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One tenth of

paidup Capital in Provincial

to be

Securities.

Proviso.

Proviso.

Proviso.

than one, the receipt of one of the parties, shall from time to time be a sufficient discharge to the Bank for any dividend or other sum of money payable in respect of such share, notwith standing any trust to which such share may then be subject and whether or not the Bank have had notice of such trust, and the Bank shall not be bound to see to the application of the money paid upon such receipt; any law or usage to the contrary notwithstanding.

Duration of

other Acts relating to the

Bank.

X. This Act and the Act of Incorporation of the said Bank, this Act and and any Act amending the same, shall be and remain in force until the first day of January which will be in the year of our Lord one thousand eight hundred and seventy, and from that time until the end of the then next Session of the Parliament of this Province, any thing in the said Acts to the contrary notwithstanding: Provided always, that the extension of time in this Clause enacted, shall not take place unless the said Bank shall signify its intention to add to its Capital Stock within one year after the passing hereof, in the manner provided in the next preceding Section.

Public Act.

IX. It shall be the duty of the Directors of the said Bank to invest, as speedily as the Debentures hereinafter mentioned can be procured from the Receiver General, and to keep invested at all times in the Debentures of this Province, payable within the same, or of the Consolidated Municipal Loan Fund, one tenth part of the whole paid up capital of the said Bank, and to make a return of the numbers and amount of such Debentures, verified by the oath and signature of the President and Chief Cashier or Manager of the said Bank to the Inspector General, in the month of January in each year, under the penalty of the forfeiture of the Charter of the said Bank, in default of such investment and returns: Provided always, that the said Bank shall not be bound to invest any portion of its capital in Debentures, under the provisions of this section, unless it shall avail itself of the power to add to its present Capital Stock, pursuant to this Act: And provided also, that the said power hereby conferred to add to its Capital Stock shall cease and determine, unless the said Bank shall, by instrument under its corporate seal, signify to the Governor in Council, within one year after the passing of this Act, its intention to avail itself of the said power to add to its Capital Stock, as aforesaid.

Monthly

quired in place

XI. The Statement required by the twenty-eighth Section of statements re the Act passed in the fourth and fifth years of Her Majesty the of half-yearly Queen, intituled, An Act to extend the Charter of the City Bank and to increase the Capital Stock thereof, to be made semi-annually by the said Corporation, shall be made on the first Monday of each and every month, in the manner provided by the said Section of the said Act.

under 4 & 5 V. c. 97.

XII. This Act shall be deemed a Public Act.

CAP.

CAP. XLII.

An Act to authorize an addition to the Capital Stock of the Commercial Bank of the Midland District, and to facilitate the Transfer of Shares in certain cases.

[Assented to 18th December, 1854 ]

W

HEREAS the Commercial Bank of the Midland Dis- Preamble. trict hath prayed for authority to increase its Capital Stock, and to make Shares of its Stock transferable in the United Kingdom, and it is expedient to grant the prayer of the said Petition: Be it therefore enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and of the Legislative Assembly of the Province of Canada, constituted and assembled by virtue of and under the authority of an Act passed in the Parliament of the United Kingdom of Great Britain and Ireland, and intituled, An Act to re-unite the Provinces of Upper and Lower Canada, and for the Government of Canada, and it is hereby enacted by the authority of the same, as follows:

£23.

6

cited.

how to be

I. It shall and may be lawful for the Commercial Bank The Book may of the Midland District incorporated by an Act of the Par- add £500.00 liament of Upper Canada confirmed and extended by the to its Capital, Act of the Parliament of this Province, passed in the sixth in Shares of year of Her Majesty's Reign, intituled, An Act to extend the Charter of the Commercial Bank of the Midland District, GV. c. 26, and to increase its Capital Stock, to add to its present Capital Stock the sum of five hundred thousand pounds currency, divided into twenty thousand shares of twenty-five pounds each, which shares shall and may be subscribed for, either in or out of this Province, in such proportions or numbers and at such times and places and under such regulations as the Directors of the said Bank shall from time to time establish; and Instalments the shares subscribed for shall be paid in by such instalments and at such times and places, as the Directors shall from time to time called in, c. appoint; and executors and administrators and curators paying instalments upon the shares of deceased Shareholders shall be and are hereby respectively indemnified for paying the same; Provided always, that no share shall be held to be lawfully Proviso. subscribed for, unless ten per centum thereof, at the least, be 10 per cent. paid at the time of subscribing; and that all the provisions of to be paid the fourth section of the said Act passed in the sixth year of Her Majesty's Reign, shall be applicable to all cases in which instalments on shares subscribed for under this Act, shall be unpaid; And provided also, that the said twenty thousand shares Proviso be subscribed for and wholly paid up within five years from and after the passing of this Act; Provided also, that the Mem- Proviso: bers of the said Corporation may at any time by a By-law increase of made for that purpose, either before or after the opening of the be restricted. books of subscription for the said augmentation of Capital or any portion thereof, restrict the said augmentation of Capital,

down

Capital may

to

Subscribers may pay in full on subscribing.

II. Provided always, That when any person or party, desirous of subscribing for shares of the additional Capital Stock authorized by this Act, shall also be willing to pay up at the time of subscribing the full amount of the shares subscribed for, together with a premium thereon, it shall and may be lawful for the Directors of the Bank, and at any time within the aforesaid period of five years, to admit and receive such subscriptions and full payment, together with such premium as at Premium may the time of subscribing, shall or may be agreed upon; and in every such case, the premium so received shall be carried to the account of the ordinary profits of the Bank; any thing in the said Act of incorporation, or in this or any other Act or Law to the contrary notwithstanding.

be taken.

Shares may be made transferable

in the United Kingdom.

Transmission of Shares otherwise than by regular transfer to be authenticated by declaration, &c.

to any amount they may judge more advantageous to the said Bank.

Proviso.

III. Shares of the Capital Stock of the Bank may be made transferable, and the dividends accruing thereon may be made payable in the United Kingdom, in like manner as such shares and dividends are now, respectively, transferable and payable at the Bank in the City of Kingston; and to that end, the Directors may, from time to time, make such rules and regulations, and prescribe such forms, and appoint such agent or agents, as they may deem necessary.

IV. If the interest in any share in the said Bank become transmitted in consequence of the death, or bankruptcy, or insolvency of any Shareholder, or in consequence of the marriage of a Female Shareholder, or by any other lawful means than by a transfer according to the provisions of the Act of Incorporation of the said Bank, such transmission shall be authenticated by a declaration in writing as hereinafter mentioned, or in such other manner as the Directors of the Bank shall require; and every such declaration shall distinctly state the manner in which and the party to whom such share shall have been so transmitted, and shall be, by such party, made and signed; and every such declaration shall be, by the party making and signing the same, acknowledged before a Judge or Justice of a Court of Record, or before the Mayor, Provost, or Chief Magistrate of a City, Town, Borough, or other place, or before a Public Notary, where the same shall be made and signed; and every such declaration, so signed and acknowledged, shall be left with the Cashier, or other officer or agent of the Bank, who shall thereupon enter the name of the party entitled under such transmission, in the Register of Shareholders; and until such transmission shall have been authenticated, no party or person claiming by virtue of any such transmission shall be entitled to receive any share of the profits of the Bank, nor to vote in respect of any such share, as the holder thereof: Provided always, that every such declaration and instrument as by this and the following section of this Act is required

to

to perfect the transmission of a share of the Bank, which shall be
made in any other Country than in this or some other of the
British Colonies in North America, or in the United Kingdom:
of Great Britain and Ireland, shall be further authenticated by
the British Consul or Vice-Consul, or other the accredited re-
presentative of the British Government in the Country where
the declaration shall be made, or shall be made directly before
such. British Consul or Vice-Consul, or other accredited repre-
sentative: And provided also, that nothing in this Act con- Proviso.
tained shall be held to debar the Directors, Cashier, or other
officer or agent of the Bank, from requiring corroborative evi-
dence of any fact or facts alleged in any such declaration.

V. If the transmission of any Share of the Bank be by Proof of tiansvirtue of the marriage of a Female Shareholder, the declara- mission by tion shall contain a copy of the Register of such marriage, or bequest, &c. mariage, other particulars of the celebration thereof, and shall declare the identity of the wife with the holder of such share; and if the transmission have taken place by virtue of any testamentary Instrument or by Intestacy, the Probate of the Will, or the Letters of Administration, or Act of Curatorship, or an official extract therefrom, shall, together with such declaration, be produced and left with the Cashier, or other Officer or Agent of the Bank, who shall thereupon enter the name of the party entitled under such transmission, in the Register of Shareholders.

see to trust.

VI. The Bank shall not be bound to see to the execution of Bank not to any trust, whether express, implied or constructive, to which be bound to any of the Shares of the Bank may be subject; and the receipt of the party in whose name any such share shall stand in the Books of the Bank, or if it stand in the names of more parties than one, the receipt of one of the parties, shall from time to time be a sufficient discharge to the Bank for any dividend or other sum of money, payable in respect of such share, notwithstanding any trust to which such share may then be subject, and whether or not the Bank have had notice of such trust; and the Bank shall not be bound to see to the application of the money paid upon such receipt; any law or usage to the contrary notwithstanding.

to be invested in Provincial

Securities.

VII. It shall be the duty of the Directors of the said Bank to One tenth of invest, as speedily as the debentures hereinafter mentioned can paid up Capital be procured from the Receiver General, and to keep invested at all times, in the debentures of this Province payable within the same, or of the Consolidated Municipal Loan Fund, one tenth part of the whole paid up Capital of the said Bank, and to make a Return of the numbers and amount of such debentures, verified by the oaths and signatures of the President and Chief Cashier or Manager of the said Bank, to the Inspector General, in the month of January of each year, under the penalty of the forfeiture of the Charter of the said Bank in default of such investment

10

Proviso.

Proviso.

Duration of this Act and other Acts 1elating to the Bank.

Proviso.

Public Act.

Monthly IX. The statement required by the twenty-ninth section of statement re- the first above cited Act to be made semi-annually by the said quired instead of half yearly. Corporation, shall be made on the first Monday of each and every month, in the manner provided by the said section of the said Act.

X. This Act shall be deemed a Public Act.

CAP. XLIII.

An Act to increase the Capital Stock of La Banque du
Peuple, and for other purposes.

[Assented to 18th December, 1854.]

W

HEREAS La Banque du Peuple has prayed to be permitted to increase its Capital Stock, and it is expedient to grant its prayer: Be it therefore enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and of the Legislative Assembly of the Province of Canada, constituted and assembled by virtue of and under the authority of an Act passed in the Parliament of the United Kingdom of Great Britain and Ireland, and intituled, An Act to re-unite the Provinces of Upper and Lower Canada, and for the Government of Canada, and it is hereby enacted by the authority of the same, as follows:

Preamble.

investment and Return: Provided always, that the said Bank shall not be bound to invest any portion of its Capital in debentures under the provisions of this section unless it shall avail itself of the power to add to its present Capital Stock pursuant to this Act; And provided also that the said power hereby conferred to add to its Capital Stock, shall cease and determine unless the said Bank shall, by an instrument under its Corporate Seal, signify to the Governor in Council, within one year after the passing of this Act, its intention to avail itself of the said power to add to its Capital Stock as aforesaid.

Bank may add £200,000 to its Stock.

VIII. This Act and the Act of Incorporation of the said Bank and any Act amending the same, shall be and remain in force until the first day of January, which will be in the year of Our Lord one thousand eight hundred and seventy, and from that time till the end of the then next Session of the Parliament of this Province, any thing in the said Act of Incorporation contained to the contrary notwithstanding, and no longer: Provided always, that the extension of time in this clause enacted, shall not take place unless the said Bank shall signify its intention to add to its Capital Stock within one year after the passing hereof, in the manner provided in the next preceding section.

I. It shall be lawful for La Banque du Peuple to add to its present Capital Stock, the sum of two hundred thousand pounds

currency,

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