Statutes of Canada/1867-68/Chapter 32

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Statutes of Canada, 32 Victoria, 1867-68 (1868)
the Parliament of the Dominion of Canada

Chapter XXXII, An Act respecting the Consolidated Revenue Fund.

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4636023Statutes of Canada, 32 Victoria, 1867-68 — Chapter XXXII, An Act respecting the Consolidated Revenue Fund. 1868the Parliament of the Dominion of Canada

Provision		Page
	Preamble . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	36
1	What moneys shall form part of the said Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	36
2	Governor in Council to make regulations as to the debt and payment of interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	37
3	Grants to the Provinces to be a charge of the Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	37
3	Public accounts how to be kept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	37

Cap. XXXII.

An Act respecting the Consolidated Revenue Fund.

[Assented to 22nd May, 1868.]

Preamble.

Her Majesty by and with the advice and consent of the Senate and House of Commons of Canada, declares and enacts as follows :

What moneys shall form part of the said Fund.

1. All Duties and Revenue over which the respective Legislatures of the late Province of Canada, Nova Scotia and New Brunswick, before and at the time of the passing of the British North America Act, 1867, had, and over which the Parliament of Canada now has the power of appropriation, shall form and are hereby declared to have formed since the Union, one Consolidated Revenue Fund to be appropriated for the public service of Canada, in the manner and subject to the charges hereinafter mentioned, and in the following order, that is to say :

First. Collection, &c.

Firstly. — The costs, charges and expenses incident to collection, management and receipt thereof, subject to be reviewed and audited in such manner as is now or may hereafter be by law provided ;

Second. Public debt.

Secondly. — The annual interest of the Public Debts of the several Provinces of Canada, Nova Scotia and New Brunswick, at the Union ;

Third.

Thirdly. — The Salary of the Governor General ;

Fourth. Intercolonial Railway.

Fourthly. — The Principal and Interest at a rate not exceeding four per cent. per annum of the Loan of three million pounds sterling, to be raised for the purpose of constructing the Intercolonial Railway, under the provisions of an Act of the present Session of the Parliament of Canada, Chapter thirteen, upon the guarantee of the payment of Interest on such loan at a rate not exceeding four per centum per annum by the Commissioners of Her Majesty's Treasury, or the principal and interest at a like rate of such part of the said loan as may be raised ;

Fifth. Sinking Fund.

Fifthly. — An annual sum at the rate of one per centum per annum, as a Sinking Fund on the entire amount of principal money of the loan herein last before mentioned ;

Sixth. Advance for same.

Sixthly. — Any sum which shall be issued out of the Consolidated Fund of the United Kingdom under the Canada Railway Loan Act, 1867, with the interest thereon at the rate of five per centum per annum ;

Seventhly. Loan for same.

Seventhly. — The sum of one million pounds sterling, which, by the thirty-second section of the Act of the present session of the Parliament of Canada, chapter thirteen, the Government of

Canada is empowered to raise for the completion of the Intercolonial Railway, but without the guarantee of the Commissioners of Her Majesty's Treasury, and interest thereon.

Governor in Council to make regulations as to the debt and payment of interest.

2. The Governor in Council may, from time to time, make such regulations as he deems necessary for the management of the Public Debt of the Dominion and the payment of the interest thereon, and may provide for the creation and management of the debt and a Sinking Fund or other means of securing the re-payment of any loans that may be raised under the authority of Parliament, and may appoint one or more fiscal agents of the Dominion in the City of London or elsewhere, and agree with them as to the rate of compensation to be allowed them for negotiating loans and for paying the interest on the Public Debt and for other services connected with the management, of the said debt, and may pay the sums necessary to provide such Sinking Fund or other means as aforesaid, and such compensation, out of the Consolidated Revenue Fund.

Grants to the Provinces to be a charge of the Fund.

3. The Grants payable to the several Provinces of Quebec, Ontario, Nova Scotia and New Brunswick, under the one hundred and eighteenth section of the British North America Act, 1867, and the allowance payable to New Brunswick under the one hundred and nineteenth section of the said Act, shall be charged upon the Consolidated Revenue Fund of Canada, and payable out of any unappropriated moneys forming part thereof.

Public accounts how to be kept.

4. The Public Accounts of the Dominion shall be kept by double entry in the Offices of the Receiver General and of the Minister of Finance ; and an annual statement shall be prepared as soon as possible after the termination of each fiscal year exhibiting the state of the Public Debt and the amount chargeable against each of the Public Works for which any part of the debt has been contracted ; also the state of the Consolidated Revenue Fund and of the various Trusts and Special Funds under the management of the Government of the Dominion, and such other accounts and matters as may be required to show what the liabilities and assets of the Dominion really are at the date of such statement.

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