Bill 87 (Legislature 4, Session 4)

L4 S4 10126

Alberta — Bills

BILL No. 87 of 1921.

An Act to amend

An Act respecting Government Telephone and Telegraph Systems. (Assented to ' 1921.) HIS MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows:

An Act respecting Government Telephone and Telegraph Systems, being

chapter of the Statutes of Alberttt, 1908, is hereby amended by adding as sections 7, 8, 9, 10 and 11, the following: "7. Whenever at the close of any financial year the Telephone System shows a surplus of revenue over expenditure on ordinary or income a,ccount, such surplus shall be transferred to the Provincial Treasurer's Telephone Depreciation and Renewal Reserve Trust Fund, and the net accumulated surplus of all years prior to the year shall also be transferred to the aforesaid fund without further or other appropriation than is hereby given .. "8.

In case a deficit should occur in the: opera tion of the Telephone System on the busiiness of any financial year the amount of such defieit shall be deducted from the surplus of any suc:ceeding financial year or years before a transfer shall be made to the aforesaid trust fund. "9.

All funds remaining in the said trust fund from time to time may be expended for all or any of the purposes for which the said trust fund has been established under authority of the Treasury Board, and the Provincial Auditor or his nominee shall audit the receipts and the expenditures of the said trust fund, subject to and in accordance with such provisions and regulations ns may be made by the Treasury Board. "lO.

The Lieutenant Governor in Council mny from time to time direct the Treasurer to invest any portion of the said trust fund not presently required in public securities of the province, and mny afterwards whenever requisite to meet ex penditure out of the snid trust fund direct him to dispose thereof to that end, in such manner, on such terms and in any such amounts as may be necessary or expedient, and at the date of maturity of any loan issue of the province raised for tele- 2 phone purposes such proportion of the said trust fund as may be deemed proper may be used for purposes of retiring in whole or in part the said loan issue, supplementary to any funds that may exist in the sinking fund for that purpose.

"

(2) The Lieutenant · Governor in Council iR hereby authorized to ,borrow from the said fund upon the credit of the General Revenue Fund of the province such sums as it is desired to invest under the provisions of subsection one hereof by the issue of securities of the province in such form and at such rate of interest as may be deter mined. "11. All bank interest accruing from time to time thereon and all interest from investments of any portion of the said trust fund shall be credited to and form part of the said trust fund." No. 87. FOURTH SESSION FOURTH LEGISLATURE GEORGE V BILL

An Act to amend

An Act respecting Government Telephone and Tele graph Systems. Received and read the First time ................... . Second time ................. . Third time .................. . HoN. CHAS. STEWART. EDMONTON: J. W. JEJ'I'I:BT, KINo's PaiNTza. A.D. 1821 Title: 1921 (4th, 4th) Bill 87,

An Act to amend

An Act respecting Government Telephone and Telegraph Systems

Document details

Collection	Alberta — Bills
Citation	L4 S4 10126
Type	bill
Volume / chapter	L4 S4 10126
Language	en
Format	json
Source	PROVINCIAL
Identifier	caf700de2c06f0dbd39ad64012aa78d40c17541f

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