CHAP. 18. An Act to amend "The Government Railways Act." [Assented to 23rd June, 1887.] WHEREAS it is expedient to make further provision in Preamble. relation to Government railways respecting the run ning of railway trains across intersecting railways which cross one another at rail level and also to define the nature and description of proper fastening for the "hurdle gates" mentioned in section sixteen of "The Government Railways R.S.C, c. 38. Act: 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 section twenty- When trains five of the Act above cited, whenever there has been adopted may pass at railway crossand is in use on any Government railway at any crossing ings without thereof at rail level by any other railway an interlocking stopping. switch and signal system or other device, which, in the opinion of the Minister of Railways and Canals, will render it safe to permit engines and trains to pass over such crossing without being brought to a stop as by the said Act provided, the said Minister may, by written order, give permission for engines and trains to pass without stopping, under such regulations as to speed and other matters as the said Minister deems proper, and may at any time modify or revoke such order. gate" defined. 2. In the case of the "hurdle gate" mentioned in section "Hurdle sixteen of the Act above cited, two upright posts supporting the gate at each end, if the gate is fifteen inches longer than the opening, shall be deemed proper fastenings within the meaning of the said Act, and every railway gate at a farm Dimensions crossing shall be of sufficient width for the purpose for of gate. which it is intended. OTTAWA Printed by BROWN CHAMBERLIN, Law Printer to the Queen's Most Excellent Majesty. Preamble. R.S. C., c. 109. When trains may pass at railway crossings without stopping. Necessary apparatus may be adopted. CHAP. 19. An Act to amend "The Railway Act." [Assented to 23rd June, 1887.] HEREAS it is expedient to amend "The Railway Act," (The Revised Statutes of Canada, chapter one hundred and nine,) in the manner hereinafter provided: 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 section fifty of the Act above cited, whenever there is adopted and in use on any railway at any crossing thereof at rail level by any other railway, an interlocking switch and signal system or other device, which, in the opinion of the Railway Committee of the Privy Council, renders it safe to permit engines and trains to pass over such crossing without being brought to a stop as by the said Act provided, the Railway Committee may, by written order, signed by the chairman and countersigned by the secretary thereof, give permission for engines and trains to pass without stopping, under such regulations as to speed and other matters as the said Committee deems proper, and may at any time modify or revoke such order. 2. The Railway Committee may, on the application of be ordered to any railway company, whose railway, at rail level, crosses or is crossed by the railway of any other company, by an order in writing signed and countersigned as aforesaid, direct such companies to adopt, and put in use at such crossing, such interlocking switch and signal system or other device within a reasonable time to be fixed by the said order, and the company to whom such order is directed shall Decision as to forthwith comply with the same; and whenever any railway expenses pay- company fails to agree with any other railway company as able by each to the proportion of the cost of carrying such order into effect to be borne by each, the Railway Committee shall decide, upon the application of either party, what proportion of the cost shall be paid by each, and such decision shall be final and conclusive. proportion of company. ed. 3. In the case of the "hurdle gate" mentioned in section "Hurdle thirteen of the said Act two upright posts supporting the gate" defingate at each end, if the gate is fifteen inches longer than the Dimensions of opening, shall be deemed to be proper fastenings within the gate.] meaning of the said Act, and every railway gate at a farm crossing shall be of sufficient width for the purpose for which it is intended. 4. Sub-section two of section one hundred of "The Rail- Sub-s. 2 of s. way Act" is hereby repealed. OTTAWA: Printed by BROWN CHAMBERLIN, Law Printer to the Queen's Most 100, R. S. C., c. 109 repealed. VOL. 1-6 Excellent Majesty. Preamble. Application of Act. HE CHAP. 20. An Act to amend "The Companies Act." [Assented to 23rd June, 1887.] ER Majesty, by and with the advice and consent of the follows: 1. The following provisions shall apply only to loan comR.S.C., c. 119. panies, as defined by "The Companies Act" and shall be read and interpreted in conjunction with the said Act. Debenture stock may be issued. Subject to certain limitations. Ranking of debenture stock. Registration of such stock. Access to register. 2. The directors may, from time to time, with the consent of a majority of the shareholders, present in person or represented by proxy at a meeting called for such purpose, issue debenture stock, which shall be treated and considered as a part of the regular debenture debt authorized by section ninety of the said Act, in such amounts and manner, on such terms and bearing such rate of interest as the directors from time to time think proper, but subject to the limitations in the said Act provided, so that the amount received as money deposits and borrowed on the security of debentures, mortgages, bonds or other instruments, or debenture stock, shall not in the whole exceed the aggregate amount fixed by the said Act as the authorized limit of the borrowing powers of the Company. 3. The debenture stock to be issued under the authority of this Act shall rank equally with the debentures issued, or to be issued, by the Company, and the holders thereof shall not be liable or answerable for any debts or liabilities of the Company. 4. The Company shall cause entries of the debenture stock from time to time created, to be made in a register to be kept for that purpose at their head office, wherein they shall enter the names and addresses of the several persons and co-partners from time to time entitled to the debenture stock, with the respective amounts of the stock to which they are respectively entitled; and the register shall be accessible for inspection and perusal at all reasonable times to every debenture holder, mortgagee, bondholder, debenture stockholder and shareholder of the Company, without the payment of any fee or charge. 5. of transfers. 5. All transfers of the debenture stock of the Company Registration shall be registered at the head office of the Company, but the Company may have transfer books of such debenture stock in Great Britain and Ireland, in which transfers of the said stock may be made; but all such transfers shall be entered in the book to be kept at the head office. 6. The Company shall deliver to every holder of deben- Certificates to ture stock a certificate stating the amount of the debenture be delivered. stock held by him, the rate of interest payable thereon; and all regulations and provisions for the time being applicable to certificates of shares in the capital stock of the Company shall apply, mutatis mutandis, to certificates of debenture stock. 7. Debenture stock shall not entitle the holders thereof to What rights be present or to vote at any meeting of the Company, or con- shall possess. only holders fer any qualification, but shall, in all respects not otherwise by or under this Act or "The Companies Act" provided for, be considered as entitling the holders to the rights and powers of mortgagees of the undertaking, except the right to require re-payment of the principal money paid up in respect of the debenture stock. of debenture 8. The Company may, from time to time, purchase in Redemption the open market and redeem any portion or portions of the stock. debenture stock representing moneys, which the directors, by a resolution duly made, determine not to be required for the business of the Company; but such purchase, paying Borrowing off or redemption shall not in any way, extend, limit or pre- affected. judice the exercise of the borrowing powers of the Company under this Act or "The Companies Act." powers not avail them 9. All loan companies already operating under "The Existing comCompanies Act" shall be entitled to the benefit of the provi- panies may sions of this Act, and may exercise the powers conferred by selves of this it, in the same manner and to the same extent as if such provisions had originally formed part of "The Companies Act.” Act. 10. Sections ninety-eight, ninety-nine and one hundred Ss. 98, 99 and of the said Act are hereby amended so that the same shall 100 amended. read as follows: may unite sell assets. "98. The Company may unite,amalgamate and consolidate Company its stock, property, business, and franchises with those of any with another other company or society incorporated or chartered to trans- company or act a like business and any other business in connection purchase or with such business, or with those of any building, savings or loan company or society heretofore or hereafter incorporated or chartered, or may sell its assets to any such other company or society, which is hereby authorized to purchase the same, or may purchase the assets of any other such company or society, which is hereby authorized to sell the VOL. 1-61 same, |