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CHAPTER 27.

An Act respecting Dominion Notes.

SHORT TITLE.

1. This Act may be cited as the Dominion Notes Act.

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INTERPRETATION.

2. In this Act, unless the context otherwise requires,—
(a) specie' means coin current by law in Canada, at the
rates and subject to the provisions of the law in that be-
half, or bullion of equal value according to its weight
and fineness;

(b) Dominion notes' means notes of the Dominion of
Canada issued and outstanding under the authority of this
Act. 3 E. VII., c. 43, ss. 1 and 2.

Short title.

Definitions.

ISSUE AND REDEMPTION.

3. Dominion notes may be issued and outstanding at any Issue of time to any amount, and such notes shall be a legal tender in notes. every part of Canada except at the offices at which they are redeemable. 3 E. VII., c. 43, s. 2.

form.

4. Dominion notes shall be of such denominational values Denominaas the Governor in Council determines, and shall be in such tion and form, and signed by such persons and in such manner, by lithograph, printing or otherwise, as the Minister of Finance from time to time directs.

2. Such notes shall be redeemable in specie on presentation Redemption at branch offices established or at banks with which arrange- in specie. inents are made for the redemption thereof as hereinafter provided. 3 E. VII., c. 43, s. 3.

SECURITY.

for re

5. The Minister of Finance shall always hold as security Amount held for the redemption of Dominion notes up to and including thirty as security million dollars, issued and outstanding at any one time an demption. amount equal to not less than twenty-five per centum of the amount of such notes in gold, or in gold and securities of

317

Canada,

Amount held in gold.

Notes in

excess of
$30,000,000.

Loan may be raised if

amount of

sufficient.

Canada, the principal and interest of which are guaranteed by the Government of the United Kingdom.

2. The amount so held in gold shall be not less than fifteen per centum of the amount of such notes so issued and outstanding.

3. As security for the redemption of Dominion notes issued in excess of thirty million dollars the Minister shall hold an amount in gold equal to such excess. 3 E. VII., c. 43, s. 4.

6. In case the amount held in accordance with the provisions of this Act as security for the redemption of Dominion notes security is in is not sufficient to pay the Dominion notes presented for redemption, or in case the amount so held is reduced below the amount required by this Act to be held, the Governor in Council may raise, by way of loan, temporary or otherwise, such sums of money as are necessary to pay such notes or to provide the amount required to be held as security for the redemption of Dominion notes issued and outstanding. 3 E. VII., c. 43,

s. 5.

Proceeds of notes; expenses incurred.

PROCEEDS AND EXPENSES.

7. The proceeds of Dominion notes so issued shall form part of the Consolidated Revenue Fund of Canada, and all expenses incurred or required to be paid in connection with the engraving, printing or preparation of such notes, or the signing, issue or redemption thereof, shall be paid out of the said fund. 3 E. VII., c. 43, s. 5.

Monthly

statement by Minister in

Canada

Gazette.

MONTHLY STATEMENT.

8. The Minister of Finance shall publish monthly in the Canada Gazette a statement of the amount of Dominion notes outstanding on the last day of the preceding month, and of the gold and guaranteed debentures then held by him for securing the redemption thereof. 3 E. VII., c. 43, s. 6.

Officers of agencies for

AGENCIES FOR REDEMPTION.

9. The Governor in Council may establish branch offices redemption. of the Department of Finance at Toronto, Montreal, Halifax, St. John, Winnipeg, Victoria and Charlottetown, for the redemption of Dominion notes, or may make arrangements with a chartered bank at any of the said places for the redemption thereof.

Assistant receiver general.

2. Every assistant receiver general appointed at any of the said places under Part II. of the Savings Banks Act shall be an agent for the issue and redemption of such notes. 3 E.. VII., c. 43, s. 7.

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NOTES OF LATE PROVINCE OF CANADA.

old province

10. Provincial notes under the Act of the late province Redemption of Canada, passed in the session held in the twenty-ninth and of notes of thirtieth years of Her late Majesty Queen Victoria's reign, of Canada. chapter ten, intituled An Act to provide for the issue of Provincial Notes, shall be held to be notes of the Dominion of Canada, and shall be redeemable in specie on presentation at Toronto, Montreal, Halifax, or St. John, according as the same are respectively made payable, and shall be legal tender except at the offices at which they so are respectively made payable. 3 E. VII., c. 43, s. 8.

OTTAWA: Printed by SAMUEL EDWARD DAWSON, Law Printer to the King's most Excellent Majesty.

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