9. The Company may effect contracts of life insurance with Business of Company. any person, and may grant, sell or purchase annuities, grant endowments, and generally carry on the business of life insurance in all its branches and forms.

10. The Company may acquire and dispose of any real Real property. property required in part or wholly for the use and accommodation of the Company; but the annual value of such property held in any province of Canada shall not exceed five thousand dollars, except in the province of Ontario, where it shall not exceed ten thousand dollars.

11. The directors may, from time to time, set apart such Dividends. portion of the net profits as they deem safe and proper for distribution as dividends or bonuses to shareholders and holders of participating policies, ascertaining the part thereof which has been derived from participating policies, and distinguishing such part from the profits derived from other sources; and the holders of participating policies shall be entitled to share in that portion of the profits so set apart which has been so distinguished as having been derived from participating policies, to the extent of not less than ninety per cent thereof; but no dividend or bonus shall at any time be declared or paid out of estimated profits, and the portion of such profits which remains undivided upon the declaration of a dividend shall never be less than one-fifth of the dividend declared.

12. All persons who are actual holders of policies from the Participating Company for one thousand dollars or upwards, whether such policy holders. persons are shareholders of the Company or not, and who are by the terms of their policies entitled to participate in profits, and are referred to in this Act as holders of participating policies, shall be members of the Company and be entitled to attend and vote in person or by proxy at all general meetings of the Company; and every holder of a participating policy of the Company for a sum not less than one thousand dollars shall be entitled to one vote for each one thousand dollars in his policy.

2. A husband or father holding a participating policy on Husband his life for the benefit of his wife or children shall be deemed or father. a member of the Company.

13. Whenever any holder of a policy other than a term or natural premium policy has paid three or more annual premiums thereon and fails to pay any further premium, or desires to surrender the policy, the premiums paid shall not be forfeited, but he shall be entitled to receive a paid-up and commuted policy for such sum as the directors ascertain and determine, or to be paid in cash such sum as the directors fix as the surrender value of the policy, such sum in either case to be ascertained upon principles to be adopted by by-law applicable

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R.S.C., c. 118.

applicable generally to all such cases as may occur : provided that if such paid-up and commuted policy or such cash payment is not demanded while such original policy is in force, or within twelve months after default has been made in payment of a premium thereon, the Company shall, without any demand therefor, either issue such paid-up and commuted policy, or pay to, or place to the credit of, the policyholder such cash surrender value.

14. Notwithstanding anything contained therein, The Companies Clauses Act, except sections 18 and 39 thereof, shall apply to the Company in so far as the said Act is not inconR.S.C., c. 124. sistent with any of the provisions of The Insurance Act or of this Act.

OTTAWA: Printed by SAMUEL EDWARD DAWSON, Law Printer to the King's most Excellent Majesty.

CHAP. 103.

An Act to incorporate the Sprague's Falls Manufacturing Company (Limited).

W

[Assented to 15th May, 1902.]

HEREAS the persons hereinafter named have, by their Preamble. petition, prayed that it be enacted as hereinafter set forth, and it is expedient to grant the prayer of the said petition: Therefore His Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

1. Frank Todd, Henry F. Todd, James G. Stevens, junior, IncorporaJohn F. Grant and W. C. Hazen Grimmer, all of Saint Stephen, tion. in the county of Charlotte, in the province of New Brunswick, together with such persons as become shareholders in the company, are incorporated under the name of "The Corporate Sprague's Falls Manufacturing Company (Limited)," herein- name. after called "the Company."

2. The said Frank Todd, Henry F. Todd, James G. Stevens, Provisional jr., John F. Grant and W. C. Hazen Grimmer shall be the first directors. or provisional directors of the Company, a majority of whom shall form a quorum, and they shall have all the powers which

are conferred upon directors by The Companies Clauses Act R.S.C., c. 118. and by this Act.

3. The capital stock of the Company shall be five million Capital stock. dollars, divided into shares of one hundred dollars each, and may be called up by the directors from time to time as they deem necessary, but no call subsequent to the allotment of shares shall exceed ten per cent nor be made at less intervals than two months.

4. The head office of the Company shall be in Saint Stephen, Head office. in the county of Charlotte, in the province of New Brunswick, at which place all meetings of the shareholders shall be held; but the directors may meet elsewhere, as provided by the bylaws of the Company.

Business of
Company.

Power to

businesses.

5. The Company may carry on the business of lumberers and manufacturers of lumber and lumber products in all its branches, including the manufacture of pulp and paper and other business incident thereto or connected therewith, and may erect and operate lumber mills and pulp and paper mills on or near to the St. Croix River, and may, for all or any of the said purposes, purchase, hold, lease or otherwise acquire, lands and limits and rights to cut lumber, and other property real and personal, movable and immovable, and may get, drive and manufacture lumber of all kinds, and may improve, extend, manage, develop, lease, exchange, sell and deal in lumber and lumber products of all kinds, including pulp and paper.

6. The Company may purchase or otherwise acquire any acquire other business within the objects of the Company, and any lands, property, privileges, water powers, rights, contracts and liabil ities appertaining thereto, and may let or sublet any property of the Company, and may sell or otherwise dispose of the business, property or undertaking of the Company, or any part thereof, for such considerations as the Company thinks fit, and in particular for shares, debentures or securities of any other company having objects altogether or in part similar to those of the Company.

Dams.

Payment of damages.

Fishways

in dams.

Piers, booms,

etc., for mills.

7. The Company may locate, erect and maintain at or near Sprague's Falls, in the Saint Croix River, in the county of Charlotte, in the province of New Brunswick, dams, with the right of flowage, for the purpose of holding reserves of water in the said river and the storing and holding of timber, logs or other lumber; provided that in the construction of such dams an opening or openings with the necessary slides and gates sufficient for the safe transmission of square timber, saw-logs or loose lumber shall be maintained free of charge for the use of all persons who may desire to transmit square timber, sawlogs or loose lumber, and the Company shall be liable to pay damages to any owners of property injured by any overflowing of the waters of the said river caused by the said dams.

2. The Company shall be liable to pay to any persons injured compensation for any loss, damage, expense, detention, obstruction or unnecessary delay caused by the said dams, or the piers or booms hereinafter mentioned, or by the erection or maintenance of the said dams, piers or booms, in the driving or floating down the said river of any such square timber, sawlogs or loose lumber.

3. The Company shall, without delay, build and maintain in the said dams such fishways, and of such design, as may be prescribed by law.

S. The Company may locate, erect and maintain in the Saint Croix River, piers, booms, shear booms, wharfs, slips or other works necessary for operating saw or pulp mills or

other manufactories; such side booms and piers and shear booms to be extended from the said dams at or near Sprague's Falls, or other dams hereinafter provided for, up river to such a distance as is necessary for the purpose of holding, collecting, separating, driving and sorting out logs, pulp wood and other lumber coming down the Saint Croix River, belonging to the Company or to any other person, and the logs, pulp wood or other lumber of any person which comes into the Company's booms shall, without unnecessary delay, be separated by the Company from its own, and shall, at the cost and expense of the Company, be driven out of the booms and into the river.

2. The Saint Croix Log Driving Company may place one or Rights of St. Croix Log more men at the said booms, and at the expense of the Com- Driving Co. pany hereby incorporated, to see that the logs of any person other than the last mentioned company are all, and properly, passed by, and if not passed by to the satisfaction of the said log driving company, then the said log driving company may themselves take charge and pass the logs by, at the expense of the Company hereby incorporated.

logs.

9. Subject to the provisions of any Act of the Legislature Prize and of the said province, the Company shall not take or hold unmarked within its booms any prize or unmarked logs. Any person interested may go upon the property of the Company at any reasonable time and in any reasonable manner, search for such prize or unmarked logs, but the Company shall have its proper proportion of the proceeds of the sale thereof.

10. Such piers, boom and shear booms shall be so erected Passage of and maintained by the Company as not to obstruct, hinder or ber not to be logs and timunnecessarily delay the free and uninterrupted passage down interrupted. the river, to and below the said dam, of any square timber, saw-logs or loose timber belonging to persons other than the Company.

dams.

powers.

11. The Company may locate, erect and maintain in Auxiliary the Saint Croix River, above Sprague's Falls, at or near Grand Falls and Chipetnicook Falls, on the said river, auxiliary dams, which shall be erected and maintained with the same requirements and under like conditions as required by Water section 7 respecting the dams at Sprague's Falls, and may use the power created by the said dams directly or locally, or may transmit the said power, by electricity or otherwise, to tide waters on the said river, or to points on the said river below Electricity. the said dams, and for such purpose may erect poles and do all other things necessary therefor, but paying all damages caused by reason thereof.

12. The Company may construct, maintain and operate for Tramway. its own use tramways, to be worked by electricity or other

wise, from the said dams to tide waters on the said river, and

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