Debentures
Part I Debentures
The following provisions shall apply to debentures issued by the Authority under this Act:
Sch. 1 Pt 1 cl. 1 amended by No. 40/2019 s. 77(7)(a).
1. Every debenture shall be in the form prescribed by the regulations or to the like effect: Provided that if no regulation prescribing the form of debentures is made before the issue of debentures for the purposes of any loan under this Act every debenture for the purposes of that loan shall be in the form or to the effect following:
MELBOURNE WHOLESALE FRUIT, VEGETABLE AND FLOWER MARKET
No. Transferable by Delivery
Under the authority of and subject to the Melbourne Market Authority Act 1977.
This debenture entitles the bearer to the sum of dollars on the day of with interest thereon in the meantime at the rate of per centum per annum payable half-yearly on the day of and the day of in every year as per coupons annexed, which principal sum and interest are hereby charged and secured upon the revenues of the Melbourne Market Authority. And such principal sum and interest are payable at the bankers for the time being of the Authority.
Given under the common seal of the Melbourne Market Authority at Melbourne in the State of Victoria this day of in the year 19
(L.S.)
Member.
Secretary.
2. Debentures shall—
be prepared on watermarked paper approved by the Treasurer and bear the signatures of a member and the secretary or acting secretary and the common seal of the Authority or a facsimile of such seal;
be signed personally by such persons or have the signatures of such persons endorsed thereon by engraving or any other process approved by the Treasurer; and
be numbered consecutively in each denomination.
3. Every debenture with the interest coupons annexed thereto and every interest coupon after being detached therefrom shall pass by delivery and without any assignment or indorsement.
Sch. 1 Pt 1 cl. 4 amended by No. 40/2019 s. 78(10)(a).
4. The bearer of every debenture or detached interest coupon shall have the same rights as if the bearer were expressly named as payee therein.
5. No interest shall be payable in respect of any debenture except to the holder of the coupon representing the interest claimed and upon delivery of the same.
6. (1) The Authority shall cause to be kept in one or more books a register of debentures, and within a reasonable time after the date of any debenture shall cause to be made an entry in the register specifying the number date and amount of the debenture.
The register of debentures—
may be inspected at all reasonable times by any person on payment of Fifty cents for each inspection; and
shall be evidence of any matters required or authorized by or under this Act to be inserted therein.
Any person shall be entitled to obtain from the Authority copies or extracts certified by the officer in whose custody the register is kept to be true copies of or extracts from such register upon payment for each copy or extract of a fee of $1.20 for every folio of seventy-two words; and any copy or extract so certified shall be admissible in evidence.
Sch. 1 Pt 1 cl. 7 amended by No. 40/2019 s. 78(10)(b)(c).
7. Upon proof being made before the Supreme Court by affidavit of any credible person that any debenture issued by the Authority under this Act and held by such person the number and sum whereof is specified by the person has been lost or accidentally burnt or otherwise destroyed before the same has been paid off, and after the insertion of such advertisements as the Supreme Court directs and upon the Supreme Court certifying that it is satisfied with such proof, the Authority may after the expiration of six months cause a new debenture with interest coupons attached to be made having the like currency and bearing the same principal sum and rate of interest as the debenture so lost or destroyed to be delivered to such person upon the person giving sufficient security to the Authority to indemnify the Authority against any double payment.
8. If any debenture is defaced by accident—
the Authority may cancel the same and cause a new debenture to be made in lieu thereof; and
the new debenture shall have the like currency and be in all respects subject to the same provisions and bear the same principal sum and rate of interest as the cancelled debenture.
9. (1) All debentures paid off discharged exchanged or converted into stock shall—
be cancelled by the secretary or such other officer of the Authority appointed by it for the purpose; and
be destroyed in the presence of the secretary, acting secretary or such other officer so appointed and the Auditor-General or a person authorised by the Auditor-General.
The Auditor-General or person authorised by the Auditor-General (as the case may be) before the debentures are destroyed shall audit the same and allow the accounts thereof and furnish the Authority with a certificate particularizing the debentures so destroyed; and the secretary shall file that certificate in the office of the Authority.
Sch. 1 Pt 2 amended by Nos 110/1986 s. 140(2), 127/1993 s. 9(5)(a)–(d), 40/2019 s. 77(7)(b).
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