Adjournment of Close of the Poll. By-law of a If disapproved If approved: 7. The person presiding may, if necessary, adjourn the Poll at sunset on the day of meeting, until ten o'clock in the forenoon of the following day, not being a Sunday or statutory holiday, when the Poll shall be continued as on the first day, but shall be closed at sunset of such second day;—it shall be closed at any time on the first or second day if one half-hour shall elapse without a vote being offered. 8. At the close of the Poll the person presiding shall count the "yeas" and the "nays," and ascertain and certify for the information of the Council which originated the By-law, whether the majority is for the approval or the disapproval of the said By-law; and such certificate shall be countersigned by the Clerk of the Municipality acting as Secretary of the Meeting and kept by him, with the Poll List, among records of his office, and a duplicate thereof transmitted to the County Clerk if the By-law originated with a County Council. the 9. If the By-law to be considered be a By-law of a County Council, the meeting to consider the same, or the poll of the electors, shall not be held for the whole County at one place, but such meeting or poll shall be held in each of the several Municipalities of such County respectively; and the question whether the By-law shall be approved or disapproved, either by the majority of the total number of electors voting "yea" or "nay," in the whole County, or by a majority of votes of Municipalities, approving or disapproving of the same, giving to each Municipality one or two votes, according as it is by Law authorized to return a Reeve or a Reeve and Deputy Reeve to the County Council of such County, in which case each Municipality shall be held to have voted for the approval of the By-law, if the Majority of Electors voting at the Meeting held therein shall have voted "yea," and to have voted for the disapproval thereof if the Majority of such Electors shall have voted "nay," and each such County Council shall make a By-law to provide which of the two modes of decision shall be adopted, and shall also thereby declare the manner in which the decision of each Municipality, or of the electors thereof, shall be made known to the County Clerk. 10. If such By-law be disapproved by the majority of the Electors (or of the Municipalities) as aforesaid, the Council shall not proceed to pass the same, but if it be approved by such majority, and afterwards passed by the Council, then such By-law, and all the provisions thereof Governor Gene- shall be subject to the approval of the Governor in Council, and shall have no force until such approval shall have been given; but shall not be subject to the special provisions made by the Upper Canada Municipal Corporation's Act of one thousand eight hundred and forty-nine, or by any Act amending the same, concerning By-laws creating debts, or ral to approve. to any provisions or formalities, except those prescribed by the said Acts with regard to by-laws generally, and those prescribed by this Act; and every such By-law, when submitted to the Governor in Council for his approval, shall contain a recital that it has been approved by a majority of the duly qualified Municipal Electors (or of the Municipalities) of (or in) the Municipality, at a meeting (or meetings) called and held in conformity to the requirements of this Act, and such recital shall for all the purposes of this Act be conclusive proof of the facts therein stated, nor shall any such By-law, or any thing done under it, be invalidated by any error of fact or incorrectness in such recital; but this provision shall not affect the responsibility of those who may have wilfully concurred in any mis-statement of fact in such recital. furnished to 11. Before such By-law shall be approved by the Governor in Coun- Information to be cil, proof shall be made to his satisfaction, that the By-law was pub- Governor. lished and notice given as hereinbefore required, and he shall be furnished with a statement certified under oath by the Treasurer of the Municipality, shewing the amount of taxable property therein according to the then last Assessment Roll or Rolls, and a true account of all the debts and liabilities of the Municipality and of its expenditure for every purpose, for the then last year. Council may information from III. And be it enacted, That it shall be lawful for the Governor in Governor in Council to require from the Municipality by the Council whereof any demand further such By-law shall have been passed, all such documents and informa- Municipality. tion as he may think necessary for ascertaining the expediency or inexpediency of such By-law, or any of the provisions thereof, and the same shall be furnished accordingly by the proper Officers of such Municipality, and no such By-law shall be repealed, amended or altered otherwise than by another By-law approved in like manner by the Governor in Council, and to which all the provisions of this Act shall apply, as to the original By-law. to issue Debentures, &c. 1. So soon as the By-law shall have been approved as aforesaid, it Receiver General shall be lawful for the Receiver General to raise by Ioan, by Debentures issued by him upon the credit of the said Consolidated Municipal Loan Fund, a sum of money not exceeding that authorized by such Bylaw, and to pay over such sum to the Treasurer of the Municipality, or to deliver to him, or to his order, Debentures secured upon the said Fund to a like amount, or to pay part of such sum in money to the Treasurer and to deliver to him Debentures for part; and in any case, he shall enter the amount for which Debentures are issued and delivered, to the Debit of the Municipality as so much due by it to the said Fund: and form of. 2. The principal and interest of the Debentures so issued may be Where payable made payable at any place within or without this Province in currency, How worded. To conform with Rate of Interest, and terms at or in sterling money, or in the currency of the place where they shall be made payable; and such Debentures shall be in such form as the Governor in Council shall direct, subject to the following provisions: 3. They shall express upon their face that the Provincial Government undertakes to pay the principal sum mentioned in them and the interest thereon, out of the monies forming part of the said Consolidated Municipal Loan Fund, and out of no other monies or funds whatsoever. 4. The principal shall be made payable at the time provided by the By-law, and the Debentures shall contain no provisons inconsistent with the By-law by which the loan is authorized, and they shall contain all such provisions as may be necessary to carry out the intentions of such By-law. 5. The rate of interest upon them shall in no case exceed six per which payable. centum per annum, and such interest shall be made payable half yearly on such days in each year as shall be therein appointed for the purpose; but if any Debenture be issued within the three months next before any such day, then the first interest thereon may be made payable on that one of the half yearly days which shall come next after the expiration of three months from the date of its issue. To be for even sums. To contain calling it in. 6. They shall be for even sums of money, and no Debenture shall be for a less sum than twenty-five pounds, or the equivalent thereof. 7. They shall contain such conditions as the Governor shall from provisions as to time to time, by order in Council, direct to be inserted therein, as to the right of the Receiver General to call such Debentures or any of them in for payment before the time therein absolutely appointed for the payment of the principal,-the manner in which they shall be so called in,—and in which it shall be determined which of such Debentures shall be so called in at any time, if they be not all called in at the same time; and no interest shall be payable upon any Debenture which shall have been called in according to such conditions as aforesaid, for any period after the day on which it shall have been required to be presented for payment, which day shall always be one of those on which interest is payable on such Debentures; and this forfeiture of interest in the case last mentioned shall be expressed on the face of the Debenture. Debentures to be numbered. Exchanging Debentures. 8. It shall not be necessary that any Debenture should show upon what By-law or with reference to what Municipality it was issued, but each Debenture shall be distinguished by a number by which it shall be known and referred to. 9. The Governor in Council may direct that any such Debentures may, on the application of the holders thereof, be exchanged for another is or others for the same amount of principal, payable absolutely at the same or any later date, and bearing the same or any less rate of interest. as Government 10. The said Debentures shall be held to be debentures issued by Debentures to be the Government of this Province through the Receiver General thereof, Debentures. within the meaning of the Act to establish freedom of Banking, or any Act amending the same, and of the Act to exempt the several chartered Banks from the tax on their circulation on certain conditions, and shall be available accordingly for all the purposes of the said Acts or either of them, and any monies which are by law directed to be invested by or under the directions of the Governor in Council, may be invested in such Debentures. said Fund from IV. And be it enacted, That it shall be lawful for the Governor in Advances to the Council from time to time, and when it shall be necessary to enable the the UpperCanada Building Fund. said Consolidated Municipal Loan Fund, to meet the charges upon it, to direct the Receiver General to advance to the said Fund, out of any unappropriated monies forming part of the Fund arising out of monies levied or to be levied under the authority of the Act past in the session held in the 13th and 14th years of Her Majesty's Reign, and intituled, An Act to provide funds for defraying the cost of the erection of the Lunatic Asylum and other Public Buildings in Upper Canada, and known as the Upper Canada Building Fund, such sum as may be deemed expedient, and in like manner to direct the repayment of such sum from the said Consolidated Municipal Loan Fund to the said Upper Canada Building Fund. General with the V. And be it enacted, That the Receiver General and the Treasurer Account to be of the Municipality shall respectively keep a correct account between kept by Receiver the Municipality and the said Consolidated Municipal Loan Fund, Municipality. debiting the Municipality with the principal of each Debenture issued for its purposes, and with the interest thereon as the same becomes due, Payments to be at the rate of 8 per cent. per annum on the Loan, &c. Coupons to be taken as money. Sinking Fund constituted: consist. the part of the Receiver General to give such notice shall not affect the obligation of the Treasurer or of the Municipality, to pay over such sum at the time when it ought to be so paid over. 1. The sum to be so paid at any time by the Treasurer for his Municipality shall be at the rate of eight per centum per annum on the amount of the Debentures issued for the Loan in respect of which the payment is made, for the period to which the payment shall relate, and such further sum as may be payable on the day in question for or on account of the principal of such Debentures, less such sum applicable to the payment of such principal as may then stand at the credit of the Municipality in account with the said Fund: and such payments shall continue to be made until all such Debentures shall be paid off in principal and interest, or until there be a sufficient sum at the credit of the Municipality to pay off the same. 2. If the Treasurer shall have any of such Debentures in his hands as the property of his Municipality, then the proper Coupons for interest on such Debentures may be taken from him by the Receiver General as money. 3. The difference between the said rate of eight per cent. and the of what it shall actual interest payable on the Debentures, and all other monies which shall come into the hands of the Receiver General as part of the said Fund, and shall not be required to pay the interest of Debentures chargeable upon it, shall form a sinking Fund, and shall be from time to time invested by the Receiver General under the direction of the Governor in Council, and the amount thereof shall, with the proceeds of such investment (which shall also form part of the said Sinking Fund) be applied under such direction as aforesaid, to the redemption of Debentures issued on the credit of the said Municipal Loan Fund; and each Municipality shall be credited with a share of the said Sinking Fund equal to the amount of the sums it shall have paid into the same, and with a share of the proceeds of any part of the said Fund invested by the Receiver General proportionate to the sums it shall have paid into the same, and the time during which such sums shall have remained in the said Sinking Fund, and such shares shall be accordingly applied to the redemption of the Debentures issued for the purposes of such Municipality: and each Municipality shall be debited with all sums paid out of the said Sinking Fund on its account. Share of each Certain payments may be made out of it. 4. It shall be lawful for the Receiver General to pay the interest on any Debenture out of the said Sinking Fund, if in any case the other monies at his disposal for the purpose shall be insufficient repaying the amount so paid with interest, to the said Sinking Fund, out of the mo |
