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1899 Nova Scotia Chapter 88 - An Act to authorize the Town of Truro to borrow money to pay a bonus to the Midland Railway Company
1899 Nova Scotia Chapter 88 - An Act to authorize the Town of Truro to borrow money to pay a bonus to the Midland Railway Company
An Act was approved by the Nova Scotia legislature on March 30th 1899 to allow the town of Truro to borrow money to pay a bonus to the Midland Railway Company when the railway was fully complete and operational between Windsor and Truro. Summaries of the various sections of the act are just below, while digital images of the 2 pages of the act from the statute books in the Archives of Nova Scotia are shown at the bottom of this page.
Section 1 allowed the town of Truro municipality to borrow thirty thousand dollars as a bonus to be paid to the Midland Railway Company, if the company completed its line from Windsor to the Shubenacadie River and then to Truro via Clifton.
Section 2 allowed the Town to issue debentures for the amount, redeemable in twenty years, with interest paid half-yearly at a rate no more than five percent per year.
Section 3 required the treasurer of the town to pay out the money only when authorized by the town council, and only to the Midland Railway Company once the line is completed and in operation.
Section 4 required the town council to add to the assessment value of the town funds sufficient to pay the interest on the debentures, any administrative expenses, and have money set aside to repay the debentures on maturity.
Section 5 (1) dealt with how the town was to collect the money so assessed.
Section 5 (2) specified the funds were to be held in a bank or trust company and were only to be used for paying the interest or paying off the debentures on maturity. Any councillor who moved, seconded, put or supported by their vote using the money for any other purpose was subject to a fine. The fine was to be paid one half to the town, and one half to the person who so sued the councillor(s) concerned.
Schedule “A” was a form of the debenture for the bonus.
Reference Tag
Please use this citation when referring to this page: 1899 Nova Scotia Chapter 88 - An Act to authorize the Town of Truro to borrow money to pay a bonus to the Midland Railway Company
