Preamble.

The Provin

cial Stock un84, may bear

der 22 V. c.

any rate of interest not over 5 per cent.

When it may be paid off.

After what notice.

Bonds may be

of Stock.

When they

off.

CAP. XIV.

An Act to amend the Act of 1858, to make more advantageous provision for the redemption of Provincial Debentures and the Consolidation of the Public Debt.

W1

[Assented to 4th May, 1859.]

HEREAS it is expedient to amend the Act hereinafter mentioned: Therefore, Her Majesty, by and with the advice and consent of the Legislative Council and Assembly of Canada, enacts as follows:

1. Notwithstanding any thing to the contrary in the Act passed in the twenty-second year of Her Majesty's Reign, intituled, An Act to make more advantageous provision for the redemption of Provincial Debentures and the Consolidation of the Public Debt, and for other purposes, the Canadian Consolidated Stock therein mentioned shall bear such rate of interest, not exceeding five per cent per annum, as the Governor in Council shall deem most advantageous for the Province: and such Stock shall not be paid off in less than twenty years from first day of July, one thousand eight hundred and fifty-nine, but may be paid off at or after the expiration of that term at the option of the Provincial Government, provided previous notice of not less than three nor more than six months, shall have been given to that effect in the London Gazette, in England, under an Order of the Governor in Council, authorizing

such notice.

2. For any purpose for which the said Stock may under the issued instead said Act be disposed of or issued to any party, the Governor in Council may, instead of such Stock, cause Provincial Bonds to be issued bearing interest payable half yearly at a rate not exceeding five per cent per annum, but the principal whereof may be paid shall not be paid off in less than twenty years from their res pective dates, but may be paid off at or after the expiration of that term at the option of the Provincial Government, provided previous notice of not less than three nor more than six months shall have been given to that effect in the London Gazette, in England, under an Order of the Governor in Council authorizing such notice; and the holder of any such Bond shall always be entitled to have it exchanged for an equal amount at par of the said Provincial Stock, allowing for interest then accrued on

May be exchanged for Stock.

Governor in

authorize Fi

either.

3. The Governor in Council may authorize the Minister of Council may Finance to determine from time to time the terms upon which nance Minister the said Provincial Stock or Bonds may be disposed of or to dispose of exchanged for outstanding Provincial Debentures, as mentioned in the second section of the Act hereby amended, having due regard to the market value of such Debentures and the period at which they are respectively redeemable.

Stock or
Bonds.

of Stock or

4. The Governor in Council shall set apart yearly out of the Sinking Fund Consolidated Revenue Fund, a sum equal to one half of one for redemption per centum on the amount of Provincial Stock and Bonds issued Bonds. under this Act and the Act hereby amended, and then outstanding, and shall cause such sum to be invested in the said Stock or Bonds, or in such other manner as he may deem most advisable, as a Sinking Fund for the redemption of the said Stock and Bonds.

5. So much of the third section of the Act hereby amended Part of section as requires that the purchase of Municipal Loan Fund Deben- 3 of 22 V. c. tures thereby authorized, be made by tender under such con- 84, repealed. ditions as may be determined by the Governor in Council, and of which due notice shall be given in the Canada Gazette, is hereby repealed; and the Governor in Council may autho- As to exchanrize the Minister of Finance to accept Municipal Loan Fund ge of MuniciDebentures in exchange for such Stock or Bonds as aforesaid, pal Loan Fund and to determine the terms upon which such Debentures shall be purchased or accepted in exchange for such Stock or Bonds or other Provincial securities or other funds that may be available.

Debentures.

6. The Officer heretofore called the Inspector General of Inspector GePublic Provincial Accounts shall hereafter be and be called neral to be hereafter the Minister of Finance; but such change of name shall not in styled the any way affect his rights, powers or duties; and whenever in "Minister of any Act, instrument or writing the Inspector General of Public Finance." Provincial Accounts, or the Inspector General, is mentioned, the Minister of Finance shall be understood to be intended when this Act shall be in force.

CAP. XV.

An Act further to amend the Consolidated Municipal
Loan Fund Acts.

[Assented to 4th May, 1859.]

HEREAS by an Act passed during the present session Preamble. of the Provincial Parliament, it has been declared that, certain sums shall be payable in final settlement of certain claims arising out of the abolition of the Seignorial Tenure in Lower Canada; And whereas it is expedient that provision should be made to charge any such sums upon the unappropriated Consolidated Municipal Loan Fund of Lower Canada, and for this purpose to restrain the issue of Debentures by the Municipalities in Lower Canada, under the authority of the said Act; And whereas it is also expedient to amend the Acts relating to the Consolidated Municipal Loan Fund, that is to say, the Act passed in the sixteenth year of Her Majesty's Reign, chapter twenty-two, intituled, An Act to establish a Consolidated 16 V. c. 22. Municipal Loan Fund for Upper Canada, as extended and

amended