Treasury bills.

Power to sell securities.

Negotiation of loan.

Payment of interest.

Repayment of loan.

Application of money borrowed.

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.

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.

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.

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 highway bridges throughout the Province:

(b.) 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":

(c.) Such sums, not exceeding in the aggregate seventy-five thousand dollars, as the Lieutenant-Governor in Council may from time to time require to meet the costs of the erection, execution, and carrying-on of any undertaking or works erected, executed, or carried on under the provisions of clause (a) of section 5 of the "Soldiers' Land Act":

(d.) Such sums, not exceeding in the aggregate seventy-five thousand dollars, as the Lieutenant-Governor in Council may from time to time direct to be advanced to the Crown Property Development Account established under the "Land Act," to be expended in the improvement, development, and fitting of Crown lands within municipal areas for occupation and use.

VICTORIA, B.C.:

Printed by CHARLES F. BANFIELD, Printer to the King's Most Excellent Majesty. 1925.

12

An Act to amend the "British Columbia University 1920, c. 50; 1923,

H

Loan Act."

[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:

c. 41.

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

2. The title to the "British Columbia University Loan Act," being Amends title. chapter 50 of the Statutes of 1920, is amended by striking out the

word "three," and substituting therefor the word "five."

3. Section 2 of said chapter 50 is amended by striking out the Amends s. 2. word "three" in the fifth line of subsection (1), and substituting therefor the word five."

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4. Section 5 of said chapter 50 is amended by striking out the Amends s. 5. words or out of moneys available under section 7" in the third

66

and fourth lines of subsection (2).

5. Section 7 of said chapter 50 is repealed, and the following is Re-enacts s. 7. substituted therefor :

"7. (1.) Out of the moneys borrowed or raised under this Act and paid into the Consolidated Revenue Fund, the Lieutenant-Governor in Council may from time to time:

"(a.) Advance to the University Endowment Lands Administration Account established under the University Endowment Lands Administration Act,' being an Act of the session of 1925, such sums as the Lieutenant-Governor in Council may deem expedient:

(AMENDMENT).

"(b.) Notwithstanding anything contained in the British Columbia University Act,' expend through the Department of Public Works such sums in erecting and equipping such buildings and structures upon lands of the University of British Columbia, for the use of the University, as the Lieutenant-Governor in Council may deem expedient: "(c.) Apply such amount thereof as may be found necessary to repay all moneys advanced from the Consolidated Revenue Fund for any of the purposes mentioned in clauses (a) and (b) of subsection (1) of the section for which this section is substituted under authority of Order in Council Number 667, approved the seventeenth day of June, 1925, and Order in Council Number 745, approved the seventh day of July, 1925, and the special warrants issued thereon respectively."

VICTORIA, B.C.:

Printed by CHARLES F. BANFIELD, Printer to the King's Most Excellent Majesty. 1925.