Canadian National Montreal Terminals Act, 1929
S.C. 1929, c. 12
Assented to 1929-06-14
An Act respecting the Construction by the Canadian National Railway Company of certain terminal facilities with grade separation and other works at and in the vicinity of the City of Montreal
His Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: —
Marginal note:Short title
Marginal note:Power to construct and complete works described in schedule
2. The Governor in Council may provide for the construction and completion by the Canadian National Railway Company (hereinafter called “the Company”) of terminal stations and offices, local stations, station grounds, yards, tracks, terminal facilities, power houses, pipes, wires and conduits for any purpose, bridges, viaducts, tunnels, subways, branch and connecting lines and tracks, buildings and structures of every description and for any purpose, and improvements, works, plant, apparatus and appliances for the movement, handling or convenient accommodation of every kind of traffic, also street and highway diversions and widenings, new streets and highways, subway and overhead streets, and also approaches, lanes, alleyways, and other means of passage, with the right to acquire or to take under the provisions of section nine of this Act or otherwise lands and interests in lands for all such purposes, all on the Island of Montreal in the Province of Quebec, or on the mainland adjacent thereto, as shown generally on the plan or plans thereof to be from time to time approved by the Governor in Council under the provisions of section seven of this Act; the whole being hereinafter referred to as the “said works”, and a short description whereof for the information of Parliament but not intended to be exhaustive, being set out in the schedule hereto.
Marginal note:Issue of securities and guarantee thereof
3. Subject to the provisions of this Act, the Company may issue notes, obligations, bonds and other securities (hereinafter called “securities”) in respect of the construction and completion of the said works, and the Governor in Council may authorize the guarantee of the principal and interest of such securities to an amount not exceeding fifty million dollars ($50,000,000). The Company shall not, without the approval of the Governor in Council, spend upon the said works more than ten million dollars ($10,000,000) per annum.
Marginal note:Nature and form of securities
4. (1) With respect to such securities, the Governor in Council may, subject to the provisions of this Act, from time to time approve or decide, —
(a) the kind of securities to be issued and guaranteed, and the form and terms thereof;
(b) the form and manner of the guarantee or guarantees;
(c) the times, manner and amount of the issue or issues;
(d) the terms and conditions of any sale, pledge or other disposition of the securities;
(e) the securing, if deemed desirable by the Governor in Council, of the securities by mortgage, deed of trust or other instrument, and the form and terms of any such indenture, and the trustee or trustees thereof.
(2) The guarantee or guarantees may be signed on behalf of His Majesty by the Minister of Finance or by such other person as the Governor in Council may from time to time designate, and such signature shall be conclusive evidence for all purposes of the validity of such guarantee and that the provisions of this Act have been complied with.
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