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orming part of it
levying money to meet payments to be made in consequence
nies which would otherwise be applicable to the payment of such interest so soon as the same shall come into his hands.
5. It shall be lawful for the Receiver General from time to time to securities sell, pledge or otherwise dispose of any securities in which any part of may be bold. the Sinking Fund may have been invested, in case it shall be necessary so to do in order to enable him to pay any sum which is hereby made payable out the said Sinking Fund.
VI. And be it enacted, That whenever a By-law authorizing the Duty of the raising of money by loan, under this Act, shall have been passed by Officers of the the Council of any Municipality, and approved by the Governor in after the passing Council, the Treasurer of such Municipality shall ipso facto, and with-By-law in
fast and with of any such out requiring any other authority or direction whatever, have full pow-leveling er, and it shall be his duty, before the making out of the ordinary Collectors' Rolls in each year, if the By-law shall then be in force, and if thereof. not, then at least three months before the earliest day on which interest can be payable on any Debenture issued under such By-law, to ascertain the highest sum which can be required during the year, to pay the interest (and the principal if any be payable,) on or of Debentures issued or to be issued under such By-law, and to add five per centum thereunto for losses and expenses, and to certify the amount in a notice to the Clerk of the Municipality, or if such Municipality be a County, then to certify to the Clerk of each Township or Incorporated Town or Vilage therein, the portion payable by the same; and it shall be the duty of such Clerk to assess the amount so certified equally upon all the taxable property in his Municipality, and to set down on the ordinary Collectors' Roll for the year, if it shall not have been previously delivered to the Collectors, the amount with which each party or lot is chargeble, under the head of “Loan Rate for (naming the purpose)” or “County Loan Rate for (naming the purpose)" as the case may be; and if such amount shall be so certified to any such Clerk after the time in any year when the Collectors' Rolls shall have been delivered to the Collectors, then such Clerk shall forthwith make out a special Collectors' Roll for the purpose in the form prescribed for ordinary Collectors' Rolls, so far as such form may be applicable, and shall deliver the same to the Collector: Provided always, that if there Proviso. be in the hands of the Treasurer at the time of his giving such notice as aforesaid to the Clerk of the Municipality, any monies applicable to the payment of the principal or Interest of the Debentures to which such notices refers, then the Treasurer may deduct such sum from that to which the notice refers before adding the five per cent. thereto; And Proviso. provided also, that if the purpose for which the loan is raised be such as to produce profit or to yield returns in money to the Municipality,
If the money or if the money be loaned by it so as to produce interest, or if the invested as 10 capital be reimbursable to the Municipality, then it shall be lawful for
the Treasurer and the Mayor, or Head of such Municipality to enter
executing a Writ of Execution for a like sum. Further debt noc VIII. And be it enacted, that after any Municipality shall have without sanction borrowed any money under this Act, it shall not be lawful for such
Municipality to contract any further debt without the consent and approval of the Governor in Council, until all debts contracted by it under
this Act, shall be wholly paid off. Operation of Act. IX. And be it enacted, That this Act and all the provisions thereof
shall extend and apply to any Loan authorized by any By-law of any Municipality, passed or to be passed before this Act shall come into force, for the purpose of aiding in the construction of any Railway for the making of which any Company is now incorporated, or shall be under any Act passed or to be passed during the present Session whether such assistance be given by taking Stock in such Company or by loaning money to it, and also to any Loan authorized by any Bylaw of any Municipality, passed or to be passed before this Act comes into force, authorizing the raising of any Loan for the purpose of erecting, repairing or improving any County building or buildings: Provided always, that such Loan shall not have been negociated by the
Municipality under such By-law. Interpretation. X. And be it enacted, That the word, “Treasurer," in this Act
shall include the Chamberlain of any City; the word “ Mayor," shall
Further debt not to be contracted
of Governor in Council
include the Warden of any County, and the official title of any Officer shall include any person by whom his duties may be legally performed; and that this Act shall apply only to Municipalities in Upper Canada.
We certify to all whom it may concern, That out of the Loan, raised under the By-law, No. , intituled, “ (Title of By-law,)” on the credit of the ConsOLIDATED MUNICIPAL LOAN FUND, there has been invested the sum of
in shares of the stock of the Bytown and Prescott Railroad Company, (or as the case may be); that this Municipality now holds the said shares; that there ought to be paid, dividends thereon during the present year, and that we have reason to believe and do believe that there will be paid into the hands of the Treasurer, as and for such dividends, before the thirty-first day of December now next, the sum of
which sum, we think, ought therefore, under the provisions of the Act passed, &c., (title and date of this Act,) to be deducted from the sum which ought otherwise now to be raised on the taxable property in this Municipality in order to enable the Treasurer to meet the payments which he is to make to the Receiver General during the present year, on account of the said Loan. Witness our hands this day of 18 .
A. B., Treasurer,
C. D., Mayor.
CONSOL. MUN. LOAN AMENDMENT.
ACT 16 VIC, CHAP. 123.
An Act to explain and amend the Act intituled, An Act to es
tablish a Consolidated Municipal Loan Fund in Upper Canada.
Whereas it was intended that the ninth Section of the Consolidated Preamble. Municipal Loan Fund Act should apply to By-laws passed or in 16 V. c. 22. course of being passed before said Act came into force for the purpose of aiding in the construction of any Railway, or for the improvement of any navigable River or other such work as provided for by the said Act: Be it therefore enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and of the Legislative Assembly of the Province of Canada, con
Sect. 9 of the said Act to apply to Bylaws then passed or passing.
Copy of such By-law to be
need not be imposed or levied.
stituted and assembled by virtue of and under the authority of an Act passed in the Parliament of the United Kingdom of Great Britain and Ireland, and intituled, An Act to re-unite the Provinces of Upper and Lower Canada, and for the Government of Canada, and it is hereby enacted by the authority of the same, That the ninth Section of the Act aforesaid shall be held to include any By-law for any of the purposes mentioned in the preamble to this Act which was passed before the said Act came into force, or which has been passed since the said Act came in force, but at the date of such Act was in the course of being passed.
II. That before any such Municipality shall receive or be entitled sent to Receiver- to receive any money to be raised under the above recited Act, a true
copy of the By-law under which the money is to be raised, together with affidavits of the Treasurer and Clerk of the Municipality verifying the same and such other information as the Governor in Council may
require, shall be transmitted to the Receiver General. If the By-law be III. That if the Governor in Council shall approve of such By-law, certain rates it shall not be necessary to impose or levy annually the sum or rate
per pound which may have been fixed in such By-law to pay the principal and interest of the Loan, but such sum only shall be levied and collected, as may be necessary under the provisions of the sixth Section of the said in part recited Act, and all proceedings in connection with such Loan and By-law or for the recovery of any sum of money which ought to be paid thereunder, may be had and taken as if the said By-law had been passed for the purpose of raising money under the said in part recited Act and after the same came into force,
IV. That all Debentures which have been or can be issued under the authority of such By-laws as are referred to in the first Section of this Act, shall be deposited with the Receiver General before the Municipality shall be entitled to receive any of the money to be raised under any such By-law, and upon payment by the Municipality of the whole amount which shall be payable in respect of the said Loan, such Debentures shall be cancelled and destroyed in such manner as the Governor in Council shall direct; Provided, always, that the money to be raised under any such By-law shall be paid by the Receiver General
only on the joint order of the Head of such Municipality and the Proviso: as to President of the Company entitled to receive the same; Provided also,
that when any such By-law shall have been passed by the Council of any Union of Counties, and such Union shall at any time be dissolved after the passing of such By-law, the several Counties of which such Union of Counties was composed, shall continue to be liable in respect of the Loan raised under such By-law as fully and effectually to all
All Debentures issued under such By-law to be deposited with ReceiverGeneral, before any new ones shall issue.
By-laws passed by Unions of Counties.
approved by Governor in Council.
intents and purposes as if such Union had not been dissolved, and the Sheriff of the Senior County shall have power within every County which at the time of the passing of such By-law formed part of such former Unions of Counties, to levy any rate which he may be required to collect under the seventh Section of the said in part recited Act, in the same manner as if such Union of Counties had not been dissolved; Provided also, that in case of any dissolution of a Union of Counties Proviso. as aforesaid, the order bereinbefore mentioned shall be signed by the Head of the Municipality of the Senior County of such former Union.
V. And be it enacted, That no informality or irregularity in any No informality such By-law or in the proceedings relative thereto anterior to the the validiiy of passing thereof, shall in any way affect the validity thereof after the when once Governor in Council shall have approved such By-law, but the order in Governor in Council approving such By-law shall be held to cover any such informality or irregularity, and the By-law shall be valid to all intents and purposes, and proceedings may be had for enforcing the payment by the Municipality the Council whereof passed such By-law, and by the inbabitants thereof under the provisions of the Act hereinbefore in part recited, as if the By-law had been passed after the said Act and all the requirements thereof had been complied with in regard to such Bylaw.
VI. Nothing herein contained shall be held to authorize the raising Not to of any Loan under the said Act, when such Loan shall have been when bebennegociated or the Debentures issued therefor sold to any party before been sold, &c. the passing of the said Act.
VII. And be it enacted, That it shall be lawful for the Corporation Act extended of any Incorporated Town in Upper Canada, to authorise any sum of mois money to be raised on the credit of the said Consolidated Municipal sup Loan Fund, and to appropriate such sum, or so much thereof as may any T be found requisite, to defray the expense of erecting and maintaining Gas or Water works, or both, within and for the use of such Town, or for constructing or aiding in the construction of any Plank Roads, or Macadamized Roads, the making of which will benefit the inhabitants Plank or maof such Town, in the same manner and to the same effect and under Roads leading and subject to the same provisions and the observance of the same formalities as are attached to the raising and appropriation of any sum of money to any other purpose in and by the said Act cited in the preamble to this Act and by this Act.
to money raised for supplying Gas or Water to