{"id":"nsw:act-1902-081","name":"Public Loans Act 1902","slug":"public-loans-act-1902","collection":"act","jurisdiction":"nsw","status":"in_force","isInForce":true,"actNumber":"81 of 1902","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":112096,"registerId":"nsw-act-1902-081-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Name of Act","content":"#### 1 Name of Act\n\n1 Name of Act\n\n> This Act may be cited as the [Public Loans Act 1902](/view/html/inforce/current/act-1902-081).","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Repeal","content":"#### 2 Repeal\n\n2 Repeal\n\n> The Act nineteen Victoria number thirteen is hereby repealed.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Loans to be primary charge on the Consolidated Revenue Fund","content":"#### 3 Loans to be primary charge on the Consolidated Revenue Fund\n\n3 Loans to be primary charge on the Consolidated Revenue Fund\n\n> > (1) Every loan raised under the authority of any Act upon the security of the general revenues shall be and be deemed a primary charge upon the Consolidated Revenue Fund.\n> \n> > (2) All interest on any such loan, and the principal thereof, shall be paid by the Colonial Treasurer out of the said fund under warrants, which shall be issued by the Governor in priority to all demands thereon, except the charges and expenses of the collection thereof.","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Negotiation of loans outside New South Wales","content":"#### 4 Negotiation of loans outside New South Wales\n\n4 Negotiation of loans outside New South Wales\n\n> If at any time it is found convenient to negotiate any such loan outside New South Wales, the Governor may appoint an agent with authority to negotiate and contract for such loan on behalf of the Government.","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"Securities to be deemed duly issued","content":"#### 5 Securities to be deemed duly issued\n\n5 Securities to be deemed duly issued\n\n> All securities purporting to be issued by the Governor under the authority of the Legislature, and bearing the signature of the Governor, and countersigned by the Colonial Treasurer, shall be deemed to have been duly issued, and the holder thereof shall not be bound to inquire whether such issued was in fact duly authorised.","sortOrder":4},{"sectionNumber":"6","sectionType":"section","heading":"Appointment of persons to execute securities","content":"#### 6 Appointment of persons to execute securities\n\n6 Appointment of persons to execute securities\n\n> > (1) When a loan is negotiated outside of New South Wales the Governor may appoint two or more persons to execute and sign the debentures, bonds, or securities, whereby the repayment of the loan is to be secured.\n> \n> > (2) The production of a copy of the Gazette containing a notification of the appointment of such persons to so execute and sign the debentures, bonds, or other securities in the country specified in the notification shall be conclusive evidence of the appointment of such persons for the purposes specified in the notification.\n> \n> **s 6:** Ins 1927 No 11, sec 5.","sortOrder":5},{"sectionNumber":"7","sectionType":"section","heading":"Securities to be deemed lawfully issued","content":"#### 7 Securities to be deemed lawfully issued\n\n7 Securities to be deemed lawfully issued\n\n> All debentures or bonds purporting to be issued under the authority of the Legislature and bearing the signatures of such persons so appointed in that behalf shall be deemed to be securities lawfully issued under the [Public Loans Act 1902](/view/html/inforce/current/act-1902-081) and a holder of any such debenture or bond shall not be bound to inquire whether the issue of such security was in fact duly authorised.\n> \n> **s 7:** Ins 1927 No 11, sec 5.","sortOrder":6},{"sectionNumber":"8","sectionType":"section","heading":"Lost bonds &c","content":"#### 8 Lost bonds &c\n\n8 Lost bonds &c\n\n> > (1) The Governor may appoint two or more persons in any country to execute, countersign, and issue in that country debentures, bonds, or securities to replace any debenture, bond, or security issued in that country proved to such persons to have been lost, stolen, destroyed, defaced, or mutilated upon an indemnity being given to the satisfaction of such persons in the case of a debenture, bond, or security proved to have been lost, stolen, or destroyed or upon the surrender and cancellation of a debenture, bond, or security which has been defaced or mutilated.\n> \n> > (2) Such persons may be authorised by power of attorney under the hand of the Colonial Treasurer to carry out the above powers and to take such other steps on behalf of the State of New South Wales in relation to such debentures, bonds, or securities as the Governor may deem proper.\n> \n> > (3) The production of a copy of the Gazette containing a notification of the appointment of such persons to execute the powers referred to in subsection one of this section in the country specified in the notification shall be conclusive evidence of the appointment of such persons for such purpose.\n> \n> > (4) Any debenture, bond or security purporting to be issued in pursuance of this section and bearing the signatures of the persons so appointed in that behalf shall be deemed to be securities lawfully issued under this Act, and a holder of any such debenture, bond or security shall not be bound to inquire whether the issue of such security was in fact duly authorised.\n> \n> **s 8:** Ins 1928 No 43, sec 2.","sortOrder":7},{"sectionNumber":"9","sectionType":"section","heading":"Interpretation","content":"#### 9 Interpretation\n\n9 Interpretation\n\n> In this Act the expression debenture, bond or security includes any interest coupon which at the time of issue was attached thereto.\n> \n> **s 9:** Ins 1928 No 43, sec 2.","sortOrder":8}],"analysis":{"summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"Based on the available metadata, the Act appears to have remained substantively unchanged since its last amendment in 1928. There is no evidence from the provided extract of any significant expansion or contraction from its original purpose of authorising and regulating NSW Government public borrowing. However, the absence of the actual legislative text means a definitive scope assessment cannot be made."},"complexity_factors":["Only metadata is available — the actual legislative provisions are not displayed, making full analysis impossible","The Act's age (1902) means it uses archaic drafting styles and legal concepts that may be harder to interpret","Public finance and government borrowing law can involve cross-references to other financial legislation","The gap between the Act's original enactment (1902) and its last amendment (1928) raises questions about its current practical scope and relevance","Low score overall because the subject matter — government borrowing power — is conceptually straightforward even if technically detailed"],"plain_english_summary":"## Public Loans Act 1902 (NSW)\n\n**What is this?**\nThis is a very old New South Wales law from 1902 that deals with the government's ability to borrow money (take out public loans). It falls under the responsibility of the NSW Treasurer.\n\n**Who does it affect?**\nPrimarily the NSW Government and its financial operations. Ordinary members of the public are unlikely to be directly affected in their day-to-day lives.\n\n**Why does it matter?**\nIt establishes a legal framework for how the NSW Government can raise borrowed funds — for example, by issuing bonds (a type of financial instrument where investors lend money to the government in exchange for interest payments). This kind of law underpins major government spending on infrastructure and public services.\n\n**Key things to know:**\n- This law has been essentially frozen in time since **26 December 1928** — it hasn't been updated since then, making it one of the oldest active pieces of NSW legislation still on the books.\n- The actual text of the Act's provisions is not displayed here — only metadata (administrative information about the Act) is visible in this extract.\n- The fact that it remains 'in force' despite its age suggests it either still serves a niche legal purpose or has not yet been formally repealed (cancelled)."},"issue_detection":{"absurdities":[{"type":"other","section":"Status Information / Currency of version","severity":"medium","reasoning":"A law certified as correct and current under s45C of the Interpretation Act 1987 that has not been modified since 1997 but is described as operative 'to date' in 2026 raises a question of whether the certification process is meaningful. The Act has been frozen in a pre-digital era form while the legal and financial landscape it purports to govern has transformed entirely, creating a practical absurdity in its ongoing application.","confidence":0.72,"description":"The legislation is described as 'Current version for 26 December 1928 to date (accessed 3 April 2026 at 16:09)' while the file was 'last modified 23 September 1997'. This means the authoritative published version of a law governing public loans has not been updated in nearly 30 years, yet is certified as current and correct under the Interpretation Act 1987."},{"type":"other","section":"Status Information / Responsible Minister","severity":"low","reasoning":"While not strictly a logical flaw in the Act's text, it is logically incongruous that the machinery of government surrounding this Act (ministerial assignments, 2023 order) is updated with contemporary regularity, while the substantive law being administered has not changed since 1928. The administration is newer than the administered instrument by nearly a century.","confidence":0.65,"description":"A 1902 Act last substantively amended in 1928 is administered under an Administrative Arrangements Order from 2023 (Minns Ministry). The ministerial responsibility framework for a 120-year-old Act is being updated more recently than the Act itself, creating a governance structure that is perpetually more modern than the law it governs."},{"type":"other","section":"Authorisation / File last modified","severity":"low","reasoning":"While retrospective application of procedural and administrative statutes is commonplace and legally valid, there is a logical curiosity in using a 1987 certification mechanism to vouch for the authenticity of a 1902 document that existed for 85 years without that certification framework. The certification cannot speak to the accuracy of transcription or amendment processes that occurred before 1987.","confidence":0.55,"description":"The legislation is certified as correct under s45C of the Interpretation Act 1987, a statute enacted 85 years after the Public Loans Act 1902. The certifying authority (s45C of the 1987 Act) post-dates the certified instrument by nearly nine decades, raising a bootstrapping question about the legal basis for certification of the original 1902 text."}],"contradictions":[{"severity":"medium","section_a":"Status Information — 'Current version for 26 December 1928 to date (accessed 3 April 2026 at 16:09)'","section_b":"Authorisation — 'File last modified 23 September 1997'","confidence":0.78,"description":"The status information asserts the version is current and up to date as of 3 April 2026, while the authorisation metadata states the file was last modified on 23 September 1997. These two claims are in direct tension: a file unmodified since 1997 cannot simultaneously be described as reflecting a version current to 2026 without an explanation of what 'current' means in this context."},{"severity":"low","section_a":"Currency of version — 'Legislation on this site is usually updated within 3 working days after a change to the legislation'","section_b":"Authorisation — 'File last modified 23 September 1997'","confidence":0.7,"description":"The site's general currency policy promises updates within 3 working days of legislative change, implying ongoing active maintenance. However, the file modification date of September 1997 suggests no update has occurred in approximately 29 years. Either the Act has genuinely not changed since 1997 (rendering the 3-working-day promise irrelevant and misleading as applied here) or the file has not been maintained in accordance with that stated policy."}]},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose: establishing the framework for NSW government borrowing and securities issuance. The 1927 and 1928 amendments added practical mechanisms for overseas borrowing and lost bond replacement, but these are natural extensions of the core scheme rather than scope creep. The Act has not expanded into broader financial regulation or public finance management."},"complexity_factors":["Only 9 sections total, with 3 added by later amendments (1927, 1928)","Minimal defined terms—only one interpretation provision (section 9) defining 'debenture, bond or security'","No cross-references to other Acts except the repealed 19 Victoria No 13","Straightforward conditional logic limited to simple 'if' scenarios (section 4) and standard subsections","No exceptions to exceptions or deeply nested provisions","Language is archaic but structurally simple—uses terms like 'Colonial Treasurer' and 'Governor' reflecting 1902/1920s usage","Amendments are clearly marked with insertion notes rather than being integrated seamlessly"],"plain_english_summary":"**What this law does:**\n\nThis is a short, century-old law from New South Wales that sets the rules for how the State Government can borrow money and issue bonds (IOUs) to investors.\n\n**Key points:**\n\n- **Guaranteeing loans:** Any loan the Government takes out must be paid back from the Consolidated Revenue Fund (the State's main bank account). These debt repayments get priority over almost everything else—only the costs of collecting taxes get paid first.\n\n- **Borrowing overseas:** If the Government wants to borrow money from investors outside NSW (or Australia), the Governor can appoint agents to negotiate the deal and sign the paperwork on the State's behalf.\n\n- **Protecting investors:** If you buy a government bond that looks official—signed by the Governor and countersigned by the Colonial Treasurer—you don't need to check whether the Government actually had permission to issue it. The law says you're protected as long as the document appears genuine.\n\n- **Replacing lost bonds:** If your bond gets lost, stolen, or damaged, officials can issue you a replacement after you provide an indemnity (a legal promise to cover any losses if the original turns up).\n\n**Who it affects:**\n\n- NSW Government officials raising capital\n- Investors buying NSW government bonds, especially those based overseas\n- Banks and financial institutions handling government securities\n\n**Why it matters:**\n\nThis law underpins the State's ability to borrow money confidently. By guaranteeing repayment from consolidated revenue and protecting innocent purchasers of bonds, it ensures NSW can access credit markets at reasonable rates. The \"deemed duly issued\" provisions are particularly important—they prevent the Government from later refusing to pay bondholders by claiming the original issuance was flawed."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/public-loans-act-1902","history":"/api/acts/public-loans-act-1902/history","analysis":"/api/acts/public-loans-act-1902/analysis","conflicts":"/api/acts/public-loans-act-1902/conflicts","importantCases":"/api/acts/public-loans-act-1902/important-cases","documents":"/api/acts/public-loans-act-1902/documents"}}