Suspension of Acts at articles. Canada Treaty of Washington. 1. As soon as the law required to carry into operation, on the variance with part of the United States of America, the articles set out in the Schedule to this Act has been passed by the Congress of the United States and come into force, all Acts of Parliament and laws which operate to prevent the said articles from taking full effect, shall so far as they so operate be suspended and have no effect duing the period mentioned in the article numbered thirty-three in the Schedule to this Act. Provision for extension of articles to 2. Whenever the necessary laws have been passed by the Legislature of Newfoundland and approved by Her Majesty for Newfoundl'nd carrying into operation the articles in the Schedule to this Act, so far as they relate to Newfoundland, it shall be lawful for the Officer administering the Government of Newfoundland at any time during the suspension, in pursuance of this Act, of the abovementioned Acts of Parliament, and laws by his proclamation to declare that after a time fixed in such proclamation for that purpose, this Act and the articles in the Schedule to this Act shall extend, and the same accordingly shall extend to Newfoundland so far as they are applicable thereto. Short Title. 3. This Act may be cited as "The Treaty of Washington Act, 1872." (NOTE-For Schedule, see Treaty of Washington in Vol. of Statutes of Canada, 35 Vict., A.D. 1872.) 36 and 37 VICTORIA. CHAP. XLV. An Act to authorize the Commissioners of Her Majesty's A. D. 1873. Treasury to guarantee the payment of a loan to be raised by the Government of Canada for the construction of public works in that country, and to repeal the Canada Defences Loan Act, 1870. [21st July, 1873.] HEREAS one of the terms and conditions on which the Colony of British Columbia was admitted into union with the Dominion of Canada, by an Order in Council of the sixteenth day of May, one thousand eight and seventy-one, was that the Government of the Dominion should secure the construction of a railway (in this Act referred to as the Pacific Railway) to connect the sea-board of British Columbia with the railway system of Canada, in manner more particularly mentioned in the schedules to such Order: And whereas the Government of the Dominion of Canada propose to raise by way of loan for the purpose of the construction of the Pacific Railway, and also for the improvement and enlargement of the Canadian canals, a sum of money not exceeding eight million pounds: And whereas by an Act of the Parliament of Canada of the year 1868, chapter forty-one, the Governor in Council was authorized to raise by way of loan upon the guarantee of the Commissioners of Her Majesty's Treasury (in this Act referred to as "the Treasury"), for the purpose of the construction of the fortifications therein mentioned, sums not exceeding one million, one hundred thousand pounds: c. 82. And whereas by the Canada Defences Loan Act, 1870, the 33 & 34 Vict. Treasury were authorized to guarantee the payment of the principal of such loan and of interest thereon at a rate not exceeding four per cent.: And whereas no portion of the last-mentioned loan has been raised, and no such guarantee has been given: And whereas it is expedient to authorize the Treasury to guarantee a portion, not exceeding two millions, five hundred thousand pounds, of such loan of eight million pounds for the above-mentioned purposes, and to guarantee a further portion of the said Short title. Power to Treasury to guarantee loan. Conditions of guarantee. Canada Public Works Loan. loan not exceeding one million, one hundred thousand pounds in substitution for a guarantee of a loan under the Canada Defences Loan Act, 1870: 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: 1. This Act may be cited as "The Canada (Public Works) Loan Act, 1873." 2. The Treasury may guarantee in such manner and form and on such conditions as they think fit the payment of the principal of and interest (at a rate not exceeding four per cent. per annum) on all or any part of any loan raised by the Government of Canada for the purpose of the construction of the Pacific Railway, and the improvement and enlargement of the Canadian canals, so that the total amount so guaranteed from time to time do not exceed three million six hundred thousand pounds. 3. The Treasury shall not give any guarantee under this Act unless and until provision is made by an Act of the Parliament of Canada or otherwise to the satisfaction of the Treasury (1.) For raising and appropriating the said proposed loan of eight million pounds : (2.) For charging the consolidated revenue fund of Canada with the payment of the principal and interest of any loan guaranteed by the Treasury under this Act immediately after the charge of the loan for fortifications created by the said Act of the Parliament of Canada of the year one thousand eight hundred and sixty-eight, chapter forty-one : (3.) For payment by the Government of Canada of a sinking fund at the rate of one per cent. per annum on the entire amount of the loan guaranteed by the Treasury under this Act, and for charging the consolidated revenue fund of Canada with the payment of such sinking fund immediately after the principal and interest of the last mentioned loan: (4.) For charging the consolidated revenue fund of Canada with any sum issued out of the Consolidated Fund of the United Kingdom under this Act with interest thereon at the rate of five per cent. per annum, immediately after the said sinking fund : (5.) For the due payment and application of the money raised by any loan guaranteed by the Treasury under this Act in such manner as the Treasury from time to time direct: Canada Public Works Loan. (6.) For remitting to the Treasury the annual sums for the sinking fund by equal half-yearly payments, in such manner as they from time to time direct, and for the investment and accumulation thereof under their direction in the names of four trustees nominated from time to time,-two by the Treasury and two by the Government of Canada : The Treasury may guarantee the loan in such portions as they think fit, and before guaranteeing any portion of the loan after the first, shall satisfy themselves that the portion of the loan previously guaranteed (or an equal amount of any other loan of the Government of Canada), together with an equal amount of that portion of the said loan of eight million pounds which is not guaranteed by the Treasury, has been or is in the course of being spent for the purposes mentioned in this Act. fund. 4. The said sinking fund may be invested only in such securi- Application ties as the Government of Canada and the Treasury from time to of sinking time agree upon, and shall, whether invested or not be applied from time to time, under the direction of the Treasury, in discharging the principal of the loan guaranteed by the Treasury under this Act, and the interest arising from such securities (including the interest accruing in respect of any part of any loan discharged by means of the sinking fund), and the resulting income thereof shall be invested and applied as part of such sinking fund. to guaranteed 5. Every Act passed by the Parliament of Canada which in any Alteration of way impairs the priority of the charge upon the consolidated Act relating revenue fund of Canada created by that Parliament of the loan loan. guaranteed under this Act, and the interest and sinking fund thereof, and the sums paid out of the Consolidated Fund of the United Kingdom and the interest thereon, shall, so far only as it impairs such priority, be void, unless such Act has been reserved for the signification of Her Majesty's pleasure. Fund. 6. The Treasury are hereby authorized to cause to be issued Issue out of from time to time, out of the growing produce of the Consolidated Consolidated Fund of the United Kingdom, such sums of money as may at any time be required to be paid to fulfil the guarantee under this Act in respect either of principal or interest. dated Fund. 7. The Treasury may from time to time certify to one of Her Certificate of Majesty's Principal Secretaries of State the amount which has amount paid been paid out of the Consolidated Fund of the United Kingdom out of Consolito fulfil the guarantee under this Act, and the date of such payment; such certificate shall be communicated to the Governor of Canada, and shall be conclusive evidence of the amount having been so paid and of the time when the same was so paid. Accounts to Parliament. Canada Public Works Loan. 8 The Treasury shall cause to be prepared and laid before both be laid before Houses of Parliament a statement of any guarantee given under this Act, and an account of all sums issued out of the Consolidated Fund of the United Kingdon for the purposes of this Act, within one month after the same are so given or issued, if Parliament be then sitting, or if Parliament be not sitting, then within fourteen days after the then next meeting of Parliament. Repeal of 33 & 34 Vict., c. 82. 9. The Canada Defences Loan Act, 1870, is hereby repealed. |