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It has been in effect since November 14, 1990, when this Act came into force.
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R.S.M. 1990, c. 213
The Winnipeg and Hudson's Bay Railway and Steamship Company Act
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WHEREAS An Act to Aid the Construction of the Winnipeg and Hudson's Bay Railway and Steamship Company was assented to May 2, 1885;
WHEREAS the preamble to this Act when it was originally enacted provided as follows:
WHEREAS, the Legislative Assembly of the Province of Manitoba has declared its opinion that the Province should encourage the construction of the Winnipeg and Hudson's Bay Railway and Steamship Company's enterprise by granting and giving aid thereto;
AND WHEREAS it is considered advisable to continue this Act in the body of Manitoba's laws in its original form without revision;
AND WHEREAS the Minister of Justice has caused this Act to be prepared in English and French for re-enactment in accordance with a judgment dated June 13, 1985 and an order dated November 4, 1985 of the Supreme Court of Canada;
THEREFORE HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
Aid granted by giving $1,000,000 in debentures payable 25 years
That the Province of Manitoba shall encourage and aid the construction of the said railway, by granting and giving to the said Company the sum of one million dollars, bearing four per cent. interest, the same to be given by issuing debentures for the said sum of one million dollars, with interest as aforesaid, payable twenty-five years after the issue thereof, with interest payable, subject to the following conditions:
All rail route
(1) That the road to be constructed by the said Company shall be an all rail route, and be constructed from some port on the Hudson's Bay and connect with the main line of the Canadian Pacific Railway within the Province of Manitoba;
Standard equal to C.P.R.
(2) That the said road shall be constructed of a standard to be at least equal to the standard of the Canadian Pacific Railway;
Bona fide construction to be commenced within two years and completed within five years
(3) That the said Company shall commence bona fide construction of the said railway within two years from the passing of this Act, and make connection with the Canadian Pacific Railway within the Province as aforesaid, and complete the said railway, and have the same in operation, within five years from the fourteenth day of April, one thousand eight hundred and eighty-five.
No amendments to charter prejudicial to Manitoba
(4) That no amendments shall be applied for by the said Company, or made by the Federal Government, prejudicial to or affecting the interests of the Province of Manitoba or its railway interests;
Approval of Lieut.-Governor in Council to amendments
(5) That in case any amendment shall be desired by the said Company, contrary to the preceding sub-section, before the same shall be applied for or granted, the approval of the Lieutenant-Governor-in-Council shall first be desired and had.
Debentures may be issued and placed in hands of Minister of Finance for Canada or chartered bank
Subject to the foregoing conditions, it shall and may be lawful for the Lieutenant-Governor-in-Council to cause to be issued debentures of the Province to the extent of one million dollars, bearing interest as aforesaid, and running for the term aforesaid, which said debentures shall be placed in the hands of the Minister of Finance for Canada, or with such chartered bank as may be mutually agreed upon, and held by him or such bank in trust, to be handed over to the Company on the completion of the road, according to the conditions hereinbefore stated.
Such debentures shall be signed by the Provincial Treasurer and countersigned by the Provincial Secretary and have the seal of the Province affixed thereto, and shall have coupons attached for the interest payable half-yearly, and such coupons shall be signed by the Provincial Treasurer or deputy thereof and countersigned by the Provincial Secretary or Deputy thereof, and such debentures may be made payable at such place or places either within or without the Province of Manitoba as the Lieutenant-Governor-in-Council shall decide.
No interest payable during construction
No interest on the debentures so to be issued shall be allowed or payable during the progress of construction or before the delivery of the debentures to the said Company, and in case any coupons for such interest may have matured before such date, the said coupons which may have so matured shall be detached, cancelled and returned to the Provincial Treasurer of the Province by the Minister of Finance, or the manager of such bank, before the debentures shall be handed over.
The Minister of Finance, or the manager of such bank, shall deliver the debentures to the Company upon the report of the commissioners, or arbitrators, to be selected as hereinafter mentioned, that the road has been constructed and is in active operation, and that the conditions herein mentioned have been fully complied with.
In case the said commissioners, or arbitrators, should not be unanimous, the report of the majority shall have the same effect as if the said commissioners, or arbitrators, should make an unanimous report. The said commissioners, or arbitrators, shall be elected as follows:--One shall be appointed by the Lieutenant-Governor-in-Council, on behalf of the Province of Manitoba; one shall be appointed by the Winnipeg and Hudson's Bay Railway and Steamship Company, and the third shall be appointed by the Court of Queen's Bench of the Province of Manitoba.
Special sitting of Court of Q.B.
The said Court shall, upon the request of the Lieutenant-Governor-in-Council, hold a special sitting for the appointment of such third commissioner, or arbitrator if such request shall be made out of term.
NOTE: This Act replaces S.M. 1885, c. 55.