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©State of Queensland
E N
An Act to Authorise the Making of A~angements by the State of ueensland pursuant to the Provisions o f “The Commonwealth and States Financial Agreement Acts, 1927 to 1944,” for the Raising of certain Sums o f Money by way of Loan by the State, and for other purposes
[ASSENTED TO 22 NOVEMBER, 19561 ]Preamble. Whereas it is e ~ ~ e ~ e n t to a u t h o ~ s e the making of rrangements by the tate of ~ueensland p ~ r ~ u a n t to the provisions of
“The ~ o m ~ o n w e a l t h and ~ t a t e s ~ i n ~ n c i a l Agreement Acts, 1927 to 1~44,” for the
raisin^
by way of Loan by the said State of certain sums of moneyamount in^
to ninety million dollars-Be it therefore enacted by the Queen’s Most Excellent Majesty, by and with the advice and consent o f 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 ~ o ~ e r n m e n t Loan Act of 1956.”
Decimal currency reference in ~ e a ~ b l e substituted pursuant to section 7 of Decimal
~ u ~ e n c y Act of 1965.
2. Interpretat~on. 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 ~ o m m o n w e a l t ~ and S ~ a ~ e s Financial Agreement Acts, 1927 to 1944”’;
(b) The terms “Government Stock”’ and ‘~~nscribed have the meanings respe~tively assigned to th
~ o ~ e r n m ~ n ~ ~ o a n Act of 1928.”
be read as one wit e ~ o ~ ~ o ~ w e ~ ~ t h and States ement Acts, 1927 t
’’
This Act shall be read and construed with and subject to the provisions of “The Commonwealth and Stales Financial Agreement Acts, 1927 to 2944,” and nothing in this Act shall be construed in derogation of any provision o f the Financial Agreement.2 s, 4 THE ~ ~ V LOAN ACT ~ ~OF 1956 ~ ~ ~s. 5 N T
4, Authority of Ee to make arrangements to raise a b a n of
~ 9 0 , ~ ~ ~ , 0 0 0 , The Governor in Council is hereby authorised and empowered to make arrangements in accordance with and in the manner provided in the Financial Agreement for the raising by way of Loan for the Public Service of the State of Queensland of sums of money not exceeding in the whole the sum of ninety million dollars for expenditure for the following purposes, that is to say:---
$ Upon Public Works and Services which may
hereafter be approved by Parliament to be defrayed out of moneys standing to the
credit of the Loan Fund Account . .
.
. . 80?000,00~For the purpose of meeting deficits (actual and/
or prospective} in the ~ o n s o l i ~ a t e ~ Revenue
Fund . . . . . . . . . . . , . , . . , . 10,000,000
$90,000,000 The sum in respect of which arrangements for the raising thereof are hereby authorised shall include such additional sums as may be 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, or of any part thereof.
Decimal currency references substituted pursuant to section 7 of Decimal Currency Act of 1965.
venue. Subject to this Act, for the purpose of raising the whole or any part of such sum pursuant to any such arrangement which may be made as aforesaid, the Governor in Council may subject to any such arrangement cause
~ o v e r n m e n t Stock or Inscribed Stock to be issued or created and 5. (1) Loans secured upon the Con~~lidated
delivered or sold,
delivered or sold- All ~ o v e r n m e n t Stock or Inscribed (a} Shall be secured upon the
State; and
Stock so issued or created and Consolidated Revenue of the (b) Shall bear interest at a rate fixed by the Governor in Council (c) Shall be repayable at a date or dates to be fixed by the (2) Stock may be sold beyond the limits of the State. The ~ o v e ~ o r in Council may subject to any such arrangement which may be made as aforesaid authorise the sale of any such ~ o v e ~ m e n t Stock or Inscribed Stock in places beyond the limits of the State, and may appoint any agent or agents to negotiate such sale and to enter into and execute any contract or co~tracts therefor.
(3) ~overnment S t o ~ ~ - ~ ~ e n deemed fully issued. All Government Stock ~ u r p o ~ i n g to be issued under the authority of this Act, if signed
according as necessity demands; and Governor in Council.
s. 6 THE G O V E R ~ ~ ~ ~ T LOAN ACT OF 1956 f. 10 3
by the Governor or by the Vice-president of the Executive Council and countersigned by the Treasurer, or if such issue purports to have been made in any place beyond the limits of the State, signed as prescribed by the Governor in Council, shall be deemed to have been duly issued, and the holder thereof shall not be bound to inquire heth her such issue was in fact duly authorised.
6. S u ~ s borro~ed- ow to be accounted for, Subject to this Act all sums borrowed 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.
’7. Temporary advances. Pending the final disposal of any ~ o v e ~ m e n t Stock or Inscribed Stock authorised by this Act to be issued or created, the Governor in Council may obtain temporary advances from any bank, corporation, financial institution, or other source for such period and on such terms as to interest or otherwise as he thinks fit.
.
Application of the Act 14 Geo. 5 No. 37. The provisions of “The Government Loans Redemption and Conversiu~ Act of1923”’ shall apply to the Loan hereby authorised to be raised.9, Interest and S i n ~ i ~ ~ Fund to be r i ~ a r y charges on revenue. All interest upon any sums borrowed und the authority of this Act, and all contributions in respect of any Sinking Fund hereinafter provided for, and all sums of money necessary 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 revenues in the follo~ing order:-
Firstly, the said interest; and
Secondly, the said contributions and purchase moneys,
in priority to all demands on such revenues, except the charges and expenses of the collection thereof and the interest upon the sums authorised to be borrowed under the author3 f the ~ o v e ~ m e n ~ b a n Acts of 1890, 1894, 1899, 1900, 1902, 190 910, 1911, 1914, 1918,
1921, 1924 1926, 1928, 1931, 1937, 1941, 1
,
1950 1952, and 1954,the A g r ~ c ~ ~ ~ r a i Lands ~ ~ r c h ~ e Acts, the ~ ~ t ~ ~ ~ e n t Acts, he G o ~ e ~ n ~ ~ n t ay in s ~ a n k ~ t o c k Acts, 1894 to 1897,” “The
of 1920,’* and “The Government Loans Redemption and Conversion Act 18. Special provision as to stock. Any Government Stock or Inscri~ed Stock issued or created and delivered or sold under the authority of this Act may, if the
overn nor
in Council so directs, and subject to the provisions of “The C o ~ ~ o n w ~ ~ l t ~ and StCiftes ~ ~ n u n c i a l Agreement Acts, 1927 to 1944,’’ be issued or created and delivered or sold subject to the condition that a proportion of the principal moneys representing such stock shall be redeemed at stated intervals during the period of the currency of such stock, or to a condition that a certain amount C o ~w e u ~ t ~ ~ oBun ~f
A g r e e ~ e n ~ ~ a t ~ ~ a t i o n and State Advances Act of 1 923.9p4 s.11 THE GOVERNMENT LOAN ACT OF 1956 s, 11
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.
Id. (1) S ~ n ~ i n g Fun
.
As provided by “The C o ~ m ~ n w e u ~ t h and States F ~ n u n ~ i a l ~ g r e e ~ e ~ t Acts, 1927 to 1944,’’ the Treasurer shall pay to the National Debt CoMmission, in respect of the whole of the SUMSborrowed 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 N a t i ~ na l Debt Commission shall stand possessed of all such sums so paid to them and all i~terest received thereon as a Sinking Fund for the redemption of the sums borrowed under the a u t h o ~ t y of this Act.
port to ~ ~ r l ~ ~ ~ e ~ t . The Auditor-General shall cause a report to be made to the Legislative Assembly in each year giving full i n f o ~ a t i o ~ in connection with the operations of such Sinking Fund during the last preceding financial year.
67499-By Authority: S . R. HAMF’SON, Government Printer, Queensland
I
TO
A
Act-
Short title of
to be read as one w t h "~ornrnff~weuith and Siares Financial Agreement Act 1927 io 1944"
Auditor-General to reporr to Parliament
Authority of State to raise loan . . . . . . . . . . . . . .
Consolidated Revenue Fund- all stock to be secured upon
sums borrowed to be placed to the credit of
F
Financial Agreenient-
meaning of term . . . . , . . . , , . . . . . . .
G
Government 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 issued . . . . . . . . . . . . Governor in Council-
authorized to raise money by way of loan
may authorize the sale of ~ o ~ e ~ m e n t stock beyond the' limits of the State . . . . . . . . . . . ' , . , . may cause stock to be issued o r created , . . . . , . . , . . . may obtain temporary advances . . , . . . . . . , . . . .
I
Inscribed Stock-
may be sold beyond the limits of the State . . . . . . . .
meaning of term . , . . . . . . . . . . . . . . . . . . . special provision re. . , , ' , , . , , . ' , , . . to be secured upon Consolidated. kevenue . . . . . . . . . rate to be fixed by Governor in Council . , . . , . . . , . . Treasurer may pay, out of revenue of State . . . . . . . . . .
Interest-
Interpretation. See Meaning of terms,
L
Loan-
appiication of "The ~ f f ~ e r n ~ ~ e n ~ Loans ~ ~ d e ~ p t i f f n and Con~,er~iff~
ACI Of1923" . . . , . . . . . . . . . . . . . . . authoritv of Stare to raise . . . . , , . . . . . . . . . . to be seiured upon Consolidated Revenue
s . l . . . , . 3 . . . . l l ( 2 j . . . . .
4 . . . . '
5 ( 1 ) . . . . .
6 . . . .
2 . , . . . .
5 ( 1 ) . . . . . . 5 ( 2 ) , . . . . . 2 . . . 10 . ' . . . . 5j3) . . . . .
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6 INDEX
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Meaning of terms-
Financial Agreement . . . s.2 . . .
Government Stock 2 . . .
Inscribed Stock . . . 2 . . . . . .
s
. . .
Short title of Act 1
Sinking Fund-
re, payments to National Debt Commission . . . i f (1) . . .
report to Parliament re 1 1 ( 2 ) . . . .
to be primary charges on . . . revenue . . . 9. . . .
T
Temporary advances-
Governor in Council may obtain 7
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67699-By Authority: S . R. HA~PSON, Government Printer, Queensland
