Page:Statutes of Canada, Victoria 31, Part 2.djvu/128

1868. which they are respectively made payable;—and the said eight millions of dollars in such notes, not issued under the provisions of the Act before cited, may be issued as Dominion Notes for the purposes of this Act;

Provided always, that such of the said Notes as are made payable at Halifax, shall, so long as the currency of Nova Scotia remains such as it now is, be redeemable in that currency, that is, at the rate of one pound sterling, English, for every five dollars of the face value of such notes; and shall be a legal tender in Nova Scotia only;

And provided also, that instead of re-issuing any such Provincial Notes, the Governor in Council may authorize the issue of Dominion Notes to an amount not exceeding that of the Provincial Notes redeemed, and such Dominion Notes may be of such denominational values and in such form, and signed by such persons and in such manner, by lithograph, printing or otherwise as he may from time to time direct, and such Notes shall be redeemable in specie on presentation at offices to be established at Montreal, Toronto, Halifax and St. John, and at that one of the said places at which they may be respectively made payable, and shall be a legal tender except at the offices at which they are respectively made payable; subject always to the foregoing proviso as to those made payable at Halifax, so long as the currency of Nova Scotia remains unchanged.

9. The Governor may in his discretion establish branches of the Receiver General's department in Montreal, Toronto, Halifax and St. John, respectively, for the issue and redemption of Provincial or Dominion notes, or he may make arrangements with any chartered Bank or Banks, for the issue and redemption thereof, and may for such service allow a commission not exceeding one quarter of one per cent, for every three months, upon the average amount of notes in circulation during that period.

10. The sum to be held in specie by the Receiver General for the redemption of Provincial or Dominion notes, shall be twenty per cent, upon the amount thereof in circulation, so long as such amount does not exceed five millions of dollars; for any excess over five millions, twenty-five per cent, of such excess shall be so held; and Debentures of the late Province of Canada or of the Dominion of Canada, shall be held by the Receiver General, to the full amount by which the specie held as aforesaid fails to cover the whole amount of Provincial or Dominion notes outstanding at any time; and debentures of the Dominion may be issued and delivered to the Receiver General for this purpose; such debentures being so held for securing the redemption of the Provincial or Dominion notes, and the Receiver General having full power to dispose of them, either temporarily or absolutely, for raising funds for that purpose, or for procuring the