Beechwood Power Project Act

An Act to authorize a Loan to the Government of New Brunswick in respect of the Beechwood Power Project Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: Authority for loan The Minister of Finance may out of the Consolidated Revenue Fund make loans to the Government of New Brunswick, not exceeding in the aggregate thirty million dollars, in respect of expenditures for the development of hydro-electric power at Beechwood on the St. John River. Terms and conditions A loan made under the authority of this Act shall bear interest at a rate to be fixed by the Governor in Council but not exceeding four and three-eighths per cent per annum, shall, together with such interest, be repayable in eight equal annual instalments, and shall be subject to such other terms and conditions as are prescribed by the Governor in Council.