LAND GRANT. south along said meridian to a point ten miles south of latitude 50° 30′; thence west to the south-east corner of Lot 2939, Cariboo District; thence west along the south boundaries of Lots 2939, 2930, 2931, 2932, and 2933 to the southwest corner of Lot 2933; thence continuing west to the one hundred and twenty-third meridian of west longitude; thence north twenty-eight miles; thence west twelve miles; thence north eight miles; thence west to the one hundred and twenty-fourth meridian; thence north along the said meridian to a point thirteen miles north of the south bank of the Finlay River; thence east on a series of six-mile chords to the intersection with the westerly boundary of the Dominion Government Peace River Block; thence southerly and easterly along the boundaries of the said Peace River Block to the point of commencement. Containing 6,440,000 acres, more or less. VICTORIA, B.C.: Printed by CHARLES F. BANFIELD, Printer to the King's Most Excellent Majesty. 1925. An Act respecting the Guaranteed Securities of the Pacific Great Eastern Railway Company. [Assented to 11th December, 1925.] WHEREAS pursuant to " Pacific Great Eastern Agreements Act," Preamble. being chapter 34 of the Statutes of 1912, and amending Acts; "Pacific Great Eastern Incorporation Act," being chapter 36 of the Statutes of 1912, and amending Acts; and "Pacific Great Eastern Aid Act, 1914," being chapter 65 of the Statutes of 1914, the Province did lawfully guarantee payment of the principal and interest of debenture stock and bonds (hereinafter called "guaranteed securities ") of the Pacific Great Eastern Railway Company (hereinafter called "the Company ") bearing interest at the rate of four and one-half per cent. per annum and maturing on the fifteenth day of July, 1942, issued under and secured by certain trust deeds, and presently outstanding in the form and amounts, as follows:Mortgage and Deed of Trust, dated 10th July, 1912, and supplementary Mortgage and Deed of Trust, dated 1st March, 1913, between Pacific Great Eastern Railway Company, The Dominion Trust Company, Limited (now The Northern Trusts Company), Trustee, and His Majesty the King on behalf of the Province of British Columbia: First Mortgage 412 per Cent. Guaranteed First Mortgage 42 per Cent. Guaranteed $14,234,805 $ 1,515,195 SECURITIES. Short title. Establishment of sinking fund. Application of moneys in sinking fund. Mortgage and Deed of Trust, dated 30th November, First Mortgage 42 per Cent. Guaranteed 42 per Cent. Guaranteed Bonds $ 1,050,000 $ 3,360,000 And whereas all of the above-mentioned guaranteed securities have been lawfully issued and are now outstanding: And whereas pursuant to "Pacific Great Eastern Settlement Act," being chapter 66 of the Statutes of 1918, the Province has acquired and holds all the issued shares in the capital of the Company and the Province is liable under its said guarantee to pay the interest on all of the said guaranteed securities and the principal thereof at maturity: And whereas it is advisable to establish an annual sinking fund to be applied toward such payment of the principal of the said guaranteed securities as the Province may be called upon to make under its said guarantees: Therefore, His Majesty, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows: 1. This Act may be cited as the "Pacific Great Eastern Securities Act." 2. A sinking fund shall be established in respect of the liability of the Province under its guarantee to pay the principal of the guaranteed securities mentioned in the preamble of this Act, and for such purpose there shall be appropriated annually out of the Consolidated Revenue Fund of British Columbia, commencing with the fiscal year ending thirty-first March, 1927, the sum of three hundred and twenty-five thousand nine hundred and thirty dollars and seventy-five cents. 3. The moneys in the said sinking fund shall be applied solely toward meeting any payment of the principal of the said guaranteed SECURITIES. securities or any of them which the Province shall be liable for or called upon to make under its said guarantees: Provided that if or to the extent that the Province is not called upon to make payments of principal of the said guaranteed securities under its said guarantees, any moneys remaining in the sinking fund after the said guaranteed securities have been paid off and the said trust deeds released or discharged shall be repaid to the Consolidated Revenue Fund of British Columbia. moneys in 4. The moneys from time to time in the said sinking fund shall Investment of be invested and reinvested in the said guaranteed securities: Pro- sinking fund. vided that if and to the extent that the said guaranteed securities cannot be acquired for such purpose at prices satisfactory to the Minister of Finance of British Columbia, the moneys in the sinking fund may be invested and reinvested in securities of or guaranteed by the Province of British Columbia or the Dominion of Canada, or any other Province of Canada, or trustee investments, other than mortgages. 5. Nothing in this Act contained shall affect, detract from, or Saving clause. alter the liability of the Province under its said guarantees. validity of 6. The guaranteed securities mentioned in the first recital in the Declaration of preamble of this Act and the guarantee by the Province of British securities. Columbia of payment of the principal and interest thereof are hereby declared to be legal, valid, and binding upon the said Pacific Great Eastern Railway Company and the Province of British Columbia respectively. The several mortgages and deeds of trust mentioned in the preamble of this Act under which the said guaranteed securities are issued and secured are hereby declared to be legal, valid, and binding upon the several parties thereto, their and each of their successors and assigns. VICTORIA, B.C.: Printed by CHARLES F. BANFIELD, Printer to the King's Most Excellent Majesty. 1925. |