Preamble 1913 CHAPTER 16 An Act to authorise the Guarantee of Certain Securities of the Grand Trunk Pacific Saskatchewan Railway Company. W [Assented to December 19, 1913.] HEREAS by chapter 14 of the statutes of Saskatchewan passed in the year 1912, intituled "An Act to authorise the Guarantee of Certain Securities of the Grand Trunk Pacific Saskatchewan Railway Company" (hereinafter called "the said Act") provision was made for the guaranteeing by the Province of Saskatchewan of securities in respect, amongst others, of certain lines which the Grand Trunk Pacific Saskatchewan Railway Company (hereinafter called "the company") was authorised to construct and for the securing of the guaranteed securities by means of certain mortgages or deeds of trust; And whereas by section 9 of the said Act it was, amongst other things, enacted that provision might be made for the issue from time to time ranking pari passu with the securities guaranteed under the said Act and without preference or priority one over the other of additional securities of similar kind, tenor and effect not exceeding $15,000 per mile of additional lines of railway in the Province of Saskatchewan to be thereafter constructed by the company: Provided that before such additional securities were issued the guarantee by the province of the payment of the principal and interest thereof should have been authorised and the amounts to be issued per mile in respect of such lines should first have been fixed by the Legislative Assembly and that such guarantee should first have been given pursuant to such authorisation; And whereas by an Act passed at the present session of the Legislative Assembly (hereinafter referred to as "the amending Act") the rate of interest on the said securities authorised to be guaranteed by the said Act was increased from four per centum per annum to four and one-half per centum per annum, payable half yearly, the principal to be payable in thirty years from the passing thereof; And whereas it is expedient to authorise the guarantee by the province of additional securities pursuant to the said provisions; Therefore his Majesty by and with the advice and consent of the Legislative Assembly of Saskatchewan enacts as follows: Guarantee of 1. The Lieutenant Governor in Council is hereby authorised additional on such terms and conditions not inconsistent with the pro- securities visions of this Act as may be agreed upon with the company to guarantee the payment of the principal and interest of additional bonds, debentures, debenture stock or other securities (hereinafter called "the additional securities") of the company to the extent and upon the terms hereinafter set forth. securities 2. The additional securities shall form part of the issue Additional secured or to be secured by the mortgage or the deeds of trust limited by way of mortgage made or to be made securing the guaranteed securities authorised to be issued and guaranteed by the said Act and amending Act; and the additional securities shall be limited to the amount represented by $15,000 per mile of the additional lines of railway mentioned in the schedule hereto, and the interest thereon shall be payable at the rate of four and one-half per centum per annum half yearly. mortgages 3. Before the additional securities are issued and guaranteed Supplementary supplementary mortgages or deeds of trust covering the lines mentioned in the schedule to the said Act and the additional lines of railway in the form approved by the Lieutenant Governor in Council shall as provided in section 10 of the said Act be taken to the trustees of the mortgage hereinbefore referred to. of minister as to 4. The certificate of the minister of railways (hereinafter Certificate called "the minister") as to the mileage of the said respective additional lines of railway shall for the purposes of this Act mileage and of the guaranteed securities be conclusive; but the minister may issue interim certificates from time to time based upon the estimated mileage of the said lines or any of them or may fix temporarily the mileage with regard thereto; final certificates shall be ultimately issued by the minister with regard to each of the said lines to accord with the miles and fractions of miles of the said lines actually constructed between the points authorised. of lines 5. Not less than ninety miles of the lines specified in the Completion schedule hereto shall be completed on or before the thirty-first day of December, 1914, and the remainder of the said lines shall be completed on or before the thirty-first day of December, 1916. to apply 6. All the provisions of the said Act and amending Act not Former Act inconsistent with the provisions of this Act shall apply to the additional lines of railway and to the additional securities issued and guaranteed hereby and in pursuance hereof. SCHEDULE. 1. A line from a point on the Biggar-Calgary branch of the Grand Trunk Pacific Branch Lines Company south-easterly to a point on or near the west bank of the South Saskatchewan river opposite or nearly opposite Riverside or vice versa, from a point on or near the west bank of said river to a point on the said branch for a distance of sixty miles. 2. A line from a point on the main line of the Grand Trunk Pacific Railway at or near township 36 range 8 west of the third meridian, south-westerly from Saskatoon, a distance of fifty miles. 3. A line from a point at or near Talmage on the Regina Boundary Branch of the Grand Trunk Pacific Branch Lines Company north-easterly towards Moosomin, a distance of seventy miles. 4. An extension of the seventy-five miles of the line described in paragraph 2 of the schedule to chapter 14 of the statutes of 1912, being the Watrous-Swift Current line, a further distance of ninety miles. 1913 CHAPTER 17 An Act for raising Money on the Credit of the HT [Assented to December 19, 1913.] IS Majesty by and with the advice and consent of the raise loan 1. It shall be lawful for the Lieutenant Governor in Council Power to to authorise the provincial treasurer to raise by way of loan upon the credit of the province such sum or sums of money, not to exceed in the whole $5,000,000, for all or any of the following purposes, as may be considered expedient, namely, to provide for the cost of: (a) Public buildings, institutions and equipment; (b) Purchase of drainage district debentures issued under (c) Money loaned to the city of Regina to enable the Purposes Saskatchewan 2. The sums of money hereby authorised to be raised by The way of loan shall be raised as provided by The Saskatchewan Loans Act to Loans Act and the sums raised under the authority of this Act shall form part of the general revenue fund of Saskatche wan. apply exempt from 3. All the bonds, debentures, inscribed stock or other Bonds, etc.. securities issued under the authority of this Act shall be free taxes from all provincial taxes, succession duty, charges and impositions whatsoever. Section 2 amended 1913 CHAPTER 18 An Act to amend the Act of 1910-11 for raising [Assented to December 19, 1913.] HIS Majesty by and with the advice and consent of the Legislative Assembly of Saskatchewan enacts as follows: 1. Section 2 of chapter 3 of the statutes of 1910-11 being "An Act for raising Money on the Credit of the General Revenue Fund of Saskatchewan," is amended by striking out the words "at a rate not exceeding four per centum per annum” where they occur in the second and third lines, and inserting in place thereof the words "at such rate as may be authorised by The Saskatchewan Loans Act." |