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1879 Nova Scotia Chapter 65 - An Act to authorize the Government of Nova Scotia to aid the Railway from Digby to Yarmouth
1879 Nova Scotia Chapter 65 - An Act to authorize the Government of Nova Scotia to aid the Railway from Digby to Yarmouth
An Act was approved by the Nova Scotia legislature on April 17th, 1879 to allow the Government of Nova Scotia to guarantee repayment of debentures to be issued by the Western Counties Railway. This would greatly enhance the salability of the debentures to investors. A summary of the act appears below, while digital images of the two pages of the act are shown at the bottom of this page.
Summary of Chapter 65 of the Acts of 1879
An Act to authorize the Government of Nova Scotia to aid the Railway from Digby to Yarmouth
Passed April 17, 1879
Section 1 - The Government of Nova Scotia was permitted to guarantee interest on debentures issued by the Western Counties Railway Company to allow the company to complete its railway from Digby to Yarmouth, The debentures covered were to be a first lien on the railway's real and moveable property.
Section 2 - A technical section that the current act was complied with.
Section 3 - Any sum paid by the Government to cover the guarantee would have to be paid back by the company in due course as agreed between the Government and the company.
Section 4 - The Governor in Council (or in other words, the provincial civil service and applicable cabinet minister) was to ensure the money raised in sale of the guaranteed debentures was actually used in construction of the railway.
Section 5 - The act Chapter 29 of the Acts of 1877 was repealed. That earlier act had authorized issuing Provincial Debentures.
Reference Tag
Please use this citation when referring to this page: 1879 Nova Scotia Chapter 65 - An Act to authorize the Government of Nova Scotia to aid the Railway from Digby to Yarmouth
