Paid up stock 16. The directors may pay, or agree to pay, in paid up may be issued stock, or in the bonds of the Company, such sums as they deem expedient to engineers or contractors, or for right of way, or material, plant or rolling stock. for certain purposes. Bonds may be sued. Amount limited. Bonds may be secured by mortgage deed. What such deed may contain. Deposit of Bonds to be a 17. The directors of the Company, under the authority of the shareholders to them given at any general meeting called for the purpose,-at which meeting shareholders representing at least two-thirds in value of the capital stock are present, are hereby authorized to issue bonds under the seal of the Company, signed by its president or other presiding officer, and countersigned by its secretary; and such bonds may be made payable at such times and in such manner, and at such place or places, in Canada or elsewhere, and bearing such rate of interest, as the directors think proper; and the directors shall have power to issue and sell or pledge all or any of the said bonds at the best price and upon the best terms and conditions which, at the time, they are able to obtain, for the purpose of raising money for prosecuting the said undertaking: Provided, that the amount of such bonds so issued, sold or pledged, shall not exceed fifteen thousand dollars per mile of the said railway, to be issued in proportion to the length of railway constructed or under contract to be constructed: 2. The Company may secure the bonds to be issued by them by a mortgage deed creating such mortgages, charges and incumbrances upon the whole of such property, assets, rents and revenues of the Company, present or future or both, as are described in the said deed,-but such rents and revenues shall be subject, in the first instance, to the payment of the working expenses of the railway; and by the said deed the Company may grant to the holders of such bonds, or to the trustee or trustees named in such deed, all and every the powers and remedies granted by this Act in respect of the said bonds, and all other powers and remedies not inconsistent with this Act, or may restrict the bondholders in the exercise of any power, privilege or remedy granted by this Act, as the case may be; and all such powers, rights and remedies as are so contained in such mortgage deed shall be valid and binding and available to the bondholders, in manner and form as therein provided; and every such mortgage deed shall be deposited in the office of the Secretary of State of Canada,-of which deposit notice shall be given in the Canada Gazette. 18. The bonds hereby authorized to be issued shall be taken and considered to be the first preferential claim and charge upon the Company and the franchise, undertaking, tolls and income, and real and personal property thereof, now or at any time hereafter acquired, save and except as provided for in the next preceding section; and each holder of of the said bonds shall be deemed to be a mortgagee or encumbrancer upon the said securities pro ratâ with all the other bondholders; and all the proceedings upon the bonds shall be taken through the trustee or trustees regularly appointed. in default of 19. If the Company make default in paying the principal Rights of or interest of any of the bonds hereby authorized at the time bondholders when the same, by the terms of the bond, becomes due and payment. payable, then at the next annual general meeting of the Company, and all subsequent meetings, all holders of bonds so being and remaining in default, shall, in respect thereof, have and possess the same rights and privileges and qualifications for being elected directors, and for voting at general meetings, as they would possess if they had held fully paid up shares of the Company to a corresponding amount: Provided nevertheless, that the right given by this section Proviso: as shall not be exercised by any bondholder, unless the bonds to registrain respect of which he claims to exercise such right have been first registered in his name, in the same manner as is provided by law for the registration of the shares of the Company; and for that purpose the Company shall be bound, on demand, on default made in principal or interest, to register such bonds and any transfers thereof, in the same manner as a transfer of shares: Provided also, that the exer- Certain cise of the rights given by this section shall not take away, rights saved. limit or restrain any other of the rights or remedies to which the holders of the said bonds are entitled. tion. bonds, &c. 20. All bonds, hereby authorized may be made payable to Transfer of bearer, and shall, in that case, be transferable by delivery, unless and until registry thereof is made in manner provided in the next preceding section,-and while so registered they shall be transferable by written transfers, registered in the same manner as in the case of shares. party to pro &c. 21. The Company may become party to promissory notes Company and bills of exchange for sums of not less than one hundred may become dollars, and any such promissory note or bill made, drawn, missory notes, accepted or indorsed by the president or vice-president of the Company, and countersigned by the secretary of the Company, and under the authority of a quorum of the directors shall be binding on the Company; and every such promissory note or bill of exchange so made, drawn, accepted or indorsed as aforesaid shall be presumed to have been made, drawn, accepted or indorsed with proper authority until the contrary be shown; and in no case shall it be necessary to have the seal of the Company affixed to such promissory note or bill of exchange, nor shall the president, vice-president or the secretary be individually responsible for the same, unless the said promissory notes or bills of exchange have been issued without proper authority: Provid ed As to notes payable to bearer. Agreements with other certain pur poses. ed however, that nothing in this section shall be construed to authorize the Company to issue any promissory note or bill of exchange payable to bearer, or intended to be circulated as money or as the note or bill of a bank. 22. The directors of the Company may enter into agreecompanies for ment with any company or companies, person or persons, for the leasing, hiring, or use of any locomotives, carriages, rolling stock, and other movable property, from such companies or persons, for such time or times and on such terms as are agreed on; and may also enter into agreement with any company or companies for the use by one or more of such contracting companies of the locomotives, carriages, rolling stock and other movable property of the other or others of them, on such terms as to compensation and otherwise, as are agreed upon. Amalgamation with Canadian way Com pany. 23. The Company incorporated by this Act may contract and agree with the Canadian Pacific Railway Company of Pacific Rail- Canada or any company whose line of railway is operated by them for amalgamation with the said Canadian Pacific Railway Company, or other company whose line of railway is operated by the Canadian Pacific Railway Company, or for the sale to either of the last mentioned companies of the line of railway of the Company hereby incorporated, or for the leasing their said line or any part or parts thereof to such Company, and may also make traffic or running arrangements Approval of with such Company: Provided that the terms of such amalgamation, sale or lease are approved of by two-thirds of the shareholders present in person or represented by proxy, at a special general meeting to be held for that purpose in accordance with this Act. shareholders. Telegraph line. Company may hold ele and other vessels, &c. 24. The Company may also construct an electric telegraph line in connection with their railway; and for the purpose of constructing, working and protecting the said telegraph line, the powers conferred and liabilities imposed upon telegraph companies by any Act of the Parliament of Canada are hereby conferred and imposed upon the Com pany. 25. The Company may purchase and hold land for, and vators, steam erect warehouses, elevators, docks, stations, workshops and offices, and may sell and convey such land as is found superfluous for any such purpose; and the Company may hold as part of the property of the Company as many steam or other vessels as the directors of the Company deem requisite, from time to time, to facilitate the carriage of passengers, freight and other traffic in connection with the railway. struction. 26. The said railway shall be commenced within two Time for conyears, and completed within four years, from the passing of this Act. UTTAWA: Printed by BROWN CHAMBERLIN, Law Printer to the Queen's Most СНАР. Preamble. Declaratory. Incorporation. CHAP. 92. An Act to incorporate the Oshawa Railway and Navigation Company. WHE [Assented to 23rd June, 1887.] HEREAS the persons hereinafter named have, by their petition, prayed to be incorporated as a company, under the name of "The Oshawa Railway and Navigation Company," for the purpose of constructing and operating a line of railway, and a telegraph line along the said railway, commencing at or near the port of Oshawa, on Lake Ontario, and extending thence to or near the Oshawa station of the Grand Trunk Railway, thence through the town of Oshawa by a belt line or single or double line of railway, thence to or near to Myrtle or Burketon, thence to Lindsay or Bobcaygeon, or both, thence to a junction with the Canadian Pacific Railway at or between Chalk River and Mattawa, with power to extend the said lines to the towns of Whitby and Bowmanville, and to construct all necessary switches and turnouts; also with power to work ferries on water near to or touched by the said railway; also with power to buy, own or charter sailing vessels, steamboats and other kinds of craft, and to carry on the business of common carriers, forwarders and traders, between the several ports in Canada and places outside of Canada, as the said Company may think proper; also to carry on in Canada and elsewhere, as their business may require, the business of wharfingers and warehousemen, and to acquire and hold, by purchase or lease, all lands, harbors, wharves, docks, elevators, warehouses and other estate, real or personal, required for the efficient working of the business authorized by this Act, and also for other purposes; and whereas it is expedient to grant in part 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 railway of which the construction is authorized by this Act, is hereby declared to be a work for the general advantage of Canada. 2. R. C. Carter, George Crawford, Allen Chadwick, Robert Crawford, J. F. Wilson, W. F. Cowan, and James McGill, |