"The Eastern Canada Savings and Loan Company (Limited)." OTTAWA Printed by BROWN CHAMBERLIN, Law Printer to the Queen's Most Excellent Majesty. CHAP. MON CHAP. 114. An Act respecting The Nova Scotia Permanent Benefit W [Assented to 23rd June, 1887.] HEREAS The Nova Scotia Permanent Benefit Build- Preamble. ing Society and Savings Fund have, by their petition, represented that they were formed and established as a Society many years ago in Halifax, in the Province of Nova Scotia, for the purpose of carrying on the business of a Building Society in said Province under the provisions of the Statute of said Province passed in the twelfth year of Her 12 V., (N.S.) Majesty's reign, chaptered forty-two, and intituled "An Act c. 42. for the regulation of Benefit Building Societies," and that the operations and resources of said Society having subsequently become greatly enlarged, it is desirable that their powers should be extended so as to allow them to transact business throughout the Provinces of New Brunswick and Prince Edward Island as fully as they can now do in said Province of Nova Scotia, and to grant them additional and more extensive powers, and whereas it is expedient to grant the prayer of their said petition: Therefore Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: transaction of wick and P. 1. The said Nova Scotia Permanent Benefit Building Powers exSociety and Savings Fund, and all persons and bodies tended for corporate, whether resident or being in said Province of business in Nova Scotia or not, who now are or hereafter shall, from New Bruns time to time, become members of said Society, and the E. Island. trustees, directors and officers thereof, for the time being, shall hereafter possess and have full authority to exercise, and enjoy all the rights, powers and privileges within and through the Provinces of New Brunswick, Prince Edward Island and Nova Scotia, which said Society and the members, trustees, directors and officers thereof immediately before the passing of this Act possessed, exercised, held and enjoyed within the Province of Nova Scotia, under the above-mentioned Act of such Province, or any amendment thereof, except as herein otherwise provided, and may carry on the operations and business of the Society in said three Provinces, as fully to all intents and purposes as they now may do, in the said Province of Nova Scotia, and except as herein otherwise provided. Members need not be resi Scotia. 2. No person nor any body corporate having legal authorident in Nova ty so to do, resident beyond the limits of the Province of Nova Scotia, shall be restricted from becoming a member of said Society by reason of such residence, and such person or body corporate may execute and give such mortgage, bond or obligation, or other security or writing as is required of members for receiving the amount of his or its shares in advance on any property situate anywhere in said Provinces of Nova Scotia, New Brunswick and Prince Edward Island, and shall be subject to, and bound by, the rules of said Society, and be a member thereof, to all intents and purposes as fully as though he or it were a member resident in said Province of Nova Scotia. Securities may be given on property in N. S., N. B. and P. E. I. Rules may be altered. Society may lend money to or not. 3. The rules of said Society may be altered, rescinded or repealed, as provided by the seventh section of said Act of the Province of Nova Scotia. 4. Said Society, or the trustees or directors thereof, may any one, whe- lend money or any part of the funds of the Society to any ther member person or body corporate, wherever resident or situated, at such rates of interest or discount as may be agreed upon, or as may be lawfully taken, received, reserved or exacted by individuals in any Province of Canada, and for such time as may be agreed upon,-without requiring any of such borrowers to become subscribers to, or members of, the said Society, and without reference to or submitting said funds or loan to the acceptance or approval of the members thereof, -and may take and receive from such borrower such mortgage, bond or obligation paper, or other security, for repayment of such loan and interest thereon, as said Society, or the trustees or directors thereof, may require. Borrowing powers. Interest. Debentures 5. It shall be lawful for said Society, or the trustees or directors thereof, to borrow and receive money on deposit or loan, from time to time, from any persons or bodies corporate, whether they be members or not, and to give due receipts or obligations therefor, and to pay interest therefor at such rate as may be agreed upon, and also to issue deben tures of such Society, for any such sums not being less than may be issued. one hundred dollars, as they may deem advisable, and payable in the Dominion of Canada or elsewhere, not less than one year from the issue thereof,-which amount so borrowed or received shall be for the use, and on the security and charge of the property and assets of the said Society and the shares and property therein of the members thereof for the. time being: Provided always, that the aggregate amount of money so borrowed and received by the Society, whether secured by debentures or not, and remaining unpaid, shall not, at any time, exceed one-third of the amount for the time being secured by mortgage and due from the advanced members of said Society added to one-third of the net value Amount limited. of of such property as shall have come into the hands of said Society from defaulting members and then owned by said Society. 6. The debentures of said Society may be in the form of Form of deSchedule A to this Act or to the like effect. bentures. securities for 7. Said Society by its trustees or proper officers may take Additional and receive as additional security for advances to its mem- advances. bers the bond or obligation or other security of persons not members of said Society, or mortgages and charges on the real or personal property of such persons. the three Pro S. The present rules, regulations and constitution of Rules, &c., to said Society, except so far as the same are repugnant to the be in force in provisions of this Act, shall continue and be in force through- vinces until out said three Provinces as fully as they now are in said changed. Province of Nova Scotia, until changed or altered as provided therein. filed. 9. A certified copy of this Act and of the said Act of the Certain docuProvince of Nova Scotia and any amendments thereof, and of ments to be the rules now in force shall, before the transaction of any business by said Society in said Provinces of New Brunswick and Prince Edward Island, be filed in the office of the provincial secretary in each of said Provinces, and all amendments and alterations of said rules shall, as soon as they respectively come in force, be filed in said office. 10. Advances to members of said Society made upon the Collateral security of real estate may be further secured on personal security. property as collateral thereto. real property. 11. The Society may, subject to the laws of any Province Powers as to in that behalf, for the purposes of their business, acquire real estate and sell and dispose of the same; but the Society shall sell any real estate acquired in satisfaction of any debt within seven years after it has been so acquired, otherwise it shall revert to the previous owner or to his heirs or assigns. SCHEDULE "A." Debenture No. dollars on the or day of The trustees of the Nova Scotia Permanent Benefit Building Society and Savings Fund, promise to pay to bearer the sum of A.D., 18 at the office of the secretary and treasurer here, with interest at the rate of per cent. per annum, to be paid half-yearly, on presentation of the proper coupon for the same as hereunto annexed, say on the day of |