A c t No. 103, 1902. A n Act to validate certain m u n i c i p a l loans and securities, and t o a m e n d t h e Municipal L o a n s F u r t h e r V a l i d a t i n g Act of 1897. [20th
December, 1902.]
E it e n a c t e d b y t h e K i n g ' s M o s t E x c e l l e n t Majesty, b y a n d w i t h t h e advice a n d c o n s e n t of t h e Legislative Council a n d Legislative A s s e m b l y of N e w S o u t h W a l e s in P a r l i a m e n t assembled, a n d by t h e a u t h o r i t y of t h e s a m e , as follows :-- 1. T h i s A c t may b e cited as t h e " M u n i c i p a l L o a n s V a l i d a t i n g Act, 1902." 2 . T h e provisions of t h e M u n i c i p a l L o a n s F u r t h e r V a l i d a t i n g A c t of 1897 a r e e x t e n d e d t o a n y loan ( w h e t h e r original or for p a y i n g off a previous loan, or p a r t l y for t h e one p u r p o s e a n d p a r t l y for t h e o t h e r ) m a d e to t h e council of a n y m u n i c i p a l i t y before t h e c o m m e n c e  m e n t of t h a t A c t , n o t w i t h s t a n d i n g t h a t a t s u c h c o m m e n c e m e n t or a t t h e t i m e of t h e p u b l i c a t i o n of a p r o c l a m a t i o n u n d e r t h a t A c t in r e s p e c t of t h e l o a n -- (a) t h e loan h a d been paid off, satisfied, or otherwise d e t e r m i n e d ; or (b) t h e m u n i c i p a l i t y h a d b e e n divided i n t o a n d c o n s t i t u t e d s e p a r a t e m u n i c i p a l i t i e s or h a d o t h e r w i s e ceased to exist.
2.

B

3 . N o loan m a d e to t h e council of a m u n i c i p a l i t y after t h e c o m m e n c e m e n t of t h e M u n i c i p a l L o a n s F u r t h e r V a l i d a t i n g A c t of 1897, a n d n o security for any s u c h loan shall be d e e m e d invalid or in a n y way affected b y reason only t h a t in t h e notice of i n t e n t i o n t o borrow, advertised in p u r s u a n c e of t h e A c t t h e n i n force r e l a t i n g to m u n i c i p a l i t i e s , t h e council s t a t e d in g e n e r a l t e r m s t h e p u r p o s e s for w h i c h t h e m o n e y to be b o r r o w e d w a s i n t e n d e d to be applied, or t h a t it was to be applied for t h e purpose of c a r r y i n g o u t p e r m a n e n t i m p r o v e m e n t s w i t h i n t h e m u n i c i p a l i t y , w i t h o u t f u r t h e r specifying t h e n a t u r e of t h e i m p r o v e m e n t s or g i v i n g f u r t h e r i n f o r m a t i o n as t o t h e said p u r p o s e .