settlement loans by jolinmilioncherie

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									                  Discharged Soldiers Settlement Loans.                         [1919, No.2.          5


                                     New Zealand.




                                         ANALYSIS.
   Title.                                                for Settlements Act, 1908, for disposal to
   Preamble.                                             discharged soldiers.
1. Short Title.                                   5.   Application of New Zealand Loans Act,
2. Validation of expenditure for 'purposes of            1908.                 '.
     Discharged Soldiers Settlement Acts.         6.   Loans authorized to be raised under this
3. Authorizing the raising of additional moneys          Act deemed to he authorized for war pur-
     for purposes of the Discharged Soldiers             poses.
      Settlement Act, 1915.                       7.   Application of provisions of Finance Act,
4. Authorizing the raising of additional moneys          1918 (No.2), with respect to compulsory
     for the acquisition of land under the Land          contributions to war-purposes loan.


                                       1919, No.2.
AN ACT to authorize the Raising of Additional Moneys for Purposes Title.
             of the Discharged Soldiers Settlement Acts.
                    -                         [10th September, 1919.
WHEREAS by section eight of the Discharged Soldiers Settlement Preamble.
Act, 1915, as extended by section thirty-one of the Finance Act,
1918 (No.2), the Minister of Finance was empowered to borrow for
the purposes of the first-mentioned Act such amount as he should
think fit, not exceeding in the aggregate the sum of one million five
hundred thousand pounds: And whereas the whole of the said sum
of one million five hundred thousand pounds has been raised accord-
ingly, but has proved insufficient for the purposes aforesaid, and
the commitments beyond the said sum of one million five hundred
thousand pounds at the date of the passing of this Act exceed
two million five hundred thousand pounds: And whereas, for the
purpose of making provision for such commitments, the Minister of
Finance, acting under the authority conferred by section one hundred
and ten of the Public Revenues Act, 1910, pledged certain Reserve
Fund securities, and applied the proceeds for the purposes of the
Discharged Soldiers Settlement Acbs; and other moneys have been
provided for those purposes under temporary arrangements made
by the Minister of Finance and the Minister of Lands: And
whereas it is necessary to validate such proceedings, and to make
further provision for raising moneys for the purposes of the Dis-
charged Soldiers Settlement Acts, including the acquisition' of land
under the Land for Settlements Act, 1908 :
           6                1919, No.2.]     Discharged Soldiers Settlement Loans.          [10   GEO.   V.

                                         BE IT THEREFORE ENAOTED by the General Assembly of New
                                    Zealand in Parliament assembled, and by the authority of the same,
                                    as follows ;-
             Short Title.                1. rI'his Act may be cited as the Discharged Soldiers Settlement
                                   Loans Act, 1919.
             Validation of               2. (1.) All moneys heretofore raised by the Minister of Finance
             expenditure for       for the purposes of the Discharged Soldiers Settlement Act, 1915,
             purposes of
             Discharged Soldiers and its amendments, in excess of the authority conferred by section
             Settlement Acts.
                                   eight of the Discharged Soldiers Settlement Act, 1915, as extended
                                   by section thirty-one of the Finanoe Act, 1918 (No.2), shall be
                                   deemed to have been lawfully mised, and all moneys provided by the
                                   Minister of Finance out of the Oonsolidated Fund for those purposes
                                   shall be deemed to have been lawfully so provided.                    .
                                         (2.) All moneys raised as aforesaid on the security of Reserve
                                   Fund securities and expended for the purposes of the Discharged
                                   Soldiers Settlement Act, 1915, as aforesaid shall be deemed to have
                                   been lawfully so expended.
                                         (3.) 1.' he Minister of Finance may, from the proceeds of any
                                   loan mised under section three hereof, transfer to the Oonsolidated
                                   Fund all moneys provided as aforesaid out of. that fund for the
                                   purposes of the Discha,rged Soldiers Settlement Act, 1915, and to the
                                   Reserve Fund Account the amount raised as aforesaid on the security
                                   of Reserve Fund securities.
             Authorizing the             3. (1.) For the purposes of the Discharged Soldiers Settle-
             raising of additional ment Act 1915 the Minister of Finance is hereby empowered to
             moneys for purposes               " . .                                             .
             of th,e Disoharged    borrow, on the securIty of and charged upon the publIc revenues
             Aot 1915Settlement of New Zeahnd , such sums of money as he thinks fit , not exceed-
             Soldiers                               c
                 "                 ing in the aggregate the sum of twelve million five hundred thousand
                                   pounds.
                                         ('2.) All moneys borrowed under this section shall, as and when
                                   borrowed, be paid into the Public Account to the .credit of the
                                   Discharged Soldiers Settlement Account, and shall be applied in the
                                   same manner in all respects as if they were moneys raised under
                                   the authority of section eight of the Discharged Soldiers Settlement
                                   Act, 1915.
                                         (3.) The authority to borrow moneys conferred on the Minister
                                   of Finance by this section is in addition to the authority conferred
                                   on him by any other Act for the same purposes.
             Aut~orizing t~~             4. (1.) For the purpose of providing funds for the acquisition
             :~~~;soto:~~~tlOnal of land under the I..Jand for Settlements Act, 1908, or under section
             aoquisition of land five of the Discharged Soldiers Settlement Amendment Act 1916 for
             ~~ft~~~e~~a~~t:or disposal under the Discharged Soldiers Settlement Act, '1915,' the
             1908, for disposal to Minister of Finance is hereby empowered to borrow on the security
             disoharged soldiers.
                                   of an d ch arge d upon t h · bl' revenues 0 f N ew Z eaIand, such
                                                                   e pu 10                   '
                                   sums of money as he thinks fit, not exceeding the amounts following,
all'FER' ~ 1."1 ft"'lA N 16 that is to say :-
ALi   . ..,. J J.Y~''''   O. ",y!        (a.) For each of the financial years ending on the thirty-first
                                                   day of March, nineteen hundred and twenty, and the
                                                   thirty-first day of March, nineteen hundred and twenty-
                                                   one, respectively, the sum of two million pounds; and
                                         (b.) For every financial year thereafter the sum of one million
                                                   pounds.
                Discharged Soldiers Settlement Loans.         [1919, No.2.                  7

             All moneys borrowed under this section shall, as and when
hAl'l"rnXTAil be paid into the Public Account to the credit of the Land
                     Account, and shall be applied in respect of the
                of land under the Land for Settlements Act, 1908, or
 unaer section five of ;the Discharged Soldiers Settlement Amendment
        1916, for disposal under the Discharged Soldiers Settlement
        1915.
             The authority to borrow moneys conferred on the Minister
    Jj'mance by this section is in addition to the authority conferred on
       by any other Actfor the same purpose.
       5. (1.) This Act shall be deemed to be an authorizing Act Application of New
u71t.hin the meaning of the New Zealand Loans Act, 1908, and the Zealand Loans Act.
             herein authorized to be raised shall be raised under and 1908.
            to the provisions of that Act accordingly, and may, if the
Minister of Finance thinks fit, be raised in the manner and subject to
the conditions prescribed by the New Zealand Loans Amendment
Act, 1915.
       (2.) Except as otherwise hereinafter provided, all moneys
bOl'rowed under this section shall bear interest at such rate as the
Minister of Finance prescribes.
       (3.) When any of the moneys authorized to be raised by this
Act are borrowed from any bank carrying on business in New
Zealand, or are lodged with any such bank pursuant to an agreement
between that bank and the Minister of Finance, the said Minister
may, without further appropriation than this section, payout of
the Public Account any commission or int"erest in respect of those
moneys, notwithstanding that such commission or interest may be
in respect of a period or periods prior to the payment of those moneys
into the Public Account, or that at the date of payment of such
 commission or interest the said moneys had not been received into
the Public Account.
       6. (1.) The loans authorized by this Act to be raised shall be Loans authorized
 deemed to be raised for war purposes within the meaning' of sections to ,beAct deemed to
                                                                            thiS
                                                                                 raised under
 seventy, seventy-one, seventy-two, seventy-four, and seventy-five of be authorized for
 the Finance Act, 1917.                                                     war purposes.
.      (2.) The authority conferred on building societies by section
 thirty-four of the Appropriation Act, 1918, to contribute to the war-
 purposes loans therein referred to shall extend and apply to the loans
 authorized to be raised by this Act.
       (3.) Sections twenty-four and twenty-five of the Finance Act,
 1918 (No.2), (relating to the issue of war-loan certificates, for the
 purposes of the loan authorized to be raised by Part IV of that Act),
 and section twenty-six of that Act (relating to the issue of Post
 Office War Loan Insnribed Stock), shall, with the necessary modifica-
 tions, apply with respect to the loans authorized to be raised by
 this Act.
       7. Section twenty-eight of the Finance Act, 1918 (No.2), Appl!c,ation of
 providing for comp~lsory contri?utions by taxpayers to the war- ~~~~~en~~:, 1918
 purposes loan authOrIzed to be ra1sed by Part IV of that Act, shall, (No.2), with respect
                                   lOns, app I y W1'th respec t t oth I oan oontributions to
 W1'tl} t h e necessary mo d'fi cat'
                              1                                     e       to oompulsory
 authorized to be raised by section three of this Act.                      war-purposes loan.

								
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