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Brief
The Loan Act, 1936 was enacted on June 23, 1936, to authorize the raising of certain sums of money for the Public Service. The Act allows the Governor in Council to raise up to $750 million by way of loan through the issue and sale or pledge of securities of Canada, at a rate of interest approved by the Governor in Council. This loan can be used to pay or redeem loans or obligations of Canada, purchase and withdraw unmatured securities from circulation, and fund public works and general purposes. The principal raised and its interest are charged upon and payable out of the Consolidated Revenue Fund.
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