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30º & 31º Victoriæ, Cap. 3.
The British North America Act, 1867.
Transfer of property in schedule.108. The Public Works and Properly of each Province, enumerated in the Third Schedule to this Act, shall be the Property of Canada.
Property in Lands, Mines, &c.109. All Lands, Mines, Minerals, and Royalties belonging to the several Provinces of Canada, Nova Scotia, and New Brunswick at the Union, and all Sums then due or payable for such Lands, Mines, Minerals, or Royalties, shall belong to the several Provinces of Ontario, Quebec, Nova Scotia, and New Brunswick in which the some are situate or arise, subject to any Trusts existing in respect thereof, and to any Interest other than that of the Province in the same.
Assets connected with Provincial debts.110. All Assets connected with such Portions of the Public Debt of each Province as are assumed by that Province shall belong to that Province.
Canada to be liable for Provincial debts.111. Canada shall be liable for the Debts and Liabilities of each Province existing at the Union.
Debts of Ontario and Quebec.112. Ontario and Quebec conjointly shall be liable to Canada for the Amount (if any) by which the Debt of the Province of Canada exceeds at the Union Sixty-two million five hundred thousand Dollars, and shall be charged with Interest at the Rate of Five per Centum per Annum thereon.
Assets of Ontario and Quebec.113. The Assets enumerated in the Fourth Schedule to this Act belonging at the Union to the Province of Canada shall be the Properly of Ontario and Quebec conjointly.
Debt of Nova Scotia.114. Nova Scotia shall be liable to Canada for the Amount (if any) by which its Public Debt exceeds at the Union Eight million Dollars, and shall be charged with Interest at the Rate of Five per Centum per Annum thereon.
Debt of New Brunswick.115. New Brunswick shall be liable to Canada for the Amount (if any) by which its Public Debt exceeds at the Union Seven million Dollars, and shall be charged with Interest at the Rate of Five per Centum per Annum thereon.
Payment of interest to Nova Scotia and New Brunswick.116. In case the Public Debts of Nova Scotia and New Brunswick do not at the Union amount to Eight million and Seven million Dollars respectively, they shall respectively receive by half-yearly Payments in advance from the Government of Canada Interest at Five per Centum per Annum on the Difference between the actual Amounts of their respective Debts and such stipulated Amounts.
117.
