Fire Service Act 1979

Subject to this section, the Commission, with the consent of the Treasurer, may borrow on the security of its revenues such sums of money as it may require for the purposes of this Act.

Money borrowed by the Commission under this section may be so borrowed – by the issue of debentures payable to the bearer with interest coupons attached; by the creation and issue of inscribed stock; or in such other manner as may be prescribed or as the Treasurer may approve.

Debentures and inscribed stock issued or created under this section – shall, with all interest thereon, be charged and secured on the revenues of the Commission; shall bear interest at such rate, and be redeemable at such date and at such place, as the Commission may, with the approval of the Treasurer, determine; may, with the consent of the holder of the debenture or the registered owner of the stock, as the case may be, be paid off at any time before the due date for repayment, at not more than the face value of the debenture, or stock; and whether original or not, shall rank pari passu in point of charge without any preference or priority one over another.

Interest secured by any debentures or inscribed stock issued or created pursuant to this section shall be payable half-yearly on days and at places fixed by the Commission.

The Commission may, at the request of the holder of any debenture or of the registered owner of any inscribed stock issued or created under this section, instead issue to him stock or debentures, as the case may be, in respect of the same loan, and of the same amount, and of the same currency and bearing the same interest.

Any trustee of a trust, unless expressly forbidden by the instrument (if any) creating the trust, may invest any trust money in his hands in any debentures or inscribed stock issued or created pursuant to this section, and the investment shall be deemed to be an investment authorized by the Trustee Act 1898.

Debentures or inscribed stock issued or created pursuant to this section shall be a lawful investment for any money which a body incorporated by or under any Act is authorized or directed to invest, in addition to any other investments expressly provided for the investment of that money.

No notice of any trust, whether express, implied, or constructive, shall be received by the Commission or by an officer of the Commission in relation to any debentures or inscribed stock issued or created pursuant to this section.

This section, so far as it is relevant and with the necessary modifications, applies to any debentures issued by a fire brigade board before the commencement of this section in the same way as it applies to debentures issued by the Commission under this section.