Soil Conservation Act 1938

This clause applies to and in respect of a loan, wherever raised, where the Governor, on the recommendation of the Minister and with the concurrence of the Treasurer, approves (as referred to in section 26C (1)) of the loan in and by an instrument which specifies that it is a loan to which this clause applies.

Except as provided in this clause, the provisions of this Schedule do not apply to or in respect of a loan to which this clause applies.

A loan to which this clause applies may be:

raised in such amounts and in such currencies,

raised in such manner and on such terms and conditions, and

secured by such securities, if any,

Any security or other instrument issued or executed by the Corporation or the government in respect of a loan to which this clause applies shall, both as regards its issue or execution and its transfer or assignment, be deemed to be included in the general exemptions from stamp duty under Part 3 of the Stamp Duties Act 1920 contained in the Second Schedule to that Act.

The Governor may, upon the recommendation of the Corporation, appoint 2 or more persons for and on behalf of the Corporation to enter into any securities or other instruments in respect of a loan to which this clause applies and to sign, execute or otherwise perfect all such securities or other instruments, and to do all such things as may be necessary or convenient to be done for the purpose of raising the loan under this Act, and may upon the like recommendation revoke or vary any such appointment and make any fresh appointment.

The production of a copy of the Gazette containing a notification of any appointment or revocation under subclause (5) of this clause shall in favour of a lender, of the holder of any security or of a person to whom the benefit under any such instrument is assigned be conclusive evidence of the appointment or revocation.

The due payment of any amounts payable by the Corporation to the lender in respect of any loan to which this clause applies is a charge on the income and revenue of the Corporation, from whatever source arising, and is hereby guaranteed by the Government, and, where any agreement to which the Government is a party specifies any terms or conditions upon or subject to which the due payment of those amounts is so guaranteed, the due payment of those amounts is so guaranteed upon or subject to those terms and conditions.

An agreement with respect to a loan to which this clause applies and to which the Government and the Corporation are parties may require the Government to make any payment for which the Corporation would, under the agreement, be liable but for its being precluded from making the payment by any law in force in New South Wales.

The Consolidated Revenue Fund is hereby appropriated for the purpose of meeting any liability in respect of any guarantee referred to in subclause (7) of this clause and any liability of the Government arising under any agreement referred to in subclause (8) of this clause.

The provisions of:

clauses 10, 11, 12 and 13 apply to and in respect of the appointment of a receiver by reason of any default being made by the Corporation in making any payment in respect of a loan to which this clause applies and to and in respect of a receiver appointed by virtue of the application of clause 10 by this subclause in the same way as those clauses apply to and in respect of the appointment of a receiver by reason of any default being made by the Corporation in making any payment, whether of principal or interest, to the holder of any debenture, or coupon, issued, or stock inscribed, by the Corporation and to and in respect of a receiver appointed under clause 10,

clause 8 (1) apply to and in respect of a person advancing money to the Corporation by way of a loan to which this clause applies in the same way as they apply to and in respect of a person advancing money to the Corporation as referred to in clause 8 (1),

clause 8 (2) apply to and in respect of a notification in the Gazette of the approval of the Governor having been given to a loan to which this clause applies in the same way as they apply to and in respect of a notification in the Gazette of the approval of the Governor having been given to a borrowing referred to in clause 8 (2),

clause 9 apply to and in respect of a loan to which this clause applies as if the reference in that clause to other securities which are secured upon the income and revenue of the Corporation included a reference to such a loan, and

any other clause of this Schedule (being a clause that, in an agreement between the Corporation and the lender with respect to a loan to which this clause applies, is specified as being a clause that applies to and in respect of the loan or as being a clause that, with such modifications or additions as are so specified, applies to and in respect of the loan) apply or apply with those modifications or additions, as the case may be, to and in respect of the loan.