LOAN ACT.
Act No. 25, 1926.
An Act t o a u t h o r i s e t h e raising of a L o a n for P u b l i c
W o r k s a n d S e r v i c e s ; a n d for o t h e r p u r p o s e s .
[ A s s e n t e d t o , 3 0 t h D e c e m b e r , 1926.]
B
E it enacted by the King's Most Excellent Majesty,
by and with the advice and consent of the Legis­
lative Council and Legislative Assembly of New South
Wales in Parliament assembled, and by the authority of
the same, as follows :—
1. This Act may be cited as the " Loan Act, 1926."
2 . I n this Act the expression " L o a n Service" has
the meaning given to it in the Audit Act, 1902;
" T r e a s u r e r " means the Colonial Treasurer for the
time b e i n g ; and " S t o c k " means Inscribed or Funded
Stock.
3 . The Governor may, by the issue of Debentures or
Stock, secured upon the Consolidated Revenue Fund,
raise such sums of money, not exceeding in the whole
the amount of Eleven millions three hundred and sixteen
thousand
thousand eight hundred and seventy-three pounds, as are
respectively set against the following Public Works and
Services, that is to say : —
S Y D N E Y HAHISOUR
TRUST—
Towards construction of W o r k s generally, a n d for
i m p r o v e m e n t of t h e P o r t
the
£27
1,200
0
0
1,960,600
0
0
620,200
0
0
2,168,100
0
0
100,000
0
0
A d d i t i o n s to L i n e s , W o r k s h o p s , Buildings, Rolling-stock,
&c
71,300
0
0
Electrification of Newcastle T r a m w a y s
48,000
0
0
128,800
0
0
RAILWAYS—
Rolling-stock, to meet additional Traffic r e q u i r e m e n t s ,
including E q u i p m e n t of N e w L i n e s ; A d d i t i o n s t o
R a i l w a y Lines, S t a t i o n s , Buildings, a n d for o t h e r p u r poses ; a n d t o w a r d s E q u i p m e n t of R e f r e s h m e n t Rooms
Duplication of Lines
Electrification of R a i l w a y Lines
S t a t e Colliery, L i t h g o w — D e v e l o p m e n t of
TRAMWAYS—
RAILWAY
...
...
...
CONSTRUCTION—
Booyong t o B a l l i n a — f u r t h e r sum
R i c h m o n d to K u r r a j o n g — f u r t h e r sum
...
...
...
6,600
0
0
Condobolin t o B r o k e n H i l l — f u r t h e r sum ...
...
...
140,800
0
0
U r a n q u i n t y to Moon's S i d i n g — f u r t h e r sum
...
...
20.700
0
0
Grafton to S o u t h G r a f t o n — f u r t h e r s u m
18,600
0
0
Moss Vale to P o r t K e m b l a R a i l w a y
50,000
0
0
City Electric R a i l w a y — f u r t h e r sum
558,900
0
0
564,000
0
0
4,000
0
0
£6,737,800
0
0
C i t y a n d S u b u r b a n Railways a n d R a i l w a y s
L a n d R e s u m p t i o n s and Costs ...
...
TRAMWAY
generally,
...
...
CONSTRUCTION—
T r a m w a y s generally ...
...
C a r r i e d forward
...
...
...
...
B r o u g h t forward
CLOSER
£6,737,800
0
0
1,025,750
0
0
20,000
50,000
0
0
0
0
531,500
29,100
0
0
0
0
28,300
36,900
0
0
0
0
28,200
12,900
9,700
0
0
0
0
0
0
156,400
219,900
0
0
0
0
296,100
0
0
58,300
0
0
25,100
0
0
45,200
0
0
6,300
50,000
0
0
0
0
£9,367,450
0
0
SETTLEMENT—
F o r r e d e m p t i o n of Closer .Settlement D e b e n t u r e s ( a m o u n t
to be carried to t h e Closer S e t t l e m e n t A c c o u n t )
...
SECRETARY FOR
LANDS—MISCELLANEOUS—
T o provide for a working capital for P u r c h a s e of W i r e
N e t t i n g , M a t e r i a l , &c, in t e r m s of section 30 of t h e
P a s t u r e s P r o t e c t i o n A c t , N o . 35, 1 9 1 2 — t h e a m o u n t
t o be carried t o Special Deposits A c c o u n t ( W i r e
N e t t i n g W o r k i n g C a p i t a l A c c o u n t ) — f u r t h e r sum ...
To provide for a supply of w a t e r a t B e n a n e e
...
...
BRIDGES—
S y d n e y H a r b o u r B r i d g e — f u r t h e r sum
Bridges g e n e r a l l y — f u r t h e r sum
...
H A R B O U R S AND
...
...
...
...
...
...
RIVERS—
Newcastle H a r b o u r I m p r o v e m e n t s , including W h a r f a g e ,
S h i p p i n g , D r e d g i n g , a n d o t h e r P l a n t — f u r t h e r sum ...
P o r t K e m b l a H a r b o u r I m p r o v e m e n t s — f u r t h e r sum
...
Coff's H a r b o u r I m p r o v e m e n t s , J e t t y E x t e n s i o n , &c.—
f u r t h e r sum
...
M a n n i n g R i v e r I m p r o v e m e n t s — f u r t h e r sum
...
...
B y r o n Bay, N e w J e t t y — f u r t h e r sum
...
...
...
WATER
SUPPLIES—
C o u n t r y T o w n s W a t e r S u p p l i e s — f u r t h e r sum
...
I m p r o v e m e n t s , S y d n e y W a t e r S u p p l y — f u r t h e r sum
SEWERAGE
...
...
CONSTRUCTION—
M e t r o p o l i t a n Sewerage a n d S t o r m w a t e r C h a n n e l s — f u r t h e r
sum
C o u n t r y T o w n s Sewerage a n d S t o r m w a t e r C h a n n e l s —
f u r t h e r sum
N e w c a s t l e Sewerage a n d S t o r m w a t e r C h a n n e l s — f u r t h e r
sum
PUBLIC
BUILDINGS—
M e n t a l H o s p i t a l s — N e w Buildings, I m p r o v e m e n t s , a n d
A d d i t i o n s — f u r t h e r sum
...
...
S t a t e H o s p i t a l s a n d A s y l u m s , i n c l u d i n g Coast H o s p i t a l —
N e w Buildings, I m p r o v e m e n t s , a n d A d d i t i o n s —
f u r t h e r sum
D e p a r t m e n t of A g r i c u l t u r e — n e w b u i l d i n g
...
...
C a r r i e d forward
B r o u g h t forward
£9,367,150
0
0
159,500
0
0
28,S00
0
0
257,300
0
0
2,500
0
0
12,200
0
0
216,400
0
0
15,000
1,000
0
0
0
0
10,000
0
0
156,100
0
0
21,500
0
0
9,903
0
0
£10,257,653
0
0
ELECTRICAL—
H y d r o - E l e c t r i c S c h e m e s — f u r t h e r sum
...
...
...
P o r t K e m b l a Power S t a t i o n a n d Transmission S y s t e m —
A u g m e n t a t i o n — f u r t h e r sum ...
...
...
...
MISCELLANEOUS—
R i v e r M u r r a y C o m m i s s i o n — P a r t cost of W o r k s t o be
carried out u n d e r t h e A c t a n d
Hydro-Electric
D e v e l o p m e n t — f u r t h e r sum
Border Railways—Preliminary
Survey Expenses and
Acquisition of L a n d for C o n s t r u c t i o n P u r p o s e s —
f u r t h e r sum
GOVERNMENT
DOCKYARD,
NEWCASTLE—
E s t a b l i s h m e n t — f u r t h e r sum
HUNTER
DISTRICT W A T E R
S U P P L Y AND S E W E R A G E
BOARD—
W a t e r Supply—Amplification, E x t e n s i o n of R e t i c u l a t i o n , I m p r o v e m e n t s ,
a n d o t h e r W o r k s — f u r t h e r sum
Sewerage—
E x t e n s i o n and R e t i c u l a t i o n — I m p r o v e m e n t s a n d o t h e r
W o r k s — f u r t h e r sum
Storm water D r a i n a g e — f u r t h e r sum
...
...
...
Miscellaneous—
To provide for purchase of Stores a n d M a t e r i a l s , t h e
cost of which c a n n o t properly be charged t o
A p p r o p r i a t i o n s of P a r l i a m e n t u n t i l
actually
issued for u s e . — ( T h e a m o u n t to be carried to
Special Deposits
Account—Hunter
District
W a t e r S u p p l y a n d Sewerage B o a r d S t o r e
Advance Account)
PUIJLIC
INSTRUCTION—MISCELLANEOUS—
School B u i l d i n g s , Teachers' Residences a n d O t h e r Buildings,
School and Residence Sites
...
...
...
...
CHILD
WELFARE
DEPARTMENT—
P u r c h a s e of Buildings a n d Sites, a n d E r e c t i o n of A d d i t i o n a l
Buildings
L A B O U R AND
INDUSTRY—
To recoup R e s u m e d P r o p e r t i e s D e p a r t m e n t , L o a n Votes,
I m p r o v e m e n t s to O b s e r v a t o r y H i l l R e s u m e d A r e a ,
E r e c t i o n of Shops, D w e l l i n g s , & c , e x p e n d i t u r e in
connection with building erected outside t h e A r e a for
I m m i g r a t i o n r e q u i r e m e n t s ( £ 9 , 9 0 2 17s.
11d.)
...
Carried forward
B r o u g h t forward
£10,257,653
0
0
251,000
0
0
Country Main Roads Fund
300,000
0
0
Developmental R o a d s
138,000
0
0
promotion of A g r i c u l t u r e , A g r i c u l t u r a l Colleges,
E x p e r i m e n t F a r m s , &c, including purchase of L a n d ,
Buildings, & c . — f u r t h e r sum ...
4,000
0
0
G r a i n E l e v a t o r s — T o w a r d s C o n s t r u c t i o n of C o u n t r y G r a i n
Silos a n d p e r m a n e n t W o r k i n g H o u s e s — f u r t h e r s u m . . .
93,000
0
0
1 47,200 0
0
MAIN ROADS BOARD—
F o r C o n s t r u c t i o n a n d R e c o n s t r u c t i o n of M a i n
Roads—
Subsidies—
C o u n t y of C u m b e r l a n d M a i n R o a d s F u n d
DEPARTMENT
For
WATER
To
OF
...
AGRICULTURE—MISCELLANEOUS—
CONSERVATION AND I R R I G A T I O N
COMMISSION—
provide for t h e Construction of B u r r i n j u c k Dam
D e v e l o p m e n t a l W o r k s , i n c l u d i n g Factories, P l a n t , and
S u b s i d i a r y W o r k s ; p a y m e n t of t e n a n t r i g h t s ; deferred
r e n t s a n d w a t e r rates, M u r r u m b i d g e e Irrigation A r e a s ,
and A d v a n c e s to individual S e t t l e r s , Or O r g a n i s a t i o n s
of S e t t l e r s (to be s u b s e q u e n t l y repaid), on I r r i g a t i o n
Areas generally—further sum...
...
...
...
Shallow b o r i n g — T o provide W a t e r Supplies for S e t t l e r s —
f u r t h e r sum
56,300
0
0
R e t u r n e d Soldiers' S e t t l e m e n t — T o provide for S e t t l e m e n t
of D i s c h a r g e d Soldiers on I r r i g a t i o n F a r m s a n d to
assist t h e m in t h e d e v e l o p m e n t t h e r e o f — f u r t h e r s u m . . .
50,100
0
0
W o r k s u n d e r t h e W a t e r A c t , No. 44, 1 9 1 2 — f u r t h e r sum
15,320
0
0
R i v e r M u r r a y L a n d s S e t t l e m e n t — C o s t of W o r k s generally
in connection w i t h d e v e l o p m e n t — f u r t h e r s u m
...
1,000
0
0
Total, Loan Estimates
..
£11,316,873
0 0
4 . (1) The Loans so authorised as aforesaid may be
negotiated wholly or in part in the form of Debentures
or Stock in New South Wales or in London at such
times and for such amounts and for such periods as may
be directed by the Governor.
(2) Notwithstanding the provisions of any other
Act, the loans so authorised may be raised at a rate of
interest exceeding four pounds per centum per annum.
5 . Any Stock issued in New South Wales under this
Act shall" be styled " New South Wales Funded Stock,."
and shall, if sold otherwise than by tender, be pur­
chasable at the Treasury upon any lawful day.
6. (1) The provisions of the Funded Stock Act of
1892, relating to the method of inscription and transfer
of Stock, and the regulations under the Inscribed Stock
(Issue and Renewals) Act, 1912, and the forms prescribed
in the said regulations, are hereby declared to be applic­
able to, and shall be followed and used, mutatis
mutandis, in connection with Stock issued within
New South Wales under this Act.
(2) I n respect of any Stock issued in London
under the provisions of this Act, the Governor may
make regulations, not being inconsistent with the pro­
visions of the Inscribed Stock Act, 1902, for carrying
this Act into effect ; and such regulations shall be
published in the Gazette and laid before Parliament
within fourteen days of the publication thereof, if Par­
liament be then sitting, and if Parliament be not sitting,
then within fourteen days of the commencement of the
next session thereof.
7. Pending the issue of Debentures or Stock under
the authority of this Act, the Governor may, by the
issue of Treasury Bills secured upon the Consolidated
Revenue Fund, raise such sums of money not exceeding
in the whole the amount of moneys authorised to be
raised under this Act. Such Treasury Bills shall have
such currency, not exceeding five years, as the Governor
may direct.
3. The principal moneys for which such Treasury
Bills may be made out shall be chargeable on and
payable out of the General Loan Account on the
maturing
maturing of such Bills. The interest on such Treasury
Bills shall be chargeable on and payable out of the
Consolidated Revenue F u n d .
9. The provisions of the Treasury Bills Act, 1902,
and the Treasury Bills and Debentures (Signatures) Act,
1920, relating to the making out, signing, numbering,
dating, and to the amounts of the Treasury Bills
authorised to be issued, and to the cancellation of
defaced Treasury Bills and the issue of new Bills in
lieu of such Bills and also of such Bills as are lost,
burned, or otherwise destroyed, and to the cancellation
of discharged Bills, shall apply to Treasury Bills issued
under this Act.
1 0 . All moneys borrowed under this Act shall be
paid to the Treasurer, and shall be by him carried to
and form part of the General Loan Account, and be
appropriated and applied, as required, to the works and
services hereinbefore specified, or to any other duly
authorised Loan Service, in terms of the Audit Act,
1902.
1 1 . Debentures, Stock, or Treasury Bills sold or
issued under this Act are hereby declared to be for
all purposes Government Securities; and all cor­
porations and other persons whatsoever shall have
power to invest in the purchase of such Debentures,
Stock, and Treasury Bills any property held by them,
whether as trustees or otherwise, which they are not
expressly forbidden to invest in Government Stock or
Securities, without on that account being liable for a
breach of trust and without incurring any liability
whatsoever, provided that such investment is in other
respects reasonable and proper.
1 2 . (1) Notwithstanding the foregoing provisions
of this Act or the provisions of any other Act the loans
authorised by this Act may be negotiated or raised
wholly or in part in the form of Debentures or Stock in
such country or cities as the Governor may direct, and
may be negotiated and raised in any currency.
(2) The Governor in connection with the
negotiation or raising of the loans so authorised may by
regulations direct that a special Sinking Fund should be
established
established and that the payments to such fund shall he
invested and applied towards the liquidation of such
loans in the manner prescribed by the regulation.
(3) Any payment to such Sinking Fund shall
be chargeable and payable out of the Consolidated
Revenue Fund.
(4) The Governor may make regulations under
the Inscribed Stock (Issue and Renewals) Act, 1912,
as amended by subsequent Acts, to give effect to this
section.