Provision for sinking fund Currency Additional issues and renewals Reissue, etc., of released hypothecated securities Annual report of Provincial Treasurer par value or less or more than the par value and on such (3) On authorizing the issue of debentures or stock under paragraphs (a) or (b) of subsection (1) of this section, the Lieutenant Governor in Council may provide for a sinking fund with respect to such issue and may at any time provide for a general sinking fund for all such portions of the debentures or stocks as have been or are hereafter issued without provision for a sinking fund with respect to them. [1914, c. 19, s. 2(2).] (4) Any of such securities may be made payable in any currency. (5) Where any sum has heretofore been or is hereafter raised by way of loan by the issue and sale of exchequer bills, exchequer bonds, treasury bills or by temporary loan in any other form, the Lieutenant Governor in Council may from time to time upon or before the maturity of such bills, bonds or other form of temporary loan or of any bills, bonds, or other form of temporary loan issued under this subsection, authorize and direct that a further issue of exchequer bills, exchequer bonds or treasury bills or a further temporary loan be made or may authorize and direct the issue and sale of debentures, Government Stock or terminable annuities in order to provide from time to time funds for the payment of maturing bills, bonds or temporary loans, or may provide from time to time for the renewal of any bonds, bills or other form of temporary loan, but all securities authorized, and issued from time to time under this subsection shall be payable or redeemable within the term of years fixed by the Act authorizing the loan and such term shall be reckoned from the date of the original issue of such securities, and nothing in this subsection contained shall authorize the issue of any securities beyond the amount of any loan authorized by Statute. [1918, c. 4, s. 61(1).] (6) When securities issued under this or any other Act have been hypothecated as security for a loan, and the loan has been paid off, the securities shall not be deemed to have been extinguished, but shall be deemed to be still alive and may be reissued and sold or hypothecated as if the former hypothecation had not taken place. [1918, c. 4, s. 61(2).] (7) The Provincial Treasurer shall keep a complete record of all securities hypothecated under this Act and shall prepare and submit to the Lieutenant Governor in Council an annual report thereof, which report shall be laid before the Legislative Assembly with the Public Accounts. securities by (8) Whenever it becomes desirable that any bonds, Repayment of debentures, stock or other securities issued under the new issues authority of this or any other Act of the Legislative Assembly should be repaid, renewed or refunded in whole or in part, then the Lieutenant Governor in Council may raise by way of loan, upon the credit of the Province, in such manner and form and at such time or times as may be deemed expedient, by the issue and sale of one or more of the classes of securities hereinbefore mentioned, such sum or sums of money as may be necessary to repay, renew or refund the whole of such bonds, debentures, stock or other securities, including accrued interest, discount, and expenses in connection with the issue of new securities, or any part thereof and notwithstanding that the issue of bonds, debentures, stock or other securities for the purpose of such repayment, renewal or refunding may have the effect of increasing the amount of the public debt. [1921, c. 7, s. 1.] (9) Any sum or sums raised under the authority of the Application of next preceding subsection shall be applied to repay, renew repaying issue or refund the said bonds, debentures, stock or other securities appropriation without any further or other appropriation than is provided by this Act. [1921, c. 7, s. 1.] [1910(2), c. 10, s. 4; 1913(2), c. 3, s. 1; 1914, c. 19, s. 2; 1915, c. 22, s. 1; 1917, c. 41, s. 1; 1918, c. 4, s. 61; 1918, c. 27, s. 1; 1921, c. 7, s. 1; 1922, c. 38, s. 1.] of agent 5. It shall be lawful for the Lieutenant Governor in Appointment Council to appoint the Provincial Treasurer or other person to negotiate or persons or agent from time to time the agent of the loan Government for the purpose of negotiating any loan authorized by any Act, and the Provincial Treasurer or other duly appointed person or agent may arrange all details and do, transact, and execute all such deeds, matter and things as may be requisite during the conduct of negotiations or for the purpose of placing the loan. [1922, c. 38, s. 2.] inscribed 6. The Lieutenant Governor in Council may direct that Register for the whole or any part of the Alberta Government Stock stock be inscribed and transferred in a register kept in the United Kingdom or in any foreign country at such places and by such bank, officer or person as he may appoint. [1910(2), c. 10, s. 5; 1919, c. 4, s. 21(1).] stock 7. (1) The Lieutenant Governor may under the great Recording seal or in council authorize any person to make any declaration and take any steps necessary to record such inscribed stock or any portion thereof under and in accordance with the provisions of the Acts of the United Kingdom known as The Colonial Stock Acts of 1877 to 1900, or any amendments thereof or any Acts passed in substitution therefor. Discharging judgments, etc., revenue fund (2) The Provincial Treasurer may out of the general out of general revenue fund pay, satisfy and discharge any judgment, decree, rule or order of a court in the United Kingdom which under the provisions of section 20 of The Colonial Stock Act, 1877, or any amendment thereof is to be complied with by the registrar of the inscribed stock of Alberta in the United Kingdom. [1910(2), c. 10, s. 6.] Power to change form 8. The Lieutenant Governor in Council may change of public debt the form of any part of the debt of Alberta by substituting one class of the securities aforesaid for another, provided that neither the capital of the debt nor the annual charge for interest is thereby increased, except where a security bearing a lower rate of interest is substituted for one bearing a higher rate of interest, in which case only the amount of the capital may be increased by an amount not exceeding the difference between the then present value of the securities; but such substitution shall not be made without the consent of the holder of the security for which another is substituted, or unless such security is previously purchased or redeemed by or on account of the Province of Alberta, and such substitution may be made by the sale of a security of one class and the purchase of the security for which it is desired to substitute it. Effect of regulations made under Act Immunity of officers Disposition of proceeds of sale of securities Exemption of securities from taxation Disclaimer of unauthorized increase in public debt [1910(2), c. 10, s. 7.] 9.—(1) The regulations made by the Lieutenant Governor in Council under this Act shall in so far as they are not inconsistent with this Act have the same force and effect as if embodied and enacted in an Act of the Legislature. (2) No officer or person employed in the inscription, registration, transfer, management or redemption of any of the aforesaid securities, or in the payment of any dividend or interest thereon shall be bound to see to the execution of any trust, expressed or implied, to which such securities are subject, or be liable in any way for anything done by him in accordance with any such regulations. [1910(2), c. 10, s. 8.] 10. All money raised by the issue and sale of any of the aforesaid securities shall be paid to the Provincial Treasurer and shall form part of the general revenue fund. [1910(2), c. 10, s. 9.] 11. All moneys invested in Alberta Government Stock or debentures, and the interest thereon, shall be exempt from municipal taxation in the Province, and shall be free from all provincial taxes, succession duty, charges and impositions. [1910(2), c. 10, s. 10.] 12. Nothing in this Act shall authorize any increase in the public debt without the express authority of the Legislature, except in the manner and to the extent hereinbefore mentioned. [1910(2), c. 10, s. 11.] 13. Nothing in this Act shall impair or prejudicially Protection of affect the rights of the holder of any securities heretofore issued issued by the Province. [1910(2), c. 10, s. 12.] previously securities terest upon sale 14. Where under any Act of the Legislature heretofore Payment of inor hereafter passed the Lieutenant Governor in Council is of guaranteed authorized to guarantee the principal and interest of the securities bonds, debentures, debenture stock or other securities of any company or corporation, public or private, and it is by such Act or Acts provided that all moneys realized by sale, hypothecation, pledge, or otherwise of such securities are to be paid into a bank or banks to the credit of the Provincial Treasurer or such other credit as the Lieutenant Governor in Council may direct or approve, it shall be competent for the Lieutenant Governor in Council to make such arrangements as shall be deemed expedient with such bank or banks and with such company or corporation, notwithstanding anything in the said Act or Acts contained, for the payment to the company or corporation or the nominees thereof, of the whole or a portion of the interest that has or may have accumulated upon such deposit, and has or may have been credited to the Provincial Treasurer or such other credit as the Lieutenant Governor in Council has directed or approved as aforesaid: Provided however that no such payment shall be made Proviso of the whole or any portion of such accumulated interest so credited unless it is shown to the satisfaction of the Lieutenant Governor in Council that there are no arrears of principal or interest due upon any of the said bonds, debentures, debenture stock or other securities. [1910(2), c. 10, s. 13.] payment guarantee 15. Where under any Act of the Legislature heretofore Raising loan or hereafter passed the Lieutenant Governor in Council to make is authorized to give any guarantee, and it becomes necessary under under the terms of such guarantee to make any payment thereunder, then the Lieutenant Governor in Council may raise by way of loan in the manner provided by this Act such sum or sums of money as may be necessary to fulfil its guarantee and may expend the same thereon without any further or other appropriation than is provided by this section. [1922, c. 38, s. 3.] CHAPTER 43. An Act to provide for the Borrowing of Certain Moneys by means of Savings Certificates or other Securities. HIS Short Title. 1. This Act may be cited as "The Savings Certificates Act." [1917, c. 13, s. 1.] Raising Revenue. 2. (1) The Lieutenant Governor in Council may from time to time raise revenue by borrowing money and the issue of savings certificates or other securities therefor; and may determine their form, method of execution, the rate of interest payable thereon and the place of redemption thereof. (2) The amount borrowed under the provisions of this section and outstanding shall not at any one time exceed the sum of five million dollars, nor shall the rate of interest payable thereon exceed five per cent. per annum. (3) The Lieutenant Governor in Council may at any time or times without any further authority than is provided by this Act issue bonds of the Government of Alberta for the purpose of raising a sum of money sufficient to redeem all or any of the certificates issued under this Act outstanding at the time of any such issue of bonds, and may determine the forms of and rate of interest payable in respect of such bonds. [1921, c. 4, s. 1.] 3. (1) The aforesaid revenue, as received from time to time, may be applied to the redemption of such certificates or securities then outstanding, and any such outstanding certificates or securities may also, from time to time, be redeemed out of the general revenue fund, but such certificates or securities shall not be redeemed without the consent of the holder thereof before the expiration of three years from the date of issue. (2) Such certificates or other securities shall be terminable at the option of the Provincial Treasurer at any time after the expiration of three years from the date of issue thereof, but until so terminated such certificates or securities shall continue in force and be payable on demand of the holder. [1917, c. 13, s. 3.] |