24 Geo. 5, Ch. 2 (U.K.)
An Act to empower His Majesty to issue Letters Patent making provision with respect to the administration of Newfoundland, to authorise the making out of public moneys of advances to the Government of Newfoundland and the guaranteeing by the Treasury of stock to be issued by that Government, and to amend the Colonial Development Act, 1929, in its application to Newfoundland.
[21st December 1933]
WHEREAS an Address has been presented to His Majesty by the Legislative Council and House of Assembly of Newfoundland in the terms set forth in the First Schedule to this Act:
And whereas the Governor, the Legislative Council and House of Assembly of Newfoundland have passed an Act entitled the Loan Act, 1933, which Act is in this Act referred to as the Loan Act, and is set out in the Second Schedule to this Act:
Now, therefore, be it enacted by the King's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and by the authority of the same, as follows:--
1.--(1) It shall be lawful for His Majesty by any Letters Patent under the Great Seal of the Realm to make provision for the suspension of the operation of any existing Letters Patent dated the twenty-eight day of March, eighteen hundred and seventy-six, constituting the office of Governor of Newfoundland, and of the existing Letters Patent dated the seventeenth day of July, nineteen hundred and five, regarding the absence of the Governor, and to make provision for the administration of Newfoundland during the period while the operation of the existing Letters Patent is suspended on the basis of the recommendations of the Royal Commission referred to in the said Address.
(2) Any Letters Patent issued under the foregoing subsection may contain a provision reserving power to His Majesty to revoke or amend those Letters Patent, but before the passing of any further Letters Patent terminating the suspension of the operation of the existing Letters Patent or making any such altered provision for the administration of Newfoundland during the period while the operation of the existing Letters Patent is suspended as would empower the Governor to act in the administration other than on the advice of a Commission of Government constituted in accordance with the said recommendations, a draft of the further Letters Patent shall be laid before each House of Parliament for a period of twenty-one days during the Session of Parliament and, if an Address is presented to His Majesty by either House of Parliament against any of the provisions contained in the draft, no further proceedings shall be taken on the draft, without prejudice to the making of a new draft.
2.--(1) So long as the administration of Newfoundland is vested in the Governor acting on the advice of a Commission of Government constituted in accordance with the said recommendations, the Secretary of State shall have power, with the approval of the Treasury, to make, out of moneys provided by Parliament, advances to the Government of Newfoundland for any of the purposes of the administration of Newfoundland, including the defraying of the expenses of the public services and of the public debt.
(2) An advance under this section shall not be made except where it appears to the Treasury and the Secretary of State, as respects any financial year of Newfoundland, to be probable that the revenues of Newfoundland for that year will, after provision has been made for such working balance as the Treasury may consider adequate, fall short of the amount required to meet any liabilities incurred for the purposes aforesaid which fall to be discharged in that year, and the advance made shall not exceed the estimated amount of the deficiency.
(3) An advance made under this section within the period commencing on the date of the passing of this Act and ending on the thirty-first day of December, nineteen hundred and thirty-six, shall be made by way of grant, and any such advance made thereafter shall be made either by way of grant or loan, and on such terms and subject to such conditions, as the Treasury may determine.
3.--(1) The Treasury may, for the purposes of any issue of stock by the Government of Newfoundland under the provisions of section two of the Loan Act, guarantee, in such manner and on such conditions as they think fit, the payment of the principal of, and the interest on, the said stock, and the payments to be made to the sinking fund to be established under the Loan Act.
(2) Any sums required by the Treasury for fulfilling any guarantee given under this section shall be charged on and issued out of the Consolidated Fund, or the growing produce thereof, and any syms received in repayment of any sum so issued shall be paid into the Exchequer.
(3) As soon as may be after any guarantee given under this section, or any sums are issued out of the Consolidated Fund for the purpose of any such guarantee, the Treasury shall lay a statement of the guarantee or an account of the sums issued, as the case may be, before both Houses of Parliament.
4.--(1) The Treasury may issue out of the Consolidated Fund or the growing produce thereof, by way of temporary advance to the Government of Newfoundland, any sums which that Government has power to borrow temporarily under the provisions of subsection (4) of section two of the Loan Act.
(2) Every such advance shall bear interest at such rate as the Treasury may fix.
5. In the application to Newfoundland of the provisions of the Colonial Development Act, 1929, that Act shall have effect as if the words for the Colonies in subsection (1) of section one thereof had been omitted.
6. This Act may be cited as the Newfoundland Act, 1933.