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©State of Queensland

QUEENSLAND

54, 3 Eliz. 2

[Reprinted as at 1 May, 19851

An Act to Authorise the Making of Arrangements by the State of Queensland pursuant to the Provisions of “The Commonwealth and States Financial Agreement Acts, 1927 to 1944,” for the Raising of a Loan by the State, and for other purposes

[ASSENTED TO 4 NOVEMBER, 19541 Preamble. Whereas it is expedient to authorise the making of arrangements by the State of Queensland pursuant to the provisions of

“The Commonwealth and States Financial Agreement Acts, 1927 to 1944, ^” for the raising of a Loan by the said State of certain sums of money amounting to eighty million dollars-

Be it therefore enacted by the Queen’s Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:-

1. Short title. This Act may be cited as “The Government Loan

Decimal currency reference in Preamble substituted pursuant to section 7 of Decimal

Act of 1954. ^”

Curency Act of 1965.

2. Interpretation. For the purposes of this Act-

(a) The term “Financial Agreement” shall mean the Agreement between the Commonwealth and the States as approved, ratified and validated by “The Commonwealth and States Financial Agreement Acts, 1927 to 1944’:

(b) The terms “Government Stock” and “Inscribed Stock” shall have the meanings respectively assigned to them in “The Government Loan Act of _1928. ’’

3. Act to be read as one with “The Commonwealth and States Financial Agreement Acts, 1927 to 1944.” This Act shall be read and construed with and subject to the provisions of “The Commonwealth and States Financial Agreement Acts, 1927 to 1944, ^” and nothing in this Act shall be construed in derogation of any provision of the Financial Agreement.

4. Authority of State to make arrangements to raise a loan of

$80,000,000. The Governor in Council is hereby authorised and empowered to make arrangements in accordance with and in the manner

2 s. 5 THE G O ~ ~ R N ~ ~ N T LOAN ACT OF 1954 s. 6

provided in the ~inancial Agreement for the raising of a Loan forA the ueensland of sums of money not ighty million dollars for expenditure upon Public Works and services which may hereafter be approved by arliament to be defrayed out of moneys standing to the Credit of the Loan Fund Account.

The sum in respect of which arrangements for the raising thereof are hereby autho~§ed shall include such additional sums as m necessary in order actually to produce to the Treasury the said sum after providing for all costs, charges, and expenses connected with the raising thereof.

lic Service of the State of eding in the whole the sum o

Decimal currency reference ~ u b ~ t i ~ u t e d pursuant ‘to section 7 of the Decimal Currency Act of 1965.

delivere~ or sold-

evenue of the overnor in Council

as afore~aid au

Stock purporting to be issued under the authority of this Act, if sign~d by the Governor or by the Vice-President of the Executive Counci~ and countersigned by the Treasurer, or if such issue p u r p o ~ s to have been made in any place beyond the limits of the State, signed as prescribed by the

o over nor

in Council, shall be deemed to have been duly issued, and the holder thereof shall not be bound to inquire whether such issue was in fact duly authorised.

for, Subject to this Act all under the a u t h o ~ t y of this Act shall be paid to the Treasurer, and shall be by him placed to the credit of the Consolidated

~ e v e n u e Fund,

s. 7 THE ~ O V E ~ N ~ E ~ T LOAN ACT OF 1954 §. 11 3

a ~ v a ~ c ~ ~ . Pending the final disposal of any G o v e ~ m e n t Stock or Inscribed Stock authorised by this Act to be issued or created, the

c over nor

in Council may obtain temporary advances from any

bank, corporation, financial institution, or other source for such ~ e ~ o d and on such terms as to interest or o t h e ~ i s e as he thinks fit.

e The provisions of ‘“The Act of 1923, ^’I shall apply to the Loan hereby authorised to be raised.

Acts 0 ~ 1 8 9 0 , 1894, 1899, 1900, 1902, 1908, 1910, 1911, 1914, 1918, 1921, 1924, 1926, 1928, 1931, 1937, 1941, 1948, 1950, and 19.52, the Agricultural Lands Purchase Acts, the Closer ~ e ~ t l ~ ~ e n t Ac& “The

~ o v e r n m e n t Savin s an^ to^^ Acts, 1894 to 1897,” “The of 1920, ^” and “The Government Loans ~ ~ d e m p t i o n and ~ o n ~ e ~ s i o n Act of 1923, ^”

to stock. Any Government Stoc Stoc d delivered or sold under th this Act may, if the G o v e ~ o r in Council SO directs, and

provisions of “The ~ o ~ ~ o n w e a ~ t h and States Financial Agreement Acts, 1927 to 1944” be issued or created and delivered or sold subject to the condition that roportion of the p ~ n c i p a l moneys representing such stock shall be emed at stated intervals during the period of the currency of suc ck, or to a cond’

shall be set apart at fixed periods for the stock at such price and on such terms a

desirable. Moneys so set apart may be payable to any bank or agent approved by the Governor in Council, to be defrayed by such bank or agent for the purpose a ~ ~ r e ~ a i d .

Fund. As provided by “The ~ o ~ m o n w e a l t h and a1 ~greement Acts, 1927 to 1944, *’ the Treasurer shall pay to the ~ a t i o n a l Debt ~ ~ m m i s s i o n , in respect of the whole of the sums borrowed under the authority of this Act, such sums by way of Sinking Fund payments as are prescribed by virtue of the provision$ of the Financial A~reement; and the said National Debt Commission shall C o ~ ~ o n w ~ ~ l t h Ban

f

A g ~ e e m e n ~ ~ a t ~ c a t i o n and State Advances Act

that a certain ose of purchasi

ditions as are

4 s.11 THE GOVERNMENT LOAN ACT OF 1954 s. 11

stand possessed of all such sums so paid to them and all interest received thereon as a Sinking Fund for the redemption of the sums borrowed under the authority of this Act.

(2) R e ~ o r t to Parliament. The Auditor-General shall cause a report to be made to the LRgislative Assembly in each year giving full i n f o ~ a t i o ~ in connection with the operations o f such Sinking Fund during the last preceding financial year.

68002-By Authority: S . R. HAMPSON, Government Printer, Queensland

A

Act-

short title of .

to be read as one G i h yhe common'wealth a h States Financial Agreement Act 1927 to 1944. . . .

Auditor-General to report to Parliament . . . . .

Authority of State to raise loan . . .

C

Consolidated Revenue Fund- all stock to be secured upon

sums borrowed to be placed to the credit of

:

F

F i n a n c i ~ Agreement- meaning of term

G

Governmen€ Stock-

Governor in Council may cause to be issued or created may be sold beyond limits of State . . .

meaning of term . .

special provision re. . . . . . . .

when deemed fully issuAd . . . . . Governor in Council-

authorized to raise monev by way of Loan

may authorize the sale of government stock de;ond the limits of

the State . . . . . .

may cause stock to be issued or created . . .

may obtain temporary advances . , . '

I

Inscribed Stock-

may be sold beyond the limits of the State special provisions re

. . . .

meaning of tern . . .

to be secured upon Consolidated' kevenue . . . .

Interest-

rate to be fixed by Governor in Council

Treasurer may pay, out of revenue of State . . . Interpretation. See Meaning o f terns,

L

Loan-

application of The Go~e~nment Louw Redemption and Conversion ^. Act of 1923 . . . ⁸ authority of State to raise 4

to IX secured upon c o n s o ~ ~ t ~ ' k e v e ~ u e . . . . . . . . . . . . 5

. .

Page

I 1 4 1

2 2

1

2 2 1 3

I- 2

1 2 2 3

2 3 1 2 2 3

3 1 2

6 INDEX

Page

Meaning of terms- Financial Agreement Government Stock inscribed Stock

Short title of Act Sinking Fund-

re payments to National Debt Commission repon to parliament re .

to be primary charges on revenue

s. 2 2 2

S

1

7 . . . Temporary advances-

Governor in Council may obtain . . . . .

1

3 4 3

3

68002-By Authority: S. R. HAMPSON, Government Printer, Queensland