Page:Statutes of Canada, Victoria 31, Part 1.djvu/78

Cap. 4. 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.

May raise temporary loans to cover deficiencies in the said Fund to meet the charges thereon. 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.

May create a permanent Canada Dominion Stock. 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 half-yearly, 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.

May grant terminable annuities. 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.

May authorize the issue of exchequer Bills or Bonds. 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