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debentures.

The Metropolitan Abattoirs Act.—1908.

PART III. 36. A certificate under the hands of the chairman, one other member of the Board, and the secretary of the Board, indorsed on any debenture issued under the authority of this Act, and stating that the principal sum thereby secured is part of the amount which the Board, at the date of such certificate, may legally borrow, shall be conclusive evidence of the authority of the Board to borrow the money secured by and to issue such debenture.

37. The money secured by every debenture issued under the Security of debenauthority of this Act, and the interest payable thereon, shall be tures a charge on the respective general rates of the constituent 19 Vict:,: No. 836,

sec. 3 (Victoria). Corporations and Councils declared, or to be hereafter declared, under the authority of 66 The Municipal Corporations Act, 1890," and “The District Councils Act, 1887,” and on all or any other revenues received or to be received by such Corporations and Councils (other than revenues derived from special and separate rates), and on all the real and personal property of the Board. Each of the constituent Corporations and Councils, as well as the Board, shall be jointly and severally liable for the amount named in such debenture, and the interest payable thereon ; and every debenture shall bind the constituent Corporations and Councils, and be as valid and effectual for all purposes as if the same had been executed by the respective constituent Corporations and Councils under the powers contained in “ The Municipal Corporations Act, 1890,” and “ The District Councils Act, 1887.”

38. If default be made by the Board in the payment of any deben- Default. ture or coupon, the holder of such debenture or coupon shall have all

M.C.A., 1890. the rights of a creditor of the constituent Corporations and Councils and the Board jointly and separately in respect of the money due upon such debenture or coupon, and may apply to the Supreme Court or a Judge thereof for the appointment of a receiver, who, when appointed, shall have the like power of collecting and obtaining payment of the respective general rates, and of all or any other revenues recoverable by such Corporations and Councils (except as is excepted in section 37) and by the Board (or by any one or more of such corporate bodies as shall be specified in the order appointing such receiver) as such corporate bodies respectively would have if such receiver had not been appointed.

39. If any of the constituent Corporations or Councils at any Payment of time pay or satisfy by any means any debenture or coupon, each de of the other constituent Corporations and Councils shall forthwith on demand contribute their proper proportion of the amount so paid or satisfied and of all costs, charges, and expenses incurred by or occasioned to the Corporation or Council so paying or satisfying such debenture or coupon (the amount of such proportion to be determined in the same manner as any contribution towards deficiency is ascertained under section 43, but no certificate shall be necessary). In default of immediate payment on demand of such proportion as aforesaid, the same may be recovered by the Corporation or Council so paying or satisfying such debenture or coupon

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PART III.

from the other constituent Corporations or Councils in default by action in any Court of competent jurisdiction.

The constituent Corporation or Council so paying or satisfying such debenture or coupon, and each of the constituent Corporations and Councils who shall have paid or satisfied its proportion of such debenture or coupon and costs as aforesaid, shall thereupon immediately become a creditor of the Board for the amount so paid or satisfied, and may recover such amount from the Board by action as aforesaid.

How revenue to be applied.

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40. (1) All revenue derived by the Board from the abattoirs and markets for stock, and from other sources, shall, so far as practicable, be expended and disposed of by the Board yearly in each financial year as follows:

(a) Firstly, in payment of actual expenses :
b) Secondly, in payment of interest on borrowed moneys:
(c) Thirdly, in payment of any amounts the Board may consider

necessary for upkeep, maintenance, and repairs of the
abattoirs, markets, and other works under the control of

the Board : 1) Fourthly, in establishing a sinking fund which shall be suffi

cient to repay all moneys expended in plant and machinery within a period of not more than fifteen years, calculated from the last day of the respective financial years in which the respective expenditures take place, and to repay the whole of the borrowed moneys within a period of not more than thirty years of the respective dates of the respective

borrowings : (e) Fifthly, in dividing the balance of such revenue (which

balance shall be considered profits and is hereafter, in this Act, if divided, called “ divided profits ") amongst the constituent Corporations and Councils in manner mentioned in sections 41 and 42: Provided that the Board mav in any year carry one-third of such profits to a reserve fund. “Divided profits” shall be treated as mentioned

hereafter. (2) The Board may expend the reserve fund, or any part thereof, in any manner it may deem advisable, and may divide the same, as profits, as aforesaid.

(3) The Board shall, for the purposes of this section, determine what are “ actual expenses,” “ upkeep,” “maintenance,” “ repairs,” “ profits,” “ plant,” and “machinery," and its determination shall be final and conclusive for all purposes.

(4) The Board may pay out of borrowed moneys the interest accruing thereon during all or any part of the period of three years from the passing of this Act: Provided that so much of such borrowed moneys as shall be so paid for interest or reimbursed to

any

The Metropolitan Abattoirs Act.—1908.

PART 111.

any constituent Corporation or Council under section 25 shall be restored out of revenue before any division is made pursuant to subsection (e) hereof

41. (1) From the passing of this Act, and for six years thereafter, How liabilities the liabilities of the Board shall be debited in the Board's books to debited in books of

Board, and how each constituent Corporation and Council, in proportion to the total profits treated during amountof the annual assessment for rating purposes of each constituent first six year Corporation and Council at the time of the passing of this Act, and the liability of each constituent Corporation and Council shall be clearly shown in the Board's annual balance-sheets. All “divided profits” shall be treated on a similar basis, and shall be paid over to each constituent Corporation and Council at periods to be determined by the Board, such periods to be not less than once in every three years.

(2) In case a portion only of any Corporation or Council is included in the metropolitan abattoirs area, then for the purposes of this Act the assessment of such portion shall be deemed to be the assessment of such Corporation or Council.

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42. At the expiry of the said six years, and at the end of every How liabilities and third year thereafter, the liabilities of the Board shall be debited as por

after six years. aforesaid, in proportion to the total amount of the annual assessment of each constituent Corporation and Council at such respective periods, and the liability of each constituent Corporation and Council shall be shown as aforesaid. All “ divided profits” shall be treated on a similar basis, and shall be paid over to each constituent Corporation and Council at periods to be determined by the Board, such periods to be not less than once in every three years. The annual assessment and liability of every Municipal Corporation and District Council becoming a constituent Corporation or Council · after the passing of this Act shall be ascertained as of the date such Municipal Corporation or District Council became a constituent Corporation or Council, and such assessment and liability shall continue in the case of a Municipal Corporation or District Council becoming a constituent Corporation or Council during the said period of six years until the expiry of that period, and in the case of a Corporation or Council becoming a constituent Corporation or Council after the expiry of that period until the next succeeding triennial period.

tions

43. (1) Where the revenue of the Board in any one financial year Liability of conis insufficient to meet the outgoings for that year, the constituent stituent co

and Councils Corporations and Councils shall contribute the deficiency in pro- for deficiency of portion to the total amount of their annual assessment for the time receipts. being as appearing in the books of the Board, and a certificate under the hand of one of the auditors, setting forth the contribution of each constituent Corporation or Council, shall be final and conclusive for all purposes. A copy of such certificate, certified under the hand of the secretary of the Board to be a true copy, shall be

posted

The Metropolitan Abattoirs Act.—1908.

PART III.

posted in a prepaid envelope addressed to each constituent Corporation and Council. The Board shall, for the purposes of this section, determine the amount of “the outgoings,” which shall include, inter alia, all moneys expended and disposed of under section 40, (a), (b), (c), (d), and such determination shall be final and conclusive for all purposes.

(2) Such contributions may be recovered in the name of the Board in any Court of competent jurisdiction.

Sale through agents. 44. The Board may appoint agents to negotiate or contract for

the sale of any debentures authorised by this Act, and may directly, –Ứtim2ti2ti2r2►ņģētiņ2 2/2/?§Â2Ò2ÂòÂ2Ò2\/2\/2\/2\/2m2 2222ņēmēģ2ņēmēģ\/\titi2\\2\\2\2\/offiffi/2 Ò2§2222 debentures, and may allow such agents such commission as the Board thinks reasonable.

Redemption of debentures.

45. Notwithstanding any provisions of this Act or anything contained in any debenture, any debentures may be redeemed by the Board at their face value (or less), with any unpaid interest added, at the expiration of not less than five years from the date of the issue thereof, or at recurring periods of five years thereafter.

By lot.

46. The debentures to be so redeemed shall be decided by lot, to be made in such manner as the Board shall determine, and public notice of their numbers and values and the place appointed for the payment thereof shall be forthwith given by the Board.

Debentures drawn cease to carry interest after certain date.

47. The debentures mentioned in such notice shall be redeemed on presentation at the Town Clerk's office, Town Hall, Adelaide, or such other place in Adelaide as the Board may appoint, and from the day fixed by the notice, not being earlier than six months after the date of the giving of the said notice, the debentures therein mentioned shall cease to bear interest.

Cancellation of 48. All debentures, when redeemed by the Board, shall be forth

tures. with cancelled by the Board, and shall not be sold or re-issued.

redeemed debentures.

Sinking fund.

49. The Board shall invest the sinking fund and the reserve fund, and any other moneys in its hands which the Board may deem it advisable or expedient to invest, in any Government securities of all or any one or more of the States of the Commonwealth, in the purchase of any debentures issued under the provisions of this Act, and upon fixed deposits in any incorporated bank in the State of South Australia, or in or upon any one or more of such investments. The interest arising from such investments shall respectively be credited to and form part of the respective funds so invested as aforesaid: Provided, however, that any debentures purchased by the Board shall be forthwith cancelled, and shall not be sold or re-issued.

Banking account.

50. The Board may pay any of its moneys into any bank in Adelaide and keep the same there on deposit as may be found convenient, and may, for the purpose of carrying out the provisions of this Act, obtain advances from any bank by overdrafts, either

without

The Metropolitan Abattoirs Act.—1908.

RT III.

without security, or by pledge of its property, or on other security;
but the total amount of such overdrafts shall not at any one time
exceed Five Thousand Pounds. No funds shall be withdrawn from Overdrafts.
any bank except by cheque, signed by the chairman and one other
member of the Board, and countersigned by the secretary.

lands

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PART IV. PART IV.

ABATTOIRS. 51. (1) The Board is hereby authorised to erect and establish Erection of abattoirs. abattoirs on "land to be acquired, and in connection therewith make, establish, and erect all such railway sidings, buildings, works, cool storage, plant and machinery, and all other erections, fixtures, fittings, and other works as the Board shall, for the time being, consider necessary, and from time to time alter, remove, and extend the same; and the Board may, if it think fit, purchase and remove the existing slaughterhouse and buildings connected therewith erected on the park lands within the City of Adelaide.

(2) The Board may let, upon lease or otherwise, any portion of its Board may let lands or buildings other than the abattoirs and the markets taken on lease, established, or erected by the Board under Part V. of this hide and skin

market. Act for a hide and skin market, at such rent, for such term, and upon such conditions as it shall think fit.

52. The Board shall not accept or purchase any land for the pur- Site to be selected by pose of erecting abattoirs thereon until a site has been agreed upon

Corporations and by a majority of votes of representatives of the constituent Cor- Councils. porations and Councils present at a meeting called for that purpose by the Board.

No site shall be agreed upon which is less than three miles from the nearest boundary of the City of Adelaide.

Each constituent Corporation and Council shall be entitled to appoint one representative to attend such meeting (the members of the Board may act as representatives of their respective Councils, if so appointed, but not otherwise), and every constituent Corporation and Council having an annual assessment of over Fifty Thousand Pounds shall be entitled to appoint one additional representative for each One Hundred Thousand Pounds or portion thereof over the first Fifty Thousand Pounds of its annual assessment. The chairman of such meeting shall be elected by the representatives present thereat, and he shall have a deliberative as well as a casting vote, but each other representative present shall have one vote only. The Board shall give fourteen days' public notice of the time and place of such meeting.

53. Forthwith after the erection and completion of the abattoirs Notice that abattoirs the Board shall give not less than thirty days' public notice that available. such abattoirs will be available for the slaughtering of stock on v

01 New Zealand, 1900, and after a date to be specified in such notice, and it shall be the No. 38, sec. 13. duty of the Board to have such abattoirs then and thereafter available accordingly.

54. After

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