Canada Defences Loan Act 1870
| Jurisdiction | UK Non-devolved |
| Citation | 1870 c. 82 |
Canada Defences Loan Act, 1870
(33 & 34 Vict.) CHAP. 82.
An Act to authorise the Commissioners of Her Majesty's Treasury to guarantee the payment of a loan to be raised by the Government of Canada for the construction of fortifications in that country.
[9th August 1870]
W HEREAS by an Act of the Parliament of Canada of the year 1868, chapter forty-one, the Governor in Council was authorised to raise by way of loan upon the guarantee of the Commissioners of Her Majesty's Treasury (in this Act referred to as ‘the Treasury’),for the purpose of the construction of the fortifications therein mentioned, sums not exceeding one million one hundred thousand pounds, and the sums so raised, with the interest thereon, and such sums as might be necessary to repay the said loan, either by way of a sinking fund, not exceeding one per cent., or in such other way and subject to such conditions as the Governor in Council, with the assent of the Treasury, might determine, were charged on the Consolidated Revenue Fund of Canada next after the appropriation for the construction of the Intercolonial Railway:
And whereas it is expedient to authorise the Treasury to give such guarantee:
Be it enacted by the Queens most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:
1 Short title.
1. This Act may be cited as ‘TheCanada Defences Loan Act, 1870.’
2 Power to Treasury to guarantee loan.
2. The Treasury may guarantee, in such manner and form as they think fit, the payment of the principal of any loan raised by the Government of Canada in pursuance of the said Act, and of interest thereon at a rate not exceeding four per cent.
3 Conditions of guarantee.
3. The Treasury shall not give any guarantee under this Act unless and until provision is made to the satisfaction of the Treasury—
(1) (1.) For the due payment, custody, and application of the money raised by the loan, in such manner as the Treasury from time to time direct:
(2) (2.) For remitting to the Treasury the annual sums for the sinking fund by equal half-yearly payments, in such manner as the Treasury from time to time direct, and for the investment and accumulation thereof, under their direction, in the names of four trustees nominated from time to time, two by the Treasury and two by the...
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