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©State of Queensland
reprinted as at 1 May, 19851
An Act to Authorise the M a ~ n g of A~angements by the State of Queensland pursuant to the Provisions of “The Commonwealth and 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 purposes
[ASSENTED TO 25 AUGUST, 19661 eamble. Whereas it is expedient to authorise the making of a~angements by the State of Queensland pursuant to the provisions of
“The Commonwealth and States Financ~u~ A ~ r e e ~ e n t Acts, 1927 ttz 1944, ” for the raising by way of Loan by the said State of certain sums of money amounting to one 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 Parliament assembled, and by the authority of the same, as follows:-
1, Short title, This Act may be cited as “The Government Loan
2. ~nterpretation. For the purposes of this Act- Act of 1366. ”
(a) the term “Financial Agreement” shall mean the Agreement between the ~ommonwealth and the States as approved, ratified and validated by T h e Com~onweulth and States Finunc~al ~greement Acts, 1927 to 1944’:
(b) the terms ‘ ~ ~ o v e ~ m e n t Stock’’ and “Inscribed Stock” shall have the meanings respectively assigned to them in “The G o ~ e r n ~ e n t Loan Act of 1928.
3. Act to be read as one with “The ~ Q r n m o ~ ~ e a l t ~ and States Financial Agreement Acts, 1927 to 1944.” This Act shall be read and
c o n s t ~ e d with and subject to the provisions of ‘ T h e ~ o ~ ~ o n ~ e u ~ t ~ and States Financial Agreement Acts, 1927 to 1944, ” and nothing in
2 s. 4 THE ~ ~ V E R N ~ E N T LOAN ACT OF 1966 s. 6
this Act shall be construed in derogation of any provision of the Financial A ~eem en t .
4. Authority of State to make ~ r ~ a n ~ e m e n t s to raise a ioan of 0,008. The Governor in Council is hereby authorised and red to make a~angements in accordance with and in the m a n n e ~ 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 one hundred and fifty million dollars for expenditure 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.
The sum in respect o f which a~angements for the raising thereof are hereby authorised shall include such additiona~ 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.
5. (1) Eoms secured upon the ~ o n s o ~ i d a t e ~ evenue. Subject to this Act, for the purpose of raising the whole or ny part of such sum pur§u~nt to any such a ~a ng e me n t which may be made as aforesaid, the Governor in Council may subject to any such arrangement cause G o v e ~ m e n t Stock or Inscribed Stock to be issued or created and delivered or sold.
All Government tock or Inscribed Stock so issued or created and delivered or sold-
(a) shall be secured upon the 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 Governor in Council may subject to any such a ~ a n g ~ m e n t which may be made as aforesaid authorise the sale of any such Government 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 contracts therefor.
(3) Government Stock-w eemed fully issued. All Government Stock p u ~ o r t i n g to be issued under the authority of this Act, if signed by the G o ~ er n o r 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 whether such issue was in fact duly a ~ t h o ~ s e d .
6. Sums borrowe~-how to be accounted for. Subject to this Act all sums borrowed under the authority of this Act shall be paid to the
State; and
according as necessity demands; and Governor in Council.
s. 7 THE GOVERNMENT LOAN ACT OF 1966 s.11 3
Treasurer, and shall be by him placed to the credit of the Consolidated Revenue Fund.
7. ~ e m ~ o r ~ y adv G ~ S , Pending the final disposal of any Government Stock or Inscribed Stock authorised by this Act to be issued or created, the Governor in Council may obtain t e m p o r a ~ advances from any bank, corporation, ~nancial institution or other source for such period and on such terms as to interest or otherwise as he thinks fit.
~ ~ l i ~ a t i o ~ of the Act 1
ent Loans ~edemptio o, 37. The provisions of “The ion Act of 1923” shall apply
n t e r ~ ~ ~ a ~ d S i n ~ i n g Fund to be primary char es on revenue. All1 upon any sums borrowed under the authori 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 succeedin section hereof, shall be and be deemed to be a charge upon all th revenues of the State, and the same when due shall be paid by the Treasurer out of such revenues in the f o l ~ o ~ i n g order:--
to the Loan hereby authorised to be raised.
Firstly, the said interest; and
Second~y, the said contributions and purchase moneys,
in priority to all demands on such reve~ues, except the charges and expenses of the collection thereof and the interest upon the sums authorised to be borrowed under the authority of the Government Loan Acts of 1910, 1952, 1954, 1956, 1959, 1962, and 1964 “The Commonwealth Bank Agreement Ratijkation and State Advances Act of 1920’? and “The Government Loans Redemption and Conversion Act of 1923. ”
10. Special ~ ~ o v i ~ i o n as to stock. Any ~ o v e ~ m e n t Stock or Inscribed Stock issued or created and delivered or sold under the authority of‘
this Act may, if the Governor in Council so directs, and subject to the provisions of “The ~ u m ~ o n w e a ~ t h States ~inancial Agreement Acts, 1927 tu 1 ~ 4 4 ~ ” be issued or cre and delivered or sold subject to the condition that a proportio~ of the p ~ n c i p a l ~ o n e y s 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 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.
11. (1) S ~ ~ k ~ n g Fund, As provided by “The C u m ~ ~ n w e a l t h and States ~inancial Agreement Acts, 1927 to 1944, ” 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 ~ i n ~ n g Fund payments as are prescribed by virtue of the provisions of the Financial ~ ~ r e e m e n t ; and the said National Debt Commission shall
4 s . l l THE GOVERNMENT LOAN ACT OF 1966 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.
eport to Parliament. The Auditor-General shall cause a report to be made to the Legislative Assembly in each year giving full information in connection with the operations of such Sinking Fund during the last preceding financial year.
68008-By Authority: S. R. HAMPSON, Government Printer, Queensland
I
TO
A
Act-
short title of
to be read as one &rh ?he commonweai~h a d States '~jnancial A ~ ~ e e r n e n ~ Act 1927 to 1944. . . .
A u ~ l o r ~ e n e r a l to report 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
Financial Agreement- 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 . . a u t h ~ r i ~ e d to raise mone by way of loan
may authorize the sale o ~ ~ o v e r n m e n t stock beyond the l i m i t s of Governor in Council-
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 to be secured upon ~ o n ~ o l i & t e d ' R e v e ~ u e rate to be fixed by Governor in Council Treasurer may pay, out of revenue of State
. . . .
meaning of term . . .
special provisions re . . . .
Interest-
Interpretation. See Meaning of terms
L
h a n -
application of The Government Loans ~edempiian and Conve~saon a u ~ o r i t y of State to raise
to be secured upon ~ ~ ~ O l i ~ t e d ' R e ~ e n u e
A d of 1923 . . .
. . . . . .
s . 1 . . . 3 . . ' 11 ( 2 ) .
4 . . .
2
5 ( 1 ) . ~
5 ( 2 ) . .
2 . . .
5 ( 3 ) . 1
10 . . . .
4
L
10 5 (i)
8 . . . 4 . . .
5 . ~ .
Page
2 2
1
2
2
2 3
6 INDEX
Meaning of terms-
Financial Agreement . . .
Government Stock . .
Inscribed Stock . . . .
Short title of Act . . . Sinking Fund-
re payments to National Debt Commission report to parliament re .
to be primary charges on revenue
,
Temporary advances-
Governor in Council may obtain .
M
. . . . s . 2 . . . . 2 . . .
2 . . . .
S
T
1 .
11 (1) . . . . 1; (2)
7
Page
1
3 4 3
3
68008-By Authority: S. R. HAMPSON, Government Printer, Queensland
