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No. 5416. an Act to Authorize the Raising of Money for the Purposes of the Development of the Latrobe Valley and the Application of Such Money and for Other Purposes

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No. 5416. an Act to Authorize the Raising of Money for the Purposes of the Development of the Latrobe Valley and the Application of Such Money and for Other Purposes No. 5416. An Act to authorize the Raising of Money for the Purposes of the Development of the Latrobe Valley and the Application of such Money and for other purposes. [8th November, 1949.] E it enacted by the King's Most Excellent Majesty by B and with the advice and consent of the Legislative Council and the Legislative Assembly of Victoria in this present Parliament assembled and by the authority of the same as follows (that is to say) :— Short title 1. This Act may be cited as the Latrobe Valley Development Loan and Application Act 1949. Interpretation. 2. In this Act unless inconsistent with the context or subject-matter— "Approved works." " Approved works " means works designed to develop the Latrobe Valley and approved by the Minister for the purposes of this Act but does not include No. 5272 89. 2,3. any works referred to in sections two and three of the State Electricity Commission Act 1948. Committee." " Committee " means the Latrobe Valley Development Advisory Committee constituted under this Act. " Latrobe Valley." " Latrobe Valley " means the area described in the Schedule. Schedule to this Act. " Prescribed " 1949. Latrobe Valley Development No. 5416 197 Loan and Application. (C Prescribed " means prescribed by regulations. " Prescribed." a Public authority " means— " Public authority." (a) any Government department or any person Comp. No. or body of persons acting for or on behalf 4097 s. 2. of the Crown or any Government department , (6) any municipality or the council thereof; (c) any local authority within the meaning of the Public Contracts Act 1928 ; and (d) any authority society association commission committee board trust or other body of persons (corporate or unincorporate) constituted or established by or under any law of Victoria which on the recommendation of the Minister is declared by Order in Council published in the Government Gazette to be a public authority for the purposes of this Act. u Regulations" means regulations made under this Regulations." Act. (I Treasurer " means the Treasurer of Victoria. ' Treasurer. 9t 3. (1) For the purposes of this Act there shall be ^ £Sn8 f a robe constituted by the Governor in Council a Committee to v ane y be called the Latrobe Valley Development Advisory S°P™ent Committee. Committee. (2) The functions of the Committee shall be— (a) to make recommendations to the Minister concerning the making of advances by way of grant or loan or both to public authorities and to responsible authorities under the Town and Country N°B. MMS, sios, Planning Acts for or towards meeting expenditure on approved works and compensation for land acquired purchased taken over used injured or prejudicially affected under this Act; (6) to convene conferences with and between authorities concerned with the object of securing co-ordination between the proposed works and activities of the respective authorities in the Latrobe Valley. (3) The 198 1949. Latrobe Valley Development No. 5416 Loan and Application. (3) The Committee shall consist of five persons appointed by the Governor in Council of whom one shall be appointed as chairman and one as vice-chairman of the Committee. (4) Each member shall hold office for such term (not exceeding three years) as is specified in the instrument of his appointment and shall be eligible for reappointment. (5) Any member of the Committee may by writing under his hand addressed to the Governor in Council resign his office and thereupon his office shall become vacant. (6) The Governor in Council may at any time remove any member of the Committee and may from time to time as any vacancy occurs in the office of member of the Committee appoint some person to fill the vacancy. (7) Subject to this Act and the regulations the Committee may regulate its own proceedings. (8) At any meeting of the Committee three shall be the quorum. Travelling 4. The members of the Committee shall respectively be expenses. entitled to travelling expenses as prescribed. Acceptance of 5. The office of member of the Committee shall not be travelling expenses not deemed to be an office or place of profit under the Crown to disqualify members of within the meaning of Division two of Part II. of The Parliament who are Constitution Act Amendment Act 1928 nor shall the acceptance members of Committee. of travelling expenses render any member of the Committee who is a member of the Legislative Council or the Legislative Assembly incapable of sitting in either of the said Houses or make his election to be a member of either of the said Houses null and void or render his seat in cither of the said Houses vacant. Power to raise 6. (1) For the purposes of this iVct the Governor in moneys for the H '\ purposes of LOUnClL this Act. comp. NO. 4097 {a) may from time to time increase the amount of 8'3' stock known as the Victorian Government Stock NO. H08. erected under the authority of the Victorian Government Stock Act 1896 by an additional amount not exceeding in the whole One million pounds ; or (b) may issue debentures for the whole or any portion of such sum in lieu of increasing stock as afore­ said— all of which stock and debentures and interest thereon respectively at such rate or rates as the Governor in Council 1949. Latrobe Valley Development No. 5416 199 Loan and Application. Council may fix shall be chargeable upon the consolidated revenue of Victoria. (2) All provisions of the Victorian Government Stock Application • . of Victorian Acts with regard to the inscription issue management Government J~ Stock Acts redemption payment of interest on and transfer of stock NO8.MO8.2403, issued under the authority of the Victorian Government S'.3207, Stock Act 1896, and generally with regard to such stock, shall so far as the same are not inconsistent with this Act apply to the stock issued under the authority and for the purposes of this Act. (3) All provisions of the Victorian Government Application Debentures Regulation Acts with regard to the issue Government . -, , . T i c ' i i Debentures management redemption and payment ol interest on Herniation debentures, and generally with regard to such debentures, N„s*'2404i 3054> shall so far as the same are not inconsistent with this Act 3r'13 H-3- apply to the debentures issued under the authority and for the purposes of this Act. (4) There may be issued and applied by the Treasurer issue and of Victoria out of the proceeds of the sale of the said stock of loan or of the said debentures or out of any moneys in the State Loans Repayment Fund a sum or sums not exceeding One million pounds in all for the purposes of the making of advances by the Minister in accordance with this Act. (5) This section shall be read and construed as subject Construction to the provisions of the Commonwealth and States Financial provisions A . A J of Nos. 3554 Agreements Acts. &c 7. (1) The Minister may after considering any relevant ^"jy J° recommendation of the Committee out of moneys issued make advances and applied by the Treasurer of Victoria pursuant to this Act expenditure on make advances by way of grant or loan or both— works and 1/1/0 _ compensation (a) to any public authority for or towards meeting J;„.(!£C(1 in expenditure by the authority on approved works ""^^"i^fjj by (including compensation for land acquired by j£2K the authority for the purposes of those works) ; ^S\ and (b) to any responsible authority under the Town and SiS* Country Planning Acts for or towards meeting K^vXimlL compensation payable by that authority for "Sice" iT.)al 1 1 l tr b0 lands purchased or taken over or used in v °uc J. " connexion with, or injured or prejudicially affected N™. 5043 1J J ' «' . r. 1 . 51118, 6'27.J. by, the making or carrying out 01 any planning scheme or interim development order under those Acts in the Latrobe Valley; (c) to 200 1949. Latrobe Valley Development No. 5416 Loan and Application. (c) to the Board of Land and Works for the payment of compensation for land acquired by the Board under this Act which is required or likely to be required for the development of brown coal resources in the Latrobe Valley. (2) Every such advance shall be made on such terms and subject to such conditions restrictions and provisions as the Minister thinks fit, or as are prescribed, and the agreement (if any) for any such advance by way of loan shall inter alia make provision for the term of the loan, the rate of interest thereon and the repayment of the loan and payment of interest thereon, whether by means of half-yearly or yearly payments (including principal and interest) or otherwise. Repayments of principal 8. Where an advance has been made by way of loan ami payments of interest by the Minister under this Act— in respect of loans. (a) all repayments of principal shall be paid into the State Loans Repayment Fund ; (b) all payments of interest in respect of the loan shall be paid into the consolidated revenue. Power to Board of 9. The Board of Land and Works on the request of Land and Works to the Minister made on the recommendation of the Committee acquire land in the Latrobe may by agreement or compulsorily acquire any land in Valley. the Latrobe Valley for the purposes of this Act. Incorporation 10. (1) The Lands Compensation Act 1928 is hereby of No. 3711. Comp. No. incorporated with this Act and shall be construed together 5323 s.
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