payment of the principal money represented by the debenture stock, unless the Company, according to the terms of the issue of any such stock, shall be bound at any time to repay the principal money represented thereby, in which case the holders shall be entitled to receive payment accordingly. amount of 5. Subject only to the provisions of this Act, and inde- Securities to pendently of the power herein before conferred, it shall be the further lawful for the Directors of the Company, and they are hereby £200,000 stg. authorized to issue, sell or pledge in manner aforesaid addi- may be issued, sold or tional bonds or debenture stock to an amount not exceeding pledged. two hundred thousand pounds sterling, of the kind hereinbefore mentioned to stand pari passu with the securities issued under the first section of this Act for the purpose of extinguishing by exchange, commutation or otherwise, or by paying off, by means of the proceeds, all or any of the bonds, amounting to one hundred and seventy-seven thousand six hundred pounds sterling, nominal value, and constituting the loan capital of the Extension Company at the date of the said amalgamation. 6. Any proceeds of the bonds or debenture stock hereby Application authorized to be issued, sold, or pledged, which may remain of moneys unapplied after satisfying all the special purposes of this Act, after satisfyremaining may be applied to the general purposes of the Company pro- ing special perly chargeable to capital account. purposes. fore issue of Act. shareholders thereof. 7. No part of the bonds or debenture stock hereby Sanction of authorized shall be issued, sold or pledged without the pre- holders of vious sanction of a resolution or resolutions affirmed by a bonds must be existing majority of two-thirds in amount of the holders of existing obtained bebonds of the Company, (excluding the classes of bonds which securities at the date of the said amalgamation constituted the loan under this capital of the Extension Company,) that may be present in person or represented by proxy, at a special meeting to be Special called in London, England, of which meeting not less meeting of than six weeks' special notice shall have been previously for that purgiven by advertisement in the following papers published in pose; notices London, that is to say,-The Times, The Standard, The Observer and Herapath's Journal, and by two weeks' notice in the Canada Gazette; provided also that at such meeting such resolution or resolutions shall be affirmed by a majority in amount of holders of each of the classes of third preference bonds respectively, that may be present in person or represented by proxy: and such resolution or resolutions so affirmed shall be binding upon all the holders of each of the respective ranks or classes of existing bonds and if such sanction shall not be obtained within Such sanction twelve calendar months after the passing of this Act, then must be obthis Act and everything herein contained, except the clause 12 months. as to the costs of and relating to this Act, shall forthwith 2 become tained within Issue of preferential stock. Part of sec. 65, repealed. become inoperative, and the Company and the Directors thereof shall have the same powers and rights as to the issue of preferential stock and otherwise as if this Act had not been passed. 8. Not more than one hundred and fifty thousand pounds sterling in amount of the preferential stock created by the said secondly recited Act shall be issued, sold or pledged; but nothing in this Act contained shall prevent or interfere with the issuing, selling or pledging of any part thereof not exceeding one hundred and fifty thousand pounds sterling in amount; provided that such issue shall not be made unless the same be sanctioned by a majority of the shareholders that may be present in person or represented by proxy at a meeting specially called for that purpose. 66 9. So much of the twenty-eighth section of " The Northern 28 of 38 V., Railway Company Act, 1875," as excepts from the incorporation therewith sub-section twenty-one of section fourteen of "The Railway Act, 1868," shall be and the same is hereby repealed. Sec. 58 of 38 10. The fifty-eighth section of "The Northern Railway V., c. 65, re- Company Act, 1875," is hereby repealed and the following substituted in lieu thereof: pealed. New section substituted. What portions of the Railway Act, apply to the Company. of 1868 shall the Dominion shall be affected by this Act. "58. The nineteenth, twentieth, twenty-first and twenty second sections, and the whole of part second of "The Railway Act, 1868," and also all Acts amending the same or any parts thereof, shall be incorporated herewith and shall apply to the Company; but the sections and parts of sections included in part first of the said Railway Act, and not herein expressly incorporated, shall be excepted from incorporation herewith, and shall not apply to the Company." How far only 11. Nothing in this Act contained shall in anywise affect the claims of the rank or priority of any claims now held by the GovernGovernment ment of Canada against the said Northern Railway Company of Canada, except in so far and upon such terms and conditions as may be prescribed by any Act passed during this Session, which shall also declare the sum to be paid by the Company in satisfaction of certain sums due to the Government of Canada prior to the issue of the bonds mentioned in sections one and five of this Act. Private and bond holders to vote separately at 12. For and notwithstanding anything in any of the said shareholders recited Acts of Parliament or in any other Act of Parliament contained, the private shareholders of the said Company shall no longer be entitled to vote with the bondholders at the election of Directors of the said Company, but may hereafter by their exclusive vote, elect from amongst themselves one out of the ten Directors now chosen election of directors. by by the joint vote of themselves and the bondholders, and the bondholders shall elect the other nine by their exclusive vote, the two corporations of Toronto and Simcoe continuing, nevertheless, to nominate each one Director as heretofore, so long as such corporations continue to be shareholders in the said Company. 13. The costs of and relating to this Act shall be paid out Payment of of the funds of the Company. costs. 14. This Act may be cited as "The Northern Railway Short title. Company Act, 1877." CHAP. 58. An Act to amend the Act incorporating the Montreal, [Assented to 28th April, 1877.] WHEREAS the Montreal, Portland and Boston Railway Preamble. 29. 87; and Company have, by their petition, represented that they were incorporated by Act of the Legislature of the Province Act of Queof Quebec, thirty-fifth Victoria, chapter twenty-nine, under bec, 35 V., c. the name of "The Montreal, Chambly and Sorel Railway Company;" that by Act of the Parliament of Canada, thirty- Acts of Cansixth Victoria, chapter eighty-seven, the said railway was ada, 36 V., c. declared to be a work for the general advantage of Canada, and thereby the right to legislate on matters connected with the said railway became vested in the Parliament of Canada; that afterwards, by Act of the Parliament of Canada, to wit, 38 V., c. 70. thirty-eighth Victoria, chapter seventy, the name of the said Montreal, Chambly and Sorel Railway Company was changed to "The Montreal, Portland and Boston Railway Company;" and whereas the said Company have prayed that the delay for the construction and completion of the said railway may be extended and their Acts of incorporation otherwise amended; and it is expedient to grant their prayer: Therefore Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: 1. The work of the Montreal, Portland and Boston Rail- The work is way Company is hereby declared to be a work for the general for advantage advantage of Canada. of Canada. 2. The time for the completion of the railway of the said Time for Company is extended to three years from the passing of this completion Act, and the Company is hereby relieved from the penalty extended. of railway of notices of or forfeiture for the non-completion thereof at an earlier period, and from any penalty or forfeiture for the non-completion at any time of the portion of its line lying between Sorel and St. Johns, as specified and mentioned in the fifteenth section of the Act of the Legislature of the Province of Quebec, thirty-fifth Victoria, chapter twenty-nine. Publication 3. It shall not be necessary hereafter to publish in any newspaper in the town of Sorel the notices of general meet ings of the shareholders of the Company. meetings. 4. The railway of which the construction and completion is authorized by this Act is and shall be held and deemed to be a railway to be constructed under the authority of a special Act passed by the Parliament of Canada, and the Montreal, Portland and Boston Railway Company, shall be held and deemed to be a company incorporated for the construction of such railway according to the true intent and meaning of "The Railway Act, 1868." 5. From and after the passing of this Act, parts first and second of "The Railway Act, 1868," shall apply to the whole line of the railway of the said Company by whatever name known, and to all the branches thereof, and to the said Company as incorporated and amalgamated for the construction thereof, as fully and effectually to all intents and purposes as the same apply to any railway constructed or to be constructed under the authority of any Act passed by the Parliament of Canada, and to any company incorporated by any such Act for the construction of any such railway; and no part or portion of the "Quebec Railway Act, 1869" shall apply to the said railway or to any part thereof, or to the said Company. 6. From and after the passing of this Act, the Act passed by the Legislature of Quebec, in the thirty-second year of Her Majesty's reign, chapter fifty-nine, intituled "An Act to incorporate the Missisquoi Junction Railway Company," and the Acts passed by the same Legislature in the thirtyfifth year of Her Majesty's reign, chapter twenty-five, intituled "An Act to amend the Act relating to the Missisquoi Junction Railway Company," and chapter twenty-nine, intituled "An Act to incorporate the Montreal. Chambly and Sorel Railway Company," and the Act passed by the same Legislature in the thirty-sixth year of Her Majesty's reign, chapter forty-six, intituled "An Act to amend the Act to incorporate the Montreal, Chambly and Sorel Railway Company," and the Act passed by the same Legislature in the thirty-seventh year of Her Majesty's reign, chapter twentyfour, intituled "An Act to amend the Act incorporating the Missisquoi Junction Railway Company, and also to amend the Act incorporating the Montreal, Chambly and Sorel Railway Company, Company, and to authorize the amalgamation of the said Companies and for other purposes," shall be held and deemed to be special Acts according to the true intent and meaning of "The Railway Act, 1868;" and part first of the said Act shall, so far as applicable to the undertaking, and except as expressly varied or excepted by the said special Acts, or either of them, be incorporated with the said special Acts, form part thereof, and be construed therewith as forming one Act; and no part of the " Quebec Railway Act, 1869," shall be in- No part of corporated with the said special Acts, or either of them, or Quebec Railform part thereof, or be construed therewith as forming one to apply. Act. CHAP. 59. An Act to change the name of the Saint Francis and [Assented to 28th April, 1877.] way Act WHEREAS the Saint Francis and Megantic International PreambleRailway Company have petitioned for an amendment to their Act of incorporation, as amended by an Act passed in the thirty-fifth year of the reign of Her Majesty Queen 35 V., c. 70. Victoria, and further amended by an Act passed in the thirty-sixth year of the reign of Her Majesty, and further 36 V., c. 85. amended by an Act passed in the thirty-seventh year 37 V., c. 72. of the reign of Her Majesty, for the purpose of changing the name of the said Company, and of limiting the amount of bonds issued by the said Company under their Act of incorporation and its amendments, to a sum not exceeding thirteen thousand dollars per mile of their railway, including any branch or branches thereof; 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 follows: 1. The name of the said Company shall hereafter be Name "The International Railway Company.' changed. issued 2. The amount of bonds issued and to be issued by the Amount of said Company, under their Act of incorporation and the bonds to be amendments thereto, shall be and is hereby limited to a limited. sum not exceeding thirteen thousand dollars per mile of the said railway, including any branch or branches thereof,the said bonds to bear interest at a rate not exceeding seven per centum per annum. CHAP |