Acts and Regulations

N-5.11 - New Brunswick Highway Corporation Act

Section 28
Disposition versions

Full text
Borrowing
28(1)The Corporation, on the recommendation of the Minister of Finance and Treasury Board and with the approval of the Lieutenant-Governor in Council, may
(a) borrow such sums of money as it requires for its purposes and may charge, pledge or mortgage the lands and other assets and receivables of the Corporation to secure such loans,
(b) issue, sell, exchange or otherwise dispose of notes, bonds, debentures or other securities in such currencies and on such terms and conditions as the Corporation may determine,
(c) charge, pledge, deposit or otherwise deal with its notes, bonds, debentures or other securities as collateral security, and, when the Corporation again becomes entitled to securities dealt with as collateral security, may issue, re-issue, charge, pledge, deposit or otherwise deal with them as collateral security or may cancel them, and
(d) borrow by way of temporary loans from any chartered bank or from any person such sums as it requires upon such terms and conditions as it may determine and may pledge as security for such temporary loans, notes, bonds, debentures or other securities of the Corporation pending their sale or in lieu of selling them, or in such other manner as the Corporation may determine.
28(2)The notes, bonds, debentures and other securities of the Corporation shall be in the form and shall be executed in the manner the Corporation determines.
28(3)The Corporation shall pay to the Minister of Finance and Treasury Board such payments for sinking fund purposes as may be required by the terms of any note, bond or debenture issue and such funds shall be retained and invested for the account of the Corporation and be used by the Corporation to make payment at the maturity of any such notes, bonds or debentures.
28(4)The seal of the Corporation may be engraved, lithographed, printed or otherwise mechanically reproduced on any security to which it is to be affixed and any signature on any such security or on coupons attached to it may be engraved, lithographed, printed or otherwise mechanically reproduced on them, and a seal or signature so mechanically reproduced has the same force and effect as if manually affixed and is valid and binding notwithstanding that the person whose signature is so reproduced ceased to hold office before the date or issue of the security.
2019, c.29, s.99
Borrowing
28(1)The Corporation, on the recommendation of the Minister of Finance and with the approval of the Lieutenant-Governor in Council, may
(a) borrow such sums of money as it requires for its purposes and may charge, pledge or mortgage the lands and other assets and receivables of the Corporation to secure such loans,
(b) issue, sell, exchange or otherwise dispose of notes, bonds, debentures or other securities in such currencies and on such terms and conditions as the Corporation may determine,
(c) charge, pledge, deposit or otherwise deal with its notes, bonds, debentures or other securities as collateral security, and, when the Corporation again becomes entitled to securities dealt with as collateral security, may issue, re-issue, charge, pledge, deposit or otherwise deal with them as collateral security or may cancel them, and
(d) borrow by way of temporary loans from any chartered bank or from any person such sums as it requires upon such terms and conditions as it may determine and may pledge as security for such temporary loans, notes, bonds, debentures or other securities of the Corporation pending their sale or in lieu of selling them, or in such other manner as the Corporation may determine.
28(2)The notes, bonds, debentures and other securities of the Corporation shall be in the form and shall be executed in the manner the Corporation determines.
28(3)The Corporation shall pay to the Minister of Finance such payments for sinking fund purposes as may be required by the terms of any note, bond or debenture issue and such funds shall be retained and invested for the account of the Corporation and be used by the Corporation to make payment at the maturity of any such notes, bonds or debentures.
28(4)The seal of the Corporation may be engraved, lithographed, printed or otherwise mechanically reproduced on any security to which it is to be affixed and any signature on any such security or on coupons attached to it may be engraved, lithographed, printed or otherwise mechanically reproduced on them, and a seal or signature so mechanically reproduced has the same force and effect as if manually affixed and is valid and binding notwithstanding that the person whose signature is so reproduced ceased to hold office before the date or issue of the security.
Borrowing
28(1)The Corporation, on the recommendation of the Minister of Finance and with the approval of the Lieutenant-Governor in Council, may
(a) borrow such sums of money as it requires for its purposes and may charge, pledge or mortgage the lands and other assets and receivables of the Corporation to secure such loans,
(b) issue, sell, exchange or otherwise dispose of notes, bonds, debentures or other securities in such currencies and on such terms and conditions as the Corporation may determine,
(c) charge, pledge, deposit or otherwise deal with its notes, bonds, debentures or other securities as collateral security, and, when the Corporation again becomes entitled to securities dealt with as collateral security, may issue, re-issue, charge, pledge, deposit or otherwise deal with them as collateral security or may cancel them, and
(d) borrow by way of temporary loans from any chartered bank or from any person such sums as it requires upon such terms and conditions as it may determine and may pledge as security for such temporary loans, notes, bonds, debentures or other securities of the Corporation pending their sale or in lieu of selling them, or in such other manner as the Corporation may determine.
28(2)The notes, bonds, debentures and other securities of the Corporation shall be in the form and shall be executed in the manner the Corporation determines.
28(3)The Corporation shall pay to the Minister of Finance such payments for sinking fund purposes as may be required by the terms of any note, bond or debenture issue and such funds shall be retained and invested for the account of the Corporation and be used by the Corporation to make payment at the maturity of any such notes, bonds or debentures.
28(4)The seal of the Corporation may be engraved, lithographed, printed or otherwise mechanically reproduced on any security to which it is to be affixed and any signature on any such security or on coupons attached to it may be engraved, lithographed, printed or otherwise mechanically reproduced on them, and a seal or signature so mechanically reproduced has the same force and effect as if manually affixed and is valid and binding notwithstanding that the person whose signature is so reproduced ceased to hold office before the date or issue of the security.