No. 371. debentures. 2. Subject to the provisions hereinafter contained all such 34 VICTORIA, debentures shall be issued secured applied appropriated and dealt with in the same manner as the first-mentioned debentures, and all Application of the provisions of "The Public Works Loan Act 1868" shall apply to the debentures issued under this Act and to the proceeds thereof as if they had formed part of the debentures issued under the said former Act. Yan Yean or 3. No portion of the proceeds of the debentures issued under Debentures not this Act shall be applied to completing any works for the Yan Yean to be used for water supply or the Alfred Graving Dock at Williamstown, or to Graving Dock. repaying any advances for or on account of either of the said purposes. 4. This Act shall be incorporated with "The Public Works Construction of Loan Act 1868," and both Acts shall be read together accordingly. Act. Stock erected. To be sold. Disposal of price. 22 Vict. No. 86 8. 18. Appropriation thereof. An Act to authorize the Raising of Money for Public WE [28th November 1872.] HEREAS it is expedient to raise by loan secured on the consolidated revenue of Victoria a sum of money for the purposes and in manner hereinafter mentioned: Be it therefore enacted by the Queen's Most Excellent Majesty by and with the advice and consent of the Legislative Council and Legislative Assembly of Victoria in this present Parliament assembled and by the authority of the same as follows (that is to say) :— 1. One capital or joint stock to be called and known as "Victorian Government Stock" shall be and the same is hereby erected, and the nominal amount thereof until otherwise provided by Parliament shall be One million five hundred thousand pounds. 2. The Treasurer shall under regulations and conditions to be submitted to and approved by the Governor in Council cause to be sold for ready money the said stock in parcels or amounts of Ten pounds or some multiple of Ten pounds. 3. The moneys to be produced by such sale shall be paid into the "Public Account" and shall be placed to the credit of an account to be kept in the Treasury for such purpose to be called "The Public Works Loan Account 1872." 4. The said moneys shall subject to the provisions hereinafter contained be issued and applied for and towards the several purposes First Schedule. specified in the First Schedule to this Act to the extent set opposite such purposes respectively in the same schedule, but the surplus (a) See 38 Vict. No. 496, "Public Moneys (Stock Amendment)," post, p. 2201. (b) Nominal amount of stock reduced by 38 Vict. No. 496 s. 2, "Public Moneys (Stock No. 428. arising on any item in the said Schedule may after the completion 36 VICTORIA, of the work described in such item be applied in aid of any other item in the said Schedule which may be deficient. of loan. 5. It shall be lawful for the Governor to issue and apply from Governor may time to time out of the consolidated revenue any sum or sums advance from of consolidated remoney not exceeding [One hundred thousand pounds] towards any venue on account of the purposes to which the moneys to be raised by the authority of Repealed and new this Act shall be applicable, and any sum or sums of money which provision substi may under the authority hereof be issued and applied to any of the No. 496. 12, purposes aforesaid shall from time* time be repaid out of the moneys (Stock Amend standing to the credit of "The Public Works Loan Account 1872" ment)," post, as aforesaid into the consolidated revenue. tuted by 38 Vict. "Public Moneys p. 2202. * Sic. and contingen 6. So much of the money raised under this Act as shall be salaries wages required for salaries wages and contingencies incident to and required eies under this for the purposes mentioned in the First Schedule to this Act shall Act to be sancnot be issued or applied towards the payment of such salaries wages liament. and contingencies except in such sums as shall have been first sanctioned by an Act of Parliament. tioned by Par Annual accounts to be prepared mitted for sanc tive Assembly. 7. The Treasurer shall in every year during which any part of the said sum of One million five hundred thousand pounds hereby and estimate of authorized to be raised shall remain unexpended cause to be pre- expenditure subpared an account of the moneys so raised and of the amount of stock tion of Legisla erected in respect of such moneys and of the moneys which shall 30 & 31 Vict. have been issued out of the consolidated revenue in respect of the c. 145 s. 20. said sum of One million five hundred thousand pounds; and before any expenditure shall be made or contract entered into for the completion and construction of works or the purchase of land or works authorized by this Act an estimate of the expenditure which the 29 Vict. No. 289. Board of Land and Works proposes to incur for the said purposes during the ensuing twelve months, and also a statement showing the works or purposes for or in respect of which the moneys during the preceding year may have been applied, shall be laid before both Houses of Parliament, and the aforesaid estimate shall be submitted. for the sanction of the Legislative Assembly in the same manner as the annual Estimates of Expenditure for the public service. be audited. 8. The receipt expenditure or advance of all moneys to be raised Expenditure to under this Act and the transfer of all stock as hereinafter provided shall be reviewed and audited by the Commissioners of Audit in accordance with the provisions of any Act now or hereafter in force for the collection and payment of the public moneys and the audit of the public accounts. 9. Interest after the rate of Four pounds per centum per annum Interest on stock. shall be payable on the said stock, and such interest shall be paid half-yearly on the first day of April and the first day of October in every year, and shall until redemption thereof by Parliament in manner hereinafter mentioned be charged and chargeable upon and payable out of the consolidated revenue of Victoria, which is hereby appropriated for that purpose accordingly. issued when interest due. 10. For the more easy and sure payment of the said interest so Moneys to be much of the consolidated revenue as shall be required shall be from No. 428. 36 VICTORIA, time to time separated and set apart in the Treasury for answering the same, and shall without any further or other warrant be issued and paid at the Treasury in the manner prescribed by an Act passed in the twenty-second year of the reign of Her present Majesty intituled "An Act to amend the Law for the Collection and Payment of the Public Moneys the Audit of the Public Accounts and the Protection and Recovery of the Public Property" No. LXXXVI. Purchasers' names to be entered in books. 8. 3. 11. In the office of the Treasurer for the time being there shall be provided and kept books to be called "Stock Ledgers," in which 23 Geo. II. c. 16 there shall be entered the names of the purchasers of the said stock and the amount of stock purchased by them respectively as aforesaid, and the said purchasers and their assigns shall be at liberty at all reasonable times to inspect the same; and every such book shall Second Schedule. be in the form or to the effect in the Second Schedule to this Act, and shall contain the several matters and particulars indicated thereby and such other matters and particulars as the Treasurer shall deem necessary and all such books shall be examined weekly by the Commissioners of Audit. Stock to be assignable. Restriction on 12. The said stock or any share therein shall be transferable as this Act directs and not otherwise. But no person shall be entitled amount of stock or allowed to transfer any fraction of One pound or any smaller sum than Ten pounds unless such smaller sum shall be the full amount of the balance standing to the credit of such person in the said stock ledger. which may be transferred. Transmission by or marriage to 13. If any of the said stock have become transmitted in condeath insolvency sequence of the death or bankruptcy or insolvency of any stockholder be proved. or the marriage of a female stockholder or by any other lawful means 8 & 9 Vict. c. 16 than by a transfer according to the provisions of this Act, such 6. 18. Additional proofs. Ib. s. 19. 27 Vict. No. 268 8. 20. transmission shall be authenticated by a declaration in writing as hereinafter mentioned and in such other manner (if any) as the Treasurer shall require; and every such declaration shall state the manner in which and the party to whom such part or share shall have been so transmitted, and shall be made and signed by some credible person and also by such party before a judge of the Supreme Court or of a county court or a police magistrate, and shall be left with the Treasurer, and shall be numbered in regular arithmetical progression beginning at the commencement of each year with an unit. 14. If such transmission be by virtue of the marriage of a female stockholder the said declaration shall state the particulars of the celebration of the said marriage and shall declare the identity of the wife with the holder of such stock, and a copy of the registry of such marriage under the hand of the Registrar-General shall together with such declaration be produced to the Treasurer, or if such transmission shall have taken place by virtue of any testamentary instrument or by intestacy the probate of the will or the letters of administration or an official extract therefrom shall together with such declaration be produced to the Treasurer; and if such transmission shall have taken place by virtue of any bankruptcy or insolvency, the adjudication or order of sequestration or an office copy thereof respectively shall together with such declaration be produced to the Treasurer. No. 428. transmission. 15. When any registered proprietor of any of the said stock 36 VICTORIA, shall desire to transfer the same or any part thereof, and when the party to whom any such stock shall have been so transmitted as Practice on aforesaid shall desire to deal with the same, he shall sign a mandate transfer and in such one of the forms contained in the Third Schedule to this Act Third Schedule. as shall be applicable or to the like effect, and such mandate shall be signed in the presence of some officer of the Treasury, and shall be delivered to and kept by the Treasurer. 23 Geo. II. c. 16 16. There shall be kept in the office of the Treasurer in the Method of transcity of Melbourne books to be called "Transfer Books," wherein all ferring. transfers of the said stock or any part thereof shall be entered and s. 8. registered, which entries shall be numbered in regular arithmetical progression, beginning at the commencement of each year with an unit, and such transfers shall be in the words contained in the Fourth Schedule to this Act or to the like effect, and shall be signed Fourth Schedule. by the parties making such transfers, or if any such party or parties be absent by his or their attorney or attorneys thereunto lawfully authorized as hereinafter mentioned. and acceptance Fifth Schedule. 17. When any such transfer as aforesaid shall be signed the Receipt to be person signing it shall at the same time sign a receipt in the form given for price or to the effect contained in the Fifth Schedule to this Act for the signed. money paid in consideration of such transfer, and the Treasurer shall cause such receipt to be attested by some officer of his department who shall thereupon deliver the same to the person (or one of the persons if there be more than one) paying the said money, and such transfer may be signed by the party or parties accepting the same or by his or their attorney or attorneys thereunto lawfully authorized as hereinafter mentioned, and every such receipt shall be registered in the Audit Office. of application for Sixth Schedule. 18. On the back of every such receipt before the signing thereof Indorsement on there shall be printed the notice set forth in the Sixth Schedule to receipt and form this Act, and every application mentioned in such notice shall be in interest by post. the form contained in the Seventh Schedule to this Act or to the like Seventh effect, and shall be countersigned by the manager or other principal Schedule. officer of some company or corporation carrying on the business of bankers in the city of Melbourne.(") entries to be and books and compared. 19. As soon as possible after any such transfer or declaration Debit and credit of transmission shall have been signed the amount of stock trans- made on transfer ferred or transmitted shall be debited in the proper account in the or transmission stock ledger, and shall be forthwith credited in the same ledger to instructions the account of the person or persons to whom it shall have been so transferred or transmitted; and the Treasurer shall cause the said stock ledger to be compared with the said transfer books and declaration of transmission respectively and with the said mandates daily, so as to ascertain that all the business transacted on that day has been duly and properly entered and recorded. 20. All and every attorneys and attorney who shall be ap- Appointment of pointed for the purpose of signing any such transfer as aforesaid or transfer or accept (a) The words "or any person appointed an attorney in that behalf" inserted after the word to "Melbourne" by 38 Vict. No. 496 s. 15, " Public Moneys (Stock Amendment)," post, p. 2203. |