shares. 11. Each share, in respect of which there is no call Valuation of unpaid, shall be entitled to the same privileges and rights as a share which is free from call (otherwise called a paid-up share), and shall be computed and allowed for as being of the same value. OTTAWA Printed by BROWN CHAMBERLIN, Law Printer to the Queen's Most VOL. II-191 CHAP. CHAP. 118. An Act to reduce the Stock of the Ontario and Qu'- purposes. [Assented to 23rd June, 1887.] Preamble. W HEREAS the Ontario and Qu'Appelle Land Company, (Limited) is a body corporate, incorporated under the provisions of "The Canada Joint Stock Companies' Act, 40 V., c. 43. 1877," and the capital stock of the said Company originally amounted to one million dollars, consisting of ten thousand shares of one hundred dollars each, whereof nine thousand eight hundred and eighty shares have been issued, and no more; and whereas the directors of the said Company, having considered that five hundred thousand dollars was a sufficient amount of capital stock for the due carrying out of the undertaking of the Company, and that it was advis able to reduce the capital stock of the Company to that amount, on the eleventh day of June, in the year of our Lord one thousand eight hundred and eightysix, passed a by-law, whereby they reduced such capital stock to five hundred thousand dollars; and whereas such by-law was considered and unanimously sanctioned by the shareholders of the said Company present or represented, at a meeting held by them on the ninth day of July, in the year of our Lord one thousand eight hundred and eighty-six, duly called for considering and, if approved, of sanctioning such by-law; and whereas the Ontario and Qu'Appelle Land Company (Limited) is desirous of having the action of its shareholders, in reducing such stock, confirmed, and provisions enacted for carrying the same into effect, and the said Company has, by its petition, prayed for the passing of an Act for such purpose; 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: Capital reduced. Amount of each share reduced. 1. The capital stock of the said Company is reduced to five hundred thousand dollars, as of the ninth day of July, one thousand eight hundred and eighty-six. 2. The number and identity of each share in such capital stock shall continue; but the amount of each share is re duced duced to fifty dollars in place of one hundred dollars, as of the ninth day of July, one thousand eight hundred and eighty-six. 3. The said shares, so reduced in amount, are, and until Shares not or unless transferred shall continue to be, the property of hereby transthe prior owners thereof. ferred. made. 4. The holders of those shares upon which any payments As to shares have been made are, as of the ninth day of July, one upon which payments thousand eight hundred and eighty-six, credited on their have been shares, so reduced in value as aforesaid, the full amount so paid thereon, and the said shares so reduced in value as aforesaid are hereby made paid up shares to the amount so paid as aforesaid. to be amend 5. The stock ledger and register of shareholders of the Stock ledger Company shall be amended in accordance with the pro- ed. visions of this Act. OTTAWA Printed by BROWN CHAMBERLIN, Law Printer to the Queen's Most CHAP Preamble. 40 V., c. 43 Shares may be surrendered for lands. CHAP. 119. An Act respecting the Primitive Methodist Colonization Company (Limited). [Assented to 23rd June, 1887.[ WHEREAS the Primitive Methodist Colonization Com pany (Limited) was duly incorporated by Letters Patent under the Great Seal of Canada, issued in pursuance of "The Canada Joint Stock Companies' Act, 1877," and dated the fourteenth day of March, one thousand eight hundred and eighty-two (and recorded on the twenty-seventh day of March, one thousand eight hundred and eighty-two, in Liber forty-five, folio six hundred and twenty-two), and the nominal capital stock of the said Company was fixed at the sum of one hundred thousand dollars, divided into one thousand shares of one hundred dollars each; and whereas sixty thousand three hundred dollars have been subscribed for and issued, the remaining thirty-nine thousand seven hundred dollars thereof being still unissued; and whereas the Company have petitioned for authority to accept surrenders of shares in their capital stock in lieu of lands and other property of the Company; 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. Any shareholder of the said Company may surrender to the Company the whole or part of the shares held by him, and receive from the Company in consideration thereof lands or other property of the Company; and the Company may accept from any shareholder a surrender of the whole or part of the shares held by him, and may grant, convey and transfer to the shareholder, in consideration thereof, lands or other Cancellation property of the Company; and on such surrender being made the shares so surrendered shall be ipso facto cancelled, and the capital stock of the Company and the number of shares duced accord- thereof shall thereby become reduced accordingly. thereof. Capital re ingly. ty of grant. By-law requi 2. No lands or other property of the Company shall be site for validi- granted, conveyed, or transferred in consideration of sur rendered shares, except in accordance with the terms and conditions of a by-law or by-laws passed at a general meeting of the shareholders. |