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CHAP. 92.

· An Act respecting the Canada Mining and Metallurgical Company (Limited).

WHE

[Assented to 7th July, 1900.]

WHEREAS the Canada Mining and Metallurgical Company, Preamble. Limited, has, by its petition, prayed that it be enacted

as hereinafter set forth, and it is expedient to grant the 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. Section 3 of chapter 100 of the statutes of 1899 is re- 1899, c. 100, pealed, and the following is substituted therefor :s. 3 repealed.

"3. The capital stock of the Company shall be five million Capital stock. dollars, divided into shares of one hundred dollars each.

"2. The Company may, after the whole capital stock has Increase of been subscribed and fifty per cent paid thereon in cash, increase capital. the capital stock, from time to time, to an amount not exceeding ten million dollars, by a resolution of the shareholders, passed and approved of by the votes of the holders of at least two-thirds in value of the subscribed stock of the Company present or represented by proxy at a special general meeting of the shareholders duly called for the purpose of considering it, and such increased capital stock may be issued and shall be held subject to the same conditions, and be dealt with in the same manner, as the original capital of the Company."

OTTAWA Printed by SAMUEL EDWARD DAWSON, Law Printer to the Queen's most Excellent Majesty.

CHAP. 93.

An Act to incorporate the Canadian Bankers'

Association.

[Assented to 7th July, 1900.]

HEREAS the voluntary association now existing under Preamble. the name of the Canadian Bankers' Association has, by its petition, prayed that it may be enacted as hereinafter set forth, and it is expedient to grant the 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:

tion.

1. There is hereby created and constituted a corporation Incorporaunder the name of "The Canadian Bankers' Association," hereinafter called "the Association."

how

2. The Association shall consist of members and associates; Association, (a.) The members, hereinafter referred to as members, shall composed. be the banks named in the schedule to this Act, and such Members. new banks hereafter incorporated by or under the authority of the Parliament of Canada as become entitled to carry on the business of banking in Canada, and to which The Bank Act in force at the time of its incorporation applies. Any bank to which The Bank Act applies, carrying on business in Canada, and not named in the schedule to this Act, shall on its own application at any time be admitted as a member of the Association by resolution of the Executive Council hereinafter named;

(b.) The associates, hereinafter referred to as associates, shall Associates. be the bank officers who are associates of the voluntary association mentioned in the preamble at the time this Act is passed, and such other officers of the banks which are members of the Association as may be elected at a meeting of the executive council hereinafter named or at an annual meeting of the Association. An associate may at any time by written notice to the president of the Association withdraw from the Association.

suspending.

3. Upon the suspension of payment of a bank being a Effect of bank member of the Association, such bank shall cease to be a

When associate

ceases to be such.

Objects of
Association.

Association.

member. Provided however, that if and when such bank resumes the carrying on of its business in Canada it may again become a member of the Association.

4. Upon an associate ceasing to be an officer of a bank carrying on business in Canada, he shall, at the end of the then current calendar year, cease to be an associate.

5. The objects and powers of the Association shall be, to promote generally the interests and efficiency of banks and bank officers and the education and training of those contemplating employment in banks, and for such purposes, among other means, to arrange for lectures, discussions, competitive papers and examinations on commercial law and banking, and to acquire, publish and carry on the "Journal of The Canadian Bankers' Association."

Subsections of 6. The Association may from time to time establish in any place in Canada a subsection of the Association under such constitution and with such powers (not exceeding the powers of the Association) as may be thought best.

Clearing houses.

Regulations.

Voting powers.

7. The Association may from time to time establish in any place in Canada a clearing house for banks, and make rules and regulations for the operations of such clearing house: Provided always, that no bank shall be or become a member of such clearing house except with its own consent, and a bank may after becoming such member at any time withdraw therefrom.

2. All banks, whether members of the Association or not, shall have an equal voice in making from time to time the rules and regulations for the clearing house; but no such rule or regulation shall have any force or effect until approved of by the Treasury Board.

8. Members of the Association shall vote and act in all matters relating to the Association through their chief executive officers. For the purposes of this Act the chief executive officer of a member shall be its general manager or cashier, or in his absence the officer designated for the purpose by him, or in default of such designation the officer next in authority. Where the president or vice-president of a member performs the duties of a general manager or cashier he shall be the chief executive officer, and in his absence the officer designated for the purpose by him, and in default of such designation the officer next in authority to him. At all meetings of the Association each member shall have one vote upon each matter submitted for vote. The chairman shall, in addition to any vote he may have as chief executive officer or proxy, have a casting vote in case of a tie. Associates shall have only such powers of voting and otherwise taking part at meetings as may be provided by by-law.

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