South Australian Repealed Acts

This legislation has been repealed.

RENMARK IRRIGATION TRUST ACT 1936 - SECT 123

123—Provision for grant of loans to trust

        (1)         The Treasurer shall in each of the three financial years commencing with the year ending on the thirtieth day of June, 1964, pay to a trust account at the Treasury an amount of three hundred and fifty thousand dollars per annum. The payments mentioned in this subsection shall be in addition to the sum of six hundred thousand dollars paid by the Treasurer to the said trust account in respect of the four financial years commencing with the year ending on the thirtieth day of June, 1960, in pursuance of subsection (1) of section 123 of this Act as amended and in force immediately prior to the commencement of the Renmark Irrigation Trust Act Amendment Act 1963 .

        (2)         Subject to the provisions of this section the Treasurer may out of the trust account mentioned in subsection (1) of this section pay to the trust from time to time during each of the seven financial years commencing with the year ending on the thirtieth day of June, 1960 such amount or amounts by way of grant or by way of loan as shall be required by the trust for the purposes of this section: Provided that the total sum paid to the trust by way of grant shall not exceed the sum of one million three hundred thousand dollars and the total amount granted by way of loan shall not exceed three hundred and fifty thousand dollars.

The Treasurer may make such arrangements including arrangements for the advance of moneys to the trust as he thinks fit for giving effect to the provisions of this subsection.

        (3)         The trust shall, during each of the three financial years mentioned in subsection (1) of this section, set aside out of its revenues (or make arrangements satisfactory to the Treasurer in respect thereof) the sum of fifty thousand dollars for the purposes of this section. Any such sums, together with any sums paid by the Treasurer to the trust in pursuance of subsection (2) of this section shall be paid by the trust into a separate account to be called the "Renmark Irrigation Trust Special Account".

The sums which by this section the trust is required to set aside or in respect whereof the trust is required to make arrangements satisfactory to the Treasurer, shall be in addition to the sum of two hundred thousand dollars paid by the trust to the said separate account in respect of the four financial years commencing with the year ending on the thirtieth day of June, 1966 in pursuance of subsection (3) of section 123 of this Act as amended and in force immediately prior to the commencement of the Renmark Irrigation Trust Act Amendment Act 1963 .

        (4)         The moneys from time to time standing to the credit of the trust in the said Renmark Irrigation Trust Special Account shall be used and applied by the trust for the purposes of this section and for no other purposes.

        (5)         The purposes of this section are the undertaking of such works in connection with a comprehensive drainage scheme for the district or the general improvement thereof or the rehabilitation of the irrigation works of the trust as shall from time to time be approved by the Minister.

        (6)         This Act, without any further appropriation, shall be sufficient authority for making the payments mentioned in subsection (1) of this section.

        (7)         The amount paid to the trust by way of loan by the Treasurer pursuant to subsection (2) of this section shall be repaid by the trust to the Treasurer with interest computed at the rate of five per centum per annum by equal annual payments to be made on the thirtieth day of June in each of the forty years commencing with the year 1967 or the year next following the completion of the purposes of this section, whichever is the earlier. Upon the completion of all the said payments all liabilities of the trust in respect of all the amounts mentioned in subsection (2) of this section including interest shall be deemed finally to have been determined and extinguished.

        (8)         The amount of the balance of any of the said amounts, together with interest as aforesaid, for the time being unpaid, together with any amount not exceeding the sum of one hundred and fifty thousand dollars (except with the Treasurer's express approval) for the time being unpaid to the Bank of New South Wales (which latter amount shall rank pari passu with the said balance and interest) shall be a first charge on all property for the time being vested in or belonging to the trust.