THE CO-ORDINATION OF RURAL ADVANCES AND AGRICULTURAL BANK ACTS, 1938 to 1951

Transcription

1 THE CO-ORDINATION OF RURAL ADVANCES AND AGRICULTURAL BANK ACTS, 1938 to 1951 Agricultural Bank Act of 1923, 14 Geo. 5 No. 41 Amended by Primary Producers' Organisation and Marketing Act of 1926, 17 Geo. 5 No. 20 Agricultural Bank Act Amendment Act of 1929, 20 Geo. 5 No.3 Agricultural Bank Acts Amendment Act of 1931, 22 Geo. 5 No. 22 State Advances Act and Other Acts Relief Amendment Act of 1934, 25 Geo. 5 No. 16 Rural Assistance Board and Agricultural Bank Acts Amendment Act of 1934, 25 Geo. 5 No. 30 Rural Development Transfer and Co-ordination of Powers Act of 1938, 2 Geo.6 No.4 Co-ordination of Rural Advances and Agricultural Bank Act Amendment Act of 1943, 7 Geo. 6 No. 40 Co-ordination of Rural Advances and Agricultural Bank Acts and Other Acts Amendment Act of 1944, 8 Geo. 6 No.4 Co-ordination of Rural Advances and Agricultural Bank Acts and Other Acts Amendment Act of 1945, 9 Geo. 6 No. 18 Co-ordination of Rural Advances and Agricultural Bank Acts Amendmeut Act of 1946, 10 Geo.6 No. 24 Co-ordination of Rural Advances and Agricultural Bank Acts Amendment Act of 1947, 12 Geo.6 No.7 Co-ordination of Rural Advances and Agricultural Bank Acts Amendment Act of 1951, 15 Geo. 6 No.8 An Act to Provide for the Co-ordination of the Administration of Provisions regarding, and the Making of Provision for, State Advances, to Co-operative Companies, Associations, and Primary Producers. the Constitution of the Corporation of the Agricultural Bank. and for other purposes. The title to this Act was repealed and a new title substituted by the Rural Development Transfer and Co-ordination of Powers Act of 1938, s.2 (1), and Schedule. Such title was amended by Act of 1943, 7 Geo. 6 No. 40, s. 2. PART I-PRELIMINARY 1. Short title and commencement of Act. This Act may be cited as "The Co-ordination of Rural Advances and Agricultural Bank Act of 1938," and shall come into operation on the date of the Proclamation of the coming into operation of "The Rural Development Transfer and Coordination of Powers Act of 1938." As amended by Act of 1943, 7 Gee. 6 No. 40, s.3. The Rural Development Transfer and Co-ordination of Powers Act of 1938 was proclaimed in force as and from 22 December 1938, by Proclamation 22 December 1938, Gazette 24 December 1938, p.281o. Collective title is now the Co-ordination of Rural Advances and Agricultural Bank Acts, 1938 to 1951, conferred by Act of 1951, 15 Gee. 6 No.8, s. 1.

2 720 BANKING Vol. 1 Reprinting of Act.-Section 17 of the Rural Development Transfer and Coordination of Powers Act of 1938 provided for the renumbering and relettering of the provisions of this Act when it was reprinted so as to be in consecutive numerical or alphabetical order. Such renumbering and relettering has been carried out in this reprint. For advances since 1 January 1960, ~ee Agricultural Bank (Loans) Act of 1959, p. 688 ante. 2. Parts of Act. This Act is divided into Parts as follows: PART I-PRELIMINARY; PART II-THE CORPORATION OF THE AGRICULTURAL BANK; PART III-ADVANCES UNDER CERTAIN OTHER ACTS; PART IIIA-RE-ESTABLISHMENT LoANS; PART IV-ADVANCES TO CO-OPERATIVE COMPANIES; PART V-ADVANCES TO COMMODITY BOARDS; PART VI-ADVANCES TO FARMERS AND OTHERS; PART VII-SPECIAL ADVANCES IN AID OF PRIMARY PRODUcnON; PART VIII-MISCELLANEOUS. Substituted by Act of 1943, 7 Geo.6 No. 40, s.4. As amended by Act of 1946, 10 Geo.6 No. 24, s Definitions. In this Act, unless the context otherwise indicates, the following terms have the meanings set against them respectively. that is to say:- "Agricultural Bank" or "Bank"-The Corporation constituted by this Act, being such Corporation as constituted by the Treasurer in office at the passing of "The Co-ordination of Rural Advances and Agricultural Bank Act Amendment Act of 1943." and his successors in office as Treasurer in perpetual succession under its name as changed by such Act; "Co-operative Agricultural Production Act"-"The Co-operative Agricultural Production and Advances to Farmers Acts to 1919"; "Co-operative company" or "Company"-A company formed and registered or deemed to be formed and registered under "The Companies Act of 1931" which under this Act is qualified to apply for and receive an advance. or a registered primary producers' co-operative association or a registered primary producers' co-operative federation or a society formed and registered or deemed to have been formed and registered under "The Co-operative Societies Act of 1946"; "Farm land"-land used or about to be used for agricultural. dairying. grazing. horticultural. or viticultural pursuits. poultry or pig raising. or other rural pursuits approved by the Governor in Council, and of any of the classes following. namely:- (a) Land held in fee-simple. (b) Land held under the laws in force for the time being relating to Crown land as a pastoral holding or as an agricultural selection. grazing selection. settlement farm lease. prickly-pear selection, unconditional selection. scrub selection, or miner's homestead lease or otherwise demised by the Crown for an estate less than an estate in fee-simple, and whether in any case the tenure is limited or perpetual,

3 CO-ORDINATION OF, ETC., BANK ACTS, 1938 TO 1951 ss.i (c) Any other land which the Governor in Council by Order in Council declares to be farm land for the purposes of this Act; "Fund"-The fund constituted by this Act, being such fund under its name as changed by "The Co-ordination of Rural Advances and Agricultural Bank Act Amendment Act of 1943"; "Land"-Any estate or interest in land: the term does not include vacant Crown land; "Minister"-The Treasurer or other Minister of the Crown for the time being administering this Act; "Officer" -An officer of the State Public Service engaged, whether wholly or for part time, under or for the purposes of this Act; "Prescribed"-Prescribed by or pursuant to this Act; "Regulations"-Regulations made under the authority of this Act: "Agricultural Bank Board" or "Board"-The Board constituted by this Act, being such Board under its name as changed by "The Co-ordination of Rural Advances and Agricultural Bank Act Amendment Act of 1943"; "State Advances Act"-"The State Advances Act of 1916" or anv earlier Act or Acts which contained provisions with respect to advances to settlers or primary producers, and for which the lastmentioned Act, so far as relates to such advances, was finally substituted; "State Advances Corporation " -The State Advances Corporation created by "The State Advances Act of 1916," or any predecessor of that Corporation having had the like powers under any State Advances Act; "This Act" -This Act and all Orders in Council and all regulations made thereunder; "Works" (used in relation to a co-operative company)-any works or factory for the manufacture or storage or cold storage or conservation or treatment of primary produce and resultant products or any of them, together with all machinery and appurtenances used therein or in connection therewith, and all tramways leading thereto, and the site of the works, and all land used in connection with any such tramway. Where by this Act any remedy is given to the Bank against or with respect to any land, the term "land" includes not only the land but also all the improvements thereon. As amended by Acts of 1943, 7 Geo.6 No. 40, s.5; 1947, 12 Geo.6 No.7, s.2. Acts referred to: Co-ordination of Rural Advances and Agricultural Bank Act Amendment Act of 1943, see p. 783 post. Co-operative Agricultural Production and Advances to Farmers Acts, 1914 to 1919, see 1936 Reprint, Vol. I, p State Advances Act of 1916, see now the State Housing Act of 1945, 9 Geo. 6 No. 24, title HOUSING. Companies Act of 1931, see now the Companies Act, 1961, title COMPANIES. Co-operative Societies Acts, 1946 to 1962, see title SOCIETIES.

4 722 BANKING Vol. 1 It is provided in the Schedule to the Rural Development Transfer and Coordination of Powers Act of 1938, 2 Geo. 6 No.4 that the term "this Act" shall unless the context otherwise indicates or requires mean "The Rural Development Co-ordination of Advances Act of 1938." PART II-THE CORPORATION OF THE AGRICULTURAL BANK MINISTER TO BE A CORPORATION 4. Minister to be a Corporation. The Minister and his successors in office. representing the Crown. shall for all the purposes of this Act be a corporation sole by the name of "The Corporation of the Agricultural Bank" (herein referred to as "the Bank"). and by that name shall have perpetual succession and an official seal which shall be judicially noticed and, notwithstanding the provisions of any other Act, shall be capable in law of suing and being sued. and shall. subject to this Act. have power to take, purchase. take on lease. sell. exchange. lease. and hold land. goods. chattels, securities. and any other property whatsoever. For all the purposes of this Act. the Bank shall have and may exercise all the powers. privileges. rights. and remedies of the Crown. As amended by Act of 1943, 7 Geo.6 No. 40, ss. 6,7. Section 7 (2) -(6) of the Act of 1943 provided as follows in respect of the change in the constitution and name of the Corporation of the Bureau of Rural Development made by subsection (1) thereof:- (2) The Minister of State for the State of Queensland in office as Treasurer at the passing of this Act shall constitute the Corporation constituted under the Principal Act as amended by this Act on and from the date when this Act is passed in succession to the then Secretary for Agriculture and Stock, and on and after the passing of this Act the said Corporation shall be constituted by such Treasurer and his successors in office as Treasurer in perpetual succession. (3) Any reference in any Act, Proclamation, Order in Council, or regulation, or in any mortgage, lien, security, bond, debenture, agreement, contract, deed, or other document, instrument, or writing whatsoever to the Corporation constituted under the Principal Act or to the Corporation dissolved by the Rural Development Transfer and Co-ordination of Powers Act of 1938, shall be read and construed as if the new name of the Corporation constituted by the Principal Act appeared therein as on and from the date of the passing of this Act instead of the old name of such lastmentioned Corporation, or the name of such dissolved Corporation, and shall operate and take effect accordingly. (4) Neither the constitution in office, on and from the date of the passing of this Act, of the Treasurer in lieu of the Secretary for Agriculture and Stock as the Corporation constituted under the Principal Act, nor the change of the name of the said Corporation made by subsection one of this section shall affect the continuity of the identity, or any rights or obligations, of the said Corporation, or render defective any legal proceedings by or against the said Corporation, and any legal proceedings that might have been commenced or continued by or against such Corporation as constituted by the Secretary for Agriculture and Stock and/or by its former name may be commenced or continued by or against it as constituted by the Treasurer and by its new name. (5) The change in the constitution and name of the Corporation constituted by the Principal Act made by this section shall not prejudice the construction of the provisions of section seventeen of the Principal Act and in that section, unless the context otherwhe indicates or requires the term "the Corporation," shall be read as referring to the Corporation constituted under the Principal Act as amended by this Act, the teml "Secretary" as referring to the General Manager of the Bank, the term "Rural Development Board" as referring to the Agricultural Bank Board, and the term "Agricultural Bank" as referring to the Corporation dissolved by the Rural Development Transfer and Co-ordination of Powers Act of (6) Any reference in any Act, Proclamation, Order in Council or regulation to the Rural Development Board shall, on and from the date of the passing of this Act, be read and construed as a reference to the Agricultural Bank Board constituted

5 CO-ORDINATION OF, ETC., BANK ACTS, 1938 TO 1951 ss under the Principal Act as amended by this Act, and such Act, Proclamation, Order In Councilor regulation shall, on and from such date, operate and have effect accordingl y. The Bank does not pay rates, s. 37. Special powers of Bank, see First Schedule, clauses 1, 2. See Act of 1943, s. 7, p. 775 post. Other powers of Bank, see ss. 11, 15, General administration of Act. This Act shall be administered by the Bank and, subject to the Minister, by the Board, the General Manager, Secretary, and District Managers of the Bank, inspectors, valuers, and other officers appointed or deputed in that behalf. As amended by Act of 1943, 7 Geo.6 No. 40, s. 8. SA. Delegation. The Bank may, with the approval of the Governor in Council, delegate to the General Manager of the Bank, or to the manager of any district office of the Bank any of its powers and functions (except this power of delegation) in relation to any matter or class of matters so that the delegated powers and functions may be exercised by the delegate with respect to the matter or class of matters specified in the instrument of delegation. Any such delegation shall be revocable by the Bank at will and no such delegation shall prevent the exercise of any power or function by the Bank. Inserted by Act of 1943, 7 Geo.6 No. 40, s (1) Constitntion of Agricultnral Bank Board. For the purposes of the administration of this Act there shall be constituted a Board called "The Agricultural Bank Board" (hereinafter called "the Board"). (2) Members. The Board shall consist of three members appointed by the Governor in Council by Order in Council published in the Gazette. The General Manager of the Bank shall be one such member and the representative of the Treasury Department on the Board, and the remaining two members shall be so appointed to represent the Department of Agriculture and Stock, and the Land Administration Board, respectively. The members of the Board other than the aforesaid General Manager shall hold office at the pleasure of the Governor in Council. A member may hold his office as such in conjunction with any other office held by him under "The Public Service Acts, 1922 to 1924." The Governor in Council shall appoint one member to be the chairman and another member to be the deputy chairman of the Board. (3) Appointment of deputy. In the case of the illness, suspension, inability or absence of any member of the Board, the Governor in Council may appoint some other person (being an officer of the Public Service and being an officer representing the same Department as such member, as the case may be), to act as the deputy of such member during such illness, suspension, inability, or absence, and every such person shall while he acts as such deputy have all the powers and perform all the duties of a member of the Board. (4) Absence. In the case of a temporary absence from any meeting of the Board of a member the Minister may appoint some other person (being an officer of the Public Service and representing the same Department as such absent member), to attend such meeting, and for the

6 724 BANKING Vol. 1 purpose of such meeting the person so appointed shall be deemed to be a member of the Board. (5) Business. The Board shall meet at such times and conduct its business in such manner as may be prescribed, or if not prescribed, as it shall decide. (6) Quorum. Two members of the Board shall form a quorum. (7) General powers and duties. The Board shall during the period of its office- (a) Advise the Minister or the Bank on matters connected with this Act generally; (b) Make any inquiry or investigation required by this Act, or any inquiry or investigation which the Minister or the Board may think necessary or expedient so to make. (8) Board deemed a commission under the Official Inquiries Evidence Acts. For the purpose of any such inquiry or investigation, the Board and each and every member thereof shall have the powers, authorities, jurisdiction, and protection of a commission under "The Official Inquiries Evidence Acts, 1910 to 1929" (or of any Act amending the same). (9) Defects in appointment not to invalidate proceedings of Board. All acts and proceedings of the Board shall, notwithstanding any defect in the appointment of any member or deputy thereof, or that any member or deputy member was disqualified or disentitled to act, be as valid as if every such member and deputy member had been duly appointed and was qualified and entitled to act and had acted as a member or deputy member of the Board, and as if the Board had been properly and fully constituted. As amended by Act of 1943, 7 Geo.6 No. 40, s. to. Acts referred to: Public Service Acts, 1922 to 1%0, see title PUBLIC SERVICE. Official Inquiries Evidence Acts, 1910 to 1929, see now the Commissions of Inquiry Acts, 1950 to 1954, title EVIDENCE. 7. Functions of the Board. (1) The Board shall, in addition to the duties as above prescribed, be entrusted with the duty of advising the Bank in respect of applications for advances made under- (a) This Act; (b) "The Discharged Soldiers' Settlement Ac~, 1917 to 1938"; (c) "The Farmers' Assistance (Debts Adjustment) Acts, 1935 to 1938"; (d) "The Wire and Wire-Netting Advances Act of 1927"; (e) "The Wire and Wire-Netting Advances Act of 1933"; (f) "The Marsupial Proof Fencing Acts, 1898 to 1913"; (g) Any other Act or law permitting of advances being made to aid rural development as may be prescribed; (h) "The Financial Arrangements and Development Aid Act of 1942" for the purposes of or in aid of rural development. Without limiting the general meaning of the expression "advances in aid of rural development," such expression may include advances that may be made for purposes such as ringbarking and suckering, scrub-falling, clearing, stumping and grubbing, water improvements, and improvements in land development generally.

7 CO-ORDINATION OF, ETC., BANK ACTS, 1938 TO 1951 ss.6-sa 725 (2) For the purpose of exercising such duties as aforesaid, the Board shall have power and authority- (i) To inquire into and consider applications for advances or loans as hereinbefore referred to; (ii) To require any further or other information in respect of any such application; (iii) To recommend to the Bank the approval of any such application (either wholly or in respect of any amount less than the amount applied for); (iv) To recommend to the Bank the refusal of any such application. (3) (Repealed.) (4) The Board shall also have such advisory powers as may from time to time be prescribed, and such other powers as may be delegated by the Minister to the Board. (5) The Bank shall have power to charge an annual management fee in respect of the administrative expenses connected with the duties undertaken by it in respect of departments other than the duties directly relating to the Bank under this Act. As amended by Act of 1943, 7 Geo.6 No. 40, s.l1. Acts referred to: Discharged Soldiers' Settlement Acts, 1917 to 1959, see now the Land Act of 1962, title LAND. Farmers' Assistance (Debts Adjustment) Acts, 1935 to 1945, see title PRIMARY PRODUCE. Wire and Wire-Netting Advances Acts, 1927 to 1944, see title WIRE AND WIRE-NETTING. Marsupial Proof Fencing Acts, 1898 to 1944, see title MARSUPIALS. Financial Arrangements and Development Aid Acts, 1942 to 1947, see title LOANS. Further functions of Board, see s Further functions of Board. In addition to the powers, authorities, and functions of the Board as otherwise provided in this Act, it shall be the duty of the Board- (i) To submit proposals for the effective administration of this Act, and for the effective organisation and performance of the work involved in dealing expeditiously with applications for advances within the general purview of this Act and the Board's administration; (ii) To submit proposals for utilising in the work of the Board the services of the available field and office staffs of the Bank and of the Departments of Public Lands and Agriculture and Stock; (iii) To co-operate with any Crown instrumentality or instrumentality representing the Crown in regard to matters of rural development; (iv) To perform such other duties as the Bank or Minister may direct. As amended by Act of 1943, 7 Geo. 6 No. 40, s. 12. Functions of Board, see also s. 7. ~A. District offi~es of ~e Bank. The Governor in Council may at any time and from time to tune, upon the recommendation of the Board, by

8 726 BANKING Vol. 1 Order in Council published in the Gazette, establish a district office or district offices of the Bank and / or appoint an agent or agents of the Bank at any place or places. Any district office or agency so established or appointed may in like manner be abolished or terminated by the Governor in Council at any time. Inserted by Act of 1943, 7 Geo. 6 No. 40. s Officers. (1) The Governor in Council shall, on the recommendation of the Public Service Commissioner, appoint- (i) A person to be the General Manager of the Corporation of the Agricultural Bank (herein referred to as "the General Manager"); and (ii) A person to be the Secretary to the Corporation of the Agricultural Bank (herein referred to as "the Secretary"); and (iii) A person to be the manager of every district office of the Corporation of the Agricultural Bank (herein referred to as a "District Manager"); and may upon the like recommendation appoint and! or employ such other officers and employees as may be necessary for the purpose of administering this Act. (2) Any appointment as aforesaid may be made under "The Public Service Acts, 1922 to 1924," and, in such event, the appointee shall hold the office to which he is so appointed under and pursuant to such Act. (3) Every such officer or employee shall be paid salary or wages at the rate for the time being fixed by award, order or industrial agreement under "The Industrial Conciliation and Arbitration Acts, 1932 to 1942," or if there is no such award, order, or industrial agreement applicable in his case, then at such rate as is fixed by the Governor in Council upon the recommendation of the Public Service Commissioner. (4) A person in office under "The Public Service Acts, 1922 to 1924:' may be appointed or seconded to any office under this Act and may, if the Public Service Commissioner so recommends, hold both such offices in conjunction. (5) The General Manager shall be charged with the custody of the official seal of the Bank, and shall have power to execute documents on behalf of the Bank, and to affix the official seal of the Bank and shall also have such other powers and perform such other duties as are from time to time prescribed or, subject as so prescribed, delegated to him by the Bank. (6) In the event of the illness, incapacity, suspension or absence on leave or on official business of the General Manager, the Secretary or another officer of the Bank appointed in that behalf by the Minister either generally or for the particular occasion shall have and exercise all the powers, functions, and authorities and perform all the duties of the General Manager, and shall be deemed to be the General Manager. The fact that the Secretary or the person so appointed has exercised any power, function, or authority of the General Manager or performed any duty of the General Manager shall, until the contrary is proved, be

9 CO-ORDINATION OF, ETC., BANK ACTS, 1938 TO 1951 ss conclusive evidence of the absence, incapacity, suspension, or illness of the General Manager. Substituted by Act of 1943, 7 Geo. 6 No. 40, s. 14. Acts referred to: Public Service Acts, 1922 to 1960, see title PUBLIC SERVICE. Industrial Conciliation and Arbitration Acts, 1932 to 1942, see now the Industrial Conciliation and Arbitration Act of 1961, 10 Eliz. 2 No. 25, title LABOUR. Section 14 (2) of the Co-ordination of Rural Advances and Agricultural Bank Act Amendment Act of 1943 provided as follows:- (2) All officers and employees appointed or employed under the Principal Act prior to and in office or employment at the passing of this Act shall be deemed to have been duly appointed or employed, and shall continue in their respective offices or employments accordingly, without any further or other appointment or engagement under the Pnncipal Act as amended by this Act. The Secretary shall, notwithstanding the repeal of subsection two of section nine of the Principal Act, continue to have and exercise the powers and functions conferred upon him by the said subsection until the date upon which a General Manages is first appointed under the Principal Act as amended by this Act. 9A. Co-operation by other State Departments, etc. (1) Every department of the Public Service, every Crown corporation or instrumentality, or corporation or instrumentality representing the Crown, every Local Authority and every local body within the meaning of "The Local Bodies' Loans Guarantee Acts, 1923 to 1936," shall, subject to approval by the Minister and agreement in that behalf between the Minister as defined in this Act and the other Minister of the Crown, if any, for the time being administering such other department, corporation, instrumentality, or local body, co-operate with the Bank and the Board in the carrying out of this Act. (2) Without limit to the generality of the preceding provisions of this section, the Bank and the Board shall. subject to ministerial approval and agreement as hereinbefore mentioned in this section have power and authority to consult with and use the services in his official capacity of any officer of any department, Crown corporation or instrumentality, or corporation or instrumentality representing the Crown, Local Authority or local body for the purposes of any act, matter, or thing arising out of or in connection with the purposes of this Act. (3) Subject to ministerial approval and agreement as hereinbefore mentioned in this section, every officer of any department of the Public Service, Crown corporation or instrumentality, or corporation or instrumentality representing the Crown, Local Authority or local body shall make himself available for consultation or service as required by the Bank or the Board for the purposes of any act, matter, or thing arising out of or in connection with this Act, including the furnishing by such officer of statistical, technical, financial, or other information in the possession of or available to or obtainable by such officer in his official capacity and which in the opinion of the Bank or the Board is or may be material to or in respect of any such purpose. Inserted by Act of 1943, 7 Geo.6 No. 40, s. IS. Act referred to: Local Bodies' Loans Guarantee Acts, 1923 to 1957, see title LOCAL BODIES' LOANS GUARANTEE. 10. Salaries, etc. The salaries, wages, or allowances of the General Manager. Secretary, and all other officers and employees of the Bank, and

10 728 BANKING Vol. 1 the fees (if any) allowed to members of the Board, and all administrative costs incurred in respect of the Bank and the Board shall be paid out of the Fund or otherwise as the Governor in Council may direct. Substituted by Act of 1943, 7 Geo.6 No. 40, s Corporation may manage business. The Bank may arrange with any Crown instrumentality or Crown corporation or Minister representing the Crown to manage, and such Bank shall thereupon as the fully constituted deputy and attorney of and for such Crown instrumentality or Crown corporation or Minister representing the Crown. be authorised to manage the whole or any part of the business of the Crown instrumentality or Crown corporation or Minister representing the Crown. and for so doing the Bank shall be entitled to receive such annual management fee or commission as is mutually agreed upon between the Bank and the Crown instrumentality or Crown corporation or Minister concerned. As amended by Act of 1943, 7 Geo.6 No. 40, s Validation of certain advances. The practice and procedure at present existing in the making of advances by the Secretary for Public Lands in aid of rural development generally are and shall always have been lawful. and are hereby authorised. approved. ratified. confirmed and validated accordingly. As amended by Act of 1943, 7 Geo.6 No. 40, s Administrative provisions. Schedule. The provisions set forth in Schedule I to this Act shall be applicable to the business of the Bank and to all matters therein dealt with in aid of the effectual administration of this Act. Such provisions may from time to time be altered or added to by the Governor in Council. by Order in Council published in the Gazette, and the said Schedule I as so altered or added to shall thereupon become. for the time being. Schedule I to this Act and have effect accordingly. As amended by Acts of 1943, 7 Geo.6 No. 40, s. 19; 1946, 10 Geo. 6 No. 24, s. 3. CORPORATION OF THE AGRICULTURAL BANK FUND 14. Corporation of the Agricultural Bank Fund. (1) There is hereby created at the Treasury a Fund to be called "The Agricultural Bank Fund" (herein referred to as "the Fund"). (2) The Treasurer may from time to time make available for the purposes of the Fund all such moneys as are appropriated by Parliament for such purposes. (3) All moneys repaid to the Bank in respect of advances and interest thereon made under this Act or any other Act, and all other moneys whatsoever received by the Bank shall be paid into the Fund. (4) All advances by the Bank made under this Act shall be payable out of the Fund. As amended by Act of 1943, 7 Geo. 6 No. 40, ss. 20, 21. Advances to Co-operative Companies, Part IV; to Commodity Boards, Part V; to farmers, etc., Part VI; special advances in aid of primary production, Part VII. With respect to advances generally, see Part VIII. See also First Schedule, clauses (1) Loans by Government to Corporation. The Governor in Council may by warrant under the hand of the Treasurer direct and authorise loans to be made to the said Bank out of the Consolidated Revenue Fund.

11 CO-ORDINATION OF, ETC., BANK ACTS, 1938 TO (2) Power to borrow money. For the purpose of exerclsmg any powers or discharging any functions or duties conferred or imposed by this Act or any other Act upon the Bank, the Bank may and is hereby authorised from time to time, with the approval of the Governor in Council, to borrow money or obtain advances whether by way of temporary accommodation by means of overdraft or otherwise from or make financial arrangements with any person or body corporate or unincorporate upon such terms and conditions and at such rate of interest as the Bank, with the approval of the Governor in Council, shall deem fit~ and, subject as hereinafter prescribed, for any such purpose to create and execute mortgages, biiis of sale, charges, liens, and other securities or obligations over the property of the Bank or any part or parts thereof, or the revenues thereof, or otherwise as the Bank, with the approval of the Governor in Council, shall deem fit. (3) (a) Power of Corporation to issue debentures. For the purpose of enabling the Bank to carry out the objects and purposes of this Act, and for the purposes of providing moneys to be raised by way of loans, the Bank subject to the approval of the Governor in Council, by Order in Council published in the Gazette, may from time to time issue debentures in the prescribed amounts and secured as prescribed, and at the times and in the manner and subject to such provisions, conditions, and stipulations as are from time to time prescribed in any such Order in Council. (b) Guaranteed by the Treasurer of Queensland. The due payment by the Bank of any such loan or of any such debentures and the interest on any such loan or on such debentures shall also be and be deemed to be guaranteed by the Treasurer of Queensland. (4) (i) Arrangement for sale of debentures. The Governor in Council may by any such Order in Council also make or empower the Bank to make arrangements authorising the sale of such debentures in places beyond the limits of the State, and appoint or empower the Bank to appoint any agent or agents to negotiate such sale and to enter into and execute any contract or contracts therefor; and may prescribe provisions for the establishment by the Bank of a sinking fund and for the proper administration of all matters and things in relation thereto and in regard to any loan, whether raised by way of debentures or otherwise accordingly. (ii) Debentures and authorised investment under the Act 61 Vic. No. 10. An investment by a trustee of trust funds in any such debentures shall be and be deemed to be an authorised investment by the trustee pursuant to the provisions of section four of "The Trustees and Executors Act of 1897" (as amended by subsequent Acts) and such Act shah be read and construed accordingly. (5) Loans to Corporation from Treasury. For the purpose of providing moneys to meet any expenditure incurred or to be incurred by the Bank pursuant to its powers as aforesaid, or for the payment of any interest and/or redemption on any loan (including debentures) authorised as aforesaid, the Minister may from time to time arrange for a loan from the Treasury to the Bank in such amount or amounts as shall from time to time be necessary herein. The repayment of any such loan together with such interest as prescribed shall be made from the Fund in such manner and at such times and under such conditions as shall from time to time be prescribed by the Governor in Council. Moreover the Treasurer is hereby authorised and empowered to give such directions

12 730 BANKING Vol. 1 and to take such action in respect of the matters herein set forth (including any readjustment) of the Loan Trust or other accounts at the Treasury as may be necessary or expedient to give full effect to the objects and purposes of this Act. (6) Corporation to be a "local body" under the Local Bodies' Loans Guarantee Acts. The Bank shall also be and be deemed to be a "local body" for all purposes under and pursuant to the provisions of "The Local Bodies' Loans Guarantee Acts, 1923 to 1936," and the provisions of such lastmentioned Acts, together with such additions thereto or modifications thereof as the Governor in Council may by Order in Council prescribe, either generally or in any particular case, shall apply and extend accordingly. As amended by Act of 1943, 7 Geo.6 No. 40, s.22. Acts referred to: Trustees and Executors Acts, 1897 to 1961, see title TRUSTEES AND EXECUTORS. Local Bodies' Loans Guarantee Acts, 1923 to 1957, see title LOCAL BODIES' LOANS GUARANTEE. 16. Power to vest lands in Corporation. The Governor in Council rna)' at any time, by Order in Council, vest in or place under the permanent or temporary control of the Bank any Crown land. to be used for the purposes of the business of the Bank. As amended by Act of 1943, 7 Geo.6 No. 40, s.22. TRANSFER OF ASSETS, ETC., TO CORPORATION 17. (1) Vesting of assets and liabilities in Corporation. Forthwith upon the commencement of this Act- (a) All moneys, debentures, and Treasury Bills, and securities for money. and all interest thereon. and all books. documents, and other property held by or on behalf of the Agricultural Bank under or pursuant to "The Agricultural Bank Acts to 1934"; and (b) All the assets and liabilities of the Agricultural Bank; and (c) All powers, authorities, rights, title, interest, and obligation in or with respect to such assets and liabilities or any of them. shall by virtue of this Act, and without any transfer or assignment whatever, pass to and become vested in and imposed upon the Corporation and be divested and discharged from the Agricultural Bank. (2) Rights of action and under contracts. Any right of action or other remedy accrued to or against and any power or authority vested in or exercisable by and any agreement, undertaking, mortgage, debenture, bond, lease, deed, guarantee, covenant, or obligation made, given, or entered into by, to, or with the Agricultural Bank may be prosecuted and enforced by or against the Corporation as if the right of action or remedy had originally accrued to or against or the power or authority had originally been vested in or exercisable by or the agreement, undertaking, mortgage, debenture, bond, lease, deed, guarantee, covenant, or obligation had been made, given, or entered into by, to, or with the Corporation. (3) Existing advances. The following provisions shall apply in respect of advances made or purporting to be made under or pursuant to the Agricultural Bank Acts or any other Act or law before the commencement of this Act by the Agricultural Bank. and whether made

13 CO-ORDINATION OF, ETC., BANK ACTS, 1938 TO 1951 ss by the dissolved Corporation as principal or as attorney, or as agent or on behalf of any Minister of the Crown, any part of which advance and / or the interest thereon remains unpaid at the commencement of this Act:- (a) Such advances shall be repaid, and interest thereon shall be paid to the Corporation at the times and in the amounts prescribed by the Act under or pursuant to which the advance was made or by any regulation or instrument thereunder; (b) The Corporation may take any proceeding or exercise any right or remedy which under such Act might have been taken or exercised by the Corporation of the Agricultural Bank; ( c) The land and other property mortgaged as security for the advances aforesaid shall continue to be charged with the repayment of such advances with interest thereon. (4) Forfeiture in certain cases. In any case where under the Agricultural Bank Acts or under this Act an advance has been made on the security of a selection held from the Crown and a loss has arisen in respect of such advance and has been made good out of the Consolidated Revenue, and such selection has been made freehold either by the borrower or the Agricultural Bank or the Corporation, and the Agri cultural Bank or the Corporation has not been able to sell the land under its powers in that behalf, and the Agricultural Bank or the Corporation has executed a release of such security, the Secretary for Public Lands, representing the Crown, may by notification in the Gazette declare that all the title, right, and interest of the borrower in such land is forfeited to the Crown, whereupon the land shall become Crown land and may be dealt with as such. (5) Operatiou of securities for advances and further advances. All mortgages and other securities executed by way of security for any advance (including, if it be so, any further advances) under or pursuant to any of the Agricultural Bank Acts or any other Act or law, as the case may require, shall for all purposes, including any further advances that may be made under this Act, be construed as if the Corporation were party thereto instead of the Agricultural Bank, and this Act shall apply to all such advances and / or further advances. (6) Adjustments. All accounts, documents, books, and papers relating to any such advance shall be transferred to and be kept by the Corporation; and such adjustments of account shall be made in the books of the Corporation as may be necessary to give effect to this section. (7) Agreements for management of certain advances. Where under the provisions of any Act any Minister of the Crown or body corporate is empowered to enter into any arrangement or agreement with the Agricultural Bank whereby the Agricultural Bank is to manage on behalf of such Minister or body corporate the whole or any part of his or its business so far as consists of the making and regulation of advances under such Act to farmers, settlers, or cultivators for purposes similar to those provided for by this Act, such Minister or body corporate may enter into a like arrangement or agreement with the Corporation for the like purposes, and the same shall be given effect to; or where such Minister or body corporate has already entered into such arrangement or agreement as aforesaid with the Agricultural Bank and the same is subsisting at the commencement of this Act, then by virtue of this Act the Corporation shall as and from the commencement of this Act be

14 732 BANKING Vol. 1 deemed to be the party to every such arrangement or agreement in lieu of the dissolved Corporation, and every such arrangement or agreement shall be read and construed and have effect accordingly. (8) Pending applications. Applications by any company or by any person to the Agricultural Bank for any advances pending at the commencement of this Act, and whether or not any advance or instalment has been made, may be dealt with and completed by the Corporation as if such applications were respectively made for advances under this Act. (9) Closure of Agricultural Bank Fund. All moneys to the credit at the Treasury of the Agricultural Bank Fund constituted under the Principal Act shall by virtue of this Act be transferred to the Corporation of the Bureau of Rural Development Fund constituted under this Act. (10) Proceedings. All actions and proceedings and things lawfully had and done by the dissolved Corporation shall be and continue to be in full force and effect to all intents and purposes as if the same had been had and done by the Corporation constituted under this Act. and if the same are not completed may be continued and completed by the Corporation constituted under this Act; and no such action or proceeding shall abate or be discontinued or prejudicially affected by anything in this Act contained. (11) Penalties. All penalties, fees, fines, and forfeitures which at the commencement of this Act may be enforceable or recoverable by the dissolved Corporation shall and may be enforced and recovered by the Corporation constituted under this Act. (12) Officers. All officers and servants of the dissolved Corporation holding office or being employed at the commencement of this Act shall be deemed to have been appointed and engaged under this Act. but shall otherwise be subject to this Act as officers and servants of the Corporation constituted under this Act. (13) Regulations, etc., continued. All Proclamations, Orders in Council and regulations made under the Principal Act and in force at the commencement of this Act shall continue in force until the same or any of them are amended or superseded by Proclamations, Orders in Council, or regulations under this Act; and in the construction at such PrOCJal '.ations, Orders in Council, or regulations references to the expression "Corporation of the Agricultural Bank" or "Bank" shall be deemed to be references to the Corporation constituted under this Act; and references to the expression "General Manager" or "Manager" of the dissolved Corporation shall be deemed to be references to the Rural Development Board or, as the case may require, to the Secretary thereof constituted and appointed under this Act; and references to any officer of the diswived Corporation shall be deemed to be references to the officers of the Corporation of the Bureau of Rural Development constituted under this Act authorised or appointed in like behalf. (14) Records. All instruments, documents, records, plans, correspondence, and all books and writings the property of the dissolved Corporation shall be and are by virtue of this Act hereby handed over to the Corporation of the Bureau of Rural Development constituted under this Act, and shall and hereby become the property of such lastmentioned Corporation.

15 CO-ORDINATION OF, ETC., BANK ACTS, 1938 TO 1951 ss.17-17a 733 (15) References in other Acts. Where in any Act or in any regulation, Proclamation, or Order in Council a reference is made to the dissolved Corporation or to the General Manager or Manager thereof, as the case may be, such reference shall, on and after the commencement of this Act, and subject as may be otherwise provided in this Act, be deemed to be a reference to the Corporation of the Bureau of Rural Development constituted under this Act or to the Rural Development Board or Secretary thereof, as the case may require. Act referred to: Agricultural Bank Acts, 1923 to 1934, now incorporated in this Act. PART III-ADVANCES UNDER CERTAIN OTHER ACTS 17 A. Banks to have and exercise powers and functions in respect of advances under certain other Acts. (1) On and from the date of the passing of "The Co-ordination of Rural Advances and Agricultural Bank Act Amendment Act of 1943"- (a) The powers and functions of the Secretary for Public Lands under "The Wire and Wire-Netting Advances Act of 1927:' "The Wire and Wire-Netting Advances Act of 1933," and "The Marsupial Proof Fencing Acts, 1898 to 1913"; and (b) The powers and functions of the Secretary for Public Lands in respect of advances to discharged soldiers under section eight of "The Discharged Soldiers' Settlement Acts, 1917 to 1938"; and (c) The powers and functions of the Governor in Council and I or the Corporation of the Treasurer of Queensland under "The Financial Arrangements and Development Aid Act of 1942" in respect of advances for rural development (including, but without limit to the generality of the term "rural development." the production of vegetables, cotton, tobacco, peanuts, fodder for conservation and other approved crops, or the purchase of plants, seeds and fertilisers) to any owner or occupier of farm land; and (d) The powers and functions of the Corporation of the Secretary for Agriculture and Stock as constituted by "The Farmers' Assistance (Debts Adjustment) Acts, 1935 to 1938," under such Act shall be and be deemed to be transferred to and vested in the Corporation of the Agricultural Bank and subject to the respective Act, every such power and function shall on and from the date first hereinbefore in this section mentioned be had and may be exercised by the said Bank. (2) All mortgages, liens, securities, bonds, guarantees, agreements, contracts, deeds, documents, instruments and writings whatsoever relating to any real or personal property or affecting any rights or interests therein, or giving any right or remedy to or against any person in respect of- (a) Any advance made by the Secretary for Public Lands under or pursuant to "The Wire and Wire-Netting Advances Act of 1927" or "The Wire and Wire-Netting Advances Act of 1933,. or (b) Any wire-netting or other appliances provided, or authorised to be obtained by the Secretary for Public Lands under "The Marsupial Proof Fencing Acts, 1898 to 1913"; or

16 734 BANKING Vol. 1 (c) Any advance made by the Secretary for Public Lands to a discharged soldier under section eight of "The Discharged Soldiers' Settlement Acts, 1917 to 1938"; or (d) Any advance for rural development made by the Governor in Council or the Corporation of the Minister for Labour and Industry under the provisions of "The Income (State Development) Tax Acts, 1938 to 1942" or the Acts repealed by such Act, or made by the Governor in Councilor the Corporation of the Treasurer of Queensland under "The Financial Arrangements and Development Aid Act of 1942"; or (e) Assistance deemed to have been given under "The Farmers' Assistance (Debts Adjustment) Acts, 1935 to 1938," by the Secretary for Agriculture and Stock as the Corporation of the Secretary for Agriculture and Stock constituted under that Act, and in which the name of the Secretary for Public Lands, or the Treasurer, or the Secretary for Agriculture and Stock, or the Secretary for Labour and Industry, or the Corporation of the Treasurer of Queensland, or the Corporation of the Secretary for Public Lands, or the Corporation of the Secretary for Labour and Industry, or the Corporation of the Secretary for Agriculture and Stock appears, and which are in existence at the date of the passing of "The Co-ordination of Rural Advances and Agricultural Bank Act Amendment Act of 1943," and have not previously to the passing of such lastmentioned Act been released, discharged, conveyed, assigned, transferred or otherwise assured by the Minister or Corporation to whom or which the same belonged originally or at any time prior to such lastmentioned date, shall, on and from such lastmentioned date, be read and construed as if the name of the Corporation of the Agricultural Bank appeared therein as on and from such date instead of the name of such Minister or Corporation, and shall operate and take etiect accordingly. (3) All actions, demands, caveats, notices, or other proceedings commenced, made, entered, or given by, or on behalf of, or against, or to any Minister or Corporation hereinbefore in this section mentioned previously to the date of passing of "The Co-ordination of Rural Advances and Agricultural Bank Act Amendment Act of 1943," may be prosecuted, acted upon, or otherwise dealt with by and in the name of or against the Corporation of the Agricultural Bank, as if such actions, demands, caveats, notices and proceedings had been commenced, made, entered, given by. to or on behalf of, or against such Bank, and the benefit or burden of any decree, judgment, order, verdict. award, demand, caveat, notice or proceeding to which any such Minister or Corporation was entitled or subject at such last mentioned date shall enure to or be binding upon such Bank accordingly as from such date. (4) Except as provided in this subsection, the provisions of this section shall not apply to or in respect of any power to forfeit land to the Crown conferred upon the Secretary for Public Lands by any Act hereinbefore in this section mentioned. Every such power to forfeit land to the Crown shall, subject to the Act by which it is conferred, continue to be vested in the Secretary for Public Lands to the extent to which it would have remained so vested if this section had not been passed: Provided that the Bank may recommend to the Secretary for Public Lands the forfeiture to the Crown of any land liable to be so forfeited by him under or pursuant to any Act hereinbefore in this section mentioned.

17 CO-ORDINATION OF, ETC., BANK ACTS, 1938 TO 1951 ss.17a-17c 735 (5) Where an application under section one hundred and seventy-one of "The Land Acts, 1910 to 1943," relates to any fence in respect of which or any materials of which any amount of an advance or loan made under any Act hereinbefore in this section referred to is outstanding, the Bank shall have and may exercise the powers conferred upon the Secretary for Public Lands under subsection eight of the said section one hundred and seventy-one, and application by or on behalf of the Bank may be made to the Land Court accordingly. Inselied by Act of 1943, 7 Geo.6 No. 40, s.23, and as amended by Act of 1944, 8 Geo.6 No.4, s.4. Acts referred to: Wire and Wire-Netting Advances Acts, 1927 to 1944, see title WIRE AND WIRE-NETTING. Marsupial Proof Fencing Acts, 1898 to 1944, see title MARSUPIALS. Discharged Soldiers' Settlement Acts, 1917 to 1959, see now the Land Act of 1962, title LAND. Financial Arrangements and Development Aid Acts, 1942 to 1947, see title LOANS. Farmers' Assistance (Debts Adjustment) Acts, 1935 to 1945, see title PRIMARY PRODUCE. Income (State Development) Tax Acts, 1938 to 1942, see title INCOME TAX. Land Acts, 1910 to 1943, see now the Land Act of 1962, title LAND. PART IIIA-RE-ESTABLISHMENT LOANS 17B. (1) Approval of agreement under Commonwealth Act. The agreement made on the seventeenth day of January, one thousand nine hundred and forty-six, in pursuance of subsection one of section ninety-eight of the Re-establishment and Employment Act 1945 of the Commonwealth of Australia between the Director of War Service Land Settlement Department of Post-war Reconstruction, a prescribed authority for the purposes of Divisions 3 and 4 of Part VI of the said Act and the Bank (a copy whereof is set forth in Schedule II to this Act) is hereby approved, adopted, authorised and ratified and the said agreement shall, while it continues to be binding upon the prescribed authority for the time being for the purposes of Divisions 3 and 4 of Part VI of the said Act, have force and effect and be binding on the Bank. (2) Approval of variation of agreement under Commonwealth Act. The supplemental agreement dated the seventeenth day of November, one thousand nine hundred and forty-seven, between the parties to the agreement (hereinafter in this subsection referred to as the "principal agreement") referred to in subsection one of this section varying the principal agreement, a copy of which supplemental agreement is set forth in Schedule III to this Act, is hereby authorised, approved, ratified and confirmed; and, to the extent to which the principal agreement as varied by the supplemental agreement operates and has effect by virtue of this Act, it shall be deemed to have, and to have always had, on and from the seventeenth day of November, one thousand nine hundred and fortyseven, such operation and effect. Inserted by Act of 1946, 10 Geo. 6 No. 24, s. 4, and as amended by Act of 1947, 12 Geo.6 No.7, s.3. Act referred to: Commonwealth Re-establishment and Employment Act, c. (1) On and from the seventeenth day of January, one thousand nine hundred and forty-six, the Bank is, and always was, authorised to (i) Make in the name of the Bank loans under and subject to the agreement referred to in section 17B of this Act:

18 736 BANKING Vol. I (ii) Take, at its discretion, in the name of the Bank as security for the repaymen~ of any such loan such one or more of the securities prescribed by section 29B of this Act as the Bank mayor did require; (iii) Do and exercise all such other acts, matters and things as were or may be required to be done and exercised by the Bank under or for the purposes of the said agreement including any power or function under Division 3 of Part VI of the Reestablishment and Employment Act 1945 of the Commonwealth for the time being duly delegated to the Bank. (2) The Bank shall have and may exercise with respect to any loan made by it on or after the seventeenth day of January, one thousand nine hundred and forty-six, under and subject to the agreement referred to in section 17B of this Act and to every security taken by it for the repayment of such loan, all of the powers, rights and remedies conferred upon it by this Act with respect to advances made under this Act and to securities taken by the Bank for the repayment of such advances, and all of the provisions of this Act shall apply and extend accordingly. Inserted by Act of 1946, 10 Geo.6 No. 24, s.5. Act referred to: Commonwealth Re-establishment and Employment Act, PART IV-ADVANCES TO CO-OPERATIVE CoMPANIES 18. What co-operative companies qualified to obtain advanl:es. The only companies which are qualified to apply for and obtain advances under this Act shall be those whose articles of association provide- (a) That two-thirds at least of the number of the shares of the company and of the voting power of the shareholders shall always be held by persons who are producers of primary produce or resultant products in respect of which or in relation to which the business of the company is or is to be carried on; and (b) That no dividend at a greater rate than five pounds per centum per annum shall, at any time before all advances under this Act have been repaid, be declared or paid or credited by the company. It shall not be competent for such a company at any time to alter the foregoing provisions of such articles. As amended by Act of 1943, 7 Geo.6 No. 40, s.24. Advances are made out of the Agricultural Bank Fund, s. 14. See also First Schedule, clauses 12 et seq., and note especially clause 21. See Agricultural Bank (Special Ratification) Act of 1959, s. 2, p. 706 ante; cf. Agricultural Bank (Loans) Act of 1959, s. 13, p. 692 ante. 19. Advances to co-operative companies for works. Subject to this Act, the Bank- (a) May make advances to any co-operative company in aid of the construction by the company of works under this Act; (b) With the previous approval of the Governor in Council may make advances to a co-operative company in respect of works already constructed. As amended by Act of 1943, 7 Geo.6 No. 40, s Term of loan to company. The term of the advance to a company under the last preceding section of this Act shall be the term fixed by the

19 CO-ORDINATION OF, ETC., BANK ACTS, 1938 TO 1951 ss.17c Bank, not exceeding sixteen years, exclusive of any period allowed by the Bank not exceeding two years during which interest only is payable. As amended by Act of 1943, 7 Geo.6 No. 40, s Limit of advance. Save in the cases next hereinafter provided, no advance shall be made to any company under the last preceding section but one of this Act to an amount exceeding two-thirds of the cost of the works: Provided, however, in any case where the Bank is satisfied that (a) The company is not and the members of the company are not financially able to provide one-third of the necessary cost of the works; and (b) A new industry will be encouraged or the proper development of any district will be assisted, or there are no suitable works available; and (c) The proposal of the company in respect of the works is likely to be financially successful, an advance may be made to the company to an amount exceeding twothirds of the cost of the works but not exceeding such proportion of their cost as the Bank determines. As amended by Act of 1943, 7 Geo.6 No. 40, s Advances to company for special purposes. In addition to any advance under other provisions of this Part of this Act, the Bank may, upon the application of a company, make advances to the company for any of the objects mentioned in the table hereunder set forth, to an amount not exceeding two-thirds of the cost of the chattels proposed to be purchased or of the works proposed to be constructed, and not exceeding in the aggregate the sum of one thousand seven hundred pounds, and for a term fixed by the Bank not exceeding five years, exclusive of any period allowed by the Bank not exceeding two years during which interest only is payable. OBJECTS Co-operative purchase of machinery, engines, and other appliances to assist and encourage primary production, and the construction and manufacture of works and things for the like object, that is to say: Tractor or other approved type of engine for ploughing land, clearing, or other primary production purposes. Grading and levelling land for irrigation purposes and machinery for the same; construction of water channels, ditches, check banks or levees for irrigation purposes and general requirements in connection with the same; drainage of land. Machinery, engines, and other appliances for the following purposes: -Hay making, loading, stacking, and baling; ensilage cutter with blower or elevator; cornbinder; chaff cutting; corn threshing; wheat, maize, cotton, or peanut harvesting or effective harvesting of other crops; rice hulling and polishing; extraction and preparation of vegetable oils and fibres; sheep shearing and wool pressing; cotton ginning; preparation of arrowroot, coffee, or other products; grading, cleaning, and drying grains and seeds; butter and cheese making; pasteurisation and treatment of dairy produce, and attemperation vats; cold storage; bacon curing; sawmilling, when connected directly with land settlement (including box making and case making);

20 738 BANKING Vol. 1 drying, pulping, canning, and dehydration of fruit and vegetables; burning or crushing of limestone for primary production purposes; preparation and manufacture of fertilisers; spraying of crops for treatment of insects, fungus, and diseases and other pests. Storage and conservation of fodder. Construction of cattle and sheep dips and yards; destruction of prickly-pear and other plant pests; wire netting for checking rabbits, marsupials, and animal pests; poison carts. The Governor in Council may from time to time, by Order in Council, add to the foregoing table by including other objects therein; and the table in force for the time being as so added to shall be deemed to be the table referred to in this provision. As amended by Act of 1943, 7 Geo.6 No. 40, s.25. PART V-ADVANCES TO COMMODITY BOARDS 23. Power to advance to Commodity Boards. Notwithstanding anything in "The Primary Producers' Organisation and Marketing Acts, 1926 to 1932," or in this Act or in any Act or law to the contrary contained, the Bank may on the recommendation of the Board make from time to time advances to any Commodity Board within the meaning of "The Primary Producers' Organisation and Marketing Acts, 1926 to 1932." Notwithstanding anything in any Act hereinafter in this paragraph mentioned or in this Act or in any other Act or law to the contrary contained, the Bank may, on the recommendation of the Board, make frail]. time to time advances to- (i) The Committee of Direction constituted under "The Fruit Marketing Organisation Acts, 1923 to 1941"; or (ii) The State Wheat Board constituted under "The Wheat Pool Acts, 1920 to 1930"; or (iii) The Brisbane Milk Board or any other Milk Board constituted under "The Milk Supply Act of 1938" (or any Board COGstituted under any Act amending or in substitution for such Act). and any reference in any other provision of this Act to a Commodity Board shall be deemed to include the said Committee of Direction, State Wheat Board. Brisbane Milk Board. and any other Milk Board. The terms, conditions, and stipulations of any such advance and terms of repayment. and all other matters necessary or incidental to the repayment and enforcement of repayments of such advance, may be fixed by agreement between the Bank and the Commodity Board, or may be as prescribed: Moreover for the securing the repayment of any such advance together with interest thereon as may be agreed the Commodity Board shall and may execute all such mortgages. charges, liens, or other instruments as the Bank may require containing all such covenants, stipulations. rights. powers. and remedies in favour of the Bank upon any default or noncompliance by the Commodity Board with any of the terms of any agreement, mortgage, charge, lien. or instrument as the Bank may consider proper or as may be prescribed: Moreover. in addition to any other remedies provided in this section or in this Act, any such advance (together with interest thereon) shall be

21 CO-ORDINATION OF, ETC., BANK ACTS, 1938 TO 1951 ss a debt due and payable to His Majesty, and payment thereof may be enforced accordingly in any court of competent jurisdiction. As amended by Acts of 1943, 7 Geo. 6 No. 40, ss. 26, 27; 1944, 8 Geo. 6 No.4, s. 5. Acts referred to: Primary Producers' Organisation and Marketing Acts, 1926 to 1962, see title PRIMARY PRODUCE. Fruit Marketing Organisation Acts, 1923 to 1956, see title PRIMARY PRODUCE. Wheat Pool Acts, 1920 to 1957, see title AGRICULTURE. Milk Supply Act of 1938, see now Milk Supply Act of 1952, I Eliz. 2, No. 38, title MILK. Advances are made out of the Agricultural Bank Fund, s. 14. See also First Schedule, clauses Advances since 1 January 1960, see Agricultural Bank (Loans) Act of 1959, p. 688 ante. PART VI-ADVANCES TO FARMERS AND OTHERS 24. Power to advance to farmers and others. Subject to this Act, the Bank may, upon the application of any owner or occupier of farm land, make advances to him. As amended by Act of 1943, 7 Geo.6 No. 40, ss. 28, 29. Advances are made out of the Agricultural Bank Fund, s. 14. See also First Schedule, clauses Advances since 1 January 1960, see Agricultural Bank (Loans) Act of 1959, p. 688 ante. 25. Certain persons disqualified as borrowers. No advance under this Part of this Act shall be made to any person who has not first obtained in the prescribed manner a certificate that he is able to read and write from dictation words in such language as the Bank may direct. Regulations may be made exempting from the operation of this section any persons or classes of persons whom for any reason it is considered unnecessary to examine. As amended by Act of 1943, 7 Geo.6 No. 40, s Maximum advance under this Part and Part VII. At no time shall the total amount of an advance or advances to anyone person under all the provisions of this Part and Part VII of this Act exceed in the aggregate seven thousand five hundred pounds. As amended by Acts of 1943,7 Geo.6 No. 40, s.30; 1951, 15 Geo.6 No.8, s (1) Advances for certain objects. Advances to any owner or occupier of farm land may be made for any of the objects mentioned in the table hereunder set forth- OBJECTS (a) Payment of liabilities already existing with respect to the land or payment of the balance of any purchase money in respect of the purchase of the land or any stock, machinery, or implements therefor; (b) Effecting improvements on the land; (c) Purchase of stock, machinery, or implements; (d) Generally in respect of agricultural, dairying, grazing, horticultural, or viticultural pursuits, poultry or pig raising, or other rural pursuits on the land; (e) Relief in case of drought, flood, tempest, fire, or other adverse conditions or happenings beyond the control of the borrower; (f) Developmental or experimental work approved by the Board;

22 740 BANKING Vol. 1 (g) Not exceeding one thousand pounds for unspecified purposes in connection with the land, provided that the applicant is a bona fide settler residing on and working the land as farm land: Provided that, where such an advance under paragraph (g) hereof has been made to such resident settler, he shall continue to reside on and work the land as aforesaid while any part of the advance remains unpaid, otherwise he shall be deemed to have committed a breach of condition to be observed by him under this Act. (2) Amount of advance, how determined. The amount which may be advanced under this section shall in every case be determined by the fair estimated value of- (a) The farm land with the improvements made and proposed to be made thereon; (b) All sheep, cattle, and other live stock belonging to the applicant and, if any live stock are to be acquired on receipt of the advance, of those live stock; (c) All machinery, implements, and other chattels belonging to the applicant and used for any purpose or purposes connected with land and, if any machinery, implements or other chattels are to be acquired on receipt of the advance, of those chattels; and (d) All fruit trees growing on that land, after taking into consideration all sums already advanced to and still owing by the applicant. In no case shall the total amount of advances under this section, exclusive of any advances made under paragraph (e) of subsection one hereof and under the next succeeding subsection, exceed sixteen shillings in the pound of such estimated value. (3) Advances not exceeding, upon the whole, one thousand two hundred and fifty pounds may be made under this section to the full value of the improvements proposed to be made for anyone or more of the following objects mentioned in the table hereunder set forth:- OBJECTS Buildings. Ring-barking. Clearing. Fencing. Draining. Water conservation (including a well or bore, together with lifting power). Dairy-house and yards. Accommodation for pigs. Silos. Haysheds. (4) Term of loan. The term of any advance under this section or under Part VII of this Act shall be the term fixed by the Bank, not exceeding thirty years, exclusive of any period allowed by the Bank not exceeding five years during which interest only is payable: Provided that the term of any advance secured by any mortgage existing at the date of the passing of "The Agricultural Bank Acts Amendment Act of 1931" or secured by any mortgage subsequent to such date may, from time to time, be extended in the absolute discretion of the Bank, to any term as may be fixed by the Bank, and the period allowed by the Bank during which interest only is payable may, from time to time, be

23 CO-ORDINATION OF, ETC., BANK ACTS, 1938 TO 1951 s extended, in the absolute discretion of the Bank to any period as may be fixed by the Bank, but so that the term of the advance (as so extended) added to the period allowed by the Bank during which interest only is payable (as so extended) shall not exceed, in the whole, thirty-five years. (5) Term of loan in respect of discharged members of the Forces and other eligible persons. (i) Notwithstanding anything to the contrary contained in this Act, the term of any advance (secured by any land mortgage) made after the commencement of the War or subsequent to the passing of "The Co-ordination of Rural Advances and Agricultural Bank Acts and Other Acts Amendment Act of 1945" under this section or under Part VII of this Act to an eligible person as hereinafter defined shall be the term fixed by the Bank, not exceeding thirty years, exclusive of the full period of three years during which no payments whether of interest or principal shall be demanded by the Bank, from or payable by the mortgagor concerned and exclusive of any period allowed by the Bank, being a period not exceeding five years, during which interest only is payable. Any mortgage or other security given by any such eligible person to the Bank subsequent to the commencement of the War or after the passing of "The Co-ordination of Rural Advances and Agricultural Bank Acts and Other Acts Amendment Act of 1945" shall be read and construed as if the term therefor shall comprise a full period of three years during which no payments whether of interest or principal shall be demanded by the Bank from or payable by the mortgagor concerned; and the Bank is hereby empowered and authorised to make such necessary adjustments to give effect to this provision accordingly. (ii) For the purposes of this subsection the term "eligible person" shall mean- (a) A discharged member of the Forces who has been honourably discharged after not less than six months' war service, or having, in the opinion of the Minister, been materially prejudiced by reason of his war service, has been honourably discharged after less than six months' war service; (b) A person included in any class of persens which the Governor in Council may, by Order in Council, from time to time approve. For the purposes of this definition- (a) The expression "member of the Forces" shall have the same meaning as in section four of the Re-establishment and Employment Act, 1945, of the Commonwealth; (b) The expression "war service" shall have the same meaning as in paragraphs (a), (b), (c), (d), and (e) of section four of the Re-establishment and Employment Act, 1945, of the Commonwealth; and (c) The term "the War" means the War which commenced on the third day of September, one thousand nine hundred and thirtynine, and includes any other war in which His Majesty became engaged after that date and before the passing of "The Coordination of Rural Advances and Agricultural Bank Acts and Other Acts Amendment Act of 1945." (iii) For the purposes of this subsection the term "eligible person" shall also include any and every person who, having, as a member of His Majesty's Naval, Military, or Air Forces, had at any time (whether

24 742 BANKING Vol. 1 before or after or partly before and partly after the passing of "The Co-ordination of Rural Advances and Agricultural Bank Acts Amendment Act of 1951") active service with such Forces or with the forces of the United Nations in Korea or elsewhere. shall have been or shall be honourably discharged after- (a) Not less than six months of active service as aforesaid; or (b) Where such a person shall have been in the opinion of the Minister materially prejudiced by reason of that active service. less than six months of active service as aforesaid. In relation to a female. "having. as a member of His Majesty's Naval, Military. or Air Forces" had active service as specified in this paragraph includes that active service as a member of. or of any service forming part of those Forces or any of them. including service as medical practitioner or nurse or masseuse or otherwise. (6) (i) Subsection five of this section shall be read. construed and applied subject to this subsection. (ii) After the thirty-first day of December. one thousand nine hundred and fifty-two, an eligible person shall not be entitled to the benefit of subsection five of this section in respect of any advance applied for by him more than five years after he shall have been discharged from the service specified in the said subsection five constituting him an eligible person thereunder. (iii) For the purpose of determining the benefit to which an eligible person is entitled under subsection five of this section in respect of two or more advances received by him from the Bank, those advances shall be taken into consideration together so that- (a) That eligible person shall not be entitled to the benefit of subsection five of this section during full periods of three years in respect of those advances severally; (b) That eligible person shall be entitled to benefit severally under subsection five of this section in respect of two or more advances provided that (i) He shall have received from the Bank the second or any subsequent such advance on or after the date when he shall have discharged in full his liabilities to the Bank in respect of any and every prior such advance; and (ii) The several periods during which that eligible person shall benefit severally under subsection five of this section in respect of those advances shall not exceed in the aggregate three full years; (c) That eligible person shall be entitled to benefit concurrently under subsection five of this section in respect of two or more advances. provided that- (i) He shall have received from the Bank the second and any subsequent such advance while he is still a borrower from the Bank in respect of the first such advance; and (ii) The period during which he shall be entitled to benefit under subsection five of this section in respect of the second or any subsequent such advance shall be the unexpired balance (as at the date of the receipt by him from the Bank of that second or subsequent advance) still to run of the period during which he is entitled to so benefit in respect of the first of those advances:

25 CO-ORDINATION OF, ETC., BANK ACTS, 1938 TO 1951 ss Provided that in a case where, before the passing of "The Coordination of Rural Advances and Agricultural Bank Acts Amendment Act of 1951," two or more advances to which the provisions of subsection five of this section, as in force for the time being applied, shall have been made to one and the same person upon terms that no payments, whether of interest or principal, would be demandable from or payable by him during periods of three years in respect of those advances severally, then the provisions of this subsection shall apply so as not to revoke, alter, amend or otherwise modify those terms. As amended by Acts of 1943, 7 Geo.6 No. 40, s.31; 1945, 9 Geo.6 No. 18, s. 4; 1951, 15 Geo. 6 No.8, s. 3. Acts referred to: Agricultural Bank Acts Amendment Act of 1931, now incorporated in this Act. Co-ordination of Rural Advances and Agricultural Bank Acts and Other Acts Amendment Act of 1945, p. 779 post. Co-ordination of Rural Advances and Agricultural Bank Acts Amendment Act of Commonwealth Re-establishment and Employment Acts, Advances since 1 January 1960, see Agricultural Bank (Loans) Act of 1959, p. 688 ante. PART VII-SPECIAL ADVANCES IN AID OF PRIMARY PRODUCfION 28. Advances to dairy farmers, farmers, sheep farmers, and graziers. Subject to section twenty-six of this Act, the Bank may, upon the application of any owner or occupier of farm land, make advances to the applicant for any of the objects mentioned in the first column of the table hereunder set forth, to an amount not exceeding the maximum amounts respectively mentioned in the second column thereof, that is to say:- " " ""-"-~ ~~- ---~ Objects Maximum Amount that may be Advanced Purchase of dairy cattle.. Purchase of separator and other dairying plant Purchase of agricultural machinery and plant, including machinery and plant for fodder conservation Purchase of pigs.. Purchase of sheep.... Purchase of beef cattle for breeding and/or fattening purposes Purchase of farm horses Purchase of grass and fodder crop seed Purchase of pineapple and banana suckers and/or other seeds and plants for approved purposes , ,000 2, The Governor in Council may from time to time, by Order in Council, add to this table by including other objects therein and fixing, respectively, the maximum amount of advance for each such object; and the table in force for the time being as so added to shall be deemed to be the table referred to in this section. Suhstituted by Act of 1943, 7 Geo. 6 No. 40, s. 32, and amended by Acts of 1945, 9 Geo.6 No. 18, s.5: 1951, 15 Geo.6 No.8, s.4. Advances are made out of the Agricultural Bank Fund, s. 14. See also First Schedule, clauses Advances since I January 1960, see Agricultural Bank (Loans) Act of 1959, p. 688 ante.

26 744 BANKING Vol Advances for purposes of growing crops of agricultural, horticultural or viticultural produce. (1) Subject to section twenty-six of this Act, the Bank may, upon the application of any owner or occupier of farm land, make advances, not exceeding in the aggregate, one thousand pounds, to the applicant for the purpose of preparing such land for the growing of crops of agricultural, horticultural, vegetable, or viticultural produce upon such land and for planting, fertilising, cultivating and harvesting such crops and, in respect of any agricultural crop grown for the purposes of producing fodder, for the conservation of (including the construction of storage for) fodder the produce of such crop. (2) Notwithstanding any other provision of this Act in that behalf, the Bank may determine the conditions of repayment of any advance made under this section, including the period, if any, during which interest only shall be payable, the repayment of principal and interest by instalments, the time of payment of each such instalment and the amount thereof. (3) Subject to the exceptions and modifications contained in this Act the provisions of "The Mercantile Acts, 1867 to 1896" shall, except in respect of crops of sugar-cane, apply and extend to and in respect of advances made by the Bank under the authority of subsection one of this section, and the provisions of "The Liens on Crops of Sugar Cane Acts, 1931 to 1933," shall, in respect of crops of sugar-cane, apply and extend to and in respect of all such advances. Substituted by Act of 1943, 7 Geo. 6 No. 40, s. 33, and as amended by Act of 1951, 15 Geo.6 No.8, s.5. Acts referred to: Mercantile Acts, 1867 to 1896, see title MERCANTILE LAW. Liens on Crops of Sugar Cane Acts, 1931 to 1961, see title SUGAR. 29A. Advances for purposes of irrigation. Subject to section twenty-six of this Act, the Bank may, upon the application of any owner or occupier of farm land, make advances, not exceeding in the aggregate seven hundred and fifty pounds, to the applicant for the purchase and installation of plant, machinery and power and/or the construction of works for the purposes of irrigating such land. Inserted by Act of 1943, 7 Geo. 6 No. 40, s AA. Advances in respect of machinery for fann contract work. Subject to section twenty-six of this Act, the Bank may, upon the application of any person who, by contract with the respective owners or occupiers thereof, engages, or is about to engage, in the construction of works for providing or conserving water on farm lands or in the work of preparing farm lands for the growing of crops of agricultural, horticultural, vegetable, or viticultural produce or for the planting, fertilising, cultivating and harvesting such crops, or, in respect of any agricultural crop grown for the purpose of producing fodder, for the conservation of (excepting the construction of storage for) fodder the produce of any such crop, make advances (not exceeding two-thirds of the value of the plant and/or machinery proposed to be purchased and not exceeding in the aggregate two thousand pounds) to the applicant for the purchase of plant and machinery for the purposes of such work notwithstanding that the applicant is not the owner or occupier of farm land. Inserted by Act of 1944, 8 Geo. 6 No.4, s AB. Advances to companies to purchase machinery and plant for fodder production and pasture renovation. The Bank may, upon the application

27 CO-ORDINATION OF, ETC., BANK ACTS, 1938 TO 1951 s.29-29c 745 of a company qualified under section eighteen of this Act to apply for and obtain advances under this Act, make advances to it to an amount not exceeding three thousand pounds for the purpose of the purchase by it of machinery and plant for use in fodder production and pasture renovation. Subject to the above limitation such advance may be made up to the full value of the machinery and plant proposed to be purchased: Provided that any such advance shall be for the full purchase money or the unpaid balance of the purchase money, as the case may be: Provided further that the memorandum and articles of association or, in the case of a company registered as an association under "The Primary Producers' Co-operative Associations Acts, 1923 to 1934," the objects and rules of any company shall be deemed to include power and authority for such company to obtain advances from the Bank under this section ana to do and execute all such acts, matters, and things (including securities) as may be lawfully required by the Bank with respect to such advances. Inserted by Act of 1945, 9 Geo.6 No. 18, s.6. Act referred to: Primary Producers' Co-operative Associations Acts, 1923 to 1962, see title PRIMARY PRODUCE. 29B. Security for advances under this Part VII of this Act. (1) Notwithstanding any other provision of this Act, advances may be made by the Bank under the provisions of this Part VII of this Act on such one or more of the following securities as the Bank may require, namely, security- (i) By way of mortgage over the land mentioned in the application or other lands; or (ii) By way of mortgage (or covenant to give such mortgage) over any pigs, sheep, cattle, horses, or other live stock belonging to the applicant at the date of the application, or about to be acquired by the applicant on receipt of an advance, and the progeny thereof during the continuance of the security; or (iii) By way of bill of sale (or covenant to give such bill of sale) over such machinery, implements, or chattels belonging to the applicant at the date of the application, or to be acquired by such applicant or belonging to or to be acquired by his surety as the Bank may require; or (iv) By way of lien on wool; or (v) By way of lien on crops of all kinds; or (vi) By way of lien, or order, or assignment on any produce or the proceeds thereof, or of stock sold from the land; or (vii) By way of floating charge, or charge on the uncalled capital of a company or association. (2) Any such security shall be given by the applicant or any surety in the discretion of the Bank. Inserted by Act of 1943, 7 Geo.6 No. 40, s c. Effect of assignment. (1) If any owner or occupier of farm land who has given an assignment on any produce of such land or the proceeds thereof to secure any advance made to such owner or occupier by the Bank diverts any of such produce from the person named in such assignment to some other person the Bank may notify such other person of the existence of such assignment, and of the amounts payable thereunder and the times at which such amounts are payable.

28 746 BANKING Vol. 1 Such notice shall require such other person to retain and pay to the Bank sufficient of the moneys from time to time payable by him to the owner or occupier concerned to meet the payments under such assignment and shall be legally binding upon such other person accordingly. (2) An assignment as heretofore mentioned in subsection one of this section shall be legally binding on every person who supplies any produce referred to therein from the farm land mentioned in such assignment. (3) Any person paying to the Bank in satisfaction of an assignment on the produce of any farm land, or the proceeds of such produce, any moneys payable to the owner or occupier of such farm land or to any other person whomsoever in respect of such produce shall be deemed to act under the authority of such owner or occupier and of all other persons concerned and is hereby indemnified accordingly. Inserted by Act of Geo.6 No. 40, s.35. PART VIII-MISCELLANEOUS 30. Advances to be secured by mortgage. (1) Save as by this Act is otherwise expressly provided, and subject also to any relaxation of these provisions provided by the regulations to meet particular cases or classes of cases, no advance under this Act shall be made- (i) Except upon the security of a mortgage or mortgages to the Bank over the lands and improvements with respect to which such advance is made (or over the works of the company in respect of which such advance is made), and upon such other security over any property as to the Bank seems fit; (ii) With respect to any land which is encumbered by any previous mortgage or charge other than- (a) A mortgage or security under this Act, or (b) By reason of arrears of rates due to any Local Authority, or ( c) A mortgage or charge in favour of the Crown under the laws in force relating to Crown land or to marsupial-proof fencing or rabbit-proof fencing, or (d) A mortgage to the Treasurer or any person or corporation representing the Crown under "The Sugar Works Guarantee Acts, 1893 to 1895," or under any law relating to the construction and control of sugar works. (2) Any company and any owner or occupier of land may, notwithstanding any enactment or law to the contrary, lawfully execute an such mortgages and other securities. (3) In all cases where a special form of mortgage or security is prescribed by any Act, the fact that a mortgage or security under this Act or any State Advances Act or the Co-operative Agricultural Production Act is not in such form shall not in any way hinder its registration (where necessary) or limit its effect as a valid mortgage or security. As amended by Act of 1943, 7 Geo.6 No. 40, ss. 36, 37. Act referred to: Sugar Works Guarantee Acts, 1893 to 1908, see title SUGAR. Advances are made out of the Agricultural Bank Fund. s. 14. The provisions of certain Acts have restricted application to advance;. s. 32. No stamp duty is payable on mortgages, etc., s. 33. See also First Schedule, clauses Advances since 1 January 1960, see Agricultural Bank (Loans) Act of 1959, p. 688 ante.

29 CO-ORDINATION OF, ETC., BANK ACTS, 1938 TO 1951 ss.29c Special conditions as to borrowing may be imposed. Every advance to a borrower under this Act shall, in addition to the conditions and stipulation in this Act contained, be subject to such further conditions and stipulations as to the Bank may seem fit, or as may be prescribed. As amended by Act of 1943, 7 Geo.6 No. 40, s Restricted application of certain Acts. (1) The provisions of "The Bills of Sale Act of 1891" or any Act amending or in substitution for that Act shall not apply to any mortgage or other security executed under this Act or "The Agricultural Bank Acts, 1923 to 1934," or any State Advances Act or the Co-operative Agricultural Production Act, or affect the validity or operation of such mortgage or security in respect of any chattels comprised therein. (2) The provisions of "The Mercantile Acts, 1867 to 1896," requiring the registration of mortgages of live stock or liens on crops or liens on wool shall not apply to any mortgage of live stock or lien on crops or lien on wool executed under this Act or "The Agricultural Bank Acts, 1923 to 1934," or any State Advances Act or the Co-operative Agricultural Production Act. Acts referred to: Bills of Sale Act of See now Bills of Sale and Other Instruments Act of 1955, title MERCANTILE LAW. Agricultural Bank Acts, 1923 to 1934, now incorporated in this Act. Mercantile Acts, 1867 to 1896, see title MERCANTILE LAW. 33. No stamp dnty. No mortgage or other security executed to secure an advance under this Act or "The Agricultural Bank Acts, 1923 to 1934," or any State Advances Act or the Co-operative Agricultural Production Act, or any release of such mortgage or security or any document or instrument executed for the purposes of this Act or any of the Acts aforesaid, shall be liable to stamp duty, any enactment to the contrary notwithstanding. Act referred to: Agricultural Bank Acts, 1923 to 1934, now incorporated in this Act. 34. Penalty for procuration fees. It shall not be lawful to charge, recover, or receive any moneys for or in respect of the procuring, negotiating, or obtaining any advance to a borrower under this Act, or under any Act or law in pursuance of which the Bank acts as attorney or agent. Any person, firm, company, or association which charges or receives or attempts to charge or receive any moneys for or in respect of the procuring, negotiating, or obtaining any such advance as aforesaid shall be guilty of an offence and liable to a penalty of not less than fifty pounds or more than two hundred pounds. As amended by Act of 1943, 7 Geo.6 No. 40. s Annual instalments by borrower in respect of certain seasonal industries. Notwithstanding anything contained in this Act, any borrower engaged or about to engage in a seasonal industry, yielding only one crop per annum may make application to the Bank to pay annually the instalments of principal and/or interest due and payable under his mortgage or other security or under this Act, and either on the thirtieth day of June or the thirty-first day of December in each year. Such borrower shall set out in his application the nature of the industry in which he is engaged or proposes to engage, and his reasons for desiring to pay his instalments annually.

30 748 BANKING Vol. 1 The Bank may upon the advice of the Board refuse such application or grant same. If such application is granted such instalments shall thereafter become due and owing annually in lieu of half-yearly, and the Bank shall thereupon adjust same accordingly; and moreover the instrument of mortgage or other security shall be deemed to have been altered and shall be read and construed accordingly: Provided that in the event of default on the part of the borrower the like consequences shall follow as are provided in this Act in the case of default in the payment of any sum of money payable thereunder halfyearly: Provided further, that nothing in this section shall prevent any borrower from at any time making half-yearly payments in accordance with the provisions of this Act; and moreover the Bank may at any time require any borrower who is making annual instalments under this section to pay by half-yearly instalments in accordance with the provisions of this Act in lieu of such annual instalments. For the purposes of this section, "seasonal industries" shall mean such industries as the Minister upon the advice of the Board shall from time to time decide. As amended by Act of 1943, 7 Geo.6 No. 40, s Judgment of court not to affect security. No judgment, order, or decree of any court of law, and in the case of land held under miner's homestead lease or miner's homestead perpetual lease or as a residence area no act or default on the part of the borrower or any other person whereby a forfeiture might result, shall in any way affect the security for any advance made under this Act or "The Agricultural Bank Acts, 1923 to 1934," or under any State Advances Act or the Co-operative Agricultural Production Act; and until all instalments and interest payable in respect of the advance have been paid, no process of law or provision of any law in force relating to Crown land or mining or any declaration of forfeiture shall interfere with the security for the same. Act referred to: Agricultural Bank Acts, 1923 to 1934, now incorporated in this Act. 37. (1) Exemption of Corporation from Local Authority rates. Notwithstanding anything contained in any Act or judgment or rule of law or process of law to the contrary, the Bank shall not be liable either directly or indirectly for the payment of any rates and other dues or for the payment of any arrears of rates or other dues levied or which may hereafter be levied by a Local Authority pursuant to the provisions of "The Local Authorities Acts, 1902 to 1935," or "The Local Government Act of 1936," or any Act amending or in substitution of the same, or by the Brisbane City Council under or pursuant to the provisions of "The City of Brisbane Acts, 1924 to 1937," or any Act amending or in substitution therefor, in respect of any land and improvements concerning which an advance has been made by the Bank or its predecessors in law upon the security of a mortgage to the Bank over such land and improvements. (2) When land deemed free of arrears. Moreover, in any case where the Bank shall, in the exercise of its powers under the mortgage concerned, or under this Act, enter into and take possession of the mortgaged land and improvements concerned, such land shall be deemed to be

31 CO-ORDINATION OF. ETC., BANK ACTS, 1938 TO 1951 ss absolutely freed and unencumbered of any rates or other dues which may be owing to the Local Authority concerned or the said Brisbane City Council: Provided, however, that such arrears of rates or other dues shall remain owing by such mortgagor and be recoverable from such mortgagor by process of law accordingly. (3) Further cases of exemption. In any case where the land and improvements have been mortgaged to the Secretary for Public Lands under the provisions of "The Discharged Soldiers' Settlement Acts, 1917 to 1926," or under any other Act, or to the Crown or to a Minister representing the Crown, and the Secretary for Public Lands or the Crown or Minister (as the case may be) in the exercise of the powers under the mortgage concerned, has taken possession of such land and improve. ments, such land and improvements on the taking possession thereof shall be deemed to be absolutely freed and unencumbered of any rates or other dues which may be owing to any Local Authority concerned or to the Brisbane City Council: Provided, however, that such arrears of rates or other dues shall remain owing by such mortgagor and be recoverable from such mortgagor by process of law accordingly. In any case where the Secretary for Public Lands or the Crown or Minister (as the case may be) shall, in the exercise of the powers contained in any such mortgage or given by any Act, lease or sell such land and improvements or the Bank, acting as agent for the Secretary for Public Lands or the Crown or the Minister (as the case may be), shall lease or sell such lands and improvements, the Secretary for Public Lands or the Crown or the Minister or the Bank (as the case may be) or the lessee or the purchaser (as the case may be) shall not be liable for any arrears of rates or other dues which may at the time of such leasing or sale be owing to the Local Authority concerned or the Brisbane City Council. (4) Exemption of Corporation from claims, etc., for debts, etc. Notwithstanding anything contained in any Act or judgment or rule of law or process of law to the contrary, no claim or demand shall be made to or entertained by the Bank, nor shall any liability extend or accrue to the Bank in respect of any debts or liabilities or any charges, liens, or other encumbrances under any Act or process of law which may be owing or incurred by the person in respect of whose lands and improvements an advance has been made upon the security of a mortgage to the Bank over such land and improvements unless the same shall be owing under a duly registered first mortgage; and in any case where the Bank in the exercise of its powers shall take possession of such lands and improvements, the Bank shall be deemed to possess such lands and improvements absolutely freed and unencumbered of such debts and liabilities or charges, liens, or other encumbrances accordingly. Without in any wise limiting the generality of these provisions the provisions of section thirty-six of "The Wages Acts, 1918 to 1937," shall not apply to the Bank as mortgagee in respect of any land and improvements over which the Bank or its predecessors in law has made an advance upon the security of a mortgage over such land and improvements. Moreover the Bank shall not be liable in regard to any obligation or duty or responsibility to which but for the provisions of this section it

32 750 BANKING Vol. 1 may otherwise be so liable in respect of the provislons of the Fencing Acts or for or in respect of any duty or obligation in respect of clearing of the land and of the keeping of the land clear of noxious weeds so far as regards the land and improvements over which the Bank has made an advance upon the security of a mortgage over the land and improvements concerned, and whether the Bank is mortgagee in posseo:;sion or otherwise. (5) (a) Lessee or purchaser not liable for arrears. In any case where the Bank shall, in the exercise of its powers, lease or sell the land and improvements of which it has taken possession by such exercise of its powers. the lessee or purchaser (as the case may be) or the Bank shall not be liable for any arrears of rates or other dues which may at the time of such leasing or sale be owing to the Local Authority concerned or to the Brisbane City Council in respect of such land and improvements: Saving. Provided, however, that such purchaser shall be liable for the payment of rates and other dues imposed pursuant to the Local Authorities Acts or "The Local Government Act of 1936," or "The City of Brisbane Acts to 1937." or any Act amending or in substitution therefor, and the liability of such purchaser shall commence from the date of such sale: (b) Saving. Provided always that the purchaser shall in respect of the land purchased by him from the Bank, as from the date of sale be subject to the laws in force regarding boundary fencing, or the clearing of the land concerned from noxious plants. or any duties and obligations imposed by law on the owner or occupier of land. (6) Allocation of surplus moneys. Notwithstanding anything herein contained, but subject to the provisions of subsection (7) hereunder, it shall be lawful for the Bank, if it seems fit and proper to the Bank so to do, on the sale of any land and improvements by the Bank as mortgagee exercising its power of sale under the mortgage concerned in its absolute discretion, to allocate any balance or portion thereof of the moneys obtained from such sale, being the amount or portion thereof over and above such sum as is necessary to satisfy the moneys due to the Bank and all costs and expenses of and occasioned by such sale, among such person or persons appearing to the Bank to be entitled to receive the same, including any Local Authority and the Brisbane City Council, in respect of rates or arrears of rates, and to pay to such person or persons or Local Authority concerned or Brisbane City Council such allocation of such balance as to the Bank in its absolute discretion seems fit and proper. And moreover the decision of the Bank in its absolute discretion as aforesaid shall be final and conclusive and without appeal to any tribunal whatsoever. (7) Provisions as to Local Authority rates. Notwithstanding anything to the contrary contained in this Act, when any land and any improvements thereon, which have been mortgaged to the Bank on and after the first day of July, one thousand nine hundred and twenty-nine, have been sold subsequent to that date by the Bank as mortgagee exercising its power of sale under the mortgage, the Bank in its discretion may pay to a Local Authority (including the Brisbane City Council) such portion of the amount due and owing to the Local Authority (or the Brisbane City Council) for rates in respect of such land and improvements as is hereinafter provided. Such portion of rates so due and owing which may be paid by the Bank under this subsection to the Local Authority (or the Brisbane City

33 CO-ORDINATION OF, ETC. BANK ACTS, 1938 TO 1951 s Council) shall be one-half of the amount of the rates so due and owing to the Local Authority (or the Brisbane City Council), but shall not exceed one-half of the rates so due and owing for any period of longer duration than four years. notwithstanding that such rates are due and owing for a longer period than four years. The provisions of this subsection may extend and apply notwithstanding that the proceeds of such sale are not sufficient to satisfy the moneys due to the Bank and all costs and expenses of and occasioned by such sale. (8) Confirmation of mortgages or other securities. Notwithstanding anything contained in the Principal Act or in any other Act or law, practice, or usage to the contrary, all mortgages or other securities made, given, or effected, or purporting to have been made, given, or effected, under the provisions of the Principal Act and subsisting at the commencement of this Act, shall be deemed to be and to have been validly and duly made, given, or effected under the Principal Act, and the same are and each of them is hereby ratified, validated, and confirmed for all purposes whatsoever, subject. however, to any variation therein which may be made under the Principal Act and this Act. For the purposes of this section the term "Principal Act" shall mean and include "The Agricultural Bank Act of I 90I" as amended by the several amendments thereof in the years 1904, 1905, 1911, and 1915, "The Co-operative Agricultural Production and Advances to Farmers Acts, 1914 to 1919," "The State Advances Act of 1916," and "The Agricultural Bank Acts, 1923 to 1934," and also any Act authorising the Crown or a Minister of the Crown to advance moneys by way of mortgage or other security and in regard to which the Corporation under the provisions of "The State Advances Act of 19 16" or the Corporation under the provisions of "The Agricultural Bank Acts, 1923 to 1934," has acted or the Bank acts as the agent for and on behalf of the Crown or Minister of the Crown concerned. (9) Application of provisions to State Advances Act. The provisions of this section shall, mutatis mutandis, apply and extend in respect of the Corporation constituted under the provisions of "The State Advances Act of 1916," and also in respect of the Corporation constituted under "The Workers' Homes Acts, 1919 to 1934," to the intent that this section shall be read and construed as if it were also enacted in and formed part of each of such lastmentioned Acts. and to the intent that in subsections one to seven, both inclusive, of the section the word "Bank" shall be and be construed as the Corporation under the State Advances Act or the Corporation under the Workers' Homes Acts. as the case may require, and the section shall be read and construed accordingly. (10) The provisions of this section shall apply and extend to the Workers' Homes Corporation constituted under "The Workers' Homes Acts, 1919 to 1934." and to every contract of sale which the Workers' Homes Corporation shall have entered into or may hereafter enter into, and to every home the subject of any such contract of sale and to the appurtenant land as if the Workers' Homes Corporation were named in this section in place of the Bank, and as if every such home and the appurtenant land were land and improvements concerning which an advance had been made upon the security of a mortgage, and as if every such contract of sale were a mortgage to secure an advance. and as if

34 752 BANKING Vol. 1 the cancellation of such a contract by the Workers' Homes Corporation or the entering into and taking possession of any home and the appurtenant land were an entering into and taking possession of mortgaged land and improvements in exercise of powers under a mortgage, and as if the subsequent entering into by the Workers' Homes Corporation of a fresh contract of sale were a sale of land and improvements by a mortgagee exercising power of sale. The provisions of this subsection shall be deemed to have been inserted therein at the date of the passing of "The Workers' Homes Act of 1919." (11) Retrospectivity. Without prejudice to any decision or judgment of any Court made or given before the first day of August, one thousand nine hundred and twenty-nine, but notwithstanding any other decision or judgment of any Court made or given on or subsequent to such date, the provisions of this section shall in respect of "The Agricultural Bank Acts, 1923 to 1934," be deemed to have been inserted therein at the passing of "The Agricultural Bank Act of 1923," and in respect of "The State Advances Act of 1916" shall be deemed to have been inserted therein at the date of the passing of that Act, and in respect of "The Workers' Homes Acts, 1919 to 1934," shall be deemed to have been inserted therein at the date of the passing of "The Workers' Homes Act of 1919," and such Acts shall be read and construed accordingly. The provisions of this section shall, moreover, extend and apply to any land and improvements concerning which an advance was made upon the security of a mortgage over such lands and improvements pursuant to the provisions of "The Agricultural Bank Act of 1901" as amended by the several amendments thereof in the years 1904, 1905, 1911, 1914, and 1915, "The Co-operative Agricultural Production and Advances to Farmers Acts, 1914 to 1919," and also any Act authorising the Crown or a Minister of the Crown to advance moneys by way of mortgage or other security and in regard to which the Corporation under the provisions of "The State Advances Act of 1916," or the Bank under the provisions of "The Agricultural Bank Acts, 1923 to 1934," has acted, or the Bank acts, as the agent for and on behalf of the Crown or Minister of the Crown concerned. As amended by Act of 1943, 7 Geo.6 No. 40, s. 38. Acts referred to: Local Authorities Acts, 1902 to 1935, see now Local Government Acts, 1936 to 1962, title LOCAL AUTHORITIES. Local Government Acts, 1936 to 1962, see title LOCAL AUTHORITIES. City of Brisbane Acts, 1924 to 1960, see title BRISBANE. Discharged Soldiers' Settlement Acts, 1917 to 1959; see now the Land Act of 1962, title LAND. Wages Acts, 1918 to 1954, see title LABOUR. Agricultural Bank Acts, 1901 to 1931, see now this Act. Co-operative AgIicu1turai Production and Advances to Farmers Acts, 1914 to 1919, see 1936 Reprint, Vol. 1, p State Advances Act of 1916, see now the State Housing Act of 1945, 9 Geo. 6 No. 24, title HOUSING. Agricultural Bank Acts, 1923 to 1934, now incorporated in this Act. Workers' Homes Acts, 1919 to 1934, see now the Workers' Homes Acts Repeal Act of 1961, 10 Eliz.2 No. 13, title LABOUR.

35 CO-ORDlNATION OF, ETC., BANK ACTS, 1938 TO 1951 ss Secretary of Board, etc., to be auctioneer. Notwithstanding anything in any Act to the contrary, the General Manager, Secretary, or any inspector or other officer of the Bank or other person appointed by the Bank in that behalf shall, in respect of any sales made by or under the authority of the Bank pursuant to this Act be deemed to be a licensed auctioneer, and shall have the powers and authorities to conduct sales of property by public auction and perform other acts and things in the same manner and with the like powers and authorities as an auctioneer who holds a license pursuant to the provisions of "The Auctioneers and Commission Agents Acts, 1922 to 1936": Provided that the General Manager, Secretary, inspector, officer, or other person shall not be required to take out an auctioneer's license. As amended by Act of 1943, 7 Geo.6 No. 40, s. 39. Act referred to: Auctioneers, Real Estate Agents, Debt Collectors and Motor Dealers Acts, 1922 to 1961, see title AUCTIONEERS, REAL ESTATE AGENTS, DEBT COLLECTORS AND MOTOR DEALERS. 39. (1) Lessee or tenant wrongfully holding over. Without prejudice to any other right, power, or remedy of the Bank, when the Bank, in the exercise (under the Principal Act as hereinafter defined) of its powers under any mortgage thereunder. has entered into and taken possession of the mortgaged land and improvements, and has leased such land and improvements to a lessee on such tenancy as is comprised in the agreement for the lease of the land and improvements concerned, or has placed any tenant in possession, whether on a weekly or any.other tenancy, and the term or interest of such lessee or tenant in such land and improvements shall have expired by effluxion of time or shall have been determined by notice to quit or demand of possession, and such lessee or any person claiming under him or tenant who shall actually occupy such land and improvements or any part thereof shall neglect to quit and deliver up possession of such land and improvements or of such part thereof, it shall be lawful for the Bank, by its Secretary or any inspector thereof or person authorised in that behalf by the Secretary, to make a complaint before a police magistrate or any two justices of the peace, who shall hear and determine the matter in a summary way; and on being satisfied of the truth of the complaint such police magistrate or justices may issue his or their warrant addressed to the Secretary or inspector or person authorised as aforesaid or to an officer of the police requiring and authorising him, within a period to be therein named, and not being less than seven nor more than thirty clear days from the date of the warrant, to enter (by force if needful) into such land and improvements and to remove such lessee or person claiming under him or tenant as aforesaid, and to give possession of the same to the Bank, and such warrant shall be a sufficient authority to such secretary, inspector, authorised person, or officer of police to enter upon such land and improvements with such assistants as he shall deem necessary to remove such lessee or person claiming under him or tenant as aforesaid and to give possession to the Bank accordingly: Provided that no entry upon any such warrant shall be made on a Sunday, Good Friday, Christmas Day, or Anzac Day, or at any time except between the hours of nine o'clock in the morning and four o'clock in the afternoon. For the purposes of this section the term "Principal Act" shall mean the Principal Act as defined in paragraph two of subsection eight of Z5

36 754 BANKING Vol. 1 section thirty-seven of this Act; and without in any wise limiting the meaning of the term "Bank" the term shall also mean and include the Bank when acting as agent or attorney for and on behalf of the Crown or Minister of the Crown. (2) Penalty. Any person who shall have been removed from any such lands and improvements pursuant to the provisions of this section and who shall, without the permission of the Bank having been obtained in that behalf, subsequently re-enter such lands and improvements, shall be guilty of an offence, and shall be liable to a penalty not exceeding fifty pounds, to be recovered in a summary way by complaint under "The Justices Acts, 1886 to 1932." As amended by Act of 1943, 7 Geo.6 No. 40, s.40. Act referred to: Justices Acts, 1886 to 1960, see title JUSTICES. 39A. Annual report to Parliament. The General Manager shall, as soon as may be after the last day of each financial year, submit to the Minister for transmission to Parliament, a report upon the administration by the Bank and the Board of this Act and the operations hereunder by the Bank during such financial year. Inserted by Act of 1943, 7 Geo. 6 No. 40, s General powers. In addition to and without in any way limiting the powers of the Governor in Council, the Governor in Council is hereby empowered from time to time by Order in Council to issue such orders and give such directions, whether in extension or amendment of this Act, and prescribe such rules as will in his judgment be calculated to give full effect to the objects, purposes, and provisions of this Act, and in the direction of aid in primary production generally, and where there is in this Act no provision or no sufficient provision in respect to any matter or thing, and it is deemed necessary or expedient to give effect thereto, providing for and supplying such omission or insufficiency. Where power and authority is conferred upon the Governor in Council by this Act to make an Order in Council, he may make such one or more Orders in Council as appear to him necessary or expedient in the circumstances, and either at one and the same time or from time to time. The Governor in Council may amend or rescind any Order in Council by a subsequent Order in Council. No misnomer or inaccurate description or omission in or from any Proclamation or Order in Council shall in any wise prevent or abridge the operation of this Act and the Proclamation or Order in Council with respect to the subject-matter provided the same is designated so as to be understood. 41. Regulations. (1) The Bank, with the approval of the Governor in Council, may from time to time make all such regulations as it deems necessary or convenient for giving full effect to this Act. (2) Without limiting the generality of the foregoing provision, regulations may be made for all or any of the following purposes:- (i) Produce; resultant products. Defining and declaring, where deemed necessary, what things are produce or what things are resultant products under and for the purposes of this Act.

37 CO-ORDINATION OF, ETC., BANK ACTS, 1938 TO 1951 ss (ii) Applications and advances. Regulating applications by companies and other persons for advances, and the particulars, instruments, undertakings, and documents to be furnished with any such applications, and the making of advances by the Bank. (iii) Deposits and fees. Prescribing the deposits and fees payable to the Bank in respect of such applications and advances and other matters arising under this Act. (iv) Improvements. Prescribing what works or things shall be improvements for the purposes of this Act. (v) Valuation. The mode in which the value of lands and improvements shall be determined. (vi) Forms, etc. Forms to be used for the purposes of this Act; forms of mortgage or security and of insurance policies; the conditions and covenants to be inserted therein; relaxing any provisions of this Act relating to the security to be taken for advances. (vii) Implied covenants. Prescribing that certain covenants on the part of the mortgagor shall be deemed to be inserted in mortgages and securities to be used for the purposes of this Act, whereupon the mortgagor shall be bound by such covenants as if such covenants were inserted in and formed part of any mortgage or security executed by him. (viii) Officers. The functions and duties of inspectors, valuers, and other officers. (ix) Generally. All matters necessary or expedient for enabling the Bank to undertake and carryon business or any part or class of its business under this Act. (x) Regulating the duties and responsibilities of the Board, practice and procedure in relation to the powers and duties of the Board with respect to the matters and things under its jurisdiction or referred to it; the regulation of meetings, proceedings, and the conduct of business of the Board; and such other administrative matters as may be necessary to give full effect to this Act. (3) Proclamations, Orders in Council, etc., to form part of this Act. All Proclamations, Orders in Council, and regulations made or purporting to have been made under this Act shall be published in the Gazette, and thereupon shall be of the same effect as if they were enacted in this Act and shall be judicially noticed, and shall not be questioned in any proceedings whatsoever. The publication in the Gazette of any such Proclamation, Order in Council, or regulation shall be conclusive evidence of the matters contained therein, and of the power and authority to make such Proclamation, Order in Council, or regulation. To be laid before Parliament. All Proclamations, Orders in Council, and regulations shall be laid before the Legislative Assembly within fourteen days after such publication if Parliament is in session; or, if not, then within fourteen days after the commencement of the next ensuing session.

38 756 BANKING Vol. 1 If Parliament passes a resolution disallowing any such Proclamation, Order in Council, or regulation, of which resolution notice has been given at any time within fourteen sitting days of such House after such Proclamation, Order in Council, or regulation has been laid before it, such Proclamation, Order in Council, or regulation shall thereupon cease to have effect, but without prejudice to the validity of anything done in the meantime and without prejudice to the power to make any further or other Proclamation, Order in Council, or regulations. For the purposes of this subsection the term "sitting days" shall mean days on which the House actually sits for the despatch of business. (4) Notice to borrowers. All borrowers and their representatives shall be deemed to have notice of the regulations. As amended by Act of 1943, 7 Oeo.6 No. 40, s.42. Validity of regulations generally, see Preliminary Note to title ACTS OF PARLIAMENT. SCHEDULE I 1. (1) Special powers of Bank. The Bank may, for the purposes of this Act, from time to time exercise all or any of the following powers:- (a) Take, purchase, contract for the use of, or otherwise provide any land which may be required by it for the purposes of this Act. On behalf of a co-operative company, take, purchase, contract for the use of or otherwise provide any land required by the company for the works or for any tramway, wharf, or other work in connection with the works, and acquire running rights over any tramway. Where land is taken under any of the foregoing powers. such power shall be exercised under "The Public Works Land Resumption Acts, T' : Provided that, in estimating the compensation to be paid on the resumption or other acquirement of land by the Bank, no allowance shall be made for any increase in the value of such land by reason of the construction or proposed construction or purchase or proposed purchase of any works or any other matter arising out of the exercise of powers under this Act; (b) Erect buildings, and repair, equip, furnish, and maintain the same; let offices or other accommodation in any building or premises for such rent as it thinks proper; (c) Hold, until the same can be advantageously disposed of, any property, real or personal, taken by it as security for or in satisfaction, liquidation, or discharge of any debt owing to it; (d) As occasion may require, surrender to the Crown and sell. lease. convey, assign, and assure any lands, buildings, securities. or property whatsoever vested in it or any estate or interest in the same; (e) Carryon life assurance and insurance business with borrowers from it, and in consideration of the payment of premiums at

39 CO-ORDINATION OF, ETC., BANK ACTS, 1938 TO 1951 s. 41. Sch. I 757 prescribed rates for that purpose enter into contracts with such borrowers for- (i) Life assurance on a policy which secures repayment of all outstanding indebtedness on the death of the borrower; (ii) Insurance until the repayment in full of advances, of buildings and other improvements against fire, storm, tempest, or other disaster: or, in lieu of itself carrying on such business, arrange with any State officer or department carrying on such business for the making and carrying into effect of such contracts as aforesaid: or. at the option of the borrower, in lieu of itself entering into or arranging for such contracts as aforesaid, accept from a borrower, subject to such conditions and stipulations as may be prescribed, a policy or policies of assurance or insurance (or both), as may be required by the Bank, issued by any life assurance company or insurance company licensed in Queensland; (2) Crown agency. For all the purposes of this Act- (a) The Bank shall have and may exercise all the powers, privileges, rights, and remedies of the Crown; (b) The Bank shall have and may exercise all such powers, authorities, and discretions, and may do all such acts and things, as a private person in Queensland has or may exercise or do, and the Bank generally may do whatever it deems necessary in connection with or incident to any business carried on by it. (3) These powers additional to others. The powers conferred by this Section shall be in addition to any other powers conferred upon the Bank by this Act. Amended by Acts of 1943, 7 Geo.6 No. 40, s.43; 1944, 8 Geo.6 No.4. s.7; 1945, 9 Geo.6 No. 18, s.7; Geo.6 No. 24, 55.6,7. Act referred to: Public Works Land Resumption Acts, 1906 to 1955, see title WORKS. 2. Delegation of powers. The Bank may from time to time delegate to any person or persons any of the powers, authorities, discretions, or duties vested in or imposed upon the Bank under this Act, and such person or persons during such delegation and to the extent thereof shall have and may perform the functions of the Bank, without prejudice however to the Bank continuing to exercise the same or any of them if at any time it thinks proper so to do. 3. (1) Delivery of matters in possession of employee at removal. If any officer is dismissed or is suspended, or resigns, or dies, absconds, or absents himself, and if he or his wife, widow, or any of his family or representatives refuses or neglects, after seven days' notice in writing, to deliver to the Bank or its agent any property as herein defined in the possession ur custody of such officer at the occurrence of any such event as aforesaid, then any justice of the peace, upon application by the Bank or its agent. may order any constable with proper assistance to enter and take possession of such property, and deliver the same to the Bank or its agent, and, if necessary. to remove any person.

40 758 BANKING Vol. 1 (2) Officers to account on demand. Every officer shall from time to time. when required by the Bank. make and deliver to it or to its agent a true account in writing under his hand of all moneys received by him on behalf of the Bank. Such account shall state how and to whom and for what purpose such moneys have been disposed of. Together with such account. he shall deliver the vouchers and receipts for such payments. He shall pay to the Bank or to its agent all moneys which appear to be owing from him upon the balance of such account. Summary remedy. If he fails to render such account, or to deliver all such vouchers and receipts in his possession or power, or to pay the balance thereof when required, or if for three days after being required he fails to deliver to the Bank or its agent all property in his possession or power. then. upon a complaint made as for a breach of duty, a court of petty sessions may hear and determine the matter in a summary way, and may adjust and declare the balance owing by such officer. and make such other orders as appear to the court to be just. If it appears. either upon his confession or upon evidence or upon inspection of the account. that any moneys which should be paid over to the Bank are in his hands or owing by him. such court may order him to pay the same. If he refuses to make such account in writing. or to produce and deliver to such court the vouchers and receipts relating thereto. or to deliver up any property. the court may commit him to prison, there to remain until he has complied with such order. (3) Insolvency, etc., of officer. If any officer or agent having in his possession or power any property as herein defined- (a) Becomes insolvent; or (b) Makes an assignment for the benefit of his creditors; or (c) Has any execution, attachment, or other process issued against his land. goods. chattels, or effects; the Bank may apply to such officer or agent, or his assignee or trustee, or to the sheriff or other person executing such process, or to his executors or administrators. or to any other person having legal right, as the case may be. and may demand that all such property be paid over or delivered up to the Bank or such person as he may appoint. The party so applied to and having the same shall on such demand deliver over to the Bank. or to such person as aforesaid. all such property, and shall payout of the estate, assets, or effects of such officer or agent all moneys due by him to the Bank before any other of the debts of the said officer or agent are paid or satisfied. and before the money directed to be levied by such process as aforesaid is paid over to the party issuing the same. All assets. land, goods, chattels, estate, and effects of such employee or agent shall be bound tn the payment and discharge thereof accordingly. (4) When warrant may issue. If the Bank or its agent makes oath that it or he has good reason to believe, upon grounds to be stated in its or his deposition. and does believe. that it is the intention of any officer or

41 CO-ORDINATION OF, ETC., BANK ACTS, 1938 TO 1951 Sch.I 759 agent to abscond or that he has absconded. any justice of the peace may, if he thinks fit, issue a warrant in the first instance for the bringing of such officer or agent before such court as aforesaid. (5) Meaning of "Property." For the purposes of this section, the term "Property" includes any building or any part thereof or any appurtenance thereof, or any books. papers, securities, documents, or property whatsoever relating to the execution of this Act or the business of the Bank or belonging to the Bank. (6) Sureties not to be discharged. No such proceeding against or dealing with any such officer or agent shall deprive the Bank of any remedy which it might otherwise have against such officer or agent or any surety. 4. Any person who- (1) Person taking fee or reward. Directly or indirectly takes any fee or reward from any applicant for an advance under this Act; (2) Acting when interested. (a) Having any pecuniary interest in any property tendered as security for an advance under this Act; or (b) Being a partner of the applicant for an advance, acts as valuer. inspector, agent, or adviser to the Bank in connection with such property or advance; (3) Bribing officer. In respect of any advance or application for any advance, bribes or attempts to bribe or corruptly influence any person appointed or acting under this Act; shall be liable to a penalty of not less than fifty pounds nor more than two hundred pounds, and, if an officer. shall also be dismissed from his office. 5. Tramways, etc. Any company in which any works are for the time being vested may, with the approval of the Governor in Council, construct. lay down, maintain, and work any tramway upon any road or land, and may use thereon any locomotives and rolling-stock drawn or propelled by animal, steam, or other motive power. 6. Reserve fund. The Bank may, out of the net profits earned during any year, set apart or invest or otherwise deal with such sum as it thinks proper towards a reserve fund, for meeting losses and depreciation. and for such other purposes as it deems necessary. 7. Audit of accounts. The accounts of the Bank shall be audited annually, at the close of each financial year, by the Auditor-General or an officer of his department, and shall be so audited at such other times as the Auditor-General thinks fit. 8. Protection of Bank and employees from personal liability. No matter or thing done and no agreement entered into by the Bank or any officer or other person on its behalf or under its direction shall. if the matter or thing was done or the agreement was entered into bona fide for the purposes of this Act, subject the Bank or any such person to any personal liability in respect thereof. 9. Notice of action. An action shall not be brought against the Bank or any officer or other person or anything done or intended or omitted

42 760 BANKING Vol. 1 to be done under this Act, until the expiration of one month after notice in writing has been served on the Bank or person to be sued, clearly stating the cause of action and the name and place of abode of the intended plaintiff and of his solicitor or agent. On the trial of any such action the plaintiff shall not be permitted to go into evidence of any cause of action which is not stated in the notice so served. Unless such notice is proved, the Court shall find for the defendant. Every such action shall be commenced within six months next after the accruing of the cause of action, and not afterwards. Any person to whom any such notice of action is given may tender amends to the plaintiff, his solicitor or agent, at any time within one month after service of the notice, and in case the same is not accepted may plead such tender. 10. Evidence of Gazette. A copy of the Gazette purporting to contain any notice or Order in Council given or made under this Act shall be conclusive evidence of all the facts therein stated. 11. Recovery of penalties. All penalties imposed by or under this Act may be recovered in a summary way upon complaint under "The Justices Acts, 1886 to 1909," and when so recovered shall be paid into the Fund. Act referred to: Justices Act~, 1886 to 1960, see title JUSTICES. 12. Advance to be deemed a loan for prescribed period at prescribed rate of interest. The amount of every advance under this Act shall be deemed to be a loan by the Bank to the borrower for the term fixed under or pursuant to this Act, and shall bear interest. The rate of interest payable shall be the rate per centum per annum fixed by the Bank when the application for the advance is approved by it. 12A. Rate of interest on advances made before 1 July, Where the rate of interest payable immediately prior to the first day of July, one thousand nine hundred and forty-three, by any borrower in respect of any advance made before such date under the provisions of this Act or of any Act repealed by this Act exceeded four pounds per centum per annum such rate shall be, and it is hereby declared always was, on and after such date, reduced to four pounds per centum per annum, and every such borrower shall pay, and it is hereby declared always was liable to pay, on and after the first day of July, one thousand nine hundred and forty-three, interest at the rate of four pounds per centum per annum in respect of such advance (or so much thereof as was or shall be from time to time owing). Inserted by Act of 1945, 9 Geo.6 No. 18, s.7. See also Agricultural Bank Act (Rate of Interest) Acts of 1946, p. 701 ante. and 1948, p. 704 Gllte; Agricultural Bank (Loans) Act of 1959, p. 688 ante. 13. (1) Advances by lump sum or instalments. An advance under this Act may be made at the discretion of the Bank in a lump sum or by instalments. (2) Prickly-pear advance. In the case of an advance being made for the purpose of freeing land from prickly-pear, the Bank shall retain such proportion of the advance as it thinks proper, not exceeding one-half

43 CO-0RDINATION OF, ETC., BANK ACTS, 1938 TO 1951 Sch.I 761 part thereof, for such period as the Bank thinks proper, in order to secure the effective and permanent freeing of the land from prickly-pear. 14. Tenn of advance, when to begin. The term of every advance under this Act shall, save as next hereinafter provided, begin from the first day of July or first day of January next succeeding the date of payment of the advance: Provided that upon approving of an advance the Bank may fix a period, to expire on the thirty-first day of December or thirtieth day of June as the Bank may determine, not exceeding the period prescribed with respect to each class of advance during which no part of the principal money of the advance shall be repayable; but such principal money (as and when advanced and whether advanced in a lump sum or by instalments) shall nevertheless bear interest at the prescribed rate, which shall be payable half yearly at the prescribed times during such period. In every such case the term of the advance shall begin on the first day of January or first day of July, as the case may be, next ensuing on the date of the expiration of the aforesaid period during which interest only is payable: Provided further that if in the period during which interest only is payable the borrower has at intervals obtained several advances from the Bank, the period during which interest only is payable on all such advances shall not, unless the Bank otherwise allows, extend beyond the period fixed in respect of the first of such advances. 15. Interest, when payable. (1) Interest shall in all cases be payable by the borrower to the Bank on the thirty-first day of December and the thirtieth day of June in each year. (2) Interest shall begin to run from the date of payment of the advance, if paid in a lump sum, or from the date of the payment of each instalment of the advance if paid in instalments. The first payment of interest in every case shall be made on the next succeeding thirty-first day of December or thirtieth day of June and thereafter shall be paid half-yearly as aforesaid. (3) On and from the first day of July, one thousand nine hundred and forty-four, interest shall be adjusted monthly on the last day of each and every calendar month and for the purpose of such adjustment interest shall be calculated upon the amount of the advance outstanding as at the expiration of the twenty-eighth day of the calendar month in question except- (i) That any advance or instalment of an advance made during any calendar month shall be taken into account as carrying interest from the date when such advance or instalment of an advance is made; and (ii) That, subject to the borrower having duly paid all moneys payable by him to the Bank, any amount (being not less than ten pounds) of an advance repaid sooner or comprising the excess in a larger instalment than is in this Act or in any security provided or contained (and such repayment or the excess in such instalment not being appropriated with the consent of the Bank to payment in whole or in part of any instalment or instalments to become due and payable at any future time or times) shall be taken into account as carrying interest to the date when such amount is repaid, or such excess was paid, as the case may be.

44 762 BANKING Vol. 1 (4) Interest as prescribed shall continue to be payable upon the advance (or upon so much thereof as shall from time to time be owing) until the whole of the advance has been repaid and if, on and from the thirtieth day of June, one thousand nine hundred and forty-four, such interest or any part thereof shall not be paid before the expiration of twenty-eight days after the prescribed time such interest shall (but without prejudice to the powers and remedies conferred upon the Bank by, under or pursuant to this Act or any mortgage or other security in respect of the advance concerned) be added to the amount of the advance outstanding and carry interest as if such addition were a further advance. As amended by Acts of 1944, 8 Geo.6 No.4, s.7; 1946, 10 Geo.6 No. 24, s Cancellation of approved advance wholly or in part. Where any advance has been approved, the Bank may at any time before the whole of such advance has been paid to the successful applicant, if in the discretion of the Bank the circumstances warrant such action- (i) If no portion of such advance has been paid to the successful applicant, cancel such advance; (ii) If any portion of such advance has been paid to the successful applicant, cancel the balance of the advance then remaining unpaid. Upon such cancellation the portion of the advance last paid shall be deemed to be the final instalment of the advance. 17. When Bank may withhold payments. If at any time the Bank is satisfied that any money advanced by instalments has not been applied for the purpose for which it was advanced or has been expended in a careless or wasteful manner, the Bank may refuse to pay any further instalment of the proposed advance, and may at once call in the whole amount already advanced, whereupon the borrower shall forthwith repay the same, and in default the Bank shall have the same remedies for the recovery of the same as are provided by this Act for the recovery of sums payable by the borrower. 18. Repayment of advance. During the term of an advance under this Act (exclusive of the period, if any, allowed during which interest only is payable) the amount of such advance, with interest at the prescribed rate. shall be liquidated by the payment by the borrower to the Bank on the thirty-first day of December and thirtieth day of June respectively in every year of such sum as will permit of the repayment of the total sum advanced (whether in one sum or in several sums), together with interest as aforesaid, within the prescribed term, and such sum shall continue to be payable until such total amount advanced with interest accruing thereon has been so paid. 19. Prepayment of unpaid balance of advance. The unpaid balance of any advance under this Act may at the option of the borrower be repaid at any time sooner or in larger instalments than is herein provided, so as to shorten the term of repayment of the advance, but payment of any such larger instalments shall not, unless the Bank otherwise determines, affect the calculation of the amount of the instalment payable. 20. Additional advances may be added to principal of loan. Any additional advances made to a borrower under the same section of this Act shall, unless the Bank otherwise determines, be added to and become part of the then-outstanding balance of the original advance, and bear interest