Governor in ing fund, general or special. at the option of the Governor in Council on giving six months notice of such redemption, and to be subject to such regulations as to the inscription, transfer, management, and redemption thereof, as the Governor in Council may see fit to make. 3. On authorizing the issuing of Debentures or Stock under the provide a sink- two next preceding sub-sections, the Governor in Council may provide for a Spécial Sinking Fund with respect to such issue, and may at any time provide for a General Sinking Fund for all such portions of the Debentures or Stock of the Dominion as may have been or may be hereafter issued without provision for a Sinking Fund with respect to them: Provided that the amount to be invested in any such Sinking Fund shall not exceed one half of one per cent per annum on the amount of the Debentures or Stock to which it relates Proviso. By grant of terminable annuities. By issue of exchequer bills or bonds. Governor in change the form of any debt, and on what con ditions. 4. By the granting of terminable annuities chargeable on the Consolidated Revenue Fund, such annuities being granted on terms in accordance with the most approved English Tables, and based on a rate of interest not exceeding six per cent. per annum, and subject to such regulations as the Governor in Council may see fit to make. 5. By the issue and sale, from time to time, of Exchequer Bills or Exchequer Bonds, in sums of not less than four hundred dollars, and bearing such rate of interest not exceeding six per cent. per annum, and redeemable at such periods and places, and in such form, as the Governor in Council may deem most advisable, and subject to such regulations as he may see fit to make 2. The Governor in Council may, from time to time, as the Council may interests of the public service require, change the form of any part of the then existing Funded Debt of the Dominion, including any part of funded debentures for which the Dominion is liable, by substituting one class of the securities aforesaid for another or for such debentures, provided that neither the capital of the debt, nor the annual charge for interest be thereby increased, except only in any case where five per cent. Dominion stock or debentures is or are substituted for securities bearing a higher rate of interest, in which case only the amount of the capital may be increased by an amount not exceeding the difference between the then present value of the security bearing the higher interest and that of the five per cent. stock or debentures substituted for it; but no such substitution shall be made, unless the consent of the holder of the security for which another is substituted be obtained, or such security be previously purchased or redeemed by or on account of the Dominion, and such substitution may be made by the sale of the one class of securities and the purchase of those for which it is desired to substitute them. May raise temporary loans in certain cases of exigence. 3. The Governor in Council may, from time to time, as the exigencies of the public service require, in the event of the Consolidated Revenue Fund being at any time insufficient to meet the charges placed thereon by law, direct the proper officer to raise, by temporary loans chargeable on the said Fund, in such manner and form Proviso. form, in such amounts, for such periods not exceeding six months, at rates of interest not exceeding seven per cent. per annum, as the Governor in Council may direct, such sums as may be necessary to enable the said Fund to meet such charges, but the sums to be so raised shall never exceed the amount of the deficiencies in the Consolidated Revenue Fund to meet the charges thereon then due or payable either as principal or interest, and shall be applied to no other purpose whatever; and an account in detail of all such Accounts to temporary loans shall be laid before the House of Commons with- Parliament. in the first fifteen days of the Session then next ensuing. lations made law. 4. The regulations made or to be made by the Governor in Certain reguCouncil, as to the inscription, transfer, management and redemp- by Governor tion of any Canada Dominion Stock, Debentures, or other Domin- in Council o ion securities above mentioned, under this or any other Act, shall, have force t in so far as they are not inconsistent with the Act under which they are made, have the same force and effect as if embodied and Officers not enacted in an Act of the Dominion Parliament; and no officer of bound to see the Dominion Government employed in the inscription, transfer, to trusts. management or redemption of any such stock or securities, or in the payment of any dividend or interest thereon, shall be bound to see to the execution of any trust expressed or implied to which such stock or securities may be subject, or shall be liable in any way to any person or party for anything by him done as such officer, in accordance with any such regulation as aforesaid. notes not 5. Nothing in this Act shall be construed as altering or affect- Act respecting ing the provisions of the Acts respecting Dominion Notes, or the Dominion debentures to be issued and held for securing the redemption of affected. such notes, or in any way to authorize any increase of the public Public debt debt without the express authority of Parliament, except only in not to be inthe manner and to the extent herein before provided in case of the substitution of five per cent. Dominion stock for other securities. creased except as provided in section 2. Con. Rev. 6. Nothing in this Act shall be construed as altering or affect- Charges on ing in any way the order of priority and rank of the present Fund charges on the Consolidated Revenue Fund, or any enactment not affected, providing for the establishment of any Sinking Fund. nor any sinking fund. inconsistent 7. So much of any Act as may be inconsistent with this Act, or Repeal of as makes other provision than is hereby made as to any matter enactments. provided for by this Act, is hereby repealed, except only as to things lawfully done before the passing of this Act, but no other provision in any Act shall be repealed or affected by this Act. CAP. CAP. VII. An Act to amend the Act regulating the issue of [Assented to 14th June, 1872.] Preamble. Act 33 Vict. amount of specie to be held for Dominion Notes over HE ER Majesty, by and with the advice and consent of the 1. So much of the Act passed in the thirty-third year of Her ended as to Majesty's reign, and intituled: "An Act to amend the Act thirty"first Vict., Cap. forty-six, and to regulate the issue of Dominion Notes," as makes it necessary that if any amount of Dominion redemption of Notes be issued and outstanding at any time in excess of nine millions of dollars, the Receiver General shall hold specie to the full amount of such excess, for the redemption of such Notes, is hereby repealed; and the amount of specie to be held by the Receiver General against such excess shall not be less than thirtyfive per cent of the amount thereof, and the statements to be published by the Receiver General, under the eighth section of the said Act, shall show distinctly the amount so held by him in specie. $9,000,000. Preamble 34 V. c. 5. Error in section 72, as to Bank of British North America corrected. CAP. VIII. An Act to amend the Act relating to Banks and Banking. In Her Majesty's reign, intituled: [Assented to 14th June, 1872.] N amendment of the Act passed in the thirty-fourth year of An Act relating to Banks and Banking,"-Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: 1. Whereas by the fifteenth section of the Act cited in the preamble, it is provided that every Bank to which the said Act applies, shall be exempt from the tax on the average amount of its notes in circulation, to which other Banks will continue liable, and from the obligation to hold any portion of its capital in Government Debentures or debentures of any kind, and the Bank of British North America is one of the Banks to which the said Act applies, and is so described in section seventy-six, and is subject to the obligations in consideration whereof the exemptions in the said fifteenth section were granted, but by a clerical error in the seventy-second section, enumerating the sections which apply apply to the said Bank, the said fifteenth section was omitted, and it is expedient to remedy such error,-therefore, and for the removal of doubt, it is declared and enacted that the said fifteenth section shall apply to the said Bank, and shall be held to have so applied from the time when the said section came into force with respect to the Banks mentioned in the Schedule to the said Act. laws in certain another in no innocent 2. And whereas it is provided by Acts of the Parliament Recital: usury of Canada, that Banks shall not be liable to incur any penalty Provinces. or forfeiture for usury, and may stipulate for, take, reserve, or exact any rate of interest or discount not exceeding seven per centum per annum, and may receive and take in advance any such rate, but no higher rate of interest shall be recoverable by Notes, &c., the Bank; and whereas in some of the Provinces of Canada, not to be laws may be in force, imposing penalties on parties other than deemed usurious by Banks, for taking, or stipulating, or paying more than a certain reason of rate of interest, and doubts may arise as to the effect of such laws interest taken in certain cases, as to parties other than the Bank, to negotiable allowed to one by Banks, or securities discounted or otherwise acquired and held by any party by Bank,—therefore, it is declared and enacted, that no promissory consideration note, bill of exchange or other negotiable security discounted, of such by, or indorsed or otherwise assigned to any Bank, to which interest; and any such Act of the Parliament of Canada as aforesaid party to be applies, shall be held to be void, usurious, or tainted by usury, liable to as regards such Bank or any maker, drawer, acceptor, indorser, loss of remedy or indorsee thereof, or other party thereto, or bond fide holder by reason of usury by thereof, nor shall any party thereto be subject to any penalty or others. forfeiture, by reason of any rate of interest taken, stipulated or received by such Bank, on or with respect to such promissory note, bill of exchange, or other negotiable security, or paid or allowed by any party thereto to another in compensation for, or in consideration of the rate of interest taken, or to be taken thereon by such Bank,-but no party thereto, other than the Bank, shall be entitled to recover or liable to pay more than the lawful rate of interest in the Province where the suit is brought, nor shall the Bank be entitled to recover a higher rate than seven per cent. per annum; and no innocent holder of or party to any promissory note, bill of exchange, or other negotiable security, shall in any case be deprived of any remedy against any party thereto, or liable to any penalty or forfeiture, by reason of any usury or offence against the laws of any such Province respecting interest, committed in respect of such note, bill or negotiable security, without the complicity or consent of such innocent holder or party. c. 5 applies 3. It shall be lawful for any Bank to which the Act first Banks to herein cited applies, (including the Bank of British North which 34 V., America, and La Banque du Peuple) to receive deposits from may receive any person or persons whomsoever, whatever be his, her, or their deposits from age, status or condition in life, and whether such person or per- and repay sons be qualified by law to enter into ordinary contracts or not, them, unless lawfully and minors &c., claimed by repayment. and from time to time to repay any or all of the principal thereof others before and to pay the whole or any part of the interest thereon, to such person or persons respectively, without the authority, aid, assistance, or intervention of any person or persons, official or officials, being required, unless before such repayment the money so deposited in and repaid by the Bank, be lawfully claimed as the property of some other party, in which case it may be paid to the depositor with the consent of the claimant, or to the claimant with the consent of the depositor, any law, usage, or custom to the contrary, notwithstanding:-Provided always, that if the person making any deposit, as aforesaid, could not, under the law of the Province where the deposit is made, deposit and withdraw money in and from a Bank without this Act, then and in that case the total amount of deposits to be received from such person on deposit shall not at any time exceed the sum of five hundred dollars. Proviso as to amount. Such Banks not bound to see to trusts to which such deposits may be subject. Provisions as to cereal grains, malt, and hogs, extended. Sect. 51, par. 2, amended as to sale of 4. No such Bank shall be bound to see to the execution of any trust whether expressed, implied, or constructive, to which any deposit made under the authority of this Act may be subject; and, except only in the case of lawful claim by some other party before repayment, the receipt of the person in whose name any such deposit stands, or, if it stand in the name of two persons, the receipt of one, and if in the names of more than two persons, the receipt of a majority of such persons, shall be a sufficient discharge to all concerned for the payment of any money payable in respect of such deposit, notwithstanding any trust to which such deposit may then be subject, and whether or not the Bank sought to be charged with such trust, (and with whom the deposit may have been made), had notice thereof; and no such Bank shall be bound to see to the application of the money paid upon such receipt, any law or usage to the contrary notwithstanding. 5. The provisions contained in sections forty-six, forty-seven and forty eight of the Act cited in the Preamble are hereby extended to cereal grains in process of being converted into malt or flour, and to malt and maltsters, and also to hogs when converted into bacon and hams. 6. The provisions of the second paragraph of the fifty-first section of the said Act as to the sale of stock, bonds, debentures and Stock pledged, securities in case of default to pay the debt for securing which they were acquired by a bank, may be departed from or varied by any agreement between the bank and the owner of such stock, bonds, debentures or securities, made at the time at which such debt was incurred, or if the time of payment of such debt has been extended then by an agreement made at the time of such extension. Advances on vesssels building, 7. Any bank advancing money in aid of the building of any ship or vessel, shall have the same right of acquiring, and holding security upon such ship or vessel while building and when com pleted |