Section 126 of the Constitution Act, 1867

[1] It was the product of extensive negotiations by the governments of the British North American provinces in the 1860s.

[6] Section 126 reads: Provincial Consolidated Revenue Fund126 Such Portions of the Duties and Revenues over which the respective Legislatures of Canada, Nova Scotia, and New Brunswick had before the Union Power of Appropriation as are by this Act reserved to the respective Governments or Legislatures of the Provinces, and all Duties and Revenues raised by them in accordance with the special Powers conferred upon them by this Act, shall in each Province form One Consolidated Revenue Fund to be appropriated for the Public Service of the Province.

[7]Section 126 is found in Part VIII of the Constitution Act, 1867, dealing with revenues, debts, assets and taxation.

[8] Section 126 provides that each province is to maintain a consolidated revenue fund for all remaining provincial liquid assets, present and future.

Each of the provinces maintains a consolidated revenue fund (or equivalent name) consistent with this section: