of the said Commissioners, in such sums either in sterling or current money, or part in one and part in the other, not exceeding, in the whole, the sum of fifty thousand pounds sterling, as the Town Council shall from time to time direct and appoint; and the principal moneys and interest secured by the said Debentures shall be made payable either in this Province, in Great Britain, or elsewhere, or part in one place and part in another, and at such times as the said Council shall deem expedient; and further, the said Debentures shall, on the face thereof, respectively express that they are secured on the property aforesaid.

&c.

5. It shall be lawful for the said Commissioners either to How the Deexchange such Debentures for outstanding Harbour or other bentures shall Debentures, or to pay the same to contractors and others hold- be disposed of, ing claims against the said Town, or to negotiate the same as aforesaid, and also to issue new Debentures, if required, from time to time, upon which to raise funds to retire those which shall be outstanding; Provided that a larger amount than the Never to exsaid sum of fifty thousand pounds sterling shall not be at any ceed £50,000. time chargeable against the said Trust property.

Debentures.

6. In addition to the security of the rents, dues, revenues Special rate and profits aforesaid, the Corporation shall levy a special rate of to be levied one shilling and three pence in the pound upon all the taxable for paying the property in the said Town, (the annual value of which amounts, according to the assessment of last year, to thirty-three thousand eight hundred and six pounds, eight shillings and three pence) yearly and every year, at the same time and in the same manner as the ordinary assessments are collected, until the whole

of the said Debentures are paid; and the moneys so collected How to be apshall be paid over by the said Corporation to the said Commis- plied. sioners, to be by them exclusively applied, along with the rents, dues and profits aforesaid, in the first place, towards the liquidation of the interest accruing on the said Debentures, and secondly, to establish a Sinking Fund of one per cent per annum on the amount of outstanding Debentures, the same to be invested by the Trust Commissioners in Government Securities, and the surplus, if any, to be repaid to the said Corporation for Town purposes: And the Harbour shall be under the Proviso: as to control of the said Commissioners, who shall use and exer- Harbour. cise all the powers and duties respecting the same and respect- Harbour dues ing the regulation and collection of the Harbour dues, the ap- to be paid over pointment of officers, and generally all other powers which are to the Comnow possessed by the said Corporation.

missioners.

7. The following persons shall be the Commissioners of the Commissionsaid Trust, as soon as this Act shall go into operation, that is ers named. to say the Honorable George Strange Boulton, Ebenezer Perry, Sidney Smith, Andrew Jeffrey and Asa A. Burnham, all of Cobourg aforesaid; and they shall hold all the said property in fee simple upon the trusts aforesaid.

Vacancies to be filled by the Town Council.

No further

8. In the event of the death, removal, absence or resignation of any of the said Commissioners, the vacancy or vacancies shall be filled from time to time by the Town Council, who shall have power at any meeting specially called for that purpose, to appoint a new Commissioner in the room of any Commissioner so dying, removing or absenting himself from the town, or resigning his office, and thereupon the said property shall vest in such new Commissioner along with the Commissioner or Commissioners who shall still retain office, upon the same trusts as are hereinbefore declared.

9. It shall not be lawful for the said corporation to incur debt to be in- further debt or liability beyond the current expenses, to be curred by the any Corporation. paid for out of the annual assessment, without the sanction of the Legislature; and any such contract or undertaking by the said Corporation shall be utterly void and of no effect; Provided, nevertheless, that the members of the said Corporation, who shall authorize any such contract or undertaking, shall be held personally liable therefor.

Proviso.

Inconsistent enactments repealed.

Saving Pro

viso.

Corporation to be liable beyond the property and special rate pledged as aforesaid.

10. So much of the Act of the Parliament of Canada, passed in the session held in the thirteenth and fourteenth years of Her Majesty's reign, chapter eighty-three, as is inconsistent with this Act, and all other Acts or parts of Acts inconsistent with this Act, so far only as the same are applicable to the Town of Cobourg, are hereby repealed; Provided always, that nothing herein shall affect, prejudice or delay any lien, claim or security upon the said property or the said town, but the same shall stand good and unaffected hereby until satisfaction is made by means of the debentures so to be issued as aforesaid or otherwise.

11. Notwithstanding any thing herein contained, the said debentures, so to be issued as aforesaid, shall not be confined to the security of the said property, but the same shall be chargeable against the inhabitants and rate-payers generally, and may be sued and collected in the same manner as debts due by municipalities, under the existing laws.

12. It shall be lawful for the Governor in Council, by a proclamation to be published in the Canada Gazette upon application by the County Council of the United Counties of Northumberland and Durham, to direct and appoint that from and after a day to be named in such proclamation, the sittings of the several Courts of Assize and Nisi Prius, Oyer and Terminer and General Gaol Delivery, and General Quarter Sessions of the Peace, and the County Court for the United Counties of Northumberland and Durham, shall be holden in the Town Hall in and for the Town of Cobourg; and from and after such day the sittings of the said Courts may be lawfully holden in the said Town Hall, and the same shall be to all

intents

intents and purposes the Court House for the said United Counties.

Town Hall

13. To fix the compensation to be paid by the said How the comUnited Counties for the use of the Town Hall, or so much pensation for thereof as may be used or required for the purposes aforesaid, the use of the if the said Commissioners and the said County Council cannot shall be fixed, agree thereon, one indifferent person shall be named by the if not agreed County Council of the said Counties, one by the said Com- upon by the missioners, and they two shall name a third, who, or a ma- ers and the jority of them, shall have the right, upon such proclamation County, being issued, to fix the amount of such compensation; but the said Counties shall not, nor shall either of them in any way, be liable for the cost of constructing the said Town Hall or any part thereof.

Commission

14. The said Commissioners shall have power to make Council may any leases of the said properties, or any or either of them or lease the proany part thereof, and to collect the rents and apply the same perty pledged. to the purposes aforesaid.

15. This Act shall be a Public Act.

CAP. LXXIII.

An Act to consolidate the debt of the Town of Galt.

Public Act.

[Assented to 4th May, 1859.]

W

HEREAS the Corporation of the Town of Galt have petitioned to be authorized by law to borrow on the debentures of the said Town a sum not exceeding sixty-four thousand dollars, for certain purposes and under certain restrictions in the said petition set forth, and it is expedient that the prayer of their said petition should be granted: Therefore, Her Majesty, by and with the advice and consent of the Legislative Council and Assembly of Canada, enacts as follows:

Preamble

1. It shall be lawful to and for the Mayor and Council of the Council may said Town of Galt to raise by way of loan upon the credit of raise not exthe debentures hereinafter mentioned, from any person or per- 000 by loan. ceeding £16, sons, body or bodies corporate, either in this Province or in Great Britain or elsewhere, who may be willing to lend the same, a sum of money not exceeding the sum of sixty-four thousand dollars of lawful money of Canada.

under direc

2. It shall be lawful for the Mayor of the said Town of Galt, Mayor to issue from time to time, to cause to be issued debentures of the said Debentures Town under the Corporation seal, signed by the Mayor and tion of Councountersigned by the Treasurer of the said Town for the time cil. being, in such sums not exceeding in the whole the said sum of sixty-four thousand dollars, as the Council shall direct and

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appoint,

Debentures.

appoint, and the principal sum secured by the said debentures and the interest accruing thereon, shall be made payable either in this Province, in Great Britain or elsewhere, as the said Council shall deem expedient or necessary.

Application of 3. So much of the said loan so to be raised as aforesaid as said loan to shall be necessary for the purpose, shall be applied by the said redemption of outstanding Mayor and Council of the said Town of Galt to the redemption of the outstanding debentures thereof; And the Treasurer of the said Town is hereby authorized and empowered, on receiving instruction so to do from the Town Council, to call in such outstanding Debentures, and to discharge the same with the funds raised under this Act or to cause to be substituted therefor Debentures to be issued under this Act, as may be agreed by and between the said Corporation and the holders of such outstanding Debentures.

Special rate for discharge issued under

of Debentures

this Act.

How moneys

be invested

4. For the payment, satisfaction and discharge of the Debentures to be issued by virtue of this Act, it shall and may be lawful for the Council of the said Town of Galt, and they are hereby required to impose a special rate per annum, (over and above and in addition to all other rates to be levied in each year, and over and above the interest to be payable on such debentures) which shall be sufficient to form a sinking fund of two per cent. per annum for that purpose.

5. It shall be the duty of the Treasurer of the said Town of so raised shall Galt, from time to time, to invest all sums of money raised by special rate for the sinking fund provided in this Act, either in the debentures provided for by this Act, or in any debentures issued by the Government of Canada, or in such other securities as the Governor of this Province shall by Order in Council direct or appoint, and to apply all dividends or interest on the said sinking fund to the extinction of the debt created by this Act.

Council may

repeal pre

6. For and notwithstanding any provision, clause, matter or thing contained in any Act of the Parliament of this Province vious By-laws to the contrary, it shall and may be lawful for the Council of authorizing special rates, the said Town of Galt, after having called in and paid such when the De- outstanding debentures, to repeal the By-laws of the said Council or of the Council of the late Village of Galt, authorizing the levying of special rates for the purpose of paying and satisfying the same.

bentures are

redeemed.

Certain provisions of 18, 20 V. c. 133,

not to apply to this Act.

7. The provisions of the Statute of this Province, passed in the eighteenth year of Her Majesty's Reign, chaptered one hundred and thirty-three, and intituled, An Act to require that all By-laws of City, Town, Village or Township Councils in Upper Canada, for raising money upon the credit of such City, Town, Village or Township Corporations, shall be approved by a majority of the Municipal Electors before they come into force, shall

shall not apply to this Act, nor to any By-law or By-laws to be passed under the authority thereof.

S. This Act shall be deemed a Public Act.

CAP. LXXIV.

An Act to enable the Municipal Corporation of the Town of Dundas to consolidate its debt, and to issue new Debentures for the redemption thereof.

[Assented to 4th May, 1859.]

Public Act.

W HEREAS the Municipal Corporation of the Town of Preamble.

Dundas, have, by their petition set forth, that their indebtedness by outstanding Debentures of the said Town and sundry open accounts, amounts, with the interest thereon, to one hundred and twenty-eight thousand one hundred and eleven dollars and thirty-three cents, which they desire to consolidate and discharge by the issue of new Debentures, in such sums and payable at such periods and places as they may deem advisable, and it is expedient that the prayer of their said petition should be granted; subject to their liability under the Consolidated Municipal Loan Fund Act: Therefore, Her Majesty, by and with the advice and consent of the Legislative Council and Assembly of Canada, enacts as follows:

bentures for

1. It shall and may be lawful for the said Corporation of the The CorporaTown of Dundas, from time to time to call in the outstanding tion of Dundas Debentures of the said Town, and to issue new Debentures may issue Deunder the Corporation Seal, signed by the Mayor, and counter- $128,111 33c. signed by the Treasurer of the said Town of Dundas, for the time being, in such sums not exceeding in the whole the said aggregate sum of one hundred and twenty-eight thousand one hundred and eleven dollars and thirty-three cents, and payable at such periods as the said Corporation shall direct and appoint; and the principal sum or sums secured by the said new Debentures, and the interest accruing thereon, shall be made payable either in this Province, in Great Britain, or elsewhere, as the said Corporation shall deem expedient or necessary.

the purposes

2. All funds that may be derived from the negotiation or Proceeds to be sale of the said Debentures, or any of them so to be appropriated deposited for as aforesaid, shall, when received, be deposited by the Mayor of this Act. of the said Town, for the time being, in any chartered or incorporated Bank or any of its agencies in this Province, on such conditions as the said Corporation shall from time to time agree upon, and shall only be withdrawn therefrom as they may from time to time be required for the payment and redemption of the said outstanding Debentures and debts, in the next preceding section of this Act mentioned.

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