present value 2. The present value referred to in the next preceding sub- Calculation of section shall, as to interest, be calculated upon such rate as is of annuities, fixed by the Governor in Council, and, as to mortality, upon such rates as are used in preparing the tables approved of by the Governor in Council and for the time being in use, as provided for in paragraph (b) of section 13. Parliament. 16. There shall be laid before both Houses of Parliament, Return to within the first thirty days of each session thereof, a return containing a full and clear statement and accounts of all business done in pursuance of this Act during the fiscal year next previous to such session, and copies of all regulations made during that fiscal year under the provisions of section 13 of this Act. OTTAWA: Printed by SAMUEL EDWARD DAWSON, Law Printer to the King's most Excellent Majesty. CHAP. 6. An Act respecting the office of the Auditor General. [Assented to 20th July, 1908.] HIS Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: 1. Section 27 of The Consolidated Revenue and Audit Act, R. S., c. 24, chapter 24 of the Revised Statutes, 1906, is repealed and the new s. 27. following section substituted therefor: of Auditor "27. The Governor General may, for the more complete Appointment examination of the public accounts of Canada, and for the and salary reporting thereon to the House of Commons, appoint an officer, General. under the Great Seal of Canada, to be called the Auditor General of Canada, and such officer may be paid out of the Consolidated Revenue Fund, a salary of five thousand dollars per annum." 2. Subject to the provisions of The Civil Service Act with Promotions respect to promotions, the Auditor General may promote for in his office. merit any of the officers, clerks or employees in his office, and shall have, with respect to such promotion, all the powers which under The Civil Service Amendment Act, 1908, are vested in the Governor in Council acting upon the recommendation of the head of a department and the report of the deputy head in regard thereto; provided that every promotion of an officer, clerk or employee in the said office shall be reported to the Governor in Council within fifteen days after it has been made. 2. Section 33 of The Consolidated Revenue and Audit Act is s. 33 repealed. repealed. OTTAWA: Printed by SAMUEL EDWARD DAWSON, Law Printer to the King's most Excellent Majesty. CHAP. 7. An Act to amend the Bank Act. [Assented to 20th July, 1908.] IS Majesty, by and with the advice and consent of the follows: 1. Section 61 of The Bank Act, chapter 29 of the Revised R. S., c. 29, Statutes, 1906, is repealed, and the following is substituted new s. 61. therefor: notes. "61. The bank may issue and re-issue its notes payable to Issue of bearer on demand and intended for circulation: Provided that,- Proviso. "(a) the bank shall not, during any period of suspension of payment of its liabilities, issue or re-issue any of its notes; and, "(b) if, after any such suspension, the bank resumes business without the consent in writing of the curator, hereinafter provided for, it shall not issue or re-issue any of its notes until authorized by the Treasury Board so to do. "2. No such note shall be for sum less than five dollars, or $5. or for any sum which is not a multiple of five dollars. multiples thereof. "3. The total amount of such notes in circulation at any Amount time shall not exceed the amount of the unimpaired paid-up limited. capital of the bank: Provided that, during the usual season of Additional issue during moving the crops, that is to say, from and including the first moving of day of October in any year to and including the thirty-first day crops. of January next ensuing, in addition to the said amount of notes herein before authorized to be issued for circulation, the bank may issue its notes, to an amount not exceeding fifteen per centum of the combined unimpaired paid-up capital and reserve or rest fund of the bank as stated in the statutory monthly return made by the bank to the Minister for the month immediately preceding that in which the additional amount is issued. "4. Whenever, under the authority of the proviso to the next Notice of preceding subsection of this section, the issue of an additional additional issue. |