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(AMENDMENT).

Partnership and corporation licences.

“6. (1.) Where the holder of a licence under this Act is a partnership or corporation, the rights and privileges to which the licensee, if an individual, would be entitled by virtue of the licence shall extend to such members of the partnership or to such officers of the corporation as are named in the licence, and to them only.

“(2.) On request by the partnership or corporation the Superintendent may amend the licence by deleting therefrom or adding thereto the name of any member of the partnership or officer of the corporation."

Repeals and
re-enacts s. 7.

:

6. Section 7 of said chapter 143 is repealed, and the following is substituted :

“7. Every licence issued under this Act shall expire on the thirtieth day of June following the date of issue."

Amends s. 8.

7. Section 8 of said chapter 143 is amended by striking out the word "city" in the second and third lines of clause (a) of subsection (1), and substituting therefor in each case the word “municipality"; and by striking out subsection (2), and substituting there. for the following:

“(2.) Where the application for a licence is made between the thirty-first day of December and the first day of July in any year, one-half of the annual fee only shall be payable.”

Repeals s. 10.

8. Section 10 of said chapter 113 is repealed.

Amends s. 14 (1).

9. Subsection (1) of section 14 of said chapter 143 is amended by striking out all the words after the word "office" in the eighth line, and substituting therefor the words “and shall forth with serve a copy thereof on the licensee and on the complainant by mailing it, postage prepaid and registered, to their respective addresses as shown by the files in his office."

Amends s. 18.

10. Section 18 of said chapter 143 is amended by substituting the word “revoked” for the word “ cancelled ” and the word “revocation” for the word “ cancellation ” where those words occur in the second and fifth lines.

Amends s. 19.

11. Section 19 of said chapter 143 is amended by striking out the words “ The Minister of Finance shall from time to time, as he may see fit, prepare and publish," and by substituting therefor the words

The Superintendent shall prepare and publish annually."

66

Amends s. 20.

12. Section 20 of said chapter 143 is amended as follows:

(1.) By striking out clauses (a) and (b), and substituting therefor the following:“(a.) Acts as a real-estate agent or real-estate salesman without

being the holder of a licence therefor under this Act, or (AMENDMENT).

without being a member of a partnership or an officer of
a corporation licensed therefor, to whom the licence

extends under this Act; or."
(2.) By relettering clauses (c) and (d) as clauses (6) and (c).

(3.) By adding the following immediately after such clause (c): “ or who is otherwise declared to be guilty of an offence against this Act."

13. Said chapter 143 is further amended by inserting the follow- Enaets s. 214. ing as section 21A :

“ 21A. No real-estate agent or real-estate salesman licensed under this Act, and no officer, agent, or employee thereof, shall, directly or indirectly, pay or allow, or offer or agree to pay or allow, any commission or other compensation or thing of value to any person for acting or attempting or assuming to act as a real-estate agent or real-estate salesman, unless that person holds at the time a licence under this Act; and every person who violates any provision of this section or who knowingly receives any commission, compensation, or thing of value paid or allowed in violation of this section shall be guilty of an offence against this Act.”

14. Section 23 of said chapter 143 is repealed.

Repeals s. 23.

VICTORIA, B.C. :
Printed by CHARLES F. BANFIELD, Printer to the King's Most Excellent Majesty.

1925.

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An Act to borrow the Sum of Two million five hundred

thousand Dollars for the Purposes therein specified.

[Assented to 11th December, 1925.]

IS MAJESTY, by and with the advice and consent of the

Legislative Assembly of the Province of British Columbia, enacts as follows:

H

1. This Act may be cited as the “British Columbia Loan Act, Short title. 1925."

2. (1.) The Lieutenant-Governor in Council may (in addition to Power to borrow

$2,500,000. all other moneys authorized to be raised or borrowed by any other Act of the Legislature) borrow or raise from time to time, in such amounts, in such manner, and at such times as may be deemed expedient, any sum of money not exceeding the net sum of two million five hundred thousand dollars, after payment of discount, commission, brokerage, and all other expenses of all loans hereunder, by the issue and sale of debentures or Treasury bills or notes, or by the issue and sale of “ British Columbia Stock ” under the provisions of the “ Inscribed Stock Act" or otherwise.

(2.) Treasury bills or notes may be renewed and reissued from Reissue of amount time to time, and the amount outstanding on any original or renewed of short-term loans. Treasury bills or notes or securities may be converted into debentures or “ British Columbia Stock ” under the provisions of the “ Inscribed Stock Act” or otherwise, but so as to be repayable not later than the thirtieth day of June, 1980; and such debentures or stock may be issued and sold to provide for the retirement of such Treasury bills or notes.

3. (1.) Subject to subsection (2), all debentures, Treasury bills Interest. or notes, British Columbia stock, or other securities issued and sold for the purpose of raising moneys borrowed or raised pursuant to this Act shall bear interest at a rate not exceeding six per centum

Treasury bills

Power to sell securities.

per annum, to be fixed at the time of sale, and to be payable halfyearly, and shall be repayable at a date to be fixed at the time of sale, not later than the thirtieth day of June, 1980.

(2.) Treasury bills or notes, whether original or renewed, may be issued under this Act without bearing interest.

(3.) Such debentures, Treasury bills, Treasury notes, or British Columbia stock, or any of them, may be sold for such sum, whether the same is the par value or less or more than the par value of such debentures, Treasury bills, Treasury notes, or British Columbia stock, and on such terms and conditions as the Lieutenant-Governor in Council or the Minister of Finance or other person or agent appointed for the purpose of negotiating any loan deems expedient.

Negotiation of loan.

4. It shall be lawful for the Lieutenant-Governor in Council to appoint the Minister of Finance, or other person or persons or agent from time to time, the agent of the Government for the purpose of negotiating any such loan, and the Minister of Finance or other duly appointed person or agent may arrange all details and do, transact, and execute all such deeds, matters, and things as may be requisite during the conduct of negotiations or for the purpose of placing the loan.

Payment of interest.

Repayment of loan.

5. (1.) The Minister of Finance shall from time to time pay the interest accruing on all moneys borrowed or raised pursuant to this Act out of the Consolidated Revenue Fund.

(2.) The Lieutenant-Governor in Council may from time to time provide for the repayment of every loan under this Act by appropriating yearly out of the general revenue of the Province such sums of money as may be sufficient for the creation and maintenance of a sinking fund for the final payment of every such loan, and may make provision for the investment from time to time of the amount of any sinking fund or any part thereof.

Application of money borrowed.

6. Moneys raised under this Act shall, after payment of discount, commission, brokerage, and other expenses of every loan hereunder, be paid into the Consolidated Revenue Fund, and shall be applied by the Minister of Finance for the purposes following: (a.) Such sums, not exceeding in the aggregate two million

two hundred and fifty thousand dollars, as the LieutenantGovernor in Council may from time to time direct to be expended for the public service of the Province in the construction, reconstruction, and improvement of highways

and high way bridges throughout the Province: (6.) Such sums, not exceeding in the aggregate one hundred

thousand dollars, as the Lieutenant-Governor in Council may from time to time direct to be paid or advanced to the Land Settlement Board for the purposes of the “ Land

Settlement and Development Act":

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