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An Act respecting the Guaranteed Securities of the

Pacific Great Eastern Railway Company.

[Assented to 11th December, 1925.]

W

HEREAS 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 Do-
minion 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
Debenture Stock £2,925,000, which is equivalent
at the rate of $4.8666 to £ Sterling to........... $14,234,805

First Mortgage 412 per Cent. Guaranteed
Bonds

$ 1,515,195
(which is equivalent at the rate of $4.8666 to £
Sterling to £311,345.14.1)

SECURITIES.

Mortgage and Deed of Trust, dated 30th November,

1914, between Pacific Great Eastern Railway
Company, The Northern Trusts Company, Trus-
tee, and His Majesty the King on behalf of the
Province of British Columbia :-

First Mortgage 412 per Cent. Guaranteed
Bonds

$ 1,050,000 (which is equivalent at the rate of $4.8666 to £

Sterling to £215,756.7.7)
Mortgage and Deed of Trust, dated 30th November,

1914, made between Pacific Great Eastern Rail-
way Company, The Northern Trusts Company,
Trustee, and His Majesty the King on behalf of
the Province of British Columbia :-
412 per Cent. Guaranteed Bonds

$ 3,360,000 (which is equivalent at the rate of $4.8666 to £

Sterling to £690,420.8.4) 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:

Short title.

1. This Act may be cited as the “ Pacific Great Eastern Securities Act."

Establishment of sinking fund.

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.

Application of
moneys in
sin king fund,

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.

6. The guaranteed securities mentioned in the first recital in the Declaration of

of preamble of this Act and the guarantee by the Province of British validityes? 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.

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An Act in Aid of the Municipality of The Corporation

of the City of Port Coquitlam.

W

[Assented to 11th December, 1925.] HEREAS unusual circumstances have arisen by reason of Preamble.

which the municipality of The Corporation of the City of Port Coquitlam has become temporarily embarrassed financially, and the Municipal Council has applied to the Government for aid by way of a loan of moneys urgently needed to enable the municipality to meet extraordinary liabilities now pressing:

And whereas it is expedient in the interest of the ratepayers of the said municipality that aid should be granted:

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 “ City of Port Coquitlam Aid Act, Short title. 1925."

2. The Lieutenant-Governor in Council may advance by way of Power to loan

$20,000 to loan to The Corporation of the City of Port Coquitlam a sum not municipality. to exceed twenty thousand dollars.

3. The moneys loaned pursuant to this Act shall bear interest at Interest and

repayment. the rate of five per centum per annum, payable half-yearly, and shall be repayable not later than ten years from the date of the loan.

4. The Council of the said municipality may pass a by-law provid. Power of munici

pality to pass loan ing for the issue of debentures of the municipality as security for by-law without

assent of electors. the moneys so loaned, and it shall not be necessary to obtain the assent of the electors of the municipality to such by-law.

5. Subject to section 3, the Lieutenant-Governor in Council may Agreement as to enter into an agreement with the Council of the said municipality tions of loan.

terms and condi

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