The Canada Railway Loan Act, 1867
Contents[edit]
The Canada Railway Loan Act, 1867
- 1. Power for treasury to guarantee interest on loan.
- 2. Approval of line and use of railway for troops, &c.
- 3. Raising and expenditure of a loan charged on Canadian Revenue, with Sinking Fund, &c.
- 4. Statement and account to be laid before houses of Parliament.
- 5. Short title.
The Act[edit]
30 & 31 Victoria, c. 16 (U.K.)
An Act for authorizing a Guarantee of Interest on a Loan to be raised by Canada towards the Construction of a Railway connecting Quebec and Halifax.
[12th April, 1867.]
WHEREAS the construction of a Railway connecting the Port of Rivière du Loup, in the Province of Quebec, with the line of railway leading from the city of Halifax, in the Province of Nova Scotia, at or near the town of Truro, in a line, and on conditions approved by one of Her Majesty's Principal Secretaries of State, would conduce to the welfare of Canada and promote the interest of the British Empire :
And whereas it would greatly facilitate the construction of that railway (in this Act referred to as the railway) if payment of interest on part of the money required to be raise for the same were guaranteed under the authority of Parliament :
Be it therefore enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament Assembled, and by the authority of the same as follows :
Power for treasury to guarantee interest on loan.
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1. | Subject to the provisions of this Act, the Commissioners of Her Majesty's Treasury may guarantee, in such manner and form as they think fit, payment of interest at a rate not exceeding four per centum per annum on any principal money not exceeding the sum of three million pounds sterling, to be raised by way of loan by the Government of Canada for the purpose of the construction of the railway ; and the Commissioners of Her Majesty's Treasury may from time to time cause to be issued out of the consolidated fund of the United Kingdom, or the growing produce thereof, any money required for giving effect to such guarantee. | ||||||||||||||
Approval of line and use of railway for troops, &c.
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2. | The Commissioners of Her Majesty's Treasury shall not give any guarantee under this Act unless and until an Act of the Parliament of Canada has been passed, within two years after the union of Canada under the British North America Act, 1867, providing to the satisfaction of one of Her Majesty's Principal Secretaries of State, as follows :
Nor unless and until the line in which the railway is to be constructed has been approved by one of Her Majesty's Principal Secretaries of State. | ||||||||||||||
Raising and expenditure of a loan charged on Canadian Revenue, with Sinking Fund, &c.
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3. | The Commissioners of Her Majesty's Treasury shall not give any guarantee under this Act unless and until an Act of the Parliament of Canada has been passed providing, to the satisfaction of the Commissioners of Her Majesty's Treasury, as follows :
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Statement and account to be laid before houses of Parliament.
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4. | There shall be laid before both Houses of Parliament, within fourteen days next after the beginning of every session, a statement and account showing what has been done from time to time in execution or pursuance of this Act by or under the direction of the Commissioners of Her Majesty's Treasury, and one of Her Majesty's Principal Secretaries of State, and the Parliament and Government of Canada. | ||||||||||||||
Short title.
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5. | This Act may be cited as The Canada Railway Loan Act, 1867. |
Source[edit]
This work is in the public domain worldwide because it was created by a public body of the United Kingdom with Crown Status and commercially published before 1974.
See Crown copyright artistic works, Crown copyright non-artistic works and List of Public Bodies with Crown Status.
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