LAND GRANT.

corner; thence south along the east boundary of said reserve to the point of commencement. Containing an area of 3,750,000 acres, more or less.

WEST LILLOOET BLOCK.

That portion of the Lillooet Land District which may be more particularly described as follows:

Commencing at the north-west corner of the Lillooet Land District, being a point on the one hundred and twenty-fourth meridian; thence south along the said one hundred and twenty-fourth meridian to the point of intersection with the fifty-first parallel of north latitude; thence east along the said fiftyfirst parallel to the Yalakom River; thence north-westerly, easterly, southerly, and westerly along the boundaries of the Yalakom Game Reserve to the point where Four-mile Creek enters the Yalakom River; thence south-easterly along the Yalakom and Bridge Rivers to the mouth of Bridge River; thence along the right bank of the Fraser River to a point due east of the south-east corner of Lot 3000, Lillooet District; thence west five miles; thence north to the south-west corner of Lot 4700; thence west three miles; thence northerly to the south-west corner of Lot 2996 and continuing north to the north-west corner of same; thence east along the north boundaries of Lots 2996 and 2997 to the north-east corner of Lot 2997; thence continuing east to the north-west corner of Lot 2995; thence east along the north boundary of said lot to the west bank of the Fraser River; thence northerly along the westerly bank of said Fraser River to the south-east corner of Lot 4624; thence west five and a half miles; thence northerly to the south-west corner of Lot 2272; thence north along the west boundaries of Lots 2272, 2273, and 2271 to the north-west corner of Lot 2271; thence northerly to the south-west corner of Lot 3071; thence north along the west boundary of said Lot 3071 to the north-west corner thereof; thence west along the south boundary of Lot 3067 to the south-west corner thereof; thence west six miles; thence north three miles; thence east two miles; thence north to the south-west corner of Lot 3505; thence north and east along the west and north boundaries of said Lot 3505 to the northeast corner of same; thence north and east along the boundaries of Lot 222 to the west boundary of Township 10; thence north along the west boundary of said Township 10 and continuing north along the west boundary of Lot 3495 to the north-west corner of said lot; thence east along the north boundary of said Lot 3495 to the north-east corner of same; thence north along the west boundaries of Lots 3499 and 3500 to the north-west corner of Lot 3500; thence north to the Chilcotin River; thence north-westerly along the south bank of the Chilcotin River to the north-east corner of Lot 985; thence south to the north boundary of Lot 2029; thence west along the north boundary of said Lot 2029 and continuing west a total distance of seven and a half miles; thence north to the north boundary of the Lillooet Land District; thence west to the point of commencement. Containing 3,040,000 acres, more or less.

SCHEDULE B.

PEACE RIVER BLOCK.

That block of land in the Cariboo and Peace River Land Districts which may be more particularly described as follows:

Commencing at the south-east corner of the Dominion Government Peace River Block; thence south along the boundary between British Columbia and Alberta a distance of eighteen miles; thence west on a series of six-mile chords to the one hundred and twenty-second meridian of west longitude; thence

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.

[Assented to 11th December, 1925.]

W

THEREAS 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 42 per Cent. Guaranteed
Debenture Stock £2,925,000, which is equivalent
at the rate of $4.8666 to £ Sterling to...............
First Mortgage 42 per Cent. Guaranteed

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

$14,234,805

$ 1,515,195

SECURITIES.

Short title.

Establishment of sinking fund.

Application of moneys in sinking fund.

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 securities.

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 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.