PART IV. The State Advances Act.-1895. 46. The amount of all State advances to any local authority shall Limitation of amount. not exceed either Limitation of advances to indi viduals. Advances may be made in mortgage bonds. Security to be complete before advance made. Form and contents of mortgage. Covenants implied in form in Shedule B. (a) The cost of the works proposed to be constructed or acquired, or the amount of the loan to be redeemed or converted; or (b) Such a sum as an annual rate of Six Pence in the Pound on the assessed annual value of the ratable property of such local authority would be sufficient to repay with interest, pursuant to this Act. 47. No State advance shall be made to any one person, firm or company in excess of Five Thousand Pounds. 48. State advances may be made in mortgage bonds or otherwise, at the option of the Bank. 49. No State advance shall be actually made— (a) Upon the security of any land or permanent improvements until the Board shall be satisfied with the title to such land or improvements, and shall have taken a security by way of first mortgage thereof: (b) Upon the security of any rates until the Board shall be satisfied that the borrowing of such advance and the raising and appropriation of such rates for the due repayment of such advance and the interest thereon have been duly authorised by the local authority and the ratepayers concerned, and that a deed charging such rates with the due repayment of such advance and interest has been executed by the local authority in the form and manner prescribed: (c) Nor unless the Inspector-General shall have certified to the Board that all the requirements of this Act have been duly observed, and that the borrower is entitled to the immediate receipt of the advance proposed to be made : (d) Nor shall any application for a loan be considered unless the Inspector-General shall have received from the applicant a deposit sufficient to cover the actual cost of any valuation which he may deem necessary in respect of such application. 50. Every mortgage shall be prepared by the bank free of cost, except registration fees, which shall be paid by the borrower, and shall be in such form as may be prescribed, or as may be required by the Board. 51. In every mortgage made in the form in Schedule B the covenants and conditions mentioned in Schedule C shall be implied as against the mortgagor and in favor of the Bank as fully as if set out at length therein, subject to any modifications or exceptions and with any additions which may be set out in such mortgage. 52. Every The State Advances Act.-1895. PART IV. 52. Every State advance shall be repaid to the Bank with interest, and the amount of interest accruing between the time of the State advances to be advance and the next first day of April or October, whichever shall repaid with interest. first happen, shall be paid to or deducted by the bank at the time of the advance. 53. The rate of interest shall be as agreed by the Bank and the Rate of interest. borrower, and shall not exceed Five Pounds per centum per annum. 54. After the first day of April or October, as the case may be, first following the making of the advance, the principal and interest shall be repaid by equal half-yearly instalments extending over any term of years mentioned in Schedule D and agreed by the Bank and the borrower. Half-yearly instalments of principal and interest. reduced in certain 55. The amounts mentioned in Schedule D show the half-yearly Instalments as in instalments of principal and interest payable in respect of a loan of Schedule D to be One Hundred Pounds, bearing interest at the rate of five per events. centum per annum; but if any lower rate shall be agreed by the Bank and the borrower the instalments shall be proportionately reduced. 56. The balance of the principal money owing in respect of any Repayment of State advance may be paid, with all interest due thereon, on the day advances at any time. appointed for any half-yearly payment, and thereupon the Bank shall discharge the mortgage free of cost, except registration fees; and any portion of such balance may be paid on any such day, and thereafter the interest shall be reduced proportionately. made in cash or bonds. 57. Any repayment in respect of a State advance may be made Repayments may be in cash or mortgage bonds, and all such bonds shall be received by the Bank at their face value. Any bonds so received shall be cancelled, as if redeemed. 58. No State advance shall be made to a trustee nor to any Limitation of State person in anywise concerned in the management of the Bank. advances. PART V. ACCOUNTS AND AUDIT. PART V. statements. 59. The Bank shall, within two months after the thirtieth day of Annual financial June in every year, lay before the Governor and publish in the Government Gazette a financial statement setting forth, under convenient headings, the receipts and payments of the Bank during the twelve months ending on the said thirtieth day of June, and also the assets and liabilities of the Bank as on that day. Every such statement shall be signed as correct by all the trustees, the InspectorGeneral, and the auditors of the Bank, and laid before Parliament within B-633 PART V. Board to keep prescribed accounts. Audit. Powers of auditors. The State Advances Act,-1895. within twenty-one days if Parliament be then sitting or within twenty-one days of the next meeting of Parliament. 60. In addition to the financial statements mentioned in the preceding section, the Bank shall keep, render, make, and publish all such books, accounts, records, returns, declarations, and statements as they shall think necessary and as shall be required by the Treasurer, or prescribed. 61. The accounts of the Bank shall be audited by two fit and proper persons, to be appointed by the bank with the approval of the Treasurer. Such accounts shall also once at least in every year, and also whenever so directed by the Governor, be audited by the Commissioners of Audit, or such other auditors as the Governor may appoint for the purpose. 62. The Commissioners of Audit, and all auditors so appointed, shall, in respect of such accounts, have all the powers conferred on the Commissioners of Audit by any law in force relating to the audit of the public accounts. PART VI. Spoiled or defaced bonds may be replaced. Mortgage bonds a proper investment for trust moneys. Penalty for forging or altering bonds. Regulations. PART VI. 63. If any mortgage bond becomes spoiled or defaced the Bank may destroy the same, and issue a new bond in its place. Such substituted bond shall bear the same number and date as the original, and shall be executed and issued in manner prescribed. 64. The investment in mortgage bonds of any moneys held for investment shall be deemed a due investment thereof, unless such investment is expressly prohibited by the Act or instrument pursuant to which such moneys are held for investment. 65. Any person who shall forge or alter, or shall offer, utter, or dispose of, or put off, knowing the same to be forged or altered, any mortgage bond made out and issued, or purporting to be made out and issued, under this Act shall be guilty of felony, and being thereof convicted, shall be imprisoned for any term not exceeding fourteen years. 66. The Bank may make regulations for the purpose of regulating (a) The meetings and proceedings of the Board: (b) The duties of officers, valuators, agents, and other persons employed by the Bank: (c) The management of the Bank and its agencies: (d) The The State Advances Act.-1895. (d) The mode of balloting for the withdrawal of bonds: (e) The mode of cancellation and destruction of mortgage bonds: (f) Forms: (g) Procedure in all cases where no procedure is otherwise provided: (h) The penalties to be imposed for any breach of regulations, not exceeding for any one offence Twenty Pounds, and which penalties may be summarily recovered: (i) All matters and things arising under and consistent with this Act not herein expressly provided for, and for otherwise fully and effectually carrying out and giving effect to the various objects, purposes, powers, and authorities of this Act, and guarding against evasions and violations thereof. PART VI. and laid before 67. All such regulations shall be subject to the approval of the Regulations to be Governor, and when so approved shall be laid before Parliament approved by Governor for thirty days, and, except in so far as the same may be dis- Parliament. approved by resolution of either House of Parliament, shall be published in the Government Gazette, and when so published shall have the force of law: Provided that no regulation shall be repugnant to this Act, or to the general spirit and intendment of the laws in force within the province. 68. "The Banking Companies Act," No. 25 of 1863, shall not No. 25 of 1863 not apply to the Bank. In the name and on behalf of Her Majesty, I hereby assent to to apply. this Bill. T. FOWELL BUXTON, Governor. THE Section 30. Section 51. day of Australia. £ Mortgage Bond pursuant to the State Advances Act, 1895. The State Bank of South Australia hereby acknowledges that the holder of this bond is the owner of funds in the said bank to the amount of Pounds; and, until the redemption of this bond pursuant to the above-mentioned Act, the said bank will, on every bearer of this bond the sum of £ per annum. The principal amount of this bond and interest as aforesaid are secured by the State Advances Fund, and on all the securities held by the bank in respect of the State Advances Fund under the said Act, and are also guaranteed by the Government of South Australia. and Given under the common seal of the State Bank of South Australia this day of 18 pay to the per centum Trustees of the SCHEDULE B. THE STATE ADVANCES ACT, 1895. I, A B, of [residence and description] being the owner (or if the land is subject to "The Real Property Act, 1886," the registered proprietor) of an estate [state nature of estate], subject however to such encumbrances, liens, and interests as are notified by memorandum underwritten or indorsed hereon in [describe the land and refer to the registration number of the certificate, lease, or other document of title], in consideration of the sum of £ to be lent to me by the State Bank of South Australia as a State Advance, pursuant to "The State Advances Act, 1895," do hereby, in addition to all covenants implied herein by the said Act, covenant with the said bank that I will repay the said advance, with interest at the rate of centum per annum, computed from the day of follows:-At the time of the payment of the said advance I will pay to the bank, or, failing such payment, the bank may deduct from the said advance, the amount of interest accruing at the said rate between the date aforesaid and the first day of April (or October) next, and thereafter I will repay the said advances and the interest accruing thereon by equal half-yearly instalments of £ each for years from the said first day of April (or October). The first of such instalments to be paid on the first day of October (or April), 18 18 per as 9 [If the mortgage is of a Crown lease, add the following: - And also that I will punctually exercise my right of purchase and perform and observe all the covenants and conditions on the part of the lessee contained in or implied by the herein referred to Crown lease.] And for the better securing to the said bank the repayments in manner aforesaid, I hereby mortgage to the said bank all my estate and interest in the said land (and if so easement) above described. In witness whereof I have hereunto signed my name (and if land not under Real Property Act, 1886, affixed my seal) this day of Witness.. 18 Mortgagor. SCHEDULE |