) Prescribing any matters with respect to which fees are to be payable and fees with respect thereto ; (vi.) Providing for sinking funds or other methods for the repayment of moneys borrowed and prescribing any matters with respect thereto.” * 1 G. 6 No. 26 and amending Acts.

200 ELECTRICITY. P art III.— A mendments of “ T he R egional E lectric A uthorities A cts , 1945 to 1951.” State Electricity Commission, Etc., Act. 1 E liz . II. No. 2, III. “ P art —A mendments of * T he R egional E lectric A uthorities A cts , 1945 to 1951.” Construction 7. This Part of this Act shall be read as one with oanf dPart III. * “ The Regional Electric Authorities Acts, 1945 to 1951,” tciotlllee. ctive caonldlectthivoesely Acicttesd aans d“ t T h h i e s R P e a g r i t ona o l f E th le is ctr A ic ct Au m th a o y riti b e e s Acts , 1945 to 1952.” Amendment 8* The following definition is inserted in subsection o9fGs. eo3. ( V1)I. of one of section three of* “ The Regional Electric Authorities No. 16. Acts, 1945 to 1951,” before the definition of the term “ Commission,” namely :— Chairman. “ “ Chairman ”—Used in relation to any Regional Board, includes, when necessary, the deputy chairman or acting chairman of that Board; Amendment 9. Subsection one of section seven of *“ The Regional ooff 9s. G7e(o1. ) YI. Electric Authorities Acts, 1945 to 1951,” is amended by No. 16. inserting after subparagraph (ii.) of the second paragraph of that subsection the following subparagraph, namely:— “ (iiA.) Subject to this Act, regulating and controlling, whether generally or to meet particular cases, all or any matters with respect to the conducting of business connected with the raising and repayment of loans under the authority of this Act, including but without limit to the generality thereof— (a) Providing for the establishment of a registry (at the office of the Regional Board or at any other place) for the inscription of stock created and issued and the keeping ofstock ledgers, regulating the inscription in such stock ledgers of all stock issued and regulating ' the transfer or transmission of stock or of any shares therein, and restricting the amount of stock which may be transferred ; (b) Prescribing the form of debentures and of bonds, providing for the keeping and inspection of and the taking of copies of or extracts from the register of debentures and bonds or from any stock ledgers, and making provision for lost or defaced debentures or bonds and the destruction of discharged debentures or bonds ; * 9 G. 6 No. 16 and amending Acts.

ELECTRICITY. 201 1952. PART III.— State Electricity Commission, Etc., Act. A mendments of “ T he R egional E lectric A uthorities (c) Providing for the issue, upon request, of A cts , 1945 to 1951.” stock to debenture or bond* holders! and of debentures or bonds to registered! owners of stock; : ( d ) Prescribing any matters with respect to the raising of loans outside Queensland ; (e) Prescribing any matters with respect to which fees are to be payable and fees with respect thereto ; (/) Providing for sinking funds or other methods for the repayment of moneys borrowed, providing for and appointing trustees of a debt redemption fund with respect thereto and prescribing the functions and duties of such trustees and regulating and controlling all or any matters with respect to such debt redemption fund, trustees, or sinking funds or other meihods.” 10. The proviso to subsection one of section Amendment twenty of * “ The Regional Electric Authorities Acts, 1945 ^de^vi to 1951,” is amended by repealing therein the words No. 16. *> f “ “The Harbour Boards Acts and Another Act Amendment Act of 1949,” ” and by inserting, in lieu of those repealed words, the words J “ “ The State Electricity Commission Acts and Another Act Amendment Act of 1952 ” ” ; also by repealing therein the words “ the year one thousand nine hundred and forty-nine ” and by inserting, in lieu of those repealed words, the words “ the year one thousand nine hundred and fifty-two 11. Section twenty-seven of *“ The Regional Electric Amendments Authorities Acts, 1945 to 1951,” is amended— 9 fGeo.7vi. (i.) By repealing subsection one of that section andNo-16* by inserting, in lieu of that repealed subsection, the following subsection, namely :— “ (1.) At the first meeting of the Board appointed Election of to be held by the Governor in Council and thereafter “k^™811 * at every meeting of the Board first held afjber the deputy appointment of members of the Board or ajb somechairman* adjournment thereof held within one month of the time when that meeting was first adjourned, the mlembers * 9 G. 6No. 16 and amending Acts, t 13 G. 6 No. 29. J This Act.

202 ELECTRICITY. P art III.— A mendments of “ T he R egional E lectric A uthorities A cts , 1945 to 1951.” State Electricity Commission, Etc., Act. 1 E liz . II. No. 2, present shall elect from the members of the Board, who shall not be representative of the Commission, one to be chairman and one to be deputy chairman. If for any reason either the chairman or the deputy chairman or both .the chairman and the deputy chairman of the Board are not elected in accordance with the aforesaid provisions of this subsection the Governor in Council may thereupon appoint by Order in Council from the members ofthe Boarda chairman, or a deputy chairman, or a chairman and a deputy chairman, as the case requires- Subject to this Act, the chairman and the deputy chairman respectively shall hold his office as chairman or, as the case may be, deputy chairman for the term of his appointment to the Board.” When deputy chairman to act. (ii.) By repealing subsection three of that section and by inserting, in lieu of that repealed subsection, the following subsection, namely :— “ (3.) The chairman shall preside at all meetings of the Board at which he is present. If the chairman is absent from any duly convened meeting the deputy chairman shall preside at the meeting, but if the deputy chairman is also absent then the members present shall elect from their number a chairman to preside at that meeting during the absence of the chairman and the deputy chairman. The person presiding at any meeting of the Board shall have a vote and when there is an equal division of votes upon any question and more than three members take part in such division shall have a second or casting vote.” (iii.) By inserting after subsection three of that section the following subsection, namely :— “ ( 3 a . ) The deputy chairman of a Board may act in the office of chairman of that Board during such time as the chairman is prevented by absence, illness, or otherwise from performing the duties of the office of chairman or during such time as a vacancy exists in the office of chairman.” ,(iv.) By inserting in subsection four of that section after the word “ chairman ” where such word twice occurs the words “ or deputy chairman ”. (v.) By inserting in subsection five of that section after the word “ chairman ” where such word twice occurs the words “ , deputy chairman,”.

ELECTRICITY. 203 1952. State Electricity Commission, Etc., Act. P art III.— A mendments of “ T he R egional E lectric (vi.) By adding the following subsection to that aacts ! kid 45S section, namely :— 101951' “ (6.) If the chairman and the deputy chairman of Acting a Board are at any time prevented by absence, illness,chairman- or otherwise from performing the duties of the office of chairman the Board may, if it thinks fit, appoint one . of its members who shall not be representative of the Commission to act as chairman during such time as the chairman and the deputy chairman are so prevented from performing the duties of the office of chairman, and the acting chairman while so acting may do all acts that the chairman, as such, may do. Moreover if at any time between the passing of . * “ The State Electricity Commission Acts and Another Act Amendment Act of 1952 ” and the appointment of a deputy chairman in pursuance of this section, the chairman of a Board is prevented by absence, illness, or otherwise from performing the duties of his office, the Board may, if it thinks fit, appoint one of its members who shall not be representative of the Commission to act as chairman during such time as the chairman is so prevented from performing the duties of his office, and the acting chairman while so acting may do all acts that the chairman, as such, may do.” 12. In section fifty-three of f “ The Regional Electric Amendment Authorities Acts, 1945 to 1951,” the words “ from time to ^Qeo.Vi. time ” are inserted after the words “ shall have power ”. No. ie. " 13. Section fifty-four of | “ The Regional Electric Amendments Authorities Acts, 1945 to 1951,” is amended by repealing 9^0 Vi the first paragraph of subsection one of that section No. 16 . " (being all words from the commencement of that subsection to and including the words “ Order in Council ” where those words first appear) and by inserting, in lieu of that repealed paragraph, the following words, namely :— “ Every loan raised by the Regional Board shall be raised— (а) From the Treasurer ; or (б) From the Commission ; or (c) By the sale of debentures, bonds, or inscribed stock; or (d) Partly in one way and partly in another way or other ways.* * This Act. f 9 G. 6 No. 16 and amending Acts.

204 ELECTRICITY. P art III.— A mendments of “ T he State Electricity Commission, Etc., Act. 1 E liz . II. No. 2, R egional E lectric A uthorities A cts , 1945 The Regional Board shall not borrow any money to 1951.” pursuant to any negotiations sanctioned by the Treasurer under subsection two of this section unless the authority of the Governor in Council thereto is first obtained. In the case of a loan to be raised in whole or in part by the sale of debentures, bonds, or inscribed stock, the authority shall be given by Order in Council.” Amendment 14. In section fifty-five of * “ The Regional Electric sfoeo.Vi. Authorities Acts, 1945 to 1951,” the words “ to complete No. 16 . the works or undertaking in respect of which ” are repealed and the words “ for the purposes for which ” are inserted in lieu of those repealed words. Amendments 15. Section fifty-six of * “ The Regional Electric 9 fGeo6vi Authorities Acts, 1945 to 1951,” is amended— No-16- (i.) By repealing in the first paragraph of that section the words “ The money borrowed from the Treasurer or raised by the sale of debentures ” and by inserting, in lieu of those repealed words, the words “ All moneys borrowed by the Regional Board ” ; (ii.) By repealing in the second paragraph of that section the word “ purchase ” and by inserting, in lieu of that repealed word, the word “ purpose ”. (iii.) By adding to that section the following paragraph, namely :— A person advancing money to the Regional Board and receiving in consideration of such advance any debentures, bonds, or stock issued under the authority of this Act shall not be bound to inquire whether the issue of such security was in fact duly authorised or into the application of the money advanced or be in any way responsible for the non-application or misapplication thereof.” Insertion of 16. The following sections are inserted after section ss. 58 a and fifty-eight of * “ The' Regional Electric Authorities Acts, 9 Geo. VI. 1945 to 1951,” namely No. 16. stock. “ [55 a .] ( 1 .) All bonds or inscribed stock issued under the authority of this Act— (a) Shall, subject to this Act, be sold in such amounts or parcels, at such times and places, and in such a manner as the Regional Board thinks fit; * 9 G. 6 No. 16 and amending Acts. I

ELECTRICITY. 205 1952 . P art III.— State Electricity Commission, Etc., Act. A mendments op “ T he R egional E lectric (6) Shall with interest thereon be charged and AA uctthso , r 1 i 9 t 4 ie 5 s secured upon the assets and revenjues of TO 1951.” the Regional Board, subject to any prior debentures, bonds; and stock issued according to law; (c) Shall bear interest at the rate and be redeemable at such date or dates and at such place or places in or outside Queensland as respectively prescribed in the Order in Council; ( d) May, in the case of any bonds with the consent of the holder thereof, or in the case of any inscribed stock of the registered owner thereof, be paid off at any time previous to the due date thereof at not more than the par value thereof or (with the consent of the Governor in Council) at a premium, with interest thereon to date of payment only. . (2.) Interest secured by any such bonds or stock shall be payable at such times and at such places or place in or outside Queensland as prescribed in the Order in Council. [55 b .] N o notice of any trust express, implied, or Trusts, constructive shall be received by the Regional Board or by any officer or other servant or any agent of the Regional Board in relation to any debentures, bonds, or stock issued under the authority of this Act and the Regional Board or any such servant or agent shall not be bound to see to the execution of any such trust to which any such debentures or any part of any such stock may be subject.” 17. The following sections are inserted after insertion of section 58 b of *“ The Regional Electric Authorities A cts, g98D5^ arid 1945 to 1951,” as previously inserted by this Act, 9 Geo. vi. namely:— \ No-16- “ [55c.] (1 .) Notwithstanding anything to the Guarantee contrary contained in any Act, the amount of any loanof Ioans- borrowed by the Regional Board under the authority of the Governor in Council with interest at the authorised rate (and whether so borrowed before, on, or after the passing of f “ The State Electricity Commission Acts and Another Act Amendment Act of 1952,”) shall be and be deemed to have always been guaranteed by the Treasurer on behalf of the Government of Queensland. * 9 G. 6 No. 16 and amending Acts, f This Act.

206 ELECTRICITY. P art III.— ; * ' ' A of N‘^ thb TS State Electricity Commission, Etc., Act. 1 E liz . II. No. 2,1952. B egional _______ ;__________ :________________________'_________________________________________;_______ _ E lectric aa ”™ (2.) All moneys payable by the Treasurer pursuant to i95i.” £0 this sec^ion shall be paid out of moneys to be from time to time appropriated by Parliament for the purpose. (3.) The provisions of section five of * “ The Local Bodies' Loans Guarantee Acts, 1923 to 1936 ” shall, with any necessary adaptations thereof, extend and apply in respect of moneys paid by the Treasurer pursuant to this section. Debentures [5# d .] An investment, unless expressly forbidden by and stock the instrument (if any) creating the trust, by a trustee authorised °f trust funds in any debentures, bonds, or stock issued investment under the authority of this Act shall be and be deemed to 6i v L^ no °f be an authorised investment by the trustees pursuant to io. the provisions of section four of f “ The Trustees and Executors Act of 1897 ” (as amended by subsequent Acts) and such Act shall be read and construed accordingly.” Amendment 18. The following subsection is added to section 9 fGeo 9vi fifty-nine of J “ The Regional Electric Authorities Acts, No. i6. ’ 1945 to 1951,” namely:— “(^0 The provisions of this section shall apply and extend for the purpose of securing the payment of all moneys due and owing by any Regional Board under any loan made pursuant to § “ The State Electricity Commission Acts, 1937 to 1952, ” to that Board by the Commission, and to give effect accordingly every reference in subsections one and three of this section to the Treasurer or the Treasury shall be deemed to be a reference to the Commission.”* * * § * 14 G. 5 No. 8 and amending Acts, t 61 V. No. 10. J 9 G. 6 No. 16 and amending Acts. § 1 G. No. 26 and amending Acts.