The State Advances Further Amendment Act 1912 (SA)

ANNO TERTIO

GEORGII V REGIS.

A.D. 1912.

No. 1100.

An Act to amend the Law relating to State Advances, and for other purposes, including consequent amend- ments of " The Advances for Homes Act, 1910."

[Assented to, Decemdev rgdk, r 912 .l

E it Enacted by the Governor of the State of South Australia,

follows: B with the advice and consent of the Parliament thereof, as

1. (I) This Act may be cited alone as " The State Advances Shorttitles.

Further Amendment Act, 1912."

(2) "The State Advances Act, 1895 " (hereinafter called the NO. 633of 1896.

5. No

principal Act "), " The State Advances Amendment Act, 1896," NO. 653 of 1896.

An Act relating to the Deposit of Mortgage Bonds and to the NO. 767 of 1901.

Financial Year of the State Bank " (being the Act No. 682 of 1897),

a The State Advances Further Amendment Act, 1901," and this

Act, may be cited together as " The State Advances Acts, 1H96 to

1912."

2, This Act is incorporated with the other Acts mentioned in Incorporation with

section 1, and those Acts and this Act shall be read together as one Oth'Acb-

Act.

Mortgage Bonds.

3, Section 31 of the principal Act is amended by substituting Amendment of aection 31 of the

the words Four Pounds Ten Shillings " for the words Four psncipal a,t.-

Pounds " in the third line of the said section. Interest on bonds.

4, Sections 35, 36, 37, and 38 of the principal Act shall not 8ectiona 36 to 38not to apply to future

apply to mortgage bonds iseued after the passing of this Act. mortgage bonds.

3' GEORGII V, No. I 100.

The State Advances Fu~ther Amendment Act.-1912.

Currency of bonds. 5. No mortgage bonds issued after the passing of this Act shall

have a currency exceeding forty years.

Surrender and 6, The Trustees may, with the consent of the Treasurer, at any

exchange of bonds

outstanding at the	time accept the absolute surrender by the holder thereof of any
passing of this Act.	mortgage bond outstanding a t the passing of this Act, and issue to euch holder in exchange therefor and in full satisfaction and discharge thereof, a mortgage bond of the same face value, and bearing the same rate of interest, as such surrendered mortgage bond, and having a currency not exceeding forty years.
Repa ment moneys	7. Subject to the application of section 38 of the principal Act to mortgage bonds issued before the passing of this Act, the Bank may, a t any time apply any moneys received by them in repayment of State advances in repurchasing mortgage bonds on such terms and conditions as they think fit.

may g e employed in

redemption of bonds.

Loans b,y the Tr~nsurer to the Bank.

Treasurer may

temporarily apply 8. (1) The Treasurer is authorised from time to time, out of

unapplied moneys	any moneys for the time being held by him and pending their
held by him in
making loans to the	application for the purpose for which they were raised or received
Bank.	by the Treasurer, to make such loans as he thinks fit to the Bank, repayable a t the call of the Treasurer, and bearing interest in the meantime a t such rate as is agreed between the Treasurer and the Trustees.
(2) The moneys so lent shall be deemed to be and form portion of the State Advances Fund, and shall be a t the disposal of' the Bank for the purpose of State advances, but shall not form, cr be deemed to form, any part of The Loan to State Bank Fund " hereinafter mentioned.
(3) The amount for the time being owing by the Bank to the Treasurer in respect of moneys lent by the Treasurer to the Bank under this section shall not at any time exceed the sum of Fifty
Thousand Pounds.
(4) Moneys received by the Treasurer by way of interest on or in respect of moneys lent under this section shall be applied by the Treasurer in aid of the general revenue of the State.
The Loan to State

Bank Fund 9, (1) A Fund is hereby collstituted, to be called " The Loan to

Cf. Advances for

State Bank Fund."

nome8 Act, 1910, 8. 8

(2) In order to provide the Bank with money for making State

advances, the Treasurer shall raise and set apart to the credit of

The Loan to State Rank Fund," such loan moneys as are applied

for by the Bank and approved- by the Governor by order in Council.

(3) The Treasurer may raise such moneys from time to time bp the issue and sale of Government Inscribed Stock. or Treasury Bills, having a currency not exceeding thirty years, bearing intereit at a rate not exceeding Four Pounds Ten Shillings per centum per V

annum, and for such price as the Treasurer things i t. (4) +he

3' GEORGII V, No. I roo

The S tde Advalzces Purther Arnendmnt Act.-1912.

(4) The moneys so set apart in any one financial year shall not zs, Cf. principal Act, 8.

exceed in the aggregate Four Hundred Thousand Pounds, and the total amount thereof shall not a t any time exceed Three Million Pounds.

(5) The Loan to State Bank Fund shall be held by the Treasurer for the purposes of this Act and shall be applied by him from time to time in purchasing or taking up from the Bank, mortgage bonds for such amounts as are from time to time required by the Bank. The Bank may at any time during the currency of any of the mortgage bonds so purchased or taken up by the Treasnrer redeem or repurchase the same.

(6) The Bank may apply the moneys received in consideration of

such purchase or taking up by the Treasurer of mortgage bonds in

making State advances as provided by the principal Act.

(7) Moneys received by the Treasurer from the Bank by way of interest on or in respect of mortgage bonds so purchased or taken up by the Treasurer shall be applied by the Treasurer in aid of the general revenue of the State.

(8) Nothing herein contained shall be deemed to give the Bank

power to issue mortgage bonds in excess of the limits prescribed by

section 28 of the principal Act.

Miscellaneous Amendments and other Provisions.

10, Section 13 of the principal Act is amended by substituting	Amendment of
13 of the principal

section

the, word	three " for the word "four " at the beginning of the said	Act .-Quorum.
section.

11. Section 21 of the principal Act is amended by inserting after

Amendment of section

2 1 of the principal

the word Bank " in the third line of the said section the following Act-Acting

provision, namely: - Inspector- General.

In case of the absence, illness, inability, or incapacity

of the Inspector-General, or of a vacancy in the office of	Inspector-General, the Trustees may, subject to the like
approv a1, appoint an Acting Inspector-General of the Bank,
to act in the place of the Inspector-General. Any person so appointed shall, until his appointment is terminated by uotice in writing by the Trustees, have, exercise, discharge, and perform, all or any of the functions, powers, authorities, discretions, and duties of the Inspector-General.

Application to sections

And sections 9 and 10 of " The Advances for Homes Act, 1910 " 9 and 10 of "The

shall be co~~strued accordingly. Advancee for Homes Act, 1910."

12, Section 24 of the principal Act is amended by substituting	24 of the principal
Amendment of section

the words "One Thousand Two Hundred Pounds" for the words

Act-Inspector-

c c One Thousand Pounds."

General's ealary.

Amendment of section

13, Section 4 of the " State Advances Further Amendment Act,	4 of the State
Advances Further

1901 " is amended by striking out the words where an advance Amendment Act,

does not exceed One Hundred Pounds" a t the end of the said	Appraisers Act not to
1901.

3" GEORGII V, No. I 100.

The State Advances Further Amendme rnt Act.-1912.

amendmentof eection	14. Section 7 of	The State Advances Further Amendment Act,
7 of " The State

AdvanceaFurther 1901 " is amended by adding at the end of the said section the

Amenbent 1901." Acts following paragraph, namely :-

If any mortgage bond is lost, then upon proof thereof to

the satisfaction of the Trustees, and on such indemnity being

given as the Trustees deem adequate, the 1n spector-~enerd

may make out and issue in lieu thereof to the person entitled

thereto, a new mortgage bond, bearing the same number,

date, currency, principal sum, and rate of interest as such

lost bond-, and such new mortgage bond shall be signed, sealed,

and countersigned as in the case of all other mortgage bonds.

Bank may provide

nick fund and super-	15. (1) In addition to any other powers conferred by this Act or any Act incorporated herewith, the Bank may, pursuant to regula- tions made under sections 66 and 6'7 of the prhcipal Act as amended by this section, out of the income of the Bank, provide and administer a sick and invalid fund and a superannuation fund for the benefit of officers and servants of the Bank.
annuation fund.
Consequent amend-

ment of eection 66. (2) Section 66 of the principal Act is amended by adding the

Regulations. following subdivision thereto :-

( * j ) The providing and administering of a sick and invalid fund

and a superannuation fund for the benefit of officers and

servants of the Bank.

Repugnant rules and

regulations revoked.	16. All rules or regulations heretofore made under the principal Act which are inconsistent with or repugnant to this Act are hereby revoked.
Receipts for money

paid to Bank exempt	17, All receipts for moneys paid to or into the Bank shall be
from stamp duty.

Cf. Advances for exempt from all stamp duties chargeable upon receipts under the

Homee A C ~,	Stamp Act, 1886," or any Act amending or substituted for that Act.
1910, a. 25:

Exemption from	18. Income derived from any mortga,ge bond issued after the passing of this Act shall be exempt from taxation, and the person receiving the same shall not be required to furnish a return in respect of such income for the purposes of taxation.
taxation.

In the name and on behalf of His Majesty, I hereby assent to

this Bill.

DAY H. BOS ANQUET, Governor.

.-p -

Adelaide : By authority, R. E. E. B o ~ ~ a s, Government Printer, North Terrace,