such promissory note or bill of exchange so made, accepted or indorsed, shall be presumed to have been made, 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 or vice-president, or the secretary or treasurer, or other official aforesaid, be individually responsible for the same, unless the said promissory note or bill of exchange has been issued without the sanction and authority of the board of directors, as herein. provided and enacted: Provided however, that nothing As to notes in this section shall be construed to authorize the Company payable to to issue any note or bill of exchange payable to bearer or intended to be circulated as money, or as the note or bill of a bank. bearer. bonds. 23. The directors of the Company, after the sanction of Issue of the shareholders has first been obtained at any special general meeting to be called, from time to time, for such purpose, may issue bonds, made and signed by the president of the Company, and countersigned by the secretary, and under the seal of the Company, for the purpose of raising money for prosecuting and operating the said works; and such bonds shall, without registration or formal con- To be a first charge. veyance, be taken and considered to be the first and preferential claim and charge upon the said works and the real property of the Company, including all equipments and attachments then existing, and at any time thereafter acquired and necessary for the operation of the said works; and each holder of the said bonds shall be deemed to be a mortgagee and encumbrancer, pro ratâ, with all the other holders thereof, upon the undertaking and property of the Company as aforesaid: Provided however, that the whole Proviso: amount of such issue of bonds shall not exceed in all fifty an per cent. of the amount of the subscribed capital stock of the Company, as the same may be, from time to time; and provided, that in the event at any time of the interest upon Rights of the said bonds remaining unpaid and owing, then, at the holders in denext ensuing annual general meeting of the Company, all ment. holders of bonds shall have and possess the same rights, privileges and qualifications for being elected directors and for voting as are attached to shareholders: Provided further, Proviso: as that the bonds and any transfers thereof have first been re- to registra gistered in the same manner as is provided for the registration of shares; and it shall be the duty of the secretary of the Company to register the same on being required to do so by any holder thereof. amount limit fault of pay tion. bonds. 24. All such bonds, debentures and other securities, and Transfer of coupons and interest warrants thereon, respectively, may be made payable to bearer and transferable by delivery, and any holder of any such securities so made payable to bearer may Denomina tion. Bonds may be pledged. Payment in stock in certain cases. Plans, sur of reference. ed. may sue at law thereon in his own name; and all such bonds, debentures and other securities and coupons and interest warrants thereon, respectively, may be made payable in lawful money of Canada, or in sterling money of Great Britain, at some place in Canada, or London, England, or in the city of New York, in the State of New York, or at all or any of such places. 25. The directors may, from time to time, for advances of money to be made thereon, mortgage or pledge any bonds or debentures which, under the powers of this Act, may be issued for the construction of the said works. 26. The provisional directors, or the elected directors, may pay or agree to pay, in paid-up stock or in the bonds of the Company, such sums as they deem expedient, to engineers or contractors, or for right of way, privileges or material, plant or equipment, and also, when sanctioned by a vote of the majority of shareholders present at any general meeting, for the services of persons who may be employed by the directors for the purpose of assisting the directors in the furtherance of the said works or purchase of right of way, privileges, material, or plant. 27. The Company may take and make the surveys and veys and book levels of the land upon, through, or under which, the said works are to pass or be operated, together with the map or plan thereof, and of the course and direction of the said canal and tunnel, and of the other works, and of the lands intended to be passed through or under so far as then ascertained, and To be deposit- also the book of reference for the works, and deposit the same as required by "The Railway Act" with respect to plans and surveys, by sections or portions less than the whole length of the said canal or tunnel authorized, and of such length as the Company, from time to time, see fit; and Effect of de- upon such deposit as aforesaid, of the map or plan and book posit. of reference, of any and each of such sections or portions of the said canal, all and every of the clauses of "The Railway Act" applied to, included in, or incorporated with this Act, shall apply and extend to any and each of such sections or portions of the said canal or other work authorized, as fully and effectually as if the said surveys and levels had been taken and made of the lands through, or under which the whole of the said canal and tunnel is to pass, together with the map or plan of the whole thereof, and of their whole course and direction, and of the lands intended to be passed through or under and taken or affected, and as if the book of reference for the whole of the said canal and tunnel had been taken, made, examined, certified and deposited according to the said clauses of "The Railway Act" with respect to plans and surveys. 28. The construction of the said works shall be com- Time for construction. menced within three years, and shall be completed within six years from the passing of this Act. tions of R.S. 29. Sections two, four, six, seven, eight, nine, eleven, Certain sec twelve, thirteen, fifteen, seventeen, eighteen, nineteen, C., c. 109, to twenty, twenty-one, twenty-two, twenty-three, twenty- apply. seven, twenty-eight, twenty-nine, forty-one, forty-two, forty-three, forty-four and fifty-seven of " The Railway Act" shall, so far as applicable and when not inconsistent with this Act, apply to the Company hereby incorporated as if the said sections had been specially set out in this Act, and as if the said Company had been specially named in the said sections, and as if the words "tunnel and canal" and the works hereby authorized had been inserted in the said. sections instead of the word "railway" or "undertaking" wherever the same are found therein; and it is here- Interpretaby declared that the word "land" mentioned in the said tion. sections shall include any privilege required by the "Land.” Company for constructing or operating the works by this Act authorized, or any portion thereof, under any land, without the necessity of acquiring a title in fee simple thereto. servation. 30. None of the works hereby authorized shall be con- As to Niagara structed or the powers given by this Act exercised within Falls park rethe present limits of the Niagara Falls Park reservation, except by the consent of the proper authorities. 31. The Company may pass by-laws regulating their Powers as to business and affairs, and may repeal or amend the same in by-laws, R.S. the mode provided by "The Companies Clauses Act." 32. Chapter ninety-two of the Revised Statutes of Can- RS.C., c. 92, ada shall apply to the Company. to apply. SCHEDULE. Know all men by these presents that I (or we) (insert the name of the vendors) in consideration of dollars paid to me (or us) by the Canadian Power Company, the receipt me (or us) by the said Company, the receipt whereof is here- said Company, their successors and assigns (here insert any other clauses, covenants or conditions required) and I (or we) the wife (or wives) of the said do hereby bar my (or our) dower in the said lands. As witness my (or our) hand and seal (or hands and seals) this day of Signed, sealed and delivered A. D. 18 in the presence of [L.S.] OTTAWA Printed by BROWN CHAMBERLIN, Law Printer to the Queen's Most Excellent Majesty. CHAP. CHAP. 121. An Act to incorporate the Londonderry Iron Company. WHERE [Assented to 23rd June, 1887.] HEREAS the persons hereinafter named have, by their Preamble. petition, represented that they are desirous of associating themselves together for the purpose of manufacturing iron and steel, and of holding and operating such railway and telegraph facilities as may be needed in connection therewith, and that they have made preliminary arrangements with the liquidator of the Steel Company of Canada (Limited) and with the bondholders and creditors of that company for the acquisition of the property, mines, railway, telegraph lines, machinery, plant, materials, and other assets of that company, the whole situate and being in the counties of Colchester and Cumberland, in the Province of Nova Scotia, for a consideration, payable in part in preferred and ordinary shares of the Company, whose incorporation is prayed for, and have prayed for an Act of incorporation, and for authority to acquire the said property and assets, and it is expedient to grant the prayer of their petition: 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 Honorable Donald McInnes, senator, Sir George IncorporaStephen, baronet, Alexander Thomas Paterson, merchant, and James A. Gillespie, merchant, all of the city of Montreal, in the Province of Quebec, and Sir Charles Tennant, baronet, together with all such persons and corporations as become shareholders in the Company to be hereby incorporated, shall be and they are hereby constituted a body corporate and politic, by the name of "The Londonderry Iron Corporate Company," hereinafter called "the Company." name. property of ada. 2. The Company is hereby authorized to acquire the pro- Company. perty, mines, telegraph line, machinery, plant, materials may acquire and other assets of the Steel Company of Canada (Limited), Steel Comfor the sum of three hundred thousand dollars of preferential pany of Can shares and such amount, not exceeding four hundred thousand dollars, of ordinary shares to be used in paying off the bondholders and ordinary creditors of that company, as may be necessary for that purpose, together with such VOL. II-20) undertaking |