« PreviousContinue »
before cited) a legal tender except at the offices at which they
balance not before cited, may be issued as Dominion Notes for the purposes yet issued. of this Act;
as to notes redeemable at
Provided always, that such of the said Notes as are made Proviso, payable at Halifax, shall, so long as the currency of Nova de Scotia remains such as it now is, be redeemable in that cur- Halifax. rency, that is, at the rate of one pound sterling, English, for every five dollars of the face value of such notes; and shall be a legal tender in Nova Scotia only;
And provided also, that instead of re-issuing any such Pro- Proviso; for vincial Notes, the Governor in Council may authorize the issue is
le sue minion Notes of Dominion Notes to an amount not exceeding that of the Pro- instead of Provincial Notes redeemed, and such Dominion Notes may be of vincial Notes
V redeemed. such denominational values and in such form, and signed by such persons ard in such manner, by lithograph, printing or otherwise as he may from time to time direct, and such Notes shall be redeemable in specie on presentation at offices to be established at Montreal, Toronto, Halifax and St. John, and at that one of the said places at which they may be respectively made payable, and shall be a legal tender ex@cpt at the offices at which they are respectively made payable ; subject always to the foregoing proviso as to those made payable at Halifax, so long as the currency of Nova Scotia remains unchanged.
So much of this section as relates to amount of Dominion Notes which may be issued and outstanding at any time, is repealed by 33 V., c. 10, sec. 2. See page 243, post.
9. This section, which related to offices for redemption of notes, was repealed by 33 V., c. 10, sec. 7. See page 244, post.
10. This section, which related to sums to be held in specie for redemption of Provincial or Dominion Notes, was repealed by 33 V., c. 10, sec. 2.
11. This section, which related to appointment of Commissioners for ascertaining the amount of notes issued, and specie and debentures held, was repealed by 33 V., c. 10, 8. 8.
12. The proceeds of the said Provincial or Dominion notes Proceeds and shall form part of the Consolidated Revenue Fund of Canada, expenses of and the expenses lawfully incurred under this Act shall be paid out of the said Fund.
13. The word “specie” in this Act means coin current by Interpretation, law of that one of the Provinces in which any Provincial or Dominion note is made payable, at the rates and subject to the provisions of the law in that behalf, or Bullion of equal value
according to its weight and fineness ;—and the expression “Provincial Debentures or Government Securities " in the first, second, third and sixth sections of this Act, means and includes any Debentures, which under the charter of the Bank in question may be held by it in compliance with any provision in its charter obliging it to invest a certain portion of its capital in such Debentures or Securities.
This interpretation section is extended to 33 V., c. 10, by section 9 of that Act.
Punishment 14. If any person engraves or in any wise makes upon any for forging
plate whatever, or upon any wood, stone or other material, any notes, &c.
note, purporting to be a Provincial Note, or a note of the Dominion of Canada, without the authority of the Minister of Finance, the proof of which shall lie on the party accused; or if any person engraves or makes upon any plate whatever, or upon any wood, stone or other material, any word or words resembling or apparently intended to resemble any subscription subjoined to any Provincial Note, or Note of the Dominion of
Canada, without such authority, to be proved as aforesaid ; or if Having plates, any person, without such authority, to be proved as aforesaid, &c., in posses- uses or without lawful excuse, to be proved by the party
accused, knowingly has in his custody or possession, any plate, wood, stone or other material upon which any such Provincial Note, or Note of the Dominion of Canada, or part thereof, or any word or words resembling or apparently intended to resemble such subscription as aforesaid has been engraved or made, or if any person without such authority, to be proved
as aforesaid, knowingly offers, utters, disposes of or puts Uttering
off, or without lawful excuse, to be proved as aforesaid, notes, &c. knowingly has in his custody or possession any paper
upon which any part of such Provincial Note, or Note of the Dominion of Canada, or any word or words resembling or apparently intended to resemble any such subscription, has been made or printed, every such offender shall be guilty of felony, and on conviction shall be liable to be imprisoned in the penitentiary for any term not less than two years nor more than seven years, or to be imprisoned in any Common Gaol for any term less than two years, in the discretion of the court before which the conviction is had.
Repeal of in- 15. So much of any Act or law in force in this Dominion as consistent en. may be inconsistent with this Act, is hereby repealed.
33 VICT. CAP. 10. An Act to amend the Act 31 Victoria, Chapter 46,
and to regulate the Issue of Dominion Notes.
[Assented to 12th May, 1870.]
ct passeduled, es of the Jajesty, bo com
N amendment of the Act passed in the thirty-first year of Preamble. I Her Majesty's Reign, intituled, “ An Act to enable 31 V., c. 46. Banks in any part of Canada to use Notes of the Dominion instead of issuing Notes of their own ; ” Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows :
1. The first seven Sections of the said Act are hereby re- Sects. 1 to 7 pealed, except as to any arrangement with the Bank of repealed. Montreal now existing under them, which shall remain in force until terminated in accordance with the conditions thereof.
2. Section ten of the said Act is hereby repealed, and also Sect. 10 and so much of section eight as determines or relates to the amount part of Sect. 8 of Dominion notes which may be issued and outstanding at any time; and the amount of such notes which may be issued and outstanding at any time, and the amount of specie and debentures to be held for securing the redemption thereof, shall hereafter be such, and such only, as is authorized by the following sections of this Act.
3. Dominion notes to the amount of five million dollars, or Amount of such greater amount as may be authorized as hereinafter men- Dominion,
" Notes, and tioned, may be issued and remain outstanding at any time on how secured. the security of debentures of the Dominion and specie, equal together to a like amount, and of which not more than eighty per cent. shall be debentures ; such debentures and specie to be held by the Receiver-General for the redemption of such notes.
4. The amount of Dominion notes to be issued and outstand- How the ing may be, from time to time, increased to an amount not ex- amount may ceeding nine million dollars, on like security of debentures and
na be increased. specie equal together to the amount of notes so issued and outstanding, by order in Council founded on a report of the Treasury Board, such increase being so authorized for amounts not exceeding one million dollars at one time, and at intervals of not less than three months, and no such increase being authorized unless the Receiver-General then holds specie to the amount of one-fourth of the aggregate amount of such increase and of the debentures already held by him as aforesaid ; nor shall the amount of nine millions be so authorized, unless the Receiver-General then holds specie to the amount of two mil
Proportion of lion dollars : and the Receiver-General shall always, as a rule, specie and hold specie to the amount of twenty-five per cent. of the dedebentures to te hold for bentures to be held by him as aforesaid, and shall, under no redemption of circumstances, hold a less amount of specie then fifteen per
cent. of such debentures; the amount of debentures and specie so held for securing the redemption of the said notes being together, never less than the amount of notes then issued and outstanding; and if the amount of such specie should at any time fall below twenty-five per cent. of the amount of such debentures, it shall be the duty of the ReceiverGeneral, without delay, to increase the proportion of specie to at least twenty-five per cent. of the amount of debentures.
to be delivered
comply withoithe purposes of ued and deliver lispose of notes, and tosaid, for sequirements, this Act, anored
Debentures 5. Debentures of the Dominion may be issued and delivered
ivered to the Receiver-General, for the purposes of this Act, and to to Receiver General for enable him to comply with its requirements, such debentures the said pur- being held as aforesaid, for securing the redemption of
Dominion potes, and the Receiver-General having full power to dispose of them, either temporarily or absolutely, in order to raise funds for that purpose, or for procuring the amounts of specie required to be held by him under this Act; but nothing in this Act shall be construed to permit the issue of debentures
not otherwise authorized by Parliament, or any increase of the Proviso,
public debt, beyond the amount authorized by section five of the Act of Supply, passed in the Session held in the thirtysecond and thirty-third years of Her Majesty's Reign, chapter
Any further 6. If any amount of Dominion notes be issued and outstandamount to be ing at any time in excess of the annount then authorized as issued against spocie only.
"aforesaid, the Receiver-General shall hold specie to the full
amount of such excess, for the redemption of such notes; and any amount of such notes which the public convenience may require may be issued and remain outstanding, provided the excess of such amount over that so authorized be represented by an equal amount of specie held by the Receiver-General as aforesaid ; and the issue of Dominion notes so represented in full by specie, shall not be deemed an increase of the public debt; but except in the case of votes so issued against an equal amount of specie, the total amount of Dominion notes outstanding shall never exceed the amount authorized under the foregoing sections of this Act.
So much of this Act as requires the Receiver-General to hold specie to the full amount of the excess of Dominion notes over nine million dollars is repealed by 35 V., c. 7, sec. 1. See next page.
sting arraninated in an his d
Section 9 7. Section nine of the Act hereby amended is repealed, repealed.
except as respects any existing arrangements made under it, Exception. Offices or which shall remain in force until terminated in accordance with agencies for the conditions thereof; and the Governor may in his discretion redemption of
of establish Branch Offices of the Receiver-General's department notes.
in Montreal, Toronto, Halifax, and St. John (N. B.) respectively, or any of them, for the redemption of Dominion notes, or may make arrangements with any Chartered Bank or Banks for the redemption thereof, and may allow a fixed sum per annum for such service at all or any of the said places; and specie or debentures held at any such Branch Office or by any such Bank, for the redemption of Dominion notes, shall be deemed to be held by the Receiver-General.
8. Section eleven of the Act hereby amended is repealed ; Section 11 and the Receiver-General shall publish monthly, in the repea
Receiver “ Canada Gazette," a statement of the amount of Dominion General to notes outstanding on the last day of the preceding month, and publish of the specie and debentures then held by the Receiver-General statements. for the redemption thereof, distinguishing the amounts of specie and debentures so held at each of the cities aforesaid respectively ; such statements to be made up from returns to be made by the Branch Offices, Bank or Banks aforesaid to the ReceiverGeneral
Vide 35 V. c. 7, s. 1, infra.
9. All words and expressions in this Act shall have the nterpretation meaning assigned to them respectively in the Act hereby amen- clause. ded; and the unrepealed provisions of the said Act, in so far as they are not inconsistent with this Act, shall apply to the Dominion notes to be issued under this Act, which shall be construed as one Act with that hereby amended.
35 VICT. CAP.7. An Act to amend the Act regulating the issue of
[Arsented to 14th June, 1872.] LTER Majesty, by and with the advice and consent of the Preamble.
1 Senate and House of Commons of Canada, enacts as follows:
Aet thirty to reign, and in italied in the thirty
1. So much of the Act passed in the thirty-third year of Act 33 Vict., ' Her Majesty's reign, and intituled: “An Act to amend the car
'amended as to “ Act thirty-first Vict., Cap. forty-six, and to regulate the amount of " issue of Dominion Notes," as makes it necessary that if any specie to
"Y held tor amount of Dominion Notes be issued and outstanding at any redemption of time in excess of nine millions of dollars, the Receiver-General Dominion shall hold specie to the full amount of such excess, for the re- $9,000,000 demption of such Notes, is hereby repealed ; and the amount of specie to be held by the Receiver-General against such excess shall not be less than thirty-five per cent. of the amount