Debentures < VII. For the more speedy completion as well of the main Company may line as of the branch line of road which the said Company are borrow money empowered to construct, it shall be lawful for the said Com- and issue pany, and they are hereby authorized, upon obtaining the con- convertible or sent of a majority of the Stockholders, at a Special Meeting to otherwise. be called for that purpose, to borrow within this Province or elsewhere, and to issue their Bonds, convertible into Stock or otherwise, as may be agreed upon, to an amount not exceeding Two hundred and fifty thousand pounds, bearing interest not Interest. exceeding eight per cent per annum, payable semi-annually, at such times and places in this Province or elsewhere as the Board of Directors shall direct, which said Bonds shall be trans- Transfer of ferable, sealed with the Seal of the Company, and signed by Bonds. the President and Secretary thereof, and payable not more than twenty years from the date thereof; and for securing the pay- Mortgage for ment of the said Bonds, or such portion thereof as the Directors securing of may deem expedient, with the interest thereon accruing, the Bonds, &c. said Company are hereby authorized to make and execute a mortgage to the holder or holders of such Bonds, or of such portion of said Bonds as may be specified in such mortgage, or to trustees for the benefit of such holder or holders, of all the property, lands and tenements of the said Company, or which may be purchased or in any way acquired or pertaining to the construction of the said Railroad and of the said Branch, and of all the right of way acquired or which may be acquired by the said Company or any portion thereof, as also of the iron rails and other fixtures connected with the superstructure of the said road and branch line, and all or any portion of any other property, real or personal, of the said Company, and also the rents, profits, tolls and revenues of the same; and the registration of any such mortgage made in the County in which the land or real estate of the Company thereby specially mortgaged, or such part thereof shall lie, shall perfect the same, and be to all intents binding upon the said Company; any law, usage or custom to the contrary notwithstanding: Provided always, that in describing the lands of the Company in any such mortgage or memorial, it shall be sufficient to say "the line of the Railway and all the lands of the Company lying within the Counties of "enumerating the various counties through which it passes, if the mortgage be intended to cover the whole of such line and lands, or otherwise as the case may be, without further particularity. VIII. And whereas a Telegraph Company has been formed Recital. under the provisions of the Act sixteenth Victoria, chapter ten, called "The North-western Telegraph Company," for the pur- Telegraph on pose of constructing a Telegraph Line along the line of the the Railway. said Railway; And whereas the efficient and safe working of the Railway will be promoted thereby; And whereas the Railway Company have agreed to take, and the President thereof has subscribed for shares to the amount of Five Hundred Pounds in the Capital Stock of such Telegraph Company, and doubts Company Stock in the Proviso. Public Act. Preamble. ner. doubts may arise as to the legality of such subscription: Be it therefore declared and enacted, That it has been and shall be lawful for the said Railway Company by their President, to subscribe for, take, have, hold and depart with such an amount of the stock of the said Telegraph Company as the Directors of the said Railway Company from time to time deem proper; and to pay up the calls upon such stock out of the funds of the said Railway Company; and that whilst the said Railway Company remains Stockholders in the said Telegraph Company, the President for the time being of the Railway Company shall, ex officio, be and possess and use all the powers of a Director of the said Telegraph Company; Provided also, that it shall be lawful for the Railway Company, at any time to purchase from the Telegraph Company all their rights, property and interests, in which case the Railway Company shall own the same, and may manage, control, have, use and work the said Telegraph Line as their own, and shall thenceforth have, use, exercise and enjoy all the rights, privileges and powers of the said Telegraph Company, under the provisions of the said Act sixteenth Victoria, chapter ten, or of any other Act or Acts amending the same. IX. This Act shall be a Public Act. CAP. XXX VII. An Act to increase the Capital Stock of the Niagara [Assented to 18th December, 1854.] WHEREAS the Niagara Falls Suspension Bridge Com pany have applied for an increase of the Capital Stock of that Company, and it is expedient to grant the same: Be it therefore enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and of the Legislative Assembly of the Province of Canada, constituted and assembled by virtue of and under the authority of an Act passed in the Parliament of the United Kingdom of Great Britain and Ireland, and intituled, An Act to re-unite the Provinces of Upper and Lower Canada, and for the Govern ment of Canada, and it is hereby enacted by the authority of the same, as follows: Company may I. It shall and may be lawful for the said Niagara Falls increase their Suspension Bridge Company to increase their Capital Stock Stock by £25,000, and by an amount not exceeding Twenty-five Thousand Pounds, in what man of lawful money of this Province, by creating an additional number of Shares, not exceeding One Thousand, of Twentyfive Pounds each, which Shares may be subscribed for either in or out of this Province, in such proportions or numbers and at such times and places, and under such regulations and conditions as the majority of the Directors of the said Company shall shall from time to time establish, and the Shares subscribed to Act of II. The Directors shall have the same power to forfeit the New Shares Shares to be subscribed for under this Act, and the holder or to be subject holders of such new Shares shall have the same right to vote Incorporation. thereon, as are given in and by the original Act of Incorporation of the said Company, with regard to the Shares therein. mentioned. V. c. 110, repealed. III. The proviso at the end of the third Section of the Act Proviso to of the now last Session, intituled, An Act to increase the sect. 3, of 16 Capital Stock of the Niagara Falls Suspension Bridge Company, which limits the said Capital Stock to Fifty Thousand Pounds, shall be and is hereby repealed. IV. This Act shall be deemed a Public Act. Public Act. CAP. XXX VIII. An Act to amend the Charter, and increase the Capital [Assented to 18th December, 1854.] WHEREsent of their Charter, and to be permitted to in THEREAS the Bank of Montreal have prayed for the Preamble. crease their Capital Stock, and it is expedient to grant their prayer: Be it therefore enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and of the Legislative Assembly of the Province of Canada, constituted and assembled by virtue of and under the authority of an Act passed in the Parliament of the United Kingdom of Great Britain and Ireland, and intituled, An Act to re-unite the Provinces of Upper and Lower Canada, and for the Government of Canada, and it is hereby enacted by the authority of the same, as followeth : I. It shall be lawful for the Bank of Montreal to add to their present Capital Stock, the sum of five hundred thousand pounds currency, divided into ten thousand shares of fifty pounds each; which shares may be subscribed for, either in or out of this Province, in such proportions or numbers, and at such times. and places, and under such regulations, as to the Directors of the Bank shall seem meet; the shares subscribed for shall be paid in by such instalments, and at such times and places, as the Directors shall appoint; and executors, administrators and curators paying instalments upon the shares of deceased shareholders, shall be, and are hereby respectively indemnified for paying the same; but no share shall be held to be lawfully subscribed 9 The Capital of the Bank may be increa sed by £500, 00, and how. Ten per cent. subscribing for new Shares. poration to extend to new Shares. subscribed for, unless ten per centum thereof, at the least, be to be paid on paid at the time of subscribing; and the provisions of the fifth section of the Charter or Act of Incorporation of the said Bank, shall be applicable to all cases in which instalments on shares, Act of Incor- subscribed for under this Act, shall be unpaid; and all other the provisions of the said Act of Incorporation, and of the Act of the Parliament of this Province, passed in the sixteenth year of Her Majesty's reign, intituled, An Act to authorize an addition to the Capital Stock of the Bank of Montreal, and to facilitate the transfer of Shares in certain cases, shall likewise be applicable to the ten thousand shares hereby authorized to be added to the said Capital Stock: Provided always, that the said ten thousand shares be subscribed for, and wholly paid up, within five years from and after the passing of this Act. Proviso. Section 1 of poration, amended. II. For the words "two thousand pounds," in the first secAct of Incor- tion of the Act of Incorporation of the said Bank, (namely, of an Act of the Parliament of this Province, passed in the session thereof held in the fourth and fifth years of Her Majesty's reign, intituled, An Act to renew the Charter of the Bank of Montreal, and to increase its Capital Stock,) the words "five thousand pounds" shall be and are hereby substituted. Qualification raised. III. In lieu of ten shares, specified in the seventh section of of a Director the said Act of Incorporation, every Director of the said Bank shall be the holder and proprietor, in his own name and right, of not less than twenty shares of the Capital Stock, and shall be otherwise qualified as required by the said seventh section. Directors may be paid. Proviso. Bank may hold Mortgage on Vessels. Section 22 of IV. So much of the thirteenth Section of the said Act of Incorporation as prohibits the remuneration for his services of any Director, other than the President of the Bank, shall be, and is hereby repealed: Provided always, that no Director of the Bank, during his directorship, shall be or act as a private Banker, or shall be a Director, Manager, or Officer of any other Bank or Banking Company, either public or private. V. The said Bank may take and hold mortgages on ships, steam-ships, and other vessels, by way of additional security for debts contracted to the Bank, in the course of their dealings; any thing in the twenty-first section of the said Act of Incorporation, or in any other law, to the contrary notwithstanding. VI. For the words "one third," contained in the twentyAct of Incor- second section of the said Act of Incorporation, the words poration amended. one tenth" shall be, and are hereby substituted. Notes need not VII. So much of the twenty-fourth section of the said Act of be counter signed. Incorporation, as requires, that the ordinary Bills and Notes of the Bank, not under seal, shall be countersigned by a Cashier, Accountant or Book-keeper of the Bank, shall be, and the same is hereby repealed. in Provincial VIII. It shall be the duty of the Directors of the said Bank to One tenth of invest, as speedily as the Debentures hereinafter mentioned can paid up Stock be procured from the Receiver General, and to keep invested to be invested at all times in the Debentures of this Province, payable within Securities. the same, or of the Consolidated Municipal Loan Fund, one tenth part of the whole paid up Capital of the said Bank, and to make a Return of the numbers and amount of such Debentures, verified by the oaths and signatures of the President and Chief Cashier or Manager of the said Bank, to the Inspector General, in the month of January of each year, under the penalty of the forfeiture of the Charter of the said Bank, in default of such investment and Return Provided always, that Proviso. the said Bank shall not be bound to invest any portion of its Capital in Debentures under the provisions of this Section, unless it shall avail itself of the power to add to its present Capital Stock, pursuant to this Act; And provided also, that Proviso. the said power hereby conferred to add to its Capital Stock, shall cease and determine, unless the said Bank shall by an Instrument under its Corporate Seal, signify to the Governor in Council within one year after the passing of this Act, its intention to avail itself of the said power to add to its Capital Stock as aforesaid. to the Bank. IX. This Act, and the Act of Incorporation of the said Bank, Duration of and the Act amending the same, shall be and remain in force this Act and until the first day of January, which will be in the year of our of Act relating Lord, one thousand eight hundred and seventy, and from that time till the end of the then next Session of the Parliament of this Province, any thing in the said Act of Incorporation contained to the contrary notwithstanding, and no longer: Pro- Proviso. vided always, that the extension of time in this clause enacted, shall not take place unless the said Bank shall signify its intention to add to its Capital Stock, within one year after the passing hereof, in the manner provided under the next preceding Section. X. The Statement required by the thirty-first Section of the Monthly first above recited Act, to be made semi-annually by the said statements Corporation, shall be made on the first Monday of each and required in every month, in the manner provided by the said Section of the yearly. said Act. XI. This Act shall be a Public Act. place of half Public Act. 9 * CAP. |