Savings Bank Acts Amendment Act.-1927. as to the validity of any such new appointment the account shall be operated on by such new trustee or assignee or liquidator whose receipt shall be a complete discharge to the Bank for all moneys withdrawn from such account. (4) The Trustees may make such special rules and regulations as they may think fit with regard to accounts opened under the provisions of this section and the receipt and withdrawal of deposits of such accounts. The provisions of section 13 of the principal Act shall not apply to such special rules and regulations. (5) Save as herein provided and subject to any special rules and regulations made in this behalf all deposits received and all accounts opened and kept in pursuance of the provisions of this section shall, as regards the withdrawal of deposits, the receipt of interest and all other matters, be subject to the rules, regulations, conditions, provisions, and restrictions in force and effect for the time being relating to deposits received from and accounts opened in the names of ordinary depositors. 5. The Trustees may, at any time and from time to time, open an Agency of the Bank in London, and may at any time close any such Agency, and, if in their opinion advisable, re-open the same, and may receive and make repayments of deposits there, and from time to time make such rules and regulations for the conduct and carrying on of such Agency, and for the keeping of depositors' accounts there as they may consider advisable. The provisions of section 13 of the principal Act shall not apply to any such rules and regulations. In the name and on behalf of His Majesty, I hereby assent to Power for Bank to agency. have London Adelaide: By authority, HARRISON WEIR, Government Printer, North Terrace. An Act to amend The Municipal Tramways Trust Acts, 1906 and 1918, and for other purposes. [Assented to, December 14th, 1927.] E it Enacted by the Governor of the State of South Australia, with the advice and consent of the Parliament thereof, as BE it follows: 1. (1) This Act may be cited alone as the "Municipal Tramways 3hort titles. Trust Act Amendment Act, 1927." (2) The Municipal Tramways Trust Acts, 1906 and 1918, and this Act may be cited together as the "Municipal Tramways Trust Acts, 1906 to 1927." (3) The Municipal Tramways Trust Act, 1906, is hereinafter referred to as "the principal Act". 2. This Act is incorporated with the other Acts mentioned in Incorporation. section 1 of this Act, and those Acts and this Act shall be read as one Act. 3. Part VI. of the principal Act is hereby repealed. New Financial Provisions. 4. The sum of £252,777 11s. 1d. which was the net amount due to the Treasurer by the Trust on the thirty-first day of July, nineteen hundred and twenty-seven, on account of advances in respect of the "cost of purchase" as defined by section 36 (a) of the A-1812 principal Repeal of principal Liability of Trust Treasurer certain moneys. to repay to Issue of debentures. 8. 37 Power for Treasurer to advance further moneys. Municipal Tramways Trust Act Amendment Act.-1927. principal Act and interest thereon, and the sum of £2,280,504 13s. 1d., which was the net amount due as aforesaid on the thirty-first day of July, nineteen hundred and twenty-seven, on account of advances in respect of the "cost of construction" as defined by section 36 (b) of the principal Act (as amended by subsection (d) of section 4 of the Port Adelaide Eletric Tramways Act, 1912) and interest thereon shall be repaid to the Treasurer with interest calculated as from the said thirty-first day of July, nineteen hundred and twenty-seven, on the unpaid balance thereof for the time being in manner hereinafter set out. 5. (1) The Trust shall forthwith after the passing of this Act issue debentures in favor of the Treasurer in respect of the said amount of £252,777 11s. 1d., and further debentures in favor of the Treasurer in respect of the said amount of £2,280,504 13s. 1d. (2) The debentures shall be for the respective amounts set out in the Schedule to this Act, and shall have such currency and bear interest at such rates as are specified in the said Schedule. Interest on the debentures shall be payable half-yearly on the thirty-first day of January and the thirty-first day of July in each year. (3) Each such debenture shall make provision for the payment by the Trust to the Treasurer on the thirty-first day of January and the thirty-first day of July, in every year, of a contribution to a Sinking Fund at the rate of Seven Shillings and Sixpence per centum per half year of the capital moneys for the time being owing under such debenture until the first day of August, nineteen hundred and twenty-eight, and thereafter at such rate as Parliament provides. (4) The debentures shall secure the repayment by the Trust to the Treasurer of the capital moneys and interest thereon as hereinbefore provided, and such capital moneys together with such interest are hereby charged on the assets of the Trust in favor of the Treasurer. 6. (1) The Treasurer is authorised to pay to the Trust any further moneys required for the purpose of doing anything authorised by the Municipal Tramways Trust Acts, 1906 to 1927, and such moneys shall be "cost of construction moneys" for the purposes of the said Acts. (2) The Treasurer may raise any moneys intended to be paid to the Trust under this section by the issue and sale of Inscribed Stock or other securities. Such Inscribed Stock or other securities shall bear interest at such rate and be of such currency and be issued at such price as the Treasurer thinks fit; and the principal and interest of any such stock or other security shall be payable to the holder thereof at such place and at such times as are provided in such stock or other security. (3) Debentures shall be issued by the Trust in respect of all such further "cost of construction moneys" and the provisions of subsections (2), (3), and (4) of section 5 of this Act shall apply, mutatis mutandis, to every such debenture. (4) The Municipal Tramways Trust Act Amendment Act.-1927. (4) The amount for which such debentures are issued shall include the amount which the Treasurer certifies to the Trust in writing to be the fair cost of raising such moneys and such debentures shall have such currency and bear interest at such rate as the Treasurer certifies in writing to be the currency and rate of interest applicable for the time being to South Australian Inscribed Stock issued to ordinary investors. 7. When any debenture issued under this Act matures and is not Power to renew paid off the Trust shall issue and the Treasurer shall accept in lieu debentures. thereof another debenture for the same amount having such currency and bearing interest at such rate as the Treasurer certifies in writing to be the currency and rate of interest applicable for the time being to South Australian Inscribed Stock issued to ordinary investors. elect as to rate and 8. Where at the time of the issue of any debentures under this Right of Trust to Act other than the debentures referred to in section 5 different currency of debenclasses of South Australian Inscribed Stock varying as to rate of tures in certain cases. interest and/or currency are offered to ordinary investors, the following provisions shall, notwithstanding any other provisions of this Act, apply with respect to determining the rate of interest and the currency applicable to such debentures : (a) The Treasurer shall certify in writing to the Trust the fact that such different classes of stock are offered to ordinary investors and what is the rate of interest and currency of each class; and (b) The Trust shall elect what rate of interest and currency, being the rate of interest and currency applicable to one of the classes of stock certified as aforesaid, shall apply with respect to the said debentures, and the rate and currency so chosen shall apply accordingly. 9. (1) All moneys received by the Treasurer by way of Sinking Fund contributions under any debenture shall be paid to the Public Debt Commission appointed under the Sinking Fund Act, 1924. (2) The Public Debt Commission shall be entitled to pay from such moneys all sums due or becoming due to the National Debt Commission appointed under the Act of the Commonwealth Parliament, known as the National Debt Sinking Fund Act, 1923, in respect of sinking funds on account of loans at any time raised by the Treasurer for the purposes of the Trust; and upon all moneys so paid to the said National Debt Commission the Trust shall be credited with interest at the rate of Four Pounds Ten Shillings per centum per annum. (3) The said Public Debt Commission shall invest in manner provided by section 13 of the said Sinking Fund Act, 1924, all moneys paid to it under this section, not being moneys paid to the said National Debt Commission, and shall credit the Trust in each financial Control of contributions by Sinking Fund Public Debt |