Page:Statutes of Canada, Victoria 31, Part 1.djvu/77

1867. the Public Service of the Dominion not otherwise 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.

Governor in Council may from time to time issue Debentures, Stock, &c., pay off or redeem liabilities of the Dominion then outstanding. Proviso: Public debt not to be increased. 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 one time 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.

Governor in Council may authorize the raising of money on the Credit of the Consolidated Revenue Fund, to the amount of $5,000,000, and by what means. 3. 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 Intercolonial 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 methods 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