No. 287. districts and to towns in Victoria and for the purchase of 29 VICTORIA, interest on debentures. 3. All debentures made out and issued under the authority Amount of and hereinbefore contained shall be for any sum not less than one hundred pounds; and shall bear interest at the rate of six pounds per centum per annum payable half-yearly; and shall be redeemable at the expiration of twenty-five years from the date thereof. All of such debentures and the interest thereon shall be payable in London. charged on the revenue. 4. All debentures made out and issued under the authority Debentures to be herein before contained shall be and be deemed to be a primary charge (next in order to any debentures issued or to be issued under the authority of any Act of the Parliament of Victoria and made by any such Act a primary charge) upon all the revenues of Victoria, from whatever source arising, which shall be subject to the control of the Legislature thereof; and all interest thereon and the principal when due shall be paid by the Treasurer of Victoria out of such revenues, under warrants to be issued by the Governor, in priority of all demands except the charges and expenses of the collection of such revenues and except the demands of the holders of debentures as aforesaid issued or to be issued under the authority of any such Act as aforesaid. Provided that nothing herein contained shall be construed to prejudice in any way the demands either for principal or interest of the holders of any of such last-mentioned debentures. tures. 5. All debentures made out and issued under the authority Form of debenhereinbefore contained shall be in the form set forth in the Schedule Schedule. hereto, and shall bear date on the day of the issuing thereof, and shall be numbered arithmetically beginning with the number one and so proceeding in an arithmetical progression wherein the common difference shall be one. 6. The said debentures shall be payable to the bearers thereof Transfer by and shall pass by delivery only and without any assignment or delivery. endorsement; and the bearer of every such debenture shall have the same right and remedies as if he were expressly named therein. 7. The Treasurer of Victoria may, under such regulations at sale of debensuch times and places in such sums on such conditions and in such tures. manner as the Governor in Council may direct, offer or cause to be offered for sale such debentures. by Government 8. The Governor in Council may authorise the whole or any Debentures may portion of the moneys to be raised by the sale of debentures to be be contracted for issued under the authority hereinbefore contained, to be negotiated agent. or contracted for by an agent or agents to be appointed on behalf of the Government of Victoria by the Governor in Council. 9. All moneys raised under the authority herein before contained Loan to form part shall be paid to the Treasurer of Victoria, and shall be by him placed of revenue. to the credit of an account to be called "The Public Loan Account," to be applied to the purposes herein before specified and in sums not exceeding the amounts hereinafter mentioned (that is to say): (1.) For completing the construction of the State railways a 29 VICTORIA, No. 287. Re-purchase of debentures. First class debentures to be substituted for second class debentures. (11.) For the purchase of arms guns and ammunition and the erection building furnishing and equipment of works forts and ships and the providing of all other things necessary or useful for the defence of the colony of Victoria against invasion or attack in time of war, a sum not exceeding One hundred thousand pounds. (III.) For the construction of works for supplying water to divers mining agricultural and other districts and to towns in Victoria and for the purchase of land materials and plant required for or in connection therewith, a sum not exceeding Five hundred thousand pounds. 10. The Governor in Council may from time to time authorise the Treasurer to re-purchase the said debentures to the amount of such moneys as the Parliament of Victoria may by any Act appropriate for that purpose; and all debentures so re-purchased shall be forthwith cancelled and shall not be re-sold under any pretence or circumstances whatever. 11. Where by any Act heretofore passed power has been given to make out and issue debentures payable in London only or debentures payable in Melbourne only and any of such last-mentioned debentures shall not have been made out and issued at the commencement of this Act, the Governor in Council may order that all or some of such last-mentioned debentures shall be made out and issued as debentures payable in London only; and after the making of such order a number of debentures payable in London only equal in number to the debentures mentioned in any such order shall be made out and may be issued; and such last-mentioned debentures when issued shall have the same force and effect to all intents and purposes whatsoever as if such debentures had been made out and issued as debentures payable in London only under the authority of any of the Acts aforesaid and " The Public Works Statute 1865." of VICTORIAN GOVERNMENT DEBENTURE. PUBLIC LOAN 1865. TRANSFERABLE BY DELIVERY. Under the authority of "The Public Loan Act 1865." This debenture entitles the bearer to pounds sterling on the first day One thousand eight hundred and ninety which with interest thereon at the rate of six pounds per centum per annum is hereby secured on the Consolidated Revenue of the Colony of Victoria such interest being payable half-yearly on the first day of January and the first day of July in every year (dividend coupons for which are annexed) at An Act to authorize the raising of Money for Railways and for other purposes. WE [29th September 1868.] HEREAS it is expedient to raise by loan, secured on the con- Preamble. solidated revenue of Victoria, funds for State Railways, and for repaying to the consolidated revenue moneys advanced or to be advanced for and on account of those purposes: 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: 1. This Act shall be called and may be cited as "The Railway Title of Act. Loan Act 1868." 2. It shall be lawful for the Governor in Council from time to Debentures may time or at any time to cause to be made out and issued debentures, (a) be issued. secured upon the consolidated revenue of Victoria and the growing produce thereof, for such sum or sums of money not exceeding Two million one hundred and seven thousand pounds sterling in the whole as may be required for State Railways, as specified in the Second and Third Schedules to this Act, and for repaying to the consolidated revenue divers sums of money heretofore or hereafter to be advanced for or on account of the said purposes. 3. All debentures made out and issued under the authority Amount of and hereinbefore contained shall be for any sum not less than One bentures. (a) Debenture's issued under this Act may be converted into stock, see 36 Vict. No. 439 interest on de s. 15, "Public Moneys (Debentures Conversion)," post, p. 2194. No. 331. 32 VICTORIA, hundred pounds, and shall bear interest at the rate of Five pounds per centum per annum payable half-yearly, and shall be redeemable at the expiration of twenty-five years from the date thereof. All of such debentures and the interest thereon shall be payable in London. Debentures to be charged on the revenue. Form of debentures. First Schedule. Transfer by delivery. Sale of debentures. Debentures may by Government 4. All debentures made out and issued under the authority herein before contained shall be and be deemed to be a primary charge (next in order to any debentures issued or to be issued under the authority of any Act of the Parliament of Victoria, and made by any such Act a primary charge) upon all the revenues of Victoria from whatever source arising, which shall be subject to the control of the Legislature thereof; and all interest thereon, and the principal when due, shall be paid by the Treasurer of Victoria out of such revenues under warrants to be issued by the Governor in priority of all demands except the charges and expenses of the collection of such revenues, and except the demands of the holders of debentures as aforesaid issued or to be issued under the authority of any such Act as aforesaid: Provided that nothing herein contained shall be construed to prejudice in any way the demands either for principal or interest of the holders of any of such last-mentioned debentures. 5. All debentures made out and issued under the authority herein before contained shall be in the form set forth in the First Schedule hereto, and shall bear date on the day of the issuing thereof, and shall be numbered arithmetically beginning with the number one and so proceeding in an arithmetical progression wherein the common difference shall be one. 6. The said debentures shall be payable to the bearers thereof, and shall pass by delivery only and without any assignment or endorsement; and the bearer of every such debenture shall have the same rights and remedies as if he were expressly named therein. 7. The Treasurer of Victoria may under such regulations at such times and places in such sums on such conditions and in such manner as the Governor in Council may direct, offer or cause to be offered for sale such debentures. 8. The Governor in Council may authorise the whole or any be contracted for portion of the moneys to be raised by the sale of debentures to be issued under the authority hereinbefore contained to be negotiated or contracted for by an agent or agents to be appointed on behalf of the Government of Victoria by the Governor in Council. agent. Loan to form 9. All moneys raised under the authority herein before contained part of revenue. shall be paid to the Treasurer of Victoria and shall be by him placed to the credit of an account to be called "The Railway Loan Account," and shall and may, subject to the provisions hereinafter contained, Second and Third be applied to the purposes mentioned in the Second and Third Schedules to this Act and no other, and in sums not exceeding the amounts therein specified respectively. Schedules. Re-purchase of debentures. 10. The Governor in Council may from time to time authorize the Treasurer to re-purchase the said debentures to the amount of such moneys as the Parliament of Victoria may by any Act appropriate for that purpose, and all debentures so re-purchased shall be forthwith cancelled and shall not be re-sold under any pretence or 32 VICTORIA, circumstance whatever. No. 331. consolidated account of the 11. 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 of advance from money not exceeding Two hundred thousand pounds towards any of revenue on the purposes to which the moneys to be raised by the authority of Railway Loan. this Act shall be applicable, and any sum or sums of money which have been or which may hereafter under the authority hereof or of any Act authorizing the issue and application or the appropriation of any moneys be issued and applied to any of the purposes aforesaid shall from time to time be repaid out of the moneys to be raised hereunder into the consolidated revenue. Salaries wages and contingen tioned by Par 12. So much of the moneys raised under this Act as may be required for salaries wages and contingencies incident to and required cies under this for the purposes mentioned in the Second Schedule hereto shall not Act to be sancbe issued or applied towards the payment of such salaries wages and liament. contingencies except in such sums as shall have been first sanctioned Second Schedule. by an Act of Parliament. to be prepared mitted for sanc lative Assembly. 13. The Treasurer shall in every year during which any part of Annual accounts the said sum of Two million one hundred and seven thousand pounds de prates of hereby authorized to be raised by debentures under this Act shall expenditure subremain unexpended, cause to be prepared an account of the moneys tion of Legisraised under this Act, and of the amount of debentures issued in respect of the moneys so raised and of the moneys which shall have been issued out of the consolidated revenue in respect of the sum of Two million one hundred and seven thousand pounds authorized to 30 & 31 Vict. be raised under this Act; and before any expenditure shall be made c. 145 s. 20. or contract entered into for the construction of the said railway or the purchase of land, an estimate of the expenditure which the Board of Land and Works proposes to incur for the said purposes during the ensuing twelve months, and also a statement showing the works 29 Vict. No. 289. 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. 14. The expenditure or advance of all moneys to be raised Expenditure to under this Act shall be reviewed and audited by the Commissioners be audited. 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. SCHEDULES. of FIRST SCHEDULE. VICTORIAN GOVERNMENT DEBENTURE.-RAILWAY LOAN 1868. Under the authority of "The Railway Loan Act 1868." This debenture entitles the bearer to pounds sterling on the first day thereon at the rate of Five pounds per centum per annum, is hereby secured on the |