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The Loan Act, 1936 (S.C. 1936, c. 41)

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Act current to 2024-05-28

The Loan Act, 1936

S.C. 1936, c. 41

Assented to 1936-06-23

An Act to authorize the raising, by way of loan, of certain sums of money for the Public Service

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

 This Act may be cited as The Loan Act, 1936.

Marginal note:Loan authorized

 The Governor in Council may, in addition to the sums now remaining unborrowed and negotiable of the loans authorized by Parliament by any Act heretofore passed, raise by way of loan, under the provisions of The Consolidated Revenue and Audit Act, 1931, by the issue and sale or pledge of securities of Canada, in such form, for such separate sums, at such rate of interest and upon such other terms and conditions as the Governor in Council may approve, such sum or sums of money as may be required, not to exceed in the whole the sum of seven hundred and fifty million dollars, for paying or redeeming the whole or any portion of loans or obligations of Canada, and also for purchasing and withdrawing from circulation from time to time unmatured securities of Canada, and for public works and general purposes.

Marginal note:Charge upon Consolidated Revenue Fund

 The principal raised by way of loan under this Act and the interest thereon shall be a charge upon and payable out of the Consolidated Revenue Fund.

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