management, etc., of inscribed stock. 54 Vic., No. 13, s. 1. Bank agreement to have force of law. 54 Vic., No. 13, s. 2. Appointment of agents and their powers. s. 3. Registrar of the State of Western Australia in London, in accordance with the provisions of the Colonial Stock Act, 1877, and for all or any of the following things: (a.) For the inscription and sale of Inscribed Stock. (b.) For effecting the conversion of Debentures into Inscribed Stock and regulating transfers of Stock. (c.) For paying interest on Inscribed Stock. (d.) For issuing Inscribed Stock certificates and, as often as occasion shall require, re-inscribing or re-issuing such certificates. (e.) For receiving all moneys raised under this Act, and for paying such moneys into the public account with the bank appointed in that behalf. (f.) For issuing scrip for deposits on loans raised by the sale (g.) For paying off capital of Inscribed Stock or loans. (i.) And for the protection and remuneration of any such 20. Every agreement made with any such bank shall be as valid and effectual as if the terms thereof had been enacted by this Act, and all remuneration payable thereunder to such bank, and all charges and expenses of administration incurred in carrying out the provisions of this Act shall be a charge on, and shall be paid out of the Consolidated Revenue Fund. 21. The Governor may appoint one or more persons in London as agent or agents for the purposes of this Act; and such person, See 54 Vic., No. 13, or, if more than one are appointed, one of such persons, shall be the Agent General of the State for the time being, if and so long as there is an Agent General of the State in London, and may em power such agent or agents to exercise all such powers and do all such things as are by this Act vested in, or exercisable or to be done by, the Governor, as the Governor may authorise or direct. Notification of appointment of agents. 54 Vic., No. 13, s. 4. 22. Every such appointment of an agent shall be notified to any bank with which any agreement has been entered into under this Act, and the power and authority of every such agent shall continue in force until such bank shall have received a notice in writing of the termination of the agent's appointment, signed by the Governor. 23. 23. The Governor shall also have and may exercise the follow- Governor may ing powers and authorities, or any of them: authorise conversion of loans. 52 Vic., No. 20, (a.) He may from time to time declare all or any of the West- s. 2. (b.) He may authorise the creation and issue of such an Creation and issue amount of Inscribed Stock in exchange for the securi- of Inscribed Stock ties held for such loans as may be necessary. in exchange for other securities. 48 Vic., No. 4, s. 29 (6). Creation and sale of Inscribed Stock (c.) He may authorise the creation and sale of any such Inscribed Stock for the purpose of raising money for redeeming any outstanding loans, and in paying any to raise loans and expenses incurred in the creation of Inscribed Stock, for other purposes. and otherwise carrying out the provisions of this Act, Ibid. (e). on such conditions as he may determine. conversion. (d.) Any conversion so authorised may be effected either by Arrangements for arrangement with the holders of existing securities, or by purchase thereof out of moneys raised by the sale of Inscribed Stock, or partly in one way and partly in the other. at any time. (e.) Any power of this section conferred on the Governor Governor may may be exercised from time to time, and he may alter exercise powers any conditions as often as occasion shall require, pro- Ibid. (e). vided that no contract or engagement previously entered into shall be prejudicially affected thereby. -when allowed. 24. Nothing in this Act contained shall authorise an increase Increase of capital of the capital of, or of the annual charge on, any loan, except: See 48 Vic., No. 4 (a.) When Inscribed Stock is issued in exchange for Inscribed s. 30. Stock or Debentures bearing a higher rate of interest (b.) In all cases of conversion the Governor may issue such 25. Nothing in this Act contained shall be construed in any Saving of rights. way to prejudice the rights of the holders of any Western Aus- of holders of Debentures, Bills, tralian Government Debentures, Treasury Bills, or Inscribed Stock and Inscribed issued under the authority of any Loan Act. Stock. PART s. 17. Amount of each See 48 Vic., No. 4, Registry of PART III.-PROVISIONS APPLICABLE ONLY TO DEBENTURES. 26. Every Debenture issued under the provisions of this Act shall be for a sum of not less than fifty pounds sterling. 27. Every Debenture shall, before being issued, be registered in a book to be kept for that purpose at the Treasury, Perth, or, by See 48 Vic., No. 4, direction of the Treasurer, in London or elsewhere. s. 6. Interest coupons. 28. There shall be attached to every Debenture coupons for 48 Vic., No. 4, s. 7. the payment of the interest to become due in each half-year upon the principal secured by the Debenture. The coupons shall be sufficient in number to provide for the payment of the interest during the whole period for which the Debenture has to run. Form of Deben 29. The Debentures, and the coupons attached thereto, shall tures and coupons. be in such form as the Treasurer may direct. See 48 Vic., No. 4, s. 8. Debentures and coupons transferable by delivery. 48 Vic., No. 4, s. 9. Converted Debentures to be cancelled. 30. Every Debenture and coupon, and the right to receive the principal and interest secured or represented thereby, shall be transferable by delivery. 31. The Debentures exchanged or otherwise converted into Inscribed Stock shall, after being cancelled, be held by the Treasurer. Crown Agents to act as registrars. PART IV.-PROVISIONS APPLICABLE ONLY TO LOANS DOMICILED 32. Subject to the provisions of this Act, the Crown Agents shall discharge the duties of Registrars on behalf of the GovernSee 48 Vic., No. 4, ment of Western Australia of all Inscribed Stock or Debentures issued prior to the twenty-first day of October, one thousand eight hundred and ninety, and now domiciled with them. s. 4. Debentures to be redeemed by purchase or by annual drawings. See 48 Vic., No. 4, s. 14. Appointment of day for drawing of Debentures. 33. The Debentures shall, at the option of the Crown Agents, subject to the approval of His Majesty's Principal Secretary of State for the Colonies for the time being, be redeemed either by purchase in the open market or by annual drawings, and the summ to be applied annually to such redemption shall, subject to payments in connection with the management of the sinking fund, correspond as nearly as may be to, but not exceed, the amount for the time being standing to the credit of the sinking fund. 34. So long as any of the Debentures remain outstanding, the Crown Agents shall in every year, unless the whole of the money See 48 Vic., No. 4, applicable in that year to the redemption of Debentures has been applied in the purchase thereof, appoint a day in that year for the drawing by lot of the Debentures to be redeemed. s. 15. 35. 35. If a day is appointed for drawing, the Crown Agents shall Notice of time and place appointed for give, by advertisement in the London Times newspaper, not less drawing. than fifteen days' previous notice, specifying the day on which, 48 Vic., No. 4, and the hour and place at which, the drawing will take place, and s. 16. the nominal amount of the Debentures to be redeemed at that drawing. 36. On the day and at the hour and place so specified, the Mode of drawing. Crown Agents shall hold a meeting, at which the holder of any 48 Vic., No. 4, Debenture may, if he think fit, be present, and shall then in the s. 17. presence of such Debenture holders (if any) as may attend, and of a notary public, draw by lot out of the whole number of Debentures for the time being outstanding Debentures of the specified nominal amount. 37. The Crown Agents shall thereupon declare the distinguish- Notice of Debening numbers of the Debentures drawn for redemption, and shall tures drawn for redemption. as soon as may be, by advertisement in the London Times news- 48 Vie., No. 4, paper, specify those numbers and appoint a day (not being later s. 18. as to each Debenture than the day on which the then current halfyear's interest thereon is payable) on which the principal moneys secured by the Debentures so distinguished will be repaid. 38. On the day so appointed, the Crown Agents shall, at their Payment of drawn office in London, on demand, pay to the holders of the Debentures Debentures. drawn for repayment the principal moneys secured by those De- 48 Vic., No. 4, bentures, with all interest payable thereon up to that day. 39. From and after the day appointed for the repayment of any Debenture so drawn, all interest on the principal moneys secured thereby shall cease and determine, whether payment of the principal shall have been demanded or not. 40. Upon the repayment of the principal moneys secured by any Debenture so drawn, the Debenture with all the Coupons thereunto belonging, shall be delivered up to the Crown Agents, to be by them cancelled and forwarded to the Government of Western Australia. Any Debenture redeemed by purchase shall likewise be so cancelled and forwarded. s. 19. Cesser of interest 48 Vic., No. 4, Redeemed Deben- cancelled. Application of moneys remitted to Crown Agents. 48 Vic., No. 4, 41. The Crown Agents shall, subject to the approval of His Majesty's Principal Secretary of State for the Colonies for the time being, place and keep the moneys remitted to them as interest and Sinking Fund, or so much thereof as may not be required for s. 11. immediate payments, on deposit at interest in their names with some bank or banks in London or Westminster, and shall hold all such moneys and the accumulations thereon in trust, to apply them them in payment of the interest for the current half-year upon the Inscribed Stock or Debentures for the time being outstanding, and in the formation of a sinking fund. Local Inscribed Stock may be created. PART V.-PROVISIONS APPLICABLE ONLY TO INSCRIBED STOCK 42. Subject to the provisions of this Act, the Governor may from time to time and at any time authorise the issue, at the 61 Vic., No. 8, s. 3. Treasury in Perth, of Inscribed Stock, to be called "Western Australian Local Inscribed Stock," for any sum or sums of money not exceeding in the whole the sum which, at the time of issue, is authorised by any Loan Act to be borrowed. Governor to notify issuing price. See 61 Vic., No. 8, s. 4. Printed copy of Gazette notice to be affixed at Treasury. 43. The Governor may from time to time, by notice in the Government Gazette, notify the price and other conditions of such issue. 44. During the period for which every such notice as aforesaid remains in force, the Treasurer shall cause a printed copy of the same to be affixed at the Treasury, and at such other places as he 61 Vic., No. 8, s. 5. may think fit, for the information of the public. Minimum amount. 45. Such Inscribed Stock shall be for five pounds or some mul 61 Vic., No. 8, s. 6. tiple thereof. Principal and interest a charge on revenue. 46. The principal moneys and interest secured by Western Australian Local Inscribed Stock shall rank pari passu with the 61 Vic., No. 8, s. 6. principal moneys and interest secured by the Stock issued and sold Stock to be Application of moneys invested in Stock. See 61 Vict., No. 8, s. 11. under the Loan Act, 1891, and all subsequent Loan Acts, and are hereby charged upon and shall be payable out of the Consolidated Revenue Fund and assets of the Government of Western Australia, and shall constitute a charge thereon, subject to the prior charges mentioned in the fourth section of the Loan Act, 1891. 47. All Western Australian Local Inscribed Stock shall be inscribed in a register, to be prepared and kept for that purpose in the Treasury, in such manner and by such officer or person as the Governor shall from time to time prescribe and appoint. 48. All moneys paid to the Treasurer as the price of Western Australian Local Inscribed Stock shall be applied by him. (a.) In the redemption of any public securities, whether due or becoming due; or (b.) To any purpose for which a loan may be raised under the authority of any Act of Parliament. 49. |