CHAP. 123. An Act respecting the E. B. Eddy Manufacturing [Assented to 10th July, 1891.J HEREAS the E. B. Eddy Manufacturing Company has, Preamble. by its petition, prayed for the passing of an Act to amend, as hereinafter set forth, the Act incorporating the Company, and also to change its name to "The E. B. Eddy 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. The name of the Company is hereby changed from "The Name E. B. Eddy Manufacturing Company" to "The E. B. Eddy changed. Company," but such change in name shall not, in any way, impair, alter or affect the rights or liabilities of the Company, Saving. nor in any wise affect any suit or proceeding now pending or judgment existing, either by, in favour of or against the Company, which, notwithstanding such change in the name of the Company, may be prosecuted or continued and completed and enforced as if this Act had not been passed. shares celled. 2. Six thousand of the unsubscribed and unissued shares of Unsubscribed the capital stock of the Company, representing the nominal canvalue of six hundred thousand dollars, are hereby cancelled and extinguished. 3. The remaining capital stock is hereby reduced to three Capital stock hundred thousand dollars. reduced. 4. The remaining existing shares are hereby converted into Conversion of three thousand new shares of one hundred dollars each; and shares. every person who is a paid-up shareholder shall be entitled to one paid-up share of such new shares for every three of the old paid-up shares held by him at the time when this Act comes into effect. Register to be amended. Liability of shareholders. Old stock wiped out. 5. The register of the shareholders of the Company shall be amended in accordance with the provisions of this Act. 6. Nothing in this Act shall be construed so as to lessen the liability of the shareholders of the Company to the present creditors thereof. 7. From the passing of this Act, except for the purposes herein set forth, the existing shares of the old stock shall be extinguished. OTTAWA Printed by BROWN CHAMBERLIN, Law Printer to the Queen's Most CHAP. 124. An Act respecting the Maritime Chemical Pulp [Assented to 31st July, 1891.] HEREAS the Maritime Chemical Pulp Company, Limited, Preamble. hereinafter called the Company, have, by their petition, represented that they are incorporated by letters patent, granted under the Great Seal of Canada, dated the fifteenth day of October, one thousand eight hundred and eighty-six, with an authorized capital of one hundred and twenty-five thousand dollars, of which one hundred thousand dollars have been subscribed and paid up, and that they have acquired lands and constructed works at the town of Chatham, in the Province of New Brunswick, at a cost largely in excess of the capital stock, and it is necessary to provide for such extra expenditure, and the Company have prayed for power to issue first mortgage bonds and preference stock, 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: 1. The directors of the Company may, after the sanction of Issue of bonds. the shareholders has first been obtained at an annual general meeting, or at a special general meeting called for such purpose, issue bonds of the Company to an amount not exceeding two hundred thousand dollars, and may fix and define by by-law the amount or denomination of such bonds, the time or times, and the place or places for payment of the principal moneys thereof, and the interest thereon, and all other particulars in reference thereto; provided that no such bond shall be for a less sum than one hundred dollars and that the rate of interest on such bonds shall not exceed six per cent per annum : 2. Subject to any existing lien, charge or encumbrance, such First charge bonds shall, without registration or formal conveyance, be taken on underand considered to be the first and preferential claim and charge taking. Disposal of bonds. Increase of capital stock. Preference stock. Position of holders of pre upon the undertaking of the Company and the real property, fixtures, plant and machinery thereof then existing or thereafter acquired; and each holder of the said bonds shall be deemed a mortgagee and encumbrancer pro ratâ with all the other holders thereof upon the undertaking and property of the Company as aforesaid : 3. The directors may sell, mortgage, hypothecate or pledge such bonds or any of them to raise money for the purposes of the Company. 2. The capital stock of the Company is hereby increased to two hundred and twenty-five thousand dollars; and the directors of the Company may pass a by-law for creating and issuing the new or additional stock to the amount of one hundred thousand dollars, as preference stock, giving such stock such preference and priority as respects dividends and repayment of capital stock, in the event of the winding up of the Company, over ordinary stock, as is declared by the by-law: 2. The by-law may provide that the holders of such preferference stock. ence shares may elect a certain stated proportion of the board of directors or may give them such control over the affairs of the Company as is considered expedient: By-law to be approved. Allotment and sale of preference stock. Disposal of proceeds. Rights of holders, Rights of creditors. 3. Such by-law shall not have any force or effect until it has been sanctioned by a vote of shareholders representing at least two-thirds of the issued capital stock of the Company, present in person or represented by proxy, at a general meeting of the Company duly called for the purpose of considering such by-law: 4. The directors may allot such preference stock in such amounts, and subject to the payment of such calls, of such amount, and at such times, and at such premium or discount as they think fit; or may agree for the sale of such stock, or any part thereof, at such prices as they think fit, and may stipulate for the payment of the purchase money at the time of subscription, or by instalments; and the amount of every such instalment, as and when payable, shall be deemed to be money due in respect of a call made in accordance with the provisions of" The Companies Act ; 5. The money raised by the sale or allotment of such preference stock shall be applied to the purposes of the Company: 6. Holders of such preference stock shall be shareholders within the meaning of " The Companies Act," and shall, in all respects, possess the rights and be subject to the liabilities of shareholders within the meaning of that Act; provided, however, that in respect of dividends and repayment of capital stock in the event of the winding up of the Company they shall, as against the original or ordinary shareholders, be entitled to the preference given by such by-law as aforesaid: 7. Nothing in this section shall affect or impair the rights of creditors of the Company. 3. The directors of the Company may by by-law increase Number of the number of directors to any number not exceeding seven. directors. 4. The name of the Company is hereby changed from the Name of Com"Maritime Chemical Pulp Company, Limited," to the "Mari- any changed. time Sulphite Fibre Company, Limited," but such change in name shall not, in any way, alter or affect the rights or liabilities of the Company, nor in any wise affect any suit or proceeding now pending, either by or against the Company, or any judgment existing, which, notwithstanding such change in the name of the Company, may be prosecuted or continued, completed or enforced as if this Act had not been passed. OTTAWA: Printed by BROWN CHAMBERLIN, Law Printer to the Queen's Most |