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©State of Queensland
G
[Reprinted as at 1 May, 19851
An Act to authorize the making of arran ements by the State of States Financial Agreement Acts 1927 to 1944 for the raising of certain sums of money by way of loan by the State, and for other p u ~ o s e s
Queensland pursuant to the provisions o
f
The Commonwealth and[ASSENTED TO 30 OCTOBER, 19747 eamble, Whereas it is expedient to authorize the making of
~ a n g e m e n t s by the State of Queensland pursuant to the provisions of The Commonwealth and States Financial Agre~ment Acts 1927 to 1944 for the raising by way of Loan by the said State of certain sums of money amounting to two hundred and fifty 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 Parl~ament as~embled, and by the authority of the same, as follows:-
1, Short title. This Act may be cited as the ~overnment Loan Act 1974,
2. ~nt~r~retation, For the purposes of this Act-
{a) the term “Financial Agreement” shall mean the Agreement between the ~ o m m o n ~ e a l t h and the States as approved, ratified and validated by The C~mmonwealth a ~ d States Financial Agreement Acts I92 7 to 1944;
(b) the terms “Government Stock” and “Inscribed Stock” shall have the meanings respectively assigned to them in The
~overnment Loan Act of 1928.
3. A d to be read as one with The Commonwealth and States r ~ ~ Acts 1927 ~ ~ n to t 1944, This Act shall be read and construed with and subject to the provisions of The C u m ~ u n ~ e a Z t h 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 ~ r a n g e m ~ n t $ to raise a Loan of
~250,000,000. The Governor in Council is hereby authorized and empowered to make a~angements in accordance with and in the manner provided in the Financial Agreement for the raising by way of Loan
2 s. 5 GOVERNMENT LOAN ACT 1974 s. 7
for the Public Service of the State of Queensland of sums of money ing in the whole the sum o hundred and fifty million dollars for expenditure upon Public s and S e ~ c e s which mqy hereafter be approved by Parliamen e 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 a u t h o ~ zed shall include such additional sums as may be necessary in order actually to p r ~ ~ u ~ e to the T r e ~ s u ~ the said sum after providing for all costs, charges and expenses connected with the raising thereof, or of any part thereof.
~ e vSubject to ~ ~ ~ ~ , this Act, for the p u ~ o s e of the whole or any part of such sum
~u rs u an t to any such a ~ a n which may be made as aforesaid, ct to any such a ~ a n g e m e
Government Stock or In ck to be issued or created and delivered or sold.
t Stock or Inscribed Stoc so issued or created and ecured upon the ons soli dated ~ e v e n u e of the e Governor in Council red upon the Consoli
or in Council
(b) shall bear interest at a according as necessity
(c) shall be repayable at a date or Gove~nor in Council,
in as
$Old its 0% The Governor
ct to ngem may be made
Coun (2)
aforesaid authorize the sale o f any such Government Stock or ces beyond the limits of the tate, and may appoint any agent or agents to negotiate such sale and to enter into and execute any contract or contracts therefor.
(3) G ~ v ~ ~ ~ ~ ~ n t ~ ~ o c ~ - ~ ~ e ed fully issued. All Government Stock purporting to be issued under the authority of this Act, if signed by the
overn nor
and countersigned by the Treasurer, or if such issue p u ~ o r t s to have been made in any lace beyond the limits of the State, signed as prescribed by the G o v e ~ o r in ~ o u n c i l , 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 authorized.for. Subject to this Act all sums b o ~ o w e ~ under the authority of this Act shall be paid to the Treasurer, and shall be by him placed to the credit of the Consolidated Revenue Fund,
orary advances. Pending the final disposal of any
~ o ~ e r n m e n t Stock or Inscribed Stock authorized by this Act to be issued or created, the ~ o v e ~ o r in ~ o u n c i l may obtain temporary advances from any bank, c o ~ o r a t i o n , ~ n a n c i a ~ institution or other
source for such period and on such terms as to interest or otherwise as he thinks fit.
o. 37. The provisions of The
~edemption and ~ o ~ ~ e r s i o n Act of 1 9 ~ 3 shall apply to the Loan hereby authorized to be raised.
9. ~ ~ tan ~ ~ ~ s t s on rev^^^^. All
interest upon any of this Act, and
all contributions in respect of any Sinking Fund hereinafter provided for, and all sums of money ~ e c e s s a ~ for the purchase of Government Stock issued and sold under the conditions in the next succeeding section hereof, shall be and be deemed to be a charge upon all the revenues of the State, and the same when due shall be paid by the Treasurer out of such re~enues in the followin
Firstly, the said interest; and
Secondly, the said contributions and purchase moneys,
in priority to all demands on such revenues, except the charges and f the collection thereof and the interest upon the sums o be borrowed under the authority of the ~ o v e r n m e n t Loan Acts of 1954, 1954, 1959, 1 9 ~ ~ , 1964, 1966, 1968, 1971, and The
~ ~ v e r n m e n t ~ a n s ~ e d e ~ ~ t ~ o n and C u n ~ ~ r s ~ u n Act 0 ~ 1 9 ~ 3 , and pursuant
~ O ~ m o n w e ~ l t ~ Savings 3ank of Australia A g r ~ e ~ e n t Act of 1966.
ents ratified respectively by The C o ~ m o n w ~ u l t h a t ~ c a t i ~ n und ~ tA d ~ ~ n c e s ~ ~ Act e of 1920 an
rovision as to stoe
.
Any Government ock or Inscribed reated and deli red or sold unde e authority of this Act may, if the Governor in Council so directs, and subject to the provisions of The C o ~ m ~ n w e a l t ~ and States ~ i ~ a n c i a l Agreement Acts 1927 to 1944, be issued or crea and delivered or sold subject to the co~dition that a pr~portion of principal moneys representing such stock shall be redeemed at stated intervals d u ~ n g the period of the currency of such stock, or to a condition that a certain amount shall be set apart at fixed periods for the purpose of purchasing such stock at such price and on such terms and conditions as are deemed 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 aforesaid.
ed by The Commonw~al~h and
~ t a t e ~ F~nunciul A ~ r ~ e m e ~ t Acts 1927 to 1 9 ~ 4 , the Treasurer shall pay to the National Debt Commission, 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 provisions of the Financial Agreement; and the said National Debt Commission shall 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.
4 s. 11 GOVERNMENT LOAN ACT 1974 s. 11
ort to Parliament. The Auditor-General shall cause a report to be made to the Legislative Assembly in each year giving full information in Gonne~ion with the operations of such Sinking Fund during the last
~re Ge~in g ~nancial year.
68007-By Authority: S. R. HAMPSON, Government Printer, Queensland
TO THE
A
Act-
short title of . . . . . . s . l . .
to be read as one with The Commonwealth and States Financial
Agreement A d 1927 to 1 9 4 4 . . . . . 3 . . Auditor- ne^ to r e p r t to P a r ~ ~ a ~ e n t . . .
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
Financial Agreement- meaning of term
G
~ o v e ~ m c n t Stock-
Governor in Council may muse to be issued or created may be sold beyond limits of State . . , .
meaning of term . . . . . . '
special provision re, . , . , 1 . .
when deemed fully issued . , . . .
. . 1 1 ( 2 ) , . .
. . 4 I , . .
! + ( I ) . , . . .
6 . . .
2
Governor in Council-
authorized to raise money by way of loan 4 . .
may cause stock to be issued or created . . . .
may obtain t e ~ p o r a ~ advances . . . . . 7 . . . .
may authorize the sale of government stock beyond the limits of . . . . . . the State . . .
I
Inscribed Stock-
may be sold beyond the limits of the State
special provisions re . . .
to be secured upon Consolidated'Revenue . . .
meaning of term . . . ' .
Interest-
rate to be fixed by Governor in Council .
Treasurer may pay, out of revenue of State . . . Interpretation. See Meaning of terms.
L
Loan-
application of The Governrnenf Loans Redemption and Conversion authority o f State to raise
to be secured upon Consolidated'Revenue
Aci 0.1923 . . . . . . . . .
. . .
. . . .
5 (1)
9
8 - . ' .
4 .
5
Page
1 1 4 1
2 2
1
2 2 I 2 3
I 2 2 2
2 1 3 2
2 3
3 I 2
6 INDEX
Meaning of terms-
Financial Agreement .
Government Stock Inscribed Stock .
s
Short title of Act Sinking Fund-
re payments to National Debt omm mission report to parliament re
to be primary charges on revenue
.
s. 2 2
2 .
1
T
T e m ~ ~ r y advances- . . . . . .
Governor in Council may obtain 7
Page
1 1 1
i
3 4 3
2
6 8 ~ 7 - B y Authority: S. R. HAMPSON, Government Printer, Queensland
