Ontario

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York University, Osgoode Hall Law School

Ontario: Revised Statutes1937c 22 Provincial Loans ActOntario© Queen's Printer for Ontario, 1937Follow this and additional works at: http://digitalcommons.osgoode.yorku.ca/rsoThis Statutes is brought to you for free and open access by the Statutes at Osgoode Digital Commons. It has been accepted for inclusion in Ontario:Revised Statutes by an authorized administrator of Osgoode Digital Commons.Bibliographic CitationProvincial Loans Act , RSO 1937, c 22Repository CitationOntario (1937) "c 22 Provincial Loans Act," Ontario: Revised Statutes: Vol. 1937: Iss. 1, Article 26.Available at: http://digitalcommons.osgoode.yorku.ca/rso/vol1937/iss1/26366 Chap. 22. I'ROn"CI,\1. 1.0,\,,5.CHAPTER 22.The Provincial Loans Act.Sec. 1 (1).Crealllll:pllrmanllntpro\'lllclnistock.HCl:1I1ntlo1l8ns 10 slock.Time of....demptionof Il'o\""rl\·llIen! stock.HeJl:1I1ntiotls"8 to thede!.>l "lidl'IIrment ofnterest.Fiscalf1o::enls, etc.Hnl,;inll'loans. etc..nuthori~cdI.>r LelCis-lnlure.1.-(1) The Lieutenant-Governor in Council may createa permanent pro\'incial stock, which shall be known as "On·tario Government Stock," and shall be personal properly,and the stock, :l.nd the interest thereon, shall be charged uponand paid out of the Consolidated Revenue Fund.(2) The stock shall be subject to such regulations as to theinscription, registration, transfer, management and redemp-tion thereof as the Lieutenant-Governor in Council may make.(3) The Lieutenant-Governor in Council may at the timeof the issue of such stock fix the date at which it shall beredeemed. RS.O. 192i, c. 23, s. 1.2. The Lieutenant-Governor in Council may make suchregulations as he deems necessary for the management of thepublic debt and the payment of the interest thereon, andmay, subject to the provisions of section 3 provide for thecreation and management of a sinking fund, or other meansof securing Ihe repayment of any loan raised by the authorityof the Legislature; and mar appoint one or more fiscal agentsin London, England, or elsewhere, and agree with them asto the rate of compcns..'\tion to bc allowed them for negotia-ting loans, and for paying the interest of the debt, and maypay the sums necess.'\ry to provide the interest, the sinkingfund, or other means afores.'lid, and such compensation outof the Consolidated Re\"Cl1ue Fund. R.S.O. 192i, c. 23, s. 2.:1.-(1) Where in any Act authority is given to the Lieu-tenant-Con'mor in Council to raise, by way of loan, any sumof money, then, unless there is some provision to the contraryin the Act by which the authority is given, such sum shall,in the discretion of the Lieutenant·Governor in Council, beraised in one of the following ways, or partly in one andpartly in another or others thereof. that is to say,- .ily IS'lIe ordebenture!!. (aj b\' the issue and sale of debentures of Ontario, whichsilall be in such foml, for such separate sums, andat such rate of interest, and the principal andSec. 3 (2) (a) Oil. PRO\"IXCIAL LO_~:SS. Chap. 22. 36;(0)interest whereof shall be made payable at suchperiods and places as the Lieutenant-Gm"erncr inCouncil deems expedient, and subject to suchregulations, including regulations as to inscription,registration and transfer as he may make, and suchprincipal and interest shall be charged on and paidout of the Consolidated Re'"enue Fund;b," the issue and sale of Ontario CO\"ernment stock, By Iuue orbe', hr' . d d d"' OntarIo Go\"_anng sue rate 0 mterest as IS eeme expe lent, ernmentpayable half-yearly. and the principal and interest810Ck.whereof shall be charged on and paid out of the Con-solidated Re,-enue Fund;(c) by the granting of terminable annuities charged on Bj- grant of, C. terminableand to be pair! out of the onsohdatcd Re\·enueannuitle~.Fund, on terms in accordance wilh what the Lieu-tenant-Go\'ernor in Council may deem to be themost approved English tables, and based on arate of interest not exceeding four per centumper annum, and subject to such regulations as theLieutenant-Go\'ernor in Council may make;(d) by the issue and sale of exchequer bills, exchequer Br l~ue ofbonds or treasury bills, in sums of not less than ~f~~.e'1,~e:$400 each, in such form and payable at such periods ~~~~'r~?rand places as the Lieutenant-Governor in Council hilLi.deems expedient, and subject to such regulationsas he may make, or by temporary loans, and theinterest thereon and the amount of such bills or bondsshall be charged on and paid out of the ConsolidatedRe\'enue Fund, R.S.O. 192;, c. 23, s. 3 (1).(2) (a) The Lieutenant-Go\'ernor in Council is hcrebv author- RaIsin*" loansized to raise money by way of loan in such mann~r and at ~o~r~~~~~m,"such times as may be deemed expedient by the issue and saleof securities of one or more of the classes specified in sub·section 1, in such amounts as will realize the net sum requiredfor any or all of the following purposes:0) Payment, "funding DC "newaJ fmm ,ime to timeof the whole or any part of any loan made or secur-ities issued under the pro\'isions of this or any otherAct, notwithstanding that the issue of securities forsuch purpose may ha\'c the effect of increasing theamount of the public debt;(ii) Payment of the whole or any part of any loan orof any liability or of any bonds, debentures or368 Chap. 22. !'IW\'I:\CIAL I,OA~S. Se,- 3 (2) <a) (i;).other securities. parment whereof is ~uarantced orassumed by Ihe Province of Ontario.(b) A recital or declaration in Ihe Order of the Lieutenant·Governor in Coullei! authorizing the issue and 5.1.1e of secur·ities to the effect that the :lmounl of the securities SO authorizedis necessary to realize the net sum required to be rnised byway of loan shall be conclusive evidence of that fact. 1935.c. 55. 5. 2.l.,c"tc'lmlt· (3) On authorizin~ the issue of debentures or stock. under(JO\'ernor In . I .(;oundl "'''rclauscs a or b, of subsect un 1. the Aeutenant-GO\'crnor~JI~ok\i~~ef,',nd, in Council may provide for a special sinking fund with respect;~~~i~~V or to such issue, and may at any time provide Cor a generalsinking fund for all such portions of the debentures or stockas have heen or arc hereafter is.<:,ued without provision for a·sinking- fund with respect to them: provided that the amountto he in\"csIL'{! out of the Consolidated Revenue Fund in anysuch sinking fund shall not exceed one-half of one per centumper allnum on the amount of the debentures or stock to whichit relales.>;CCll!";li",....... ,)" .. lole InI" arwcurrency.I ....."e or no",'"e<luritles onf10nlllrilr of!r"n~lIrl"I"ill,..(4) Any of such st--'Curitics may be made payable in anycurrency.(5) Where a sum has heretofore been or is hereafter tem·porarily raised by \\'a~' of loan by the issue and sale of ex-chequer hi lis. exchequer bonds or treasury bills as pro\·idedin clause d of subsection t. the Lieutenant-Governor inCouncil. upon Ihe maturity of such exchequer bills. exchequerbonds or treasury hills. or before the maturity thereof. maydirect that a further issue be made of such exchequer bilts,exchcfluer bonds or treasury bills to the amount of thosematuring", or may dir('cl Ihe issue and sale of debentures ofOntario. of Ontario GO\'ernment stock or of terminable an-nuities for the retirement of such exchequer bills, exche<luerbonds or treasury bills hefore or upon their maturity. andany debentures, GO\·ernment stock or temlinable annuities soi:;sued shall be redeemahle or payable within the term ofyC'ars fixed by the Act autJlOrizins.:- the loan and such terlllshall be reckoned from tlH~ date of the issue of such deben-tures, Government stock or terminable annuities, but nothingin this subsection shall authorize the issue of any securityIwyond the amounl of any 1D.;"111 authorized by Act of thisLeJ::islaturc. R.S.O. 11)2i. e. 23. s. 3 (2-4).1~~L1" of new (6) \\'here a SUIll has heretofore bccn. or is hereafter.~e~url1'e~ for •retirE-ml'nt urraised by tcmporar\' loan the Lieutenant-Governor in CounCillE-mpOr"'T '. ~ .lOll". may from tllne to tIme rellfe such temporary loan or any Jl<'lrtSee. 5 (2). PROYIXCIAL LDA:\S. Chap. 22. 369thereof by the issue of treasury bills to an equal amount.or may direct the issue and sale of debentures of Ontario, ofOntario Goyernment stock. or tenninable annuities, (or Iheretirement of such temporary lo'ln, and any debentures.Government stock or terminable annuities so issued shall beredeemable or payable within lhe tenn of years fixed br theAct authorizing the loan, and such term shaH be reckonedfrom the dale of the issue of such debentures. GO\-ernn~entstock or terminable annuities; but nothing in this subsectionshall authorize the issue of any security beyond the amountof any loan authorized by _-\Cl of this Legislature. 1933, c. 59,s. 2; 1934, c. 43. s. 2.(7) All debentures, bonds, certificates for inscribed stock ~Qen~~~I~{r'or annuities exchequer bonds or treasur\, bills issued 1)\· the IQ conlU\I\, .. aUlhorlt\·Lieutenant-GO"ernor in Council upon the authority and .'credit of the PrO\'ince for obtaining money by way of loanshall contain in the body of the debenture. bond or otherdocument a statement of the particular Act or legislati\'eauthority under "'hich such loan has been authorized, andno bonds hereafter issued shall be "alid unless such statementof the legislative authority for the particular lO<'1n is con-tained in the body of the debenture, bond or other security.(8) In any ad"ertisement for the sale of debentures. bonds .\d\'erti~e·or of other securities set ou t in subsection 7. issued in the name ::i.';.~il~oof the Treasurer of Ontario or any other pro\'incial of'ficer8UlhOrll)',there shall be contained a statement of the legislative author-ity under which the said loan is authorized, R,S.O. 1927,c. 23, s. 3 (5. 6).4. The Lieutenant-Governor in Council mOl" direct that He>:"ter for. , • , IIl~<rllJedthe whole or any part of Ontario GO\'ernment stock be 1Il-~lo"k orscribed and transferred in a register kept in the l'nited I,ing- OIlI~rw.dom, or in any foreign country, at such place. and by suchbank, officer or person as he may appoint, R.S.O. 1927,c. 23. s. 4.5.-(1) The Lieutenant,Governor l11a,·, under the Great L'eutellal,l-Se 1 . C ·1 h' ' OO\'ernor 1Ila or III ouncl. aut onze any person to make any declnra- (:oUIl(",II"tion, and take any steps necessary to record such inscribed ~ro',;k~Il('hstock or any portion thereof under and in accordance with ,",,("ouied,the provisions of the Imperial Acts. known as the ColonialStock :\cts of IBii to 1900, or any amendments thereOf.(2) The Treasurer of Ontario ma\", out of the Consolidaled Pnyme"t,Revenue Fund, pay, satisfy and 'discharge any judgment, :~("tJi.ol'jzed,decree, rule or order of a Court in the l'nited h:ingdom.which, under the provisions of section 20 of The ColoJ/ial Stork.170 Chap, 22 . l'IWYlXC1AL 1.0.-\:\"5. SI::C. 5 (2).Arl, 1~'77, or any amendment therelo, is to be complied withby the rcg-islrar of the inscribed stock of Omado in Eng-land.~rr~~tent (3) In the event of the loss of any debenture or coupondelJ"'''t"re~ for interest on <lily dclK'nlufc, the Treasurer of Ontario maylll.<l c"upon~,out of the Consolidaled I{c\'(:lIUC Fund. pay the amounltllcrc-of and may wkc a bond ill such amount and in such form ashe may decm il(h·js..1.hlc, indemnifying the Province of Ontarioagainst loss in respect of such payments. R.S.O. 192i. c. 23,s. S.~i~:~~~~~~l~ H. The Licutenant-Go\'crnor in Council may change theCouncil '1.\[\~' form of :llW part of the debt of Ontario by substituting onech"n~e t"e '... . .form ofdellt. class of tile sccurHlCS aforesaId for ,mother. or 1)\' IssUInglind on whnl I I . I f II . I . d' .conditions. one (e JCnture (·It ler II y reglstcrc( or re~lstere as to prin-cipal only III exchan~e for ten or more debentures of an equalaggregate <lmount, pro\'ided that neither the capital of thedebt nor the annual char~e for intercst is thereby increased,except \\·here a security hearing a lower rate of interest issubstituted for one hearing a hig"her rate of interest, in whichcase only the amount of the capital may he increased hy anamount not exceeding rhe difference between the then pre-sent ynlue of the securities; but such substitution sh31l nothe made unless the consent of the holder of the security forwhich another is substituted is obwincd, or such security ispreviously purchased or redeemed by or 011 account of Ontario.and such suhstitution may be made by the sale of a securityof one class nnd the purchase of that for \\'hich it is desired10 substitute it. R.S.a. 1927, c. 23, s. 6.I'vwer tocan«!ldelJenlure5,eIC.. He·'lulrf!d on5inkinK fumJnccount.7. The Treasurer of Ontario may cancel any or all de-bentures, hands nnd other securities of the Pro\'ince of On-lario wllich come into his hands through purchase for sinkingfund. or otherwise, and upon cancellation such debentures,hands and other securities shall cease to be a charge upon theConsolidated Re\"Cnue Fund. R.S.O. 1927, c. 23, s. 7.Cert,dnre>:ulat;onsmade I.WLieutenant-(Jo"ern"r InCouncil toha "e forceof III\\'.8.-(1) The regulations made by the Lieutenant-Go\'ernorin Council under this or any former Act shall, in so far as the)'arc not inconsistent with the Act under which they are made,haH the S.1T11C force and eflect:ls if embodied and enacted in anAct of this LeR"islature.OfTIc..r~ not (2) No officer or person employed in the inscription, regis-~OUl1dto~~e . . f hto tru~t~. traUOII, transfer. mana~elllent or redemption of any 0 I eaforesaid securities. or in payment of any diyidend or interestthereon, shall be bound to sec to the execution of any trust,expressed or implied, to which such ~ecurities are suhject, or~hall he li:lble in any way to any person for anything by himdone in accordance with any such regulation. R.S.O. 1927,c. 23, s. S.Sec. 13. PRO\'IXCIAl.. l..OAX$. Chap. 22. 3719- .-\11 mOnf'y r",if',f'n hy the i~!:nJe ann 1'",11" of any of tnf' ~o~~~al~e~~aforesaid securities shall be paid to the Treasurer, and shall of Con l~e,"fonn part of the Consolidated Reyenue Fund. R.S.O. 192i, Fund.C. 23, s. 9.10. The Lieutenant-Go\'ernor in Council rna\' direct that E~emplionmoney inyested in Ontario Goyernment stock, 'bonds or de, i~~lion.bentures and the interest thereon shall be free from all pro-vincial taxes, succession duty, charges and impositions andfrom municipal taxation. R.S.O. 192i, c. 23, s. 10.11. Nothing in this Act shall authorize any increase of ~ee~~c~~~~~':1the public debt without the express authority of this Legisla- h~~:rnl Il~ture, except in the manner and to the extent hereinbefore pro\·ided.mentioned. R.S.O. 192i, c. 23, s. 11.12.-(1) The Lieutenant,Goyernor in Council ma\' pro\'ide Pro'-l.nclal. .. . !ecuntle~.for the manner of executlllg pro\'lIlclal securities, and that hon'h 0 f h T f 0 0 0 0 1executed.t e signature 0 t e reasurer 0 ntano upon pronnClasecurities and the coupons attached thereto may be litho-graphed or engra\·ed. the securities being in such case counter-signed by the Assistant Treasurer or such officer or officers ofthe Treasury department as may be appointed for the purpose.R.S.O. 192i, c. 23, s. 12.(2) \\'here in any Act authority is giwn to the Lieutenant- .... uthont}'Governor in Coun"cil to raise, b~' way of loan, any sum of r~~pora~,.h Lo GOo c· 01 f' . loan~ andmoney t e leutenant, overnor III ounCI may rom tlmeo\·erdraft~.to time authorize the Treasurer of Ontario to raise the wholeor any part thereof by temporary loan, and, in such case,unless the Lieutenant-GO"ernor in Council otherwise directs,such sum as the Treasurer is authorized to raise by temporaryloan or any part thereof may be raised by way of chequescreating owrdrafts having the facsimile signature of theTreasurer of Ontario affixed thereto by the use of a rubberstamp or by printing. lithographing or engraving and bearingsuch signatures or countersignatures of other officers, who forthe time being are authorized to sign or countersign cheques,as would make such cheques if not creating o\'erdrafts bindingon the Province of Ontario, and all moneys paid in honouringany such cheque by any bank upon which such cheque isdrawn shall conclusiwh' be deemed to have been raised b\' theLieutenant-Governor (n Council in pursuance of such" .-\ct.1934, c. 43, s. 3.13. Nothing in this Act shall impair (lr prejudicialh' Secu~itle~ff . . . .' heretoforea ect the TIghts of the holder of any seCUTltles heretofore Issued. issuedR S 0 192- 23 13" protected.. .. I, C. , s. .

c 22 Provincial Loans Act

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c 22 Provincial Loans Act

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