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| This Act is current to August 26, 2025 |
[Prepared for convenience by the Office of Legislative Counsel. Note: This Act has not been revised as part of the Revised Statutes 1996. References in this Act to other Acts may be references to earlier Revised Statutes or to Acts not consolidated in a general revision of statutes, depending on when the provision of this Act containing the reference was enacted or amended.]
Assented to April 17, 1920
2 (1) The Lieutenant-Governor in Council may (in addition to all other moneys authorized to be raised or borrowed by any other Act of the Legislature) borrow or raise from time to time, in such amounts, in such manner, and at such times as may be deemed expedient, any sum of money not exceeding five million dollars by the sale of debentures or Treasury bills or notes, or by the issue and sale of "British Columbia Stock" under the provisions of the "Inscribed Stock Act" or otherwise.
(2) Treasury bills or notes may be renewed and reissued from time to time, and the amount outstanding on any original or renewed Treasury bills or notes or securities may be converted into debentures or "British Columbia Stock" under the provisions of the "Inscribed Stock Act " or otherwise, but so as to be repayable not later than the thirtieth day of June, 1970; and such debentures or stock may be issued and sold to provide for the retirement of such Treasury bills or notes.
3 (1) Subject to subsection (2), all debentures, Treasury bills or notes, British Columbia stock, or other securities issued and sold for the purpose of raising moneys borrowed or raised pursuant to this Act shall bear interest at a rate not exceeding six per centum per annum, to be fixed at the time of sale, and to be payable half-yearly, and shall be repayable at a date to be fixed at the time of sale, not later than the thirtieth day of June, 1970.
(2) Treasury bills or notes, whether original or renewed, may be issued under this Act without bearing interest.
3A Such debentures, Treasury bills, Treasury notes, or British Columbia stock, or any of them, may be sold for such sum, whether the same is the par value or less or more than the par value of such debentures, Treasury bills, Treasury notes, or British Columbia stock, and on such terms and conditions as the Lieutenant-Governor in Council or the Minister of Finance or other person or agent appointed for the purpose of negotiating any loan deems expedient.
4 It shall be lawful for the Lieutenant-Governor in Council to appoint the Minister of Finance, or other person or persons or agent from time to time, the agent of the Government for the purpose of negotiating any such loan, and the Minister of Finance or other duly appointed person or agent may arrange all details and do, transact, and execute all such deeds, matters, and things as may be requisite during the conduct of negotiations or for the purpose of placing the loan.
5 (1) The Minister of Finance may from time to time pay the interest accruing on all moneys borrowed or raised pursuant to this Act out of the Consolidated Revenue Fund.
(2) The Lieutenant-Governor in Council may from time to time provide for the repayment of every loan under this Act by appropriating yearly out of the general revenue of the Province, such sums of money as may be sufficient for the creation and maintenance of a sinking fund for the final payment of every such loan, and may make provision for the investment from time to time of the amount of any sinking fund or any part thereof.
6 Moneys raised under this Act shall, after payment of discount, commission, brokerage, and other expenses of every loan hereunder, be paid into the Consolidated Revenue Fund, and shall only be paid thereout in accordance with the provisions of this Act.
7 (1) Out of the moneys borrowed or raised under this Act and paid into the Consolidated Revenue Fund, the Lieutenant-Governor in Council may from time to time:—
(a) Advance to the University Endowment Lands Administration Account established under the 'University Endowment Lands Act', being an Act of the session of 1925, such sums as the Lieutenant-Governor in Council may deem expedient:
(b) Notwithstanding anything contained in the 'British Columbia University Act,' expend through the Department of Public Works such sums in erecting and equipping such buildings and structures upon lands of the University of British Columbia, for the use of the University, as the Lieutenant-Governor in Council may deem expedient:
(c) Apply such amount thereof as may be found necessary to repay all moneys advanced from the Consolidated Revenue Fund for any of the purposes mentioned in clauses (a) and (b) of subsection (1) of the section for which this section is substituted under authority of Order in Council Number 667, approved the seventeenth day of June, 1925, and Order in Council Number 745, approved the seventh day of July, 1925, and the special warrants issued thereon respectively.
8 (1) Where, since the twenty-fifth day of April, 1907, any Crown lands have been reserved for University purposes by notice published in the Gazette pursuant to Order of the Lieutenant-Governor in Council, or have been selected, set apart, or reserved pursuant to the provisions of the "University Endowment Act," being chapter 45 of the Statutes of 1907, or pursuant to the provisions of sections 104 to 110 of the "British Columbia University Act," the reservation, selection, and setting-part of those lands respectively is hereby cancelled; and, subject to subsection (2), all the lands so reserved, selected, or set apart shall be administered and disposed of as Crown lands of the Province in the same manner as if the reservation, selection, or setting-apart thereof had never taken place.
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