MON CHAP. 101. An Act respecting the Richelieu and Ontario Navigation Company. [Assented to 23rd June, 1887.] WHEREAS the Richelieu and Ontario Navigation Com- Preamble. pany have, by their petition, set forth that it is necessary to define more clearly the manner in which meetings of their directors and shareholders shall be presided over, and that the Company should have power to issue bonds or debentures to a greater amount than that already authorized, in order to meet the cost of the purchase by them made of certain steamboats and steamboat lines, 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 meetings of the board of directors of the Company, Who shall and also the meetings of the shareholders of the same, shall preside at be presided over by the president, or in his absence by the meetings. vice-president, or in the absence of both, by any one of the directors chosen and appointed at such meetings. issued. shareholders. 2. The Company may issue bonds or debentures to the Bonds may be amount of five hundred thousand dollars, redeemable in fifteen years from the date thereof, and bearing interest at six per cent. per annum, payable semi-annually: Provided, Sanction of that such bonds or debentures shall not be issued until a majority of two-thirds of the shareholders present or represented at a special general meeting thereof, duly convened for the purpose, shall have expressed their assent thereto, at which meeting a majority in amount of the shareholders of the Company shall be present in person or represented by proxy. issued. 3. Such bonds shall not be issued until those which Redemption of have already been issued by the Company, to the amount of bonds already two hundred thousand dollars, have been redeemed, or until the Company has deposited to redeem the same, in a chartered bank in the city of Montreal, an amount sufficient to redeem the same, upon trust that the amount so deposited shall be retained by such bank for the redemption of such bonds; Security for payment bonds; and in proportion as such bonds are redeemed the amount so deposited may be withdrawn by the Company. 4. The Company shall secure and guarantee the payment of the said bonds to the amount of five hundred thousand dollars by mortgaging or by transferring in trust to trustees appointed for that purpose by the shareholders at the special general meeting referred to in section two of this Act the following steamboats belonging to the Company, namely, the steamboats "Quebec," "Montreal," "Three Rivers" and "Canada," and also by transferring to or mort gaging to or in favor of the said trustees the real estate belonging to the Company situated in Montreal, Quebec and elsewhere. OTTAWA Printed by BROWN CHAMBERLIN, Law Printer to the Queen's Most CHAP. CHAP. 102. An Act further to amend the Act incorporating the the same. [Assented to 23rd June, 1887.J 162. WHEREAS the Western Assurance Company have peti- Preamble tioned for certain amendments to their charter and other Acts affecting the said Company, and that their powers may 14-15 V., c. be extended thereunder, 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 ten of the Act of incorporation of the Company Section 10 reis hereby repealed, and the following is substituted in lieu pealed; new thereof : section. "10. Each stockholder shall be entitled to one vote for each One vote for each share. and every share he or she shall have held in his or her name at least one month prior to the time of voting; and all votes at any meeting may be given either personally or by proxy, -the holders of proxies being stockholders authorized by writing under the hands of the stockholders nominating such proxies; and every proposition at any such meeting Majority to shall be determined by a majority of the votes of the persons present, including proxies: Provided always, that the As to proxies. authority to any such proxy shall bear date within one year of the time of the meeting at which it is produced decide. 2. Should the paid up capital stock of the Company at When and how capital any time hereafter be impaired,-and the capital stock shall stock may be for this purpose be deemed to be impaired when, according reduced. to the method of calculation adopted by the Superintendent of Insurance, the assets of the Company, exclusive of the paid up capital, are insufficient to meet its liabilities, including the possible claims under existing policies issued by the Company, -the directors of the Company may, at any time and from time to time, after being duly authorized and empowered by a resolution approved by the votes of shareholders representing at least two-thirds of all the subscribed stock of the Company, at a special general meeting of the Company duly called for considering the same, pass a by-law And again increased. By-law to declare par value. Liability of shareholders. Amount of reduction. by-law for reducing or writing off the paid up capital stock of the Company any amount which they have been so authorized and empowered by the shareholders as aforesaid to write off such paid up capital stock. 3. The directors may, from time to time, out of the profits of the Company, by declaring a stock dividend or bonus or otherwise, increase the paid up stock of the Company to an amount not exceeding the amount or amounts by which the same may have been reduced under the provisions hereof, and thereafter the paid up capital and the capital stock and each share thereof shall represent the aggregate of the amount to which it has been so reduced and the amount of such increase so declared as aforesaid. 4. Such by-law shall declare the par value of the shares of the stock so reduced. 5. The liability of the shareholders shall remain the same as if no reduction had been made in the paid up capital stock of the Company, and shall be unaffected thereby. 6. The capital stock of the Company shall be reduced by the amount of the reduction in the paid up portion thereof. OTTAWA Printed by BROWN CHAMBERLIN, Law Printer to the Queen's Most CHAP. CHAP. 103. An Act to incorporate the Equity Insurance Company. [Assented to 23rd June, 1887.] WHEREAS Hugh McLennan, Edward B. Greenshields, Preamble. James Crathern, Robert Reford and Robert Hampson, all of the city and district of Montreal, esquires, have petitioned for an Act to incorporate them and others under the style and title of "The Equity Insurance Company," to enable them to carry on the business of fire, marine and inland navigation insurance; and whereas it has been considered that the establishment of such an association would be greatly beneficial to the interests of Canada: Therefore Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: tion. 1. The said persons, and all such other persons and bodies Incorporapolitic, as are, from time to time, possessed of any share or shares of the stock of the Company, are hereby constituted a body politic and corporate, by the name of "The Equity Corporate Insurance Company," hereinafter called "the Company." name. 2. The capital stock of the Company shall be five hundred Capital stock thousand dollars, divided into five thousand shares of one and shares. hundred dollars each, and books of subscription shall be opened in the city of Montreal, of which public notice shall be given by such person or persons, and under such regulations as the majority of the directors hereinafter appointed direct: Provided always, that the said corporation may in- Increase. crease its capital stock, from time to time, to a sum not exceeding two and one-half millions of dollars, or such portion thereof as a majority of the stockholders, at a meeting to be specially convened for that purpose, agree upon. ers. 3. Aliens as well as British subjects, and whether resident Equal rights in Canada or elsewhere, may be shareholders in the Com- of sharehold pany, and all such shareholders shall be entitled to vote on their shares equally with British subjects, and shall also be eligible to hold office as directors or otherwise in the Company; but the majority of the directors, shall, at all times, be persons resident in Canada, and subjects of Her Majesty by birth or naturalization. VOL. II-15 4. |