Bill 34 (Legislature 3, Session 5)

L3 S5 9791

Alberta — Bills

BILL No. 34 of 1917.

An Act to provide for the Borrowing of' Certain Moneys by means of Savin~s CertificaicR 0)' other Securities. (Assented to , 1917.) HIS MAJESTY, by and with the adyice end commt of the Legislative ASE'enlbly of the PrmiT!ce of AlbEl ta., enacts as follows: 1. This Act may be cited as "The Savings Certificates Act." 2.

The Lieutenant Governor in Council may, from time to time, raise by way of loan by tbe issue of snvings certi ficates or other securities, in f'Juch form, eXectlt€;d in such manner, at sueh l'ute of interest, not 0'XcfeeJing five rer centum per annum, for ~uch :unollnts and payable at such place or places as the Lieutenant Governor in Corncil may determine, but the total Dmount of c('rtificai'es or other secl1fi~,ies so iEsucd and outstanding at anyone time shall not exceed the amount due the province and outstanding on a~coullt of Cllrrent )'evenue, computed as at the thirty-first dhY of Decfmber next precedil1~~ tlje date of issue,

(2) Such computation when approved ::md confirmed by the Lieutenant. Governor in COl1flcil sba11 for He purpose of this Act constitllto tLe maximum amount autl'orized to be borrowed hereunder during the then current yenr. 3. The aforesaid revenue, u.s received from time to time, may be applied to tl'e redemption of such certificates or securities tben outstanding, and any such outstanding certi ficates or sectJrities may also, from time to time, be redeemed out of the general revenue fund; provided tl:at such certi ficates or securities sl'all not be redeemed witt out the consent of tbe llOlder thueof before the m;piration of thee years from the date of issue.

(2) Such certificates or athol' securities shall be termin able at the option of the Pwvincinl Treasvrrr at :my time after the expiration of thee Y(alS from t.l:e date of issue thereof; provided tl'at until [0 terminated svch cert,ilficntes or securities slwJI continue in force and be payable on demand of the holder. 4. No such cerHficate· or other security shall be sold for a price less than the face value thereof. o.

Where in any Act authority is given to the Lieutenant Governor in Council to raise by way of loan any sum of money, such sum may in the discretion of the Lieutenant Governor in Council be raised in whole or in part by means of savings certificates or other securities provided for in this Act, or secl1l'ities of the kind mentioned in

section of The Provincial Loans Act, in such form, executed in such manner, and at such rate of interest not exceeding five per centum per annum, as the Lieutenant Governor in Council may determine; provided, however, that no such certificates shall be sold for a price less than the face value thereof.

(2) All savings certificates or other securities issued pur suant to this

section shall with respect to the redemption thereof be subject to the provisions of sections and of this Act. 6. The provisions of

An Act respecting the Legislative Assembly of Alberta, being

chapter of the Statutes of Alberta, 1909, shall not apply to or affect the purchaser or holder of any certificates or securities issued under this Act, or any other loan Act of the province. 7. Any sum of money borrowed under the provisions of this Act shall be raised upon the credit of the general revenue of the Province of Alberta and shall be chargeable thereon. :\ o. 34. FIFTH SESSION 'rHIRll LEGI8LATURE GEORGE- V BILL

An Act to provide for the borrowing of Certain Moneys by means of Savings Cer~ificates or other Secur ities. Received and read the First time ................ . Second time .... " ... . ..... "IMrd time ................ . JP)MONTON: .. YI' J_ .. KINo's PJmnoaa. &D. 101'1 Title: 1917 (3rd, 5th) Bill 34,

An Act to provide for the Borrowing of Certain Moneys by means of Savings Certificates or other Securities

Document details

Collection	Alberta — Bills
Citation	L3 S5 9791
Type	bill
Volume / chapter	L3 S5 9791
Language	en
Format	json
Source	PROVINCIAL
Identifier	dc75df92393de982eaabb3d2397fefb2b6f58efc

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