RETURNED SOLDIERS’ WOOLLEN COMPANY LOAN.

No. 37 of 1921.

An Act to authorize the making of a Loan to the Geelong R.S. & S. Woollen and Worsted Co-operative Manufacturing Coy. Limited.

[Assented to 22nd December, 1921.]

Preamble.

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, for the purpose of appropriating the grant originated in the House of Representatives, as follows:—

Short title.

1.  This Act may he cited as the Returned Soldiers’ Woollen Company Loan Act 1921.

Definition.

2.  In this Act, unless the contrary intention appears, “the Company” means the Geelong R.S. & S. Woollen and Worsted Co-operative Manufacturing Coy. Limited.

Treasurer may advance money by way of loan.

3.  Subject to this Act, the Treasurer may make advances to the Company by way of loan of a sum or sums not exceeding in the whole Fifty thousand pounds.

Conditions of loan.

4.  Any loan made in pursuance of this Act shall be for a term of ten years and shall bear interest at the rate of six per centum per annum:

Provided that the Company shall have the right of paying off any such loan or part thereof before the expiration of that term and thereupon the interest on the amount repaid shall cease.

Security.

5.  The Treasurer shall obtain from the Company such security for the repayment of any loan made under this Act as he thinks necessary.

Treasurer may make requirements as to management.

6.—(1.)     It shall be a condition of any loan made under this Act that the Treasurer may, if he thinks fit, from time to time, require the observance by the Company of such directions in the management of the business of the Company as the Treasurer thinks necessary.

(2.)  Upon the failure of the Company to comply with any directions required to he observed in pursuance of this section, the Treasurer may enter into possession of all the assets of the Company, and work, manage or dispose of those assets as he thinks fit.