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said Act, should be based upon the said sum of nine million, one hundred and eighty-six thousand, seven hundred and fifty-six dollars, as if that sum had been mentioned in the one hundred and fourteenth section of " The British North America Act, 1867," instead of the said sum of eight million dollars.
35 VICT. CAP. 6.
An Act respecting the Public Debt and the raising of
Loans authorized by Parliament.
[Assented to 14th June, 1872.]
W HEREAS it is expedient to amend and consolidate the
enactments now in force respecting the Public Debt and the raising of Loans authorized by Parliament, and so to avoid the necessity of inserting any such provisions in the annual Bills of Supply: Therefore, Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
acts as follows_Senate and il esty, by and witte
ment ma raised.
How loans, 1. Whenever in any Act passed in any former session, or in &c., author. the present or any future session of the Dominion Parliament, ized by Parlia
ar authority is given to the Governor in Council to raise, by way
of loan, any sum of money for the public service, or the security of the Dominion is authorized to be given for any sum of money deposited in any Government Savings Bank, or otherwise entrusted for safe keeping to the Dominion Government, then unless there be some provision to the contrary in the Act by which such authority as aforesaid is given, such sum shall, in the discretion of the Governor in Council, be raised or such security given, in one of the following ways, or partly in one and partly in another or others thereof, that is to say:
By issue of debentures.
1. By the issue and sale, or the delivery as such security, of debentures of the Dominion, which shall be in such form, for such separate sums, and at such rate of interest not exceeding six per centum per annum, and the principal and interest whereof shall be made payable at such periods and places, as the Governor in Council may deem most expedient, and subject to such regulations as he may see fit to make, and such principal and interest shall be chargeable on the Consolidated Revenue Fund.
2. By the issue and sale, or the delivery as such security, of “Canada Dominion Stock," bearing such rate of interest not
exceeding six per cent. per annum as may be deemed most advisable, payable half yearly, and the principal and interest whereof shall be chargeable on the Consolidated Revenue Fund, such stock not to be redeemable until the time to be fixed by the regulations hereinafter mentioned, but at and after that time to be redeemable at the option of the Governor in Council on giving six months' notice of such redemption, and to be subject to such regulations as to the inscription, transfer, management, and redemption thereof, as the Governor in Council may see fit to make.
3. On authorizing the issuing of Debentures or Stock under Governor in the two next preceding sub-sections, the Governor in Council Council møy,
provide a sinkmay provide for a Special Sinking Fund with respect to such ing fund, issue, and may at any time provide for a General Sinking Fund general or for all such portions of the Debentures or Stock of the Dominion Spor as may have been or may be hereafter issued without provision for a Sinking Fund with respect to them: Provided that the Proviso. amount to be invested in any such Sinking Fund shall not exceed one half of one per cent. per annum on the amount of the Debentures or Stock to which it relates.
4. By the granting of terminable annuities chargeable on the By grant of Consolidated Revenue Fund, such annuities being granted on ter
8 orang on annuities terms in accordance with the most approved English Tables, and based on a rate of interest not exceeding six per cent. per annum, and subject to such regulations as the Governor in Council may see fit to make.
bills or bonds.
5. By the issue and sale, from time to time, of Exchequer By issue of
exchequer Bills or Exchequer Bonds, in sums of not less than four hundred bil dollars, and bearing such rate of interest not exceeding six per cent. per annum, and redeemable at such periods and places, and in such form, as the Governor in Council may deem most advisable, and subject to such regulations as he may see fit to make.
debt. and on what con
2. The Governor in Council may, from time to time, as the Governor in interests of the public service require, change the form of any Council pay part of the then existing Funded Debt of the Dominion, includ- form ing any debentures for which the Dominion is liable, by substi- part of funded tuting one class of the securities aforesaid for another, or for 4 such debentures, provided that neither the capital of the debt, ditions. non the aanual charge for interest be thereby increased, except only in any case where five per cent. Dominion stock or debentures is or are substituted for securities bearing a higher rate of interest, in which case only the amount of the capital may be increased by an amount not exceeding the difference between the then present value of the security bearing the higher interest and that of the five per cent. stock or debentures substituted for it; but no such substitution shall be made, unless the consent of the holder of the security for which another is substi
tuted be obtained, or such security be previously purchased or redeemed by or on account of the Dominion, and such substitution may be made by the sale of the one class of securities and the purchase of those for which it is desired to substitute them.
By 38 V., c. 4, sec. 1, see next page, the words “ four per cent. Dominion Stock” or” are inserted before the words " five per cent. Dominion Stock," and the words " four per cent. stock or” before the words five per cent. stock.”
3. The Governor in Council may, from time to time, as the exigencies of the public service require, in the event of the . Consolidated Revenue Fund being at any time insufficient to meet the charges placed thereon by law, direct the proper officer to raise, by temporary loans chargeable on the said Fund, in such manner and form, in such amounts, for such periods not exceeding six months, at rates of interest not exceeding seven per cent. per annum, as the Governor in Council may direct, such sums as may be necessary to enable the said Fund to meet such charges, but the sums to be so raised shall never exceed the amount of the deficiencies in the Consolidated Revenue Fund to meet the charges thereon then due or payable either as principal or interest, and shall be applied to no other purpose whatever; and an account in detail of all such temporary loans shall be laid before the House of Commons within the first fifteen days of the Session then next ensuing.
lations made by Governor
Certain regu. 4. The regulations made or to be made by the Governor in
ade Council, as to the inscription, transfer, management and rein Council to demption of any Canada Dominion Stock, Debentures, or other have force of Dominion securities above mentioned, under this or any other law.
Act, shall, in so far as they are not inconsistent with the Act under which they are made, have the same force and effect as if
embodied and enacted in an Act of the Dominion Parliament; Officers not
and no officer of the Dominion Government employed in the bound to see inscription, transfer, management or redemption of any such to trusts.
stock or securities, or in the payment of any dividend or interest thereon, shall be bound to see to the execution of any trust expressed or implied to which such stock or securities may be subject, or shall be liable in any way to any person or party for anything by him done as such officer, in accordance with any such regulation as aforesaid.
Act respecting 5. Nothing in this Act shall be construed as altering or Dominion
affecting the provisions of the Acts respecting Dominion Notes, affected or the debentures to be issued and held for securing the redempPublic debe tion of such notes, or in any way to authorize any increase of not to be in the public debt without the express authority of Parliament,
pt except only in the manner and to the extent hereinbefore proas provided in
vided in case of the substitution of five per cent. Dominion stock for other securities.
The words “four per cent. Dominion stock ops are inserted. before the words “ five per cent. Dominion stock” by 38 V., c. 4. (See infra.)
6. Nothing in this Act shall be construed as altering or Charges on affecting in any way the order of priority and rank of the com present charges on the Consolidated Revenue Fund, or any en- fected nor any actment providing for the establishment of any Sinking Fund. sinking fund.
Fund not af
7. So much of any Act as may be inconsistent with this Act, Repeal of or as makes other provision than is hereby made as to any inconsistent matter provided for by this Act, is hereby repealed, except only as to things lawfully done before the passing of this Act, but no other provision in any Act shall be repealed or affected by this Act.
38 VICT. CAP. 4.
An Act to amend the Act respecting the Public Debt,
and the raising of Loans authorized by Parliament.
[Assented to 8th April, 1875.]
IJ ER Majesty, by and with the advice and consent of the Preamble.
1 Senate and House of Commons of Canada, enacts as follows:
1. The Governor in Council may authorize the creation, Four por cent. issue and sale of Dominion Stock, bearing interest at the rate stoc of four per centum per annum, under the same provisions under which he may authorize the creation, issue and sale of such stock bearing interest at the rate of five per centum per annum; and wherever in the Act, thirty-fifth Victoria, chapter six, cited in the title of this Act, the words “five per cent. Act 35 V.. Dominion Stock,” or the words “ five per cent. Stock,' occur, c. 6, amended. the words “ four per cent. Dominion Stock, or” or “four per cent. Stock, or” shall be understood as inserted before them respectively, and the provisions of the said Act shall apply equally to Dominion Stock bearing either rate of interest.
31 VICT. CAP. 5.
An Act respecting the collection and management of
the Revenue, the Auditing of Public Accounts, and the liability of Public Accountants.
[Assented to 21st December, 1867.]
D ER Majesty, by and with the advice and consent of the
L Senate and House of Commons of Canada, enacts as follows :
Interpretation. 1. In this Act, the words “ Public Revenue” or “ Revenue,"
mean and include and apply to all Revenue of the Dominion of Canada, and all branches thereof, and all public moneys, whether arising from duties of Customs or other duties,-or from the Post Office,-or from Tolls for the use of any Canal, Railway, or other public work,-or from penalties or forfeitures,—or from any rents or dues,—or any other source whatsoever,—whether such moneys belong to the Dominion or are collected by officers of the Dominion for or on account of or in trust for any Province forming part of the Dominion, or for the Imperial Government, or for any other party :
Who shall be 2. And any officer, functionary or person whose duty it is subject to this or has been to receive any moneys forming part of the
Revenue, or who is or has been entrusted with the custody or expenditure of any such moneys, whether before or after the Union of the Provinces now forming the Dominion of Canada,
-although he may not be or have been regularly employed in collecting, managing or accounting for the same,-shall be subject to the provisions of this Act, so far as regards the accounting for and paying over such moneys, whatever be the office or employment by virtue of which he receives or has received, or is or was entrusted with the same.
COLLECTION AND MANAGEMENT OF THE REVENUE.
Governor to 2. The Governor in Council may from time to time deterdetermine
mine what officers or persons it is necessary to employ in colwhat officers are necessary, lecting, managing or accounting for the Revenue, and in carry&c.
ing into effect the laws thereunto relating, or for preventing any contravention of such laws, and may assign their names of office, and such salaries or pay for their labour and responsibility in the execution of the duties of their respective offices and employments, as to the said Governor in Council seems
reasonable and necessary, and may appoint the times and manProviso as to ner in which the same shall be paid ; But no such officer so salaries.
appointed shall receive a higher annual salary than is allowed