CHAP. 56.

An Act respecting the Oshawa Railway Company.

[Assented to 22nd July, 1895.]

HEREAS the Oshawa Railway Company, hereinafter Preamble. called "the Company," has by its petition prayed for the

passing of an Act to re-arrange its capital stock and for other 1887, c. 92; purposes hereinafter set forth, and it is expedient to grant the 1891, c. 91. prayer of the said petition: Therefore Her Majesty, by and

with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

1. Notwithstanding anything contained in the Acts relating Surrenders of to the Company or any other Act, the directors may receive stock surrenders from the present shareholders of the stock now subscribed for and held by them, and may issue to the said shareholders in lieu thereof new paid-up non-assessable stock in shares of one hundred dollars, one share of such new stock being issued in exchange for each hundred dollars actually paid up in cash by the said shareholders on the stock so surrendered.

2. The directors may re-issue and sell, either by public Sale of surrenauction or private sale and in such manner and on such terms dered shares. as to them seems meet, the surrendered shares remaining after the issue herein provided for.

2. The register of the shareholders of the Company shall Register to be amended in accordance with the provisions of this Act.

be amended.

3. Nothing in this Act shall be construed so as to lessen Saving. the liability of the present shareholders of the Company to the present creditors thereof.

4. The Company may, in lieu of the bonds authorized to be Issue of bonds. issued under the provisions of chapter ninety-two of the Statutes of 1887, issue bonds, debentures or other securities to the extent of twenty thousand dollars per mile of the railway and branches, and such bonds, debentures or other securities may be issued only in proportion to the length of railway con

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structed

"A" bonds.

"B" bonds.

"C" bonds.

Saving.

By-law and agreement confirmed.

Time for construction limited.

structed or under contract to be constructed; and such bonds, debentures or other securities may be of three classes, viz. :— (a.) "A" bonds, which may be issued to an amount not exceeding eight thousand dollars per mile of the railway and branches constructed or under contract to be constructed; such bonds shall, subject to the provisions contained in section ninety-four of The Railway Act, form and be a first charge upon the whole of the property, assets, rents and revenues of the Company, present or future, or both;

(b.) "B" bonds, which may be issued to an amount not exceeding six thousand dollars per mile of the railway and branches constructed or under contract to be constructed; such bonds shall, subject to the provisions contained in section ninety-four of The Railway Act, and to the "A" bonds hereinbefore mentioned, form and be a second charge upon the whole of the property, assets, rents and revenues of the Company, present or future, or both;

(c.) "C" bonds, which may be issued to an amount not exceeding six thousand dollars per mile of the railway and branches constructed or under contract to be constructed; such bonds shall, subject to the provisions contained in section ninety-four of The Railway Act and to the "A" and "B" bonds herein before mentioned, form and be a third charge upon the whole of the property, assets, rents and revenues of the Company, present or future, or both.

5. Nothing in this Act shall in any way impair or affect any charge, lien or claim now pending, subsisting or outstanding upon or against the Company or its railway or assets.

6. By-law number five hundred and forty-two, passed by the municipal corporation of the township of East Whitby on the twenty-second day of August, one thousand eight hundred and ninety-four, to authorize the said Company to construct a railway on and along certain highways in the said township, and an agreement made on the same date between the Company and the said corporation, as set out in schedules "A" and "B" to chapter one hundred and nine of the Statutes of 1895 of the legislature of the province of Ontario, and the agreements made the seventeenth day of May, one thousand eight hundred and ninety-four, and the thirteenth day of November, one thousand eight hundred and ninety-four, between the corporation of the town of Oshawa and the Company, as set out in schedules "A" and "B" to chapter one hundred and ten of the Statutes of 1895 of the said province, are hereby confirmed and declared, so far as it is within the legislative authority of the Parliament of Canada to do so, to be binding upon the several parties thereto according to the terms thereof.

7. The time for the completion of the railway and branches of the Company is hereby extended for a period of five years 50 from

from the passing of this Act; and if the railway and branches are not then completed, then the powers relative to such construction shall cease and be null and void as respects so much of the undertaking as then remains uncompleted.

OTTAWA: Printed by SAMUEL EDWARD DAWSON, Law Printer to the Queen's

most Excellent Majesty.

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CHAP.