The Pamphlet Collection of Sir Robert Stout: Volume 47
Local and Private Acts
Local and Private Acts.
Chap. 23.—Provides for the reduction of the capital stock of the Merchants' Bank of Canada, by diminishing the number of subscribed shares. For every three shares held by a shareholder on 1st May, 1878, two new shares of $100 each shall be given him. Nothing in Act is to affect present liability of holders of unpaid shares. After 1st May, votes by shareholders and all transfers to be on basis of the new stock. Provides for conversion of shares not evenly divisible. For shares remaining unconverted on 1st August, 1878, Bank given right to issue new shares, confirmation of this Act by the shareholders required.
Chap. 24.—Provides for re-organization of the Bank of Liverpool. Capital stock to be increased, nominal value of present shares to be reduced; capital to be $500,000 divided into 10,000 shares of $50 each. For each of the 5,000 shares of stock on which 85 p. c. shall have been paid, there shall be issued to the holder one new share, which shall be deemed to be paid up in the same proportion only as the share in lieu of which it has been issued. Directors can arrange for conversion of shares and balances forming parts of shares; calls to be paid in full and rights of creditors saved. Bank may issue 5,000 new shares of stock and may declare any number not exceeding 8,000 of these preferential, bearing a preferential dividend not exceeding 8 p.c. for five years, after which they become ordinary shares; new shares to be subscribed within six months from date of passing of this Act. The Act to be approved by shareholders before it takes effect.
Chap 25.—Authorizes the Grand Trunk Railway of Canada to keep a duplicate seal for Canada and United states business. The Co. may provide for insurance against accident to its employes which may include insurance against death. Co. to contribute annually any amount not exceeding 150 p. c. of amount subscribed by members; the amount contributed by the Co. shall form part of the working expenses of said Co., and shall, for purpose of priority of payment, be considered as payment of wages. Co. can lease or enter into working arrangements with any other Railway line in Ontario, which the charter of the latter will allow, no lease or agreement to take effect unless sanctioned by two-thirds of the persons having the right to vote at meetings of the G. T. Ry Co.; but this does not apply to any Co. whose line runs in the same general direction and in competition with the G T. Ry, nor to any Co. whose line runs between the Detroit and St. Clair and Niagara Rivers. The Co. to have power to make working arrangements with any Ry Co. in the United States which the G T. Co. may think expedient; the Co. may hold shares and securities of other companies both here and in the United States.
Chap. 26.—Legalizes the lease by the Northern Railway Co. of Canada of the North Simcoe Railway; payment of interest to the holders of N. S. R. Co. debentures may be guaranteed; but, if instead of such guarantee, the North Simcoe Ry Co. should appoint trustees to receive the moneys from the Northern Ry Co., the trustees are to apply such moneys in the first place, in payment of interest on the debentures. Arrangements can be made with other Ry Companies for the use &c., of their lines, by a two-thirds vote of the stock and bondholders of the Northern Ry Co. Railway materials laid down on lands of certain other owners to be vested in the Co., and removable at termination of agreement.
Canada Southern Railway Co.
to issue $14,000,000, in 20; years, new bonds, secured as a mortgage! upon the property and revenues of they Co., to Augustus Schell and Cornelius Vanderbilt, trustees. The bonds to be of; $1,000 each with coupons for interest attached, at the rate of 3 p. c. for three years and at 5 p. c. for the remaining 17 years, the interest to be guaranteed by the New York Central and Hudson River Railroad Co. Advances if made to be repaid to the guarantor with interest thereon. The sums raised to be applied to paying off the 1st and 2nd mortgage bonds of the Co. with interest, $833,000 of bonds of the Canada Southern Bridge Co., and those of the Erie and Niagara Railway Co., the Toledo Canada Southern and Detroit Railway Co. and Michigan, Midland and Canada Railroad Co.. the settlement of; floating debt of, and acquiring further; equipment, &c.. for the Co. The new bonds; are to be issued for the old ones in the following proportions:—For $8,703,000 old Can. | |
For Southern 1sts, at par | $8,703,000 00 |
For $833,000 Can. southern Bridge 1sts. at par | 833,000 00 |
For $2,044,180.39 Can. Southern 2nds, at 31½ p. c. | 613,919 65 |
For $453,000.00 Erie & Niagara 1sts. at 50 p. c. | 226,500 00 |
For $1,407,737.50 Toledo, Can. Southern & Detroit 1sts, at 70 p. c. | 985,416 25 |
For $262,010.00 Michigan, Midland and Can. 1sts, 25 p.c. | 65,502 50 |
Leaving for equipment, floating debt, &c. | 2,542,661 60 |
$14,000,000 00 |
The exchange to be effected through the Union Trust Co., New York, who will hold the Canada Southern old bonds till the new become the 1st charge, then return them to the Co. to be cancelled. The Can. Southern Bridge bonds to be transferred to the trustees, Schell & Vanderbilt, as additional security to them: the other bonds to be delivered to the Co., as received in exchange. The Act to be held to be binding on the holders of the Co's. bonds and of the Can. Southern Bridge bonds at once, and go into full force so soon as the N. Y. Central and Hudson River Ry. Co. assents, and a certificate thereof is published in the Canada Gazette.
Chap. 28.—Extends period for the completion of the Montreal and City of Ottawa Junction Railway for six years, from the 30th April, 1878. All bonds, debentures, &c., to continue in full force and to the same extent as if the Company's works had been completed within time named in Act of incorporation. Co. may create preference shares to extent of $400,000: such shares shall be entitled to dividend before any other stock or shares of Co., to the extent of 6 p.c., upon the amt. paid up thereon: holders of preference shares to have same rights as to voting, &c., as shareholders in the capital stock of the Co. Preference shares may be exchanged for bonds of the Co.
Chap. 29.—Extends time for the commencement of the Montreal and Cham- plain Railway for 3 yrs, and time for completion for 6 yrs., from the passing of this Act. Sir A. T. Gait and Joseph Hickson are added to list of Provisional Directors of the Co.; arrangements for working, &c., may be made with Grand Trunk Ry. Co.
Chap. 30—Authorizes the changing of the name of the " Sydenham Harbour Co." to the "Oshawa Harbour Co., limited." New paid up stock maybe issued to amount of $30,000 in shares of $25 each, and allotted to holders of stock in the Co., in proportion to their respective holdings. Thereafter the capital is to be $50,000, divided into 2,000 shares of $25 each. Bonds or debentures may be issued not to exceed the aggregate at any one time of paid up capital, and be first charge on property, tolls, &c Co. may carry on business as warehousemen. Capital may be increased to $100,000; increase must be approved by a two-thirds vote of shareholders. Canada Joint Stock Companies Clauses Act shall apply.
Chap. 31.—Provides that The Qufbec Firk Acssurance Co. shall retain its original name as incorporated, by 9 G. IV., c. 58; capital stock $1,000 000 in 2,500 shares of $400 each. Shares or capital stock to be paid in such instalments and at such times as Directors appoint. No such instalment to exceed $5 each share. Shareholders may anticipate payments of shares and receive interest thereon until calls are made. The usual provisions are made for interest on unpaid calls, the forfeiture and sale of stock and recovery of calls after 2 mos. notice in Canada Gazette and two Quebec papers. Also as to limitation of liability. Co. may acquire and dispose of real estate and invest its funds in public securities of Dom. of Canada or any foreign state when required for carrying on its business, and can vary, sell or mortgage the same. The chief place of business Of said Co. is at Quebec.
Chap. 32.—Authorizes the National Insurance Co., to reduce its shares of $100 to $55 each share, being subject for calls amounting to not more than $50, but reduction not to affect amount due by shareholders in respect of calls heretofore made and unpaid. Existing policies shall not be affected by the reduction. Co. may hold United states securities for deposit with the Federal Government for the purpose of doing business in United states.: Forfeited shares, may by resolution of Directors, be declared property of the Company and may be sold or re-allotted. Any member whose share is forfeited, not with standing any reduction of value under this Act, shall be liable to pay all calls, &c., owing at time of forfeiture. Nothing in this Act shall lessen liability of Co. to its creditors. This Act to have no effect until Co. shall have made further calls upon shares subscribed for $25,000.
Chap. 33.—Grants a Dominion Charter to the Ontario Mutual Life assurance Co. It is to be composed of its policyholders, who shall own and control its property and vote at meetings. Co. can hold real estate for purposes of its business and dispose of the same; may invest its funds in securities of Dom. of Canada or of any of the Provinces, or debentures of incorporated cities, towns or municipalities, in mortgages upon real estate or on the security of its policies in sums not exceeding their cash surrender values. No person can be a Director unless a member assured for not less than $1,000 of the Co.: office of Director becomes vacant by death, lapse of policy, resignation, removal from Canada, or absence from three successive regular meetings of board without leave. No Director or officer of Co. shall borrow any of its funds; nor shall any officer, or agent of the Co. receive or use any proxy at meetings of Co. Head office shall be at the Town of Waterloo, County of Waterloo.
Chap.—34.—Grants a Dominion Charter to the " Société de Construction Mutuelle," under the name of the " Société de prêts et placements de Québec;" principal place of business City of Quebec. It has same privileges as granted other permanent building societies by Act 69 C. S. L. C. and other Acts affecting such societies. The capital stock of the society subscribed for by shareholders who have received no appropriations shall be reduced to ten p.c. of amount by them subscribed, and capital subscribed by borrowing shareholders shall remain at full amount of original subscription. Capital stock of the society is divided into shares of $100 each. The society may, by resolution of directors confirmed at general meeting, increase its capital by issue of new shares. Any shareholder may convert his temporary shares into permanent. shares of the stock, either before or after they have been fully paid up. Disposal of moneys by appropriations is to cease. Society may invest its moneys in any real security in the Province of Quebec, or in public securities of the Dom. of Canada or any of the Provinces, or debentures of any municipality or on security of shares of society.
Chap. 35.—Incorporates, as " The Regular Baptist Foreign Missionary Society of Ontario and Quebec." The Reverends Robert Alexander Fyfe, John L. Campbell, William Stewart. Calvin Goodspeed, John Dempsey and William K. Anderson, with Messrs. William Craig, Abraham Niles Barber, Andrew Trew Wood, Thomas James Claxton, Charles Raymond, Thomas Strahan Shcnston and A. A. Ayer. Object, diffusion of Christian knowledge, support of Missions in India and other eastern countries, in connection with Regular Baptist denomination. Society has the power to acquire and dispose of moneys, notes, stock, &c.
Chap. 36.—Authorizes the amalgamation of the Brockville and Ottawa Ry. Co.. with the Canada Central Ry. Co., under the latter title; amalgamation must be ratified by a two-thirds vole of respective Companies; in case of difference as to the mode of exercising said rights, &c., the provisions of the Acts incorporating the Canada Central Ry. Co. shall govern. The head office of the Co. shall be in Canada, at such place as the deed of amalgamation may fix. Capital of amalgamated Co., $3,000,000 In shares of $100 each,—of which may be issued forthwith on completion of amalgamation, $6,500 per mile for every mile now constructed belonging to said two Cos.; and it may be increased to a like sum per mile upon extension of lines. The stock of amalgamated Co shall be allotted to stockholders of Brockville and Ottawa Co. at par value of its existing stock (including stock due to former creditors) and to stockholders of the Canada Central Co. at the rate of $6,500 per mile, for stock of said Co already issued, i.e. bearing the same proportion to amount of stock now held, as the sum of $487,500 bears to $1,242,500, the old stock being cancelled upon amalgamation. Amalgamated Co. may issue mortgage bonds for $20,000 per mile upon entire length of road, for the purpose of paying off liens. &c., and in aid of extension. Preferential claims to be paid first. Thereafter the said issue shall constitute a first mortgage upon Ry. and its property. The amalgamated Co. may also issue first mortgage bonds upon any extension thereof, constructed or in course of construction, or under contract. And in aid of extension it may issue second mortgage bonds.
Chap. 37.—Authorizes the sale of Port Whitby Harbour to the corporation of the town of Whitby, with piers and breakwaters, and approaches and other works appertaining thereto, by David Fisher and Jane Malvina Draper, the executor and executrix of Chester Draper, sole owner of the stock, on the following terms:—The Port Whitby Harbour Co. shall be freed from all existing charges and incumbrances upon said Harbour, including balance due the Government of Canada, for purchase money and interest, under O. in C. of 21st March, 1864; also including debentures issued by said Co. The purchase money for said Harbour by the town of Whitby shall be fixed by arbitration, the M. P. W. naming the third arbitrator. Purchase money shall be paid one-third in cash within 5 months from making of award, remaining two-thirds in debentures of town of Whitby, payable in twenty years from issue, with coupons for interest at 6 p c., payable half yearly at Ontario Bank in Whitby. If town do not accept and carry out award, executor and executrix have power to sell Harbour. &c., to any Co. in Ontario incorporated for constructing such works, such sale to be approved by G. in C.
Chap. 38.—Provides for the winding up of the Canada Agricultural Insurance Co. The assets and estate of said Co. shall become, without the issue of any writ of attachment or making of any assignment, vested in Philip S. Ross, William T. Fish and George H. Dumesnil, as joint assignees, and the said Co. and the said parties and all persons interested as shareholders, creditors, policy-holders, &c., shall be in same position as if said parties were official assignees, so vested under the insolvent Act.
Chap. 39.—Authorizes the Stadacona Fire and Life Insurance Co. to reduce its shares from $100 to $30 each, the amount remaining subject to call on each being $25. Such reduction shall not affect amount due by any shareholder in respect of calls heretofore made and unpaid. There are to be nine directors holding twenty-five shares each. The Co. shall discontinue the Life business, and after having reinsured its life policies in another Co. approved by Minister of Finance, may withdraw amount deposited with the Government.
Chap. 40.—Provides for the granting of certain powers, and changing the name of the " Agricultural Mutual Assurance Association of Canada" to " The London Mutual Fire Ins. Co. of Canada." The policy-holders form the Co. and are given the usual powers for effecting insurances, &c. Each member of Co. shall be entitled at all meetings to number of votes proportioned to amount by him insured viz: Under $1 500, one vote; $1,500 to $3,000, two votes; $3,000 to $6,000, three, votes, and one vote for every additional $3,000. No member in arrears is allowed to vote. There are to be nine directors, three retiring each year. They must hold policies for $800 or upwards. Co. can cancel any policy by giving insured notice by registered letter, signed by Secretary of Co. He shall, nevertheless, be liable to pay his proportion of losses to time of cancellation. Any member of the Co. may withdraw with consent of directors. Board of Directors may invest funds of Co. in mortgages on real estate, municipal debentures and public securities of the Dominion, or any Province thereof. Directors may borrow money on their promissory notes for any term not over twelve months. Co. may effect insurances upon the cash premium principle, for a period not exceeding three years, on farm and other non-hazardous property, and for one year and lesson any other class of property. Losses to be settled by valuators, one named by a Judge, and no action shall be brought against the Co. upon any policy, &c., after one year after the loss or damage. Co. may hold lands for its accommodation, or such as have been mortgaged to it, by way of security.
Chap. 41.—Incorporates " La Pociété de Construction du Comté d'Hochelaga as a permanent building society, having its principal office in the city of; Montreal. Its appropriation stock subscribed for by those who have received no appropriations, shall be reduced to 10 p.c. of the amount; and the capital subscribed by borrowing shareholders shall remain at the full amount. The former class must pay in enough to complete the 10 p. c. on their shares in instalments of not more than 10 p. c. of the balance each. The capital so reduced shall form the permanent capital stock of the society together with the old permanent stock, and be divided into shares of $60 each. The! society may however increase its capital stock, and may open classes of temporary shares. Any member may convert his temporary into permanent shares, either before or after it is paid up. The society is given the same lien against shares and profits as a bank, and same powers to confiscate, seize and sell. Provision is made for the formation of a reserve fund, the Directors having power to set apart 2 p. c. when the profits do not exceed 10 p. c. and more when they do.
Chap. 42.—Changes the name of the Montreal Building Association to " The Montreal Investment and Building Company." The Co. may borrow money at such rates of interest as authorized by law, and may issue bonds or debentures for sums not less than $100 each, payable in any currency and at any place most convenient, not less than one year, hypothecating or giving other security upon its property, deeds, securities, &c. The amount borrowed not to exceed double the amount of the capital of the Co. paid up. Co. may act as an agency and trust Co. It may receive or exact any rate of interest or discount not exceeding 8 p. c. per annum, and may stipulate for and receive the same half yearly in advance, and may receive a semi-annual payment on any loan by way of a sinking fund for the gradual extinction of such loan.
Chap. 43—Grants a Dominion charter to the Ontario Express and Transportation Co., capital $100,000 in 1,000 shares of $100 each, with power of increase to $1,000,000. Principal place of business at Toronto. There are to be five Directors holders of 25 shares, and a majority resident in Canada. William Winter, John Alexander Mackenzie, Robert Fulton Dodd, William McHaffie and Cicero Davenport Rounds, shall be provisional Directors. Co. to be organized when all the stock is subscribed and 20 p. c. paid in, and charter forfeited if this be not done before 1st June, 1879.
Chap. 44.—Incorporates, as Fishwick's Express and Merchants Forwarding Co., (limited), Frederick W. Fish wick, George S Franklyn, and James C. Mackintosh, of Halifax, and others. Capital $100,000 in 2,000 shares of $50 each.
Chap. 45.—Incorporates, as the Missionary Society of the Bible Christian Church in Canada, the Reverends Paul Robins, John H. Eynon, Thomas Green, Robert Hurley, John Chappie, Cephas Barker, William Hooper, Iesse Whitiock, William S. Pascoe, John Kenner, George Webber, Edward Roberts, Wm. Joiliffe, William R. Roach, James J. Rice, and Henry J. Nott. and John Hull, of Lake-field, Ont., Charles R. Tambly, of Orono, James Pickard, of Exeter, James Rundle, of Darlington, John F. Cummings, of Mariposa, John Southcote, of London, and William Windate, of Darlington. Objects: religious and charitable, and designed to promote Christian missions.