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Head office.

Branches.

First general meeting.

Election of directors.

Qualification of directors.

Calls.

When business may be commenced.

Ocean marine insurance business.

increased until a resolution of the board of directors authorizing such increase has been submitted to and confirmed by twothirds in value of the shareholders present or represented by proxy at a special general meeting of the shareholders duly called for that purpose.

4. The head office of the Company shall be in the city of Montreal, in the province of Quebec, but the directors may appoint local boards of directors and establish agencies for carrying on the business of the Company at any other place where the Company is authorized to transact business.

5. As soon as fifty thousand dollars of the capital stock have been subscribed, and ten per cent of the amount subscribed paid in to some chartered bank in Canada, the provisional directors shall call a general meeting of the shareholders at the city of Montreal, giving at least ten days' notice of the time and place of such meeting by registered letter sent postpaid to the last known address of each shareholder.

2. At such meeting and at each annual meeting the shareholders present or represented by proxy who have paid not less than ten per cent on the amount of shares subscribed for by them, shall elect a board of directors, which shall consist of not less than five nor more than nine members, a majority of whom shall be a quorum.

3. No person shall be a director unless he holds in his own name and for his own use at least twenty shares of the capital stock of the Company and has paid all calls due thereon and all liabilities incurred by him to the Company.

6. The shares of the capital stock subscribed for shall be paid as follows:-ten per cent at the time of subscription, and the remainder by such instalments as a majority of the directors determine, but at periods of not less than one month's interval, the first of which instalments shall not exceed twenty per cent and no subsequent instalment shall exceed ten per cent; and thirty days' notice of each call shall be given by mailing such notice by a prepaid and registered letter to each shareholder at his last known residence; provided that the Company shall not commence the business of insurance authorized by this Act until thirty-seven thousand five hundred dollars of capital stock have been paid in cash into the funds of the Company under this Act; provided further that the amount so paid in by any shareholder shall not be less than ten per cent upon the amount subscribed by such shareholder.

7. The Company may, in Canada and elsewhere, make and effect contracts of marine insurance with any person, against loss or damage of or to sea-going ships, boats, vessels, steamboats or other craft navigating the oceans or high seas or

navigable waters from any port in Canada not above the harbour of Montreal to any other such port, or from one foreign port to another foreign port, or from any British or foreign port to any port in Canada not above the harbour of Montreal, or elsewhere upon all or any of the oceans, seas or navigable waters aforesaid; and against any loss or damage of or to the cargoes or property conveyed in or upon such ships, boats, vessels, steamboats or other craft, and the freight due or to become due in respect thereof, or of or to timber or other property of any description conveyed in any manner upon all or any of the oceans, seas and navigable waters aforesaid, for such premiums or consideration and under such modifications and restrictions as may be agreed upon between the Company and the persons agreeing with the Company for such insurance; and the Company may insure itself against loss, damage or risk which it may incur in the course of its business, and generally may transact all such other business as is usually transacted by ocean marine insurance companies.

8. The Company may invest any of its funds in accordance Investment with the terms of subsections 7, 8, 9 and 10 of section 50, and powers. also with the terms of section 51 of The Insurance Act, and the Company may call in the said investments as occasion may R.S.C., c. 124. require.

9. The Company may invest or deposit such portion of its Foreign funds in foreign securities as is necessary for the maintenance securities. of any foreign branch.

10. The Company may acquire and hold such real estate in Real property. Canada and elsewhere, as is necessary for the purposes of its business, and again dispose of the same, but such real estate shall not exceed, at any time, the annual value of five thousand dollars.

11. The policies of insurance issued by the Company shall Form of be under the seal of the Company and shall be signed by the policies. president or vice-president and countersigned by such officer as may be directed by the by-laws, rules and regulations of the Company, provided always that the seal of the Company may be printed or engraved on policies or other contracts if so ordered by the board.

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12. The Company may carry on the business of inland Inland marine marine insurance, as defined in section 2 of The Insurance Act, upon complying with the provisions of the said Act, which shall thereupon apply to the Company.

13. Notwithstanding anything contained therein, The Com- R.S.C., c. 118. panies Clauses Act, except sections 7, 18 and 39 thereof, shall apply to the Company in so far as the said Act is not inconsistent with any of the provisions herein contained.

251

14.

Act to expire by non user of charter.

14. This Act shall expire and cease to be in force at the expiration of two years from the passing hereof unless the Company goes into actual operation within such two years.

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

CHAP. 119.

An Act respecting the St. Clair and Erie Ship Canal

WHE

Company.

[Assented to 14th June, 1900.]

WHEREAS the St. Clair and Erie Ship Canal Company has, Preamble. 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 21 of chapter 128 of the statutes of 1899, being 1899, c. 128, the Act of incorporation of the St. Clair and Erie Ship Canal s. 21 amended. Company, is amended by striking out the words "eight million dollars" in the third line of the said section, and substituting therefor the words "ten million dollars."

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

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