CHAPTER 71. An Act respecting a Subvention to the Provincial Telephone System. (Assented to April 2, 1927.) WHEREAS, the telephone system of the Province has Preamble expended over five million dollars on unprofitable ex tensions of rural and toll lines; and Whereas, such extensions have been made for the purpose of encouraging and perpetuating settlement in the outlying parts of the Province and to afford protection to the person and property of the settlers; and Whereas, the system has suffered material and operating losses of over seven hundred and eighty thousand dollars; and Whereas, it is deemed expedient that the system should be placed upon a sound business basis and that, with that end in view, it should be temporarily relieved from the annual payment of interest and sinking fund charges upon the capital borrowings representing the said expenditure and losses to the extent of three million dollars (hereinafter called "subsidized capital"); and Whereas, it is estimated that a yearly subvention of one hundred and seventy-seven thousand dollars will be sufficient to discharge the interest and sinking fund charges upon subsidized capital; and Whereas, by Order in Council, dated the twenty-first day of December, one thousand, nine hundred and twenty-six, it has been ordered that a special warrant should issue for the sum of one hundred and seventy-seven thousand dollars for the purpose of making a subvention to the system for the year one thousand, nine hundred and twenty-six; and Whereas, the said special warrant has been duly issued: Now therefore, His Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. The said Order in Council and the special warrant Validation issued thereunder are hereby validated and confirmed. confirmation 2. An annual subvention of such sum of money as may be necessary to discharge the interest and sinking fund and Annual subvention Maximum subvention Powers of Repayment of subventions Loans Coming into force of Act charges upon subsidized capital may be granted by the Lieutenant Governor in Council to the system for a period of years beginning with the year one thousand, nine hundred and twenty-seven: Provided, that such subvention shall not in any year exceed the sum of one hundred and seventy-seven thousand dollars (hereinafter called "the maximum subvention") and that such period shall not be greater than a period of nine years. 3. The Lieutenant Governor in Council shall have power- (b) to determine the interest and sinking fund charges Provided that, at the end of the said period the Department of Railways and Telephones shall repay the amount of all subventions given under the provisions of this Act, less such sums as may have been already repaid out of annual surpluses on telephone operations, in accordance with any order made under the provisions of paragraph (a) of this section; and such repayment shall be made by issuing such interest-bearing debentures as may be authorized by the Lieutenant Governor in Council. 4. The Lieutenant Governor in Council may raise by way of loan all such sums as may be necessary to carry out the provisions of this Act, and may without any further or other appropriation than is provided by this Act, pay the said sums or any of them to the Department of Railways and Telephones, in pursuance of the terms of any Order in Council made under the provisions of this Act. 5. This Act shall come into force on the day upon which it is assented to. CHAPTER 72. An Act to amend The Lethbridge Northern (Assented to April 2, 1927.) HIS IS MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. This Act may be cited as "The Lethbridge Northern Title Colonization Act Amendment Act, 1927." amended 2. The Lethbridge Northern Colonization Act, being chap- Section 2 ter 49 of the Statutes of Alberta, 1925, is amended as to section 2 thereof, by adding as paragraph (cc), immediately after paragraph (c), the following: necessaries "(cc) Farming necessaries' shall mean all such things Farming as are necessary or proper for the purpose of working a farm in the proper course of husbandry and are declared in general to be such necessaries by the Lieutenant Governor in Council." amended 3. Section 14 of the said Act is amended by adding as Section 14 subsection (2) thereof, the following: "(2) Notwithstanding anything in this or any other Act contained, no lands vested in the Lethbridge Northern Colonization Manager shall be placed upon the rate enforcement return of the district." 4. Section 18 of the said Act is amended by adding as Section 18 paragraph (g) thereof, the following: "(g) To purchase and sell to approved water-users, farming necessaries, on such terms and conditions amended section 21 5. Section 21 of the said Act is hereby struck out and New the following substituted therefor: sum of "21. No money shall be expended or lent for the or any Aggregate of the purposes set out in paragraphs (d), (e) and (g) of $850.00 section 18 of this Act, in excess of the aggregate sum of eight hundred and fifty dollars." 6. Schedule B of the said Act is hereby struck out. 7. This Act shall come into force on the day upon which it is assented to. Schedule B repealed |