Bill 91 (Legislature 2, Session 3)

L2 S3 10796

Alberta — Bills

BILL No. 91 of 1912 ..

An Act to authorize the Guarantee of Certain Securities of The Canadian Northern Railway Company.· (Assented to 1912.) WHEREAS by

chapter of the Statutes of Alberta, passed in the year 1909, entitled"

An Act to authorize the guaran tee of certain securities of the Canadian Northern Railway Com pany" (hereinafter called the said Act), provision was made for the guaranteeing by the Province of Alberta of securities in respect, amongst others, of certain lines which the Canadian Northern Railway Company (hereinafter called the company) was authorized to construct, and for the securing of the guaran teed securities by means of certain mortgages or deeds of trust; And whereas by

section of the said Act it was-, amongst other things, enacted that provision might be made for the issue from time to time, ranking pari passu with the securities guaranteed under the said Act and without preference or priority one o o'er the· other, of additional securities of similar kind, tenor and effect, not exceeding $15,000 per mile of additional lines of railway in the Province of Alberta to be thereafter constructed by the company; provided that before such addi tional securities were issued the guarantee by the province of the payment of the principal and interest thereof should first have been authorized by the Legislative Assembly and that such guarantee should first have been given pursuant to such authorization; And whereas it is expedient to authorize the guarantee by the province of additional securities, pursuant to the said provision; Therefore His Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1.

The Lieutenant Governor in Council is hereby authorized, on such terms and conditions not inconsistent with the pro visions of this Act, as may be agreed upon with the company to guarantee the payment of the principal and interest of additional bonds, debentures, debenture stock or other securities (hereinafter called the additional securities) of the company to the extent and upon the terms hereinafter set forth. 2.

The additional securities shall form part ·of the issue secured by the mortgage dated the tenth day of ,June, 1909, and made between The Canadian Northern Railway Company, National Trust Company, Limited, and The British Empire Trust Company, Limited, as trustees, and His Majesty the King, representing. the Province of Alberta (being. the deed of trust by way of mortgage securing the guaranteed securities authorized to be issued and guaranteed by the said Act); and the additional securities shall be limited to the amount represented by $13,000 per- mile of one additional line of railway (hereinafter called the additional . line of railway) namely: The line of the company's railway extending from a point within the limits of the Province of Alberta, being mile of the company's Saskatoon-Calgary line, measured along the centre line of such railway from Saskatoon, and running from such point in a generally westerly and southerly direction to a junction with the company's Vegreville-Calgary line near the crossing of the Red Deer River, a distance of about one hundred and thirty miles. 3.

Before the· additional flecurities are issued and guaranteed, supplementary mortgages or deeds of trust covering the lines mentioned in the

schedule to the said Act and the additional line of railway, in the form approved by the Lieutenant Governor in Council, shall, as provided in

Section of the said Act, be taken to the trustees of the mortgage dated the tenth day of June, ~909, hereinbefore referred to 4. The certificate of the chairman of the Executive Council of Alberta as to the mileage of the additimial line- of railway shall, for the purposes of this Act and of-the additionalsecurjties, be conclusive. · - S. The: additional line of rail:way being already commenced shall be completed and put in operation on or b~fore the ·31st -day of December, 1913. · 6.

All the provisions of the said Act not inconsistent with the provisions of this Act· shall apply to the additional line of railway and to the additional securities issued and guaranteed in pursuance hereof. · No. 91 THIRD SESSION SECOND LEGISLATURE GEORGE V BILL An· Act to authorize the Guarantee of Certain Securities of ·The Canadian Northern Railway Company. Received and read the lt'irst time . . . . . . . . . . . . .. . . . . . . Second time .......... · . ~ ...... . Third time ............. ~ .· .... . EDMONTON: JA.~n.::s E. ·RJCHAIH>s, Govt-rument Prinl Pr · 4. .D. 1912 Title: 1911 (2nd, 3rd) Bill 91,

An Act to authorize the Guarantee of Certain Securities of The Canadian Northern Railway Company

Document details

Collection	Alberta — Bills
Citation	L2 S3 10796
Type	bill
Volume / chapter	L2 S3 10796
Language	en
Format	json
Source	PROVINCIAL
Identifier	aa47dd6d311dcb707dff80bd478727c2d6928077

Source file is stored in the law ingest library (json).