ACTS OF THE PARLIAMENT OF THE DOMINION OF CANADA, PASSED IN THE SESSION HELD IN THE FIFTIETH AND FIFTY-FIRST YEARS OF THE REIGN OF HER MAJESTY QUEEN VICTORIA, BEING THE FIRST SESSION OF THE SIXTH PARLIAMENT, Begun and holden at Ottawa, on the thirteenth day of April, and closed by Prorogation on the twenty-third day of June, 1887. HIS EXCELLENCY THE MOST HONORABLE SIR HENRY CHARLES KEITH, MARQUESS OF LANSDOWNE GOVERNOR GENERAL VOL. II. LOCAL AND PRIVATE ACTS OTTAWA: PRINTED BY BROWN CHAMBERLIN, LAW PRINTER TO THE QUEEN'S MOST EXCELLENT MAJESTY, ANNO DOMINI, 1887. 50-51 VICTORIA. CHAP. 53. An Act to revive and amend the Act incorporating the [Assented to 23rd June, 1887.] WHEREAS certain provisional directors of the Anglo- Preamble. Canadian Bank, and others interested in the said bank, have, by their petition, prayed for an Act to revive and amend, as hereinafter mentioned, the Act incorporating the said bank, passed in the session held in the forty-ninth year of Her Majesty's reign, and chaptered sixty-four; and 49 V., c. 64. whereas 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: ficate from Board extend 1. The time specified in section five of the said Act of Time for ob incorporation of the said bank, in which to obtain from the taining certi Treasury Board the certificate required by section six of Treasury "The Bank Act," is hereby extended to one year from the d. passing of this Act; and the charter of the said bank shall Act of incornot be deemed to have become forfeited by reason of the poration consaid certificate not having been obtained within the time tinued in fixed in the said section five, and the said Act to incorporate the said bank shall be deemed to have continued and to be in full force and effect. force. OTTAWA: Printed by BROWN CHAMBERLIN, Law Printer to the Queen's Most VOL II-11 CHAP. Preamble. 50-51 VICTORIA. CHAP. 54. An Act to authorize and provide for the winding up of the Pictou Bank. [Assented to 23rd June, 1887.] WHEREAS Pictouk has met HEREAS the Pictou Bank has, by its petition, represented that the bank has met with great losses, and although not in a state of insolvency, has had to suspend its regular banking business, and that it is the wish of its shareholders that the said bank should be wound up, and has prayed for authority so to do; 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. The shareholders of the Pictou Bank are empowered, Liquidators to be appointed. at a special general meeting of the said shareholders called for that purpose, to appoint not more than three liquidators, one or more of whom may be a corporation, to realize and wind up the assets and affairs of the bank; and such liquidators shall appoint one of their number, or an officer of Proceedings such corporation, to be chairman; the said liquidators in liquidation shall have all the administrative powers of directors, save and except that no business shall be transacted by the said bank, other than such as shall be requisite for the winding up of its affairs in such manner as the said liquidators shall, according to their discretion, adopt in the realizing of the assets of the bank as speedily as possible without undue sacrifice; and that for that purpose they may make arrangements for the collection of debts now due and to become due to the said bank, on such terms and conditions as they think reasonable; and out of the proceeds of such assets they shall pay all the liabilities of the bank, first discharging all privileged claims thereon; and, after after paying paying in full all such privileged claims and liabilities, and providing for the payment of any such liabilities in respect of which no claim shall have been preferred, they shall proceed to divide the balance of the proceeds of the said assets among the shareholders of the said bank, in the manner and form hereinafter set forth. Dividends liabilities. bution of as 2. If any portion of the liabilities of the bank, consisting Final distri either of ordinary indebtedness or of unredeemed circulation, sets reserved remains unpaid when the last dividend payable to the for ordinary shareholders of the bank is declared, the amounts which liabilities. have been reserved as provision for such liabilities shall be retained on deposit at interest in some chartered bank by the liquidators, in their names as such, until three years have elapsed since the incurring of ordinary liabilities, and thereupon, after one month's notice in the Canada Gazette and in one newspaper published in the county of Pictou and in one newspaper published in the city of Halifax, of the intention of the liquidators to distribute the amount reserved as a provision for ordinary liabilities among the shareholders, any balance remaining unclaimed in respect of such provision shall be distributed accordingly with all the interest accrued thereon; and the amount reserved as a pro. And of revision for unredeemed circulation and for unpaid dividends standing cirshall be so retained on deposit for three years after the culation, &c. passing of this Act, and thereupon on such notice as aforesaid shall be distributed as aforesaid. serve for out cies. 3. Such liquidators shall be responsible each for its or his Liability of liquidators. own acts or deeds only, and otherwise in like manner as the directors of the said bank would be; they shall be indemnified out of the assets of the bank for all reasonable expenses incurred in the winding up thereof, and shall Remunerareceive such remuneration as shall be voted by the share- tion. holders from time to time; and they shall be subject to the directions of such shareholders and to removal and replace- Removal and ment from time to time by any special general meeting of filling vacansuch shareholders called for the purpose in the manner required by the charter; but if a vacancy occurs, from any cause, the remaining liquidators or liquidator shall continue the winding up of the bank, with all the powers hereby conferred upon any of them, until the shareholders fill such vacancy; and the majority of such liquidators, Quorum. if there be more than two, shall form a quorum; and upon the final winding up of the bank the liquidators shall Final meeting report to a final meeting of shareholders called for the pur- ers. pose, which meeting shall then have power to dissolve the said bank and to abandon the charter thereof, which charter shall thereupon lapse and become and be extinguished; and at such final meeting the shareholders may make such order respecting the disposition or custody of the books, muniments and documents of the bank as they deem fit. - of sharehold chase en bloc 4. If, pending the realization of the assets of the bank, Offer for puran offer should be made for the purchase of the remaining may be enter assets en bloc, the liquidators may submit such offer to a tained. special general meeting of the shareholders called for the purpose, and, if authorized by the shareholders present in person or represented by proxy holding at least three fourth |