Acts and Regulations

N-5.11 - New Brunswick Highway Corporation Act

Section 26
Disposition versions

Full text
Advances made by the Province
26(1)All advances made by the Province to the Corporation shall be made on such terms and conditions as may be agreed upon between the Corporation and the Minister of Finance and Treasury Board, and without limiting the generality of the foregoing, the Corporation, in consideration of any advance, may
(a) issue and deliver to the Minister of Finance and Treasury Board notes, bonds, debentures or other securities of the Corporation for the same principal amount, maturing on the same date, bearing interest at the same rate and payable as to both principal and interest in the same currency as the notes, bonds, debentures or other securities of the Province issued for the purpose of raising the money advanced by the Province to the Corporation and containing such other terms and conditions, if any, as to redemption in advance of maturity or otherwise as the Minister of Finance and Treasury Board may approve, and
(b) agree to reimburse the Province for all charges and expenses incurred or to be incurred by the Province in connection with the creation and issue of such notes, bonds, debentures or other securities of the Province and the payment from time to time of the interest on them and of the principal of them, whether at maturity or on redemption before maturity and of the amount of the premium, if any, on redemption, and for such other charges and expenses as the Province may incur.
26(2)The Corporation shall pay to the Minister of Finance and Treasury Board in each year in respect of sums advanced by the Province to the Corporation the amount of the sinking fund payment required to be made by the Province in each such year in respect of the notes, bonds, debentures or other securities issued by the Province for the purpose of raising the sums so advanced.
2019, c.29, s.99
Advances made by the Province
26(1)All advances made by the Province to the Corporation shall be made on such terms and conditions as may be agreed upon between the Corporation and the Minister of Finance, and without limiting the generality of the foregoing, the Corporation, in consideration of any advance, may
(a) issue and deliver to the Minister of Finance notes, bonds, debentures or other securities of the Corporation for the same principal amount, maturing on the same date, bearing interest at the same rate and payable as to both principal and interest in the same currency as the notes, bonds, debentures or other securities of the Province issued for the purpose of raising the money advanced by the Province to the Corporation and containing such other terms and conditions, if any, as to redemption in advance of maturity or otherwise as the Minister of Finance may approve, and
(b) agree to reimburse the Province for all charges and expenses incurred or to be incurred by the Province in connection with the creation and issue of such notes, bonds, debentures or other securities of the Province and the payment from time to time of the interest on them and of the principal of them, whether at maturity or on redemption before maturity and of the amount of the premium, if any, on redemption, and for such other charges and expenses as the Province may incur.
26(2)The Corporation shall pay to the Minister of Finance in each year in respect of sums advanced by the Province to the Corporation the amount of the sinking fund payment required to be made by the Province in each such year in respect of the notes, bonds, debentures or other securities issued by the Province for the purpose of raising the sums so advanced.
Advances made by the Province
26(1)All advances made by the Province to the Corporation shall be made on such terms and conditions as may be agreed upon between the Corporation and the Minister of Finance, and without limiting the generality of the foregoing, the Corporation, in consideration of any advance, may
(a) issue and deliver to the Minister of Finance notes, bonds, debentures or other securities of the Corporation for the same principal amount, maturing on the same date, bearing interest at the same rate and payable as to both principal and interest in the same currency as the notes, bonds, debentures or other securities of the Province issued for the purpose of raising the money advanced by the Province to the Corporation and containing such other terms and conditions, if any, as to redemption in advance of maturity or otherwise as the Minister of Finance may approve, and
(b) agree to reimburse the Province for all charges and expenses incurred or to be incurred by the Province in connection with the creation and issue of such notes, bonds, debentures or other securities of the Province and the payment from time to time of the interest on them and of the principal of them, whether at maturity or on redemption before maturity and of the amount of the premium, if any, on redemption, and for such other charges and expenses as the Province may incur.
26(2)The Corporation shall pay to the Minister of Finance in each year in respect of sums advanced by the Province to the Corporation the amount of the sinking fund payment required to be made by the Province in each such year in respect of the notes, bonds, debentures or other securities issued by the Province for the purpose of raising the sums so advanced.