31 Victoria, c. 4 (Canada)
An Act for granting to Her Majesty a certain sum of money required for defraying the expenses of the Public Service not otherwise provided for, for the period therein mentioned, for certain purposed respecting the Public Debt ; and for raising money on the credit of the Consolidated Revenue Fund.
[Assented to 21st December, 1867.]
Most Gracious Sovereign :
Whereas it appears by message from His Excellency the Right Honorable Charles Stanley Viscount Monck, Governor General of the Dominion of Canada, and the estimates accompanying the same, that the sum hereinafter mentioned is required to defray the expenses of the Public Service of the Dominion not otherwise provided for, for the period hereinafter mentioned ; May it therefore please your Majesty that it may be enacted, and be it enacted, by the Queen's Most Excellent Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, that—
1. From and out of the Consolidated Revenue Fund of Canada, there shall and may be applied a sum not exceeding five million, two hundred and sixty-four thousand, two hundred and seventy-nine dollars, towards defraying the Expenses of the Public Service of the Dominion not otherwise a provided for, from the first day of July in the year of Our Lord one thousand eight hundred and sixty-seven, to the thirty-first day of March in the year of Our Lord one thousand eight hundred and sixty-eight.
2. The Governor in Council may from time to time, as the interests of the public service require, authorize the redemption or purchase by or on account of the Dominion, of any debt or liability of the late Province of Canada, or of the Province of Nova Scotia or of New Brunswick, existing at the Union,—and whether the same be in stock, debentures, notes of a Province in circulation, indebtedness to Saving Banks, or of any other description whatever : and may for that purpose or for the purpose of covering any debt of the Dominion on open Account, from time to time, issue New Stock, Debentures, Notes or other security to an amount not exceeding the debt or liability as aforesaid so to be redeemed, purchased, or covered : and the stock, debentures, notes or securities, to be issued for any of such purposes shall bear such rate of interest not exceeding six per centum per annum, and be made payable in sterling money or currency, and at such times and places, and may be in such form, as may be directed by the Governor in Council, and the principal and interest thereof shall be a charge upon and payable out of the Consolidated Revenue Fund ; but the amount of any Stock, Debentures, Notes or Securities to be so issued under the authority of the Governor in Council, shall never at any onetime exceed the amount of the debts or liabilities to be redeemed, purchased or covered at such time, to the intent that the public debt of Canada shall not be increased under the provisions of this section.
The Governor in Council may authorize the raising of a sum of money not exceeding five million dollars, upon the credit of the Consolidated Revenue Fund of Canada, and to be a charge upon the same, but subject to the several payments by the British North America Act, 1867
, charged on the Consolidated Revenue Fund of Canada, and as a subsequent charge next after those specified in sections one hundred and three
, one hundred and four
and one hundred and five
of that Act, and after any loan raised for the construction of the lntercolonial Railway under the provisions of the Canada Railway Loan Act 1867
, and the charges constituted in respect of such loan by any Act of the Parliament in Canada, (and in addition to the Public Debt of Canada as constituted by the one hundred and eleventh section
of the British North America Act, 1867
;) and the Governor in Council may authorize the raising of such sum by any of the method following or partly by one and partly by another or others of such methods, that is to say: by the issue, or issue and sale of Stock, or of Debentures or of Exchequer Bills, or Exchequer Bonds or by the granting of Terminable Annuities : any of which said securities shall be in such form and be made payable for such sums and bearing such rate of interest not exceeding six per centum per annum, and for or redeemable at such periods of time respectively, as the Governor in Council may deem expedient; and all sums of money so raised shall form part of the Consolidated Revenue Fund of Canada.
4. 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 officers to raise by temporary loans chargeable on the said Fund, in such manner and form, in such amounts, payable at such periods and at such rates of interest not exceeding six 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 and payable, either as principal or interest, and shall be applied to no other purpose whatever, to the intent that the public debt shall not be increased by any such loan.
5.. The Governor in Council may authorize the creation of a permanent stock to be known as the "Canada Dominion Stock," bearing such rate of interest not exceeding six per cent per annum, as may be deemed most advisable, payable halfyearly, and chargeable on the Consolidated Revenue Fund ; the said Stock not to be redeemable in less than ten years, 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.
6. The Governor in Council may authorize the granting of Terminable Annuities chargeable on the Consolidated Revenue Fund of the Dominion, such Annuities being granted on terms in accordance with the most approved English Tables, and based on a rate of interest not exceeding six per centum per annum ; the proceeds thereof to form part of the said Consolidated Revenue Fund.
7. The Governor in Council may from time to time authorize the issue and sale of Exchequer Bills or Exchequer Bonds, in sums of not less than four hundred dollars, and bearing such rate of interest not exceeding six per centum per annum ; and redeemable at such periods, and of such form as the Governor in Council may approve, the proceeds whereof shall form part of the said Consolidated Revenue Fund.
8. The said Stock, Terminable Annuities and Exchequer Bills or Exchequer Bonds, may be issued, granted and sold for the purposes of this Act, to the extent hereby authorized and subject to the provisions herein made, and not for any other purpose or to any greater extent without the further authority of Parliament.
9. A detailed account of the moneys expended under the authority of this Act, shall be laid before the House of Commons during the first fifteen days of the session of Parliament next after such expenditure.