Page images
PDF
EPUB

may assign to such officers such salaries or remuneration, and require such security to be given by them, as they may think proper. XXVIII. And be it enacted, That all bonds or policies granted by the Company, Bonds and policies

by whom to be execut. shall be signed by the President or Vice-President, and countersigned by the Secretary, ed. Manager or Treasurer, and shall be sealed with the seal of the said Company, and the signature of any private person or co-partnership, under the word “accepted ” on the face of or endorsed upon a bond or policy of the Company to and in favor of such private person or co-partnership, shall be held to be a sufficient acceptance of such guarantee and bond or policy of the Company; any law or usage to the contrary notwithstanding.

XXIX. And be it enacted, That no Shareholder shail be liable for or charged with No Shareholder liable the payment of any demand due from the Company, beyond twice the amount of the beyond twice the capital stock subscribed for or held by such Shareholder.

scribed capital, XXX. And be it enacted, That the first Ten per centum of the subscribed and paid up As to Shareholders' capital stock of the Company, shall constitute the commencement of a fund, to be kept guarantee, and reserve

funds, apart from the other funds and property of the Company, and to be called “ The Shareholders' Fund,” which shall also receive all instalments of the capital as well as all sums to be appropriated to the Shareholders by way of profit or otherwise, and the interest and proceeds of the said instalments and appropriated sums; that the expenses of instituting the Company shall in the first place be advanced from the Shareholders' Fund; that all premiums to be received by the Company, and the whole returns and income arising from the business thereof, and the interest and accumulations thereof, shall form a separate fund, called “ The Guarantee Fund,” which shall, as between the Shareholders, be primarily liable for all claims and demands on the Company in respect of its guarantees, and of its whole other business and expenses of management; that another separate fund shall also be formed, to be called “ The Reserve Fund," which shall, as between the Shareholders, be primarily liable for any deficiency of the Guarantee Fund, and to the credit of which shall be carried such proportion of the profits of the Company, ascertained from time to time as hereinafter mentioned, as the Directors may deem expedient, and to include also the interest on the same Reserved Fund; and the Shareholders' Fund shall be liable for any deficiency of the Reserve Fund, but shall, as between the Shareholders, never be resorted to, after the expenses of the first institution of the Company shall have been defrayed, until the Guarantee Fund in the first instance, and next the Reserve Fund, shall be exhausted; and that all sums so taken from the Shareholders' Fund, shall, as soon as possible, be replaced from the Guarantee Fund, with interest at five per centum. XXXI. And be it enacted, That for the first year, counting from the period when Int.

om the period when Interest and dividends. Five Thousand Pounds of the capital stock shall be paid in, no interest or dividend shall be paid ; that thereafter, and until the expiration of three years from the above mentioned period, it shall be in the power of the Directors to appoint half yearly interest or dividends to be paid, not exceeding six per centum per annum, and after the expiration of such first three years, then not exceeding eight per centum per annum, on the amount of the Shareholders' Fund, as it shall stand for the time being; the Shareholders' Fund to be always considered as the paid-up capital of the Company, upon which interest or dividends are to be calculated ; and that the whole interest and annual produce of the Shareholders' Fund shall be devoted, if required, to the payment of such interest or dividends to the Shareholders.

XXXII. And be it enacted, That every time a division of the profits shall be thought Distribution of the fit to be declared, one moiety of the net profits shall be carried to the Reserve Fund, and profits. the other moiety to the Shareholders' Fund; excepting always such parts of the profits as may be appropriated as a bonus to the parties transacting business with the Company, if the Directors shall have allowed such participation as aforesaid; and that it shall be lawful for the Directors, from time to time, as they shall think fit, to declare dividends out of the income of the Reserve Fund, and also out of the capital thereof, whenever the 238

Shareholders'

[ocr errors]

a nnaht also be formed, to be called “tha

creased by the issue of new shares.

cases,

Shareholders' Fund shall be found to exceed the sum of Twenty-five Thousand Pounds,

but only to the extent of such excess. The capital of the XXXIII. And be it enacted, That it shall be lawful for the Directors to increase the Company may be in

capital of the Company by the issue of new shares, either at once or from time to time to the amount in the whole (including the present declared capital) of Two Hundred and Fifty Thousand Pounds; and if the shares of the Company shall be at a premium, the same shall be offered to the Shareholders rateably according to the amount of their shares in the original capital, or the same or any of them, may at the option of the said Directors be sold, and the profits arising from such sale added to the Shareholders' Fund, but if the new shares shall not be at premium, then the same may be disposed of as the

Directors may think fit, and on such terms and conditions as they may think proper. The Company may be dissolved in certain

XXXIV. And be it enacted, That if at any time it shall be found that losses have been sustained equal to the whole Reserved Fund, for the time being, and to one third of the Shareholders' Fund, for the time being, that then, and as soon as the same shall have been ascertained, the Directors or any three of them, shall call a special general meeting of the Company to consider the subject, and such meeting may determine on the dissolution of the Company ; and further, that the Company may be dissolved at any time, with the consent and approbation of, at least, three fourths in number of Directors, and with the approbation in writing of the Shareholders holding, at least two third parts of the whole capital stock of the Company; such consent to be testified in writing, and to be given at a Special or Extraordinary General Meeting to be called for that purpose; and upon any such dissolution as aforesaid, the Directors shall notify the same to the Shareholders by letter, and by advertisement in the Canada Gazette, and in such other newspapers as they may think fit, which advertisement in the Gazette and newspapers shall be continued once a week for at least one calendar month succeeding the resolution for dissolution; and within thirty days after such dissolution, the Company shall discontinue business; and upon any such dissolution as aforesaid, the Directors shall, as speedily as possible, cause the books to be balanced, and sell, call in, and convert into money the estate, property and effects of the Company, in every respect, as they shall think fit, and in such manner and subject to such provisions as they shall direct, and shall thereupon transfer such guarantee, bonds or policies, as may be then subsisting, to other offices to be approved of by the parties entitled to such bonds or policies, or otherwise to transact with and obtain discharges from the persons entitled to such bonds or policies, (and for which purpose any of the funds of the Company may be applied, at the discretion of the said Directors) and subject as aforesaid ; and after discharging all the debts, and liabilities of the Company, to divide the net surplus of the produce of the estate, property and effects of the company rateably amongst the Shareholders according to the amounts of their shares; and if, upon the sale and conversion into money of the estate, property and effects of the Company, the amount shall be insufficient to pay and discharge all the debts and liabilities of the Company, then the deficiency shall be answered and paid by the Shareholders in such manner and in all respects as, but to no greater extent than, they are by this Act made liable to the debts and obligations of the

;

Company. In case of dissolution, XXXV. And for the purpose of making provision for actions and suits by or against the Company may exist for winding up the Company during the winding up of the concerns thereof, in the event of its

dissolution, Be it enacted, That notwithstanding such dissolution, the Company shall be considered as subsisting for the purpose of winding up the affairs thereof, and may sue and be sued, in and by their corporate name, according to the provisions of this

Act, so long as any matters relating to the Company shall remain unsettled. Advertisements. XXXVI. And be it enacted, That all advertisements shall be inserted in the Canada

Gazette, and in such other newspapers published in the City of Montreal and elsewhere,

as the Directors shall from time to time appoint. List of Shareholders

XXXVII. And be it enacted, That a list of the Shareholders and a copy of the be furnished annually, annual balance-sheet, including the amount of the Shareholders' Guarantee, and Reserve

Funds

its affairs,

and balance sheet to

ease.

Funds respectively, and the actual state of investment of the said several funds to be for the information of

odio n the Done boulana the Governor Geneverified by the Manager, or a Director, before a Justice of the Peace, shall, on or before the first day of July in each and every year, be sent or delivered to the Secretary of the Province for the information of the Governor General in Council; and also, that notwithstanding any thing hereinbefore contained, it shall be lawful for the Governor of the Province, by and with the advice and consent of the Executive Council, to direct the Company to increase their paid up capital to the amount of Forty Thousand Pounds, but so as no greater sum shall be called for than the sum of Twelve Thousand Five Hundred Pounds in any one year, and subject in all respects to the provisions hereinbefore contained or referred to, with respect to instalments, except as to the amounts thereof. XXXVIII. And be it enacted, That if by any reason whatever, the Shareholders' The Governor Gene

ral in Council may, Fund for the time being shall be diminished by misapplication, or by reason of its being

"5 in certain cases, direct taken to fulfil the engagements of the Company, and the amount subtracted or taken that the powers con

ferred on the Compatherefrom shall not within eighteen months from the time of its being so subtracted or taken, be replaced from time to time, or if the increase of the said fund shall not be made, when the same shall be directed, then it shall be lawful for the Governor, by and with the advice and consent of the Executive Council as aforesaid, by notice to be published in the Canada Gazette, to declare that the powers hereby conferred on the Company of effecting such guarantees as aforesaid shall absolutely cease, and to give such order for the winding up the affairs of the said Company, and the indemnifying, out of the capital and estate, property and effects of the Company, the persons guaranteed, as to the Governor in Council shall seem fit; and from and after the appearance of such notice in the Canada Gazette, the said Company shall not effect any further or other policies or guarantees, but shall nevertheless continue to be a corporate body for the purpose of winding up the affairs of the Company as is hereinbefore provided.

XXXIX. And be it enacted, That this Act shall be a Public Act, and shall be Public Act. judicially taken notice of as such.

CAP. XXXVII.
An Act to amend the Act intituled, An Act to incorporate the City of Kingston Water
Works Company.

[ 22 August, 1851. ]
T H EREAS The City of Kingston Water Works Company has acquired more Preamble,

real property, and has erected a steam engine of greater power than is found to be necessary at present for the supplying of the City of Kingston with water ; And whereas it is expedient that the said Company should be empowered to make the most advantageous disposition of their said property, during the time in which it shall not be required for the purposes for which the said Act was passed : 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, That for and Company may hold

mnong it and use their present notwithstanding any thing contained in the Act incorporating the said Company, it

property. shall be lawful for the said City of Kingston Water Works Company to hold and use any part of the real property now held by them and not necessary for the supplying the said City with water, to and for any uses and purposes which the Directors of the said Company or a majority of them shall by vote declare to be expedient.

II. And be it enacted, That it shall and may be lawful for the said Company to lease May for manufacturing purposes, or to make any other use or disposition of the extra power power of their steam

engine. of their said steam engine not required for the supplying the said City of Kingston 238 *

with

[ocr errors]

with water, which the said Directors or a majority of them shall by vote declare to be expedient.

III. And be it enacted, That this Act shall remain and be in force so long as the said Act incorporating the said Company shall continue in force, and no longer.

Duration of this Act.

CAP. X X X VIII.

Preamble.

[ocr errors]

the allowance for

An Act to vest a certain allowance for Road in the Township of Woodhouse, in the
County of Norfolk, in Andrew Thompson.

[ 2d August, 1851. ] HEREAS that part of the allowance for Road between the first and second

concessions of the Township of Woodhouse, in the County of Norfolk, hereinafter more particularly described, hath never been used as a Road, and from its position and the nature of the ground cannot be so used, and other land has been granted instead thereof for such Road which is now opened and travelled through the property of Andrew Thompson; and whereas the said Andrew Thompson and a large number of inhabitants of the said Township, and also the Township Council of Woodhouse have by their petition represented these facts, and that the said Andrew Thompson is about to construct mills upon the River Lynn, or Patterson's Creek, which crosses the said portion of the said allowance for Road, and that the same is necessary to enable him to obtain water power for the said mills, which will be of great advantage to the people of the said Township: 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 A certain portion of

enacted by the authority of the same, That so much of the allowance for Road between Roads vested in An- the first and second concessions of the said Township of Woodhouse, as lies within drew Thompson

the distance of thirteen chains and thirty links towards the east, from the line between
lots numbers ten and eleven within the said second concession, prolonged across the
said allowance for Road, or within the distance of four chains and fifty-five links towards
the west from the said line so prolonged, (measuring in both cases along the said
allowance,) shall be and the same is hereby vested in the said Andrew Thompson, his
heirs and assigns for ever; and the Road now laid out and travelled upon the said lots
numbers ten and eleven, in the said first and second concessions, shall be and remain
a public highway

CAP. X X XI X.
An Act to vest a certain Allowance for Road, in the Township of York, in certain
Persons.

[ 2d August, 1851. ] HEREAS the Road Allowance between the first and second concessions, from

the Bay, in the Township of York, in the County of York, in rear of Park Lots numbers one, two, three and four, and North of Lots fifteen and sixteen in the first concession from the Bay, in the said Township of York, passes through a very rough and uneven piece of ground, traversed by two deep ravines, forming the bed of the River Don and a small stream descending from the Davenport ridge, with precipitous banks on either side, rising to the height of one hundred and twenty-three feet, rendering that portion of the concession line wholly impracticable as a public highway; And whereas another Road to the South of the said allowance for Road, and through the said Lots, has been opened, and is used as a substitute for the said allowance; And whereas, from its proximity to the City of Toronto, and from its being out of the jurisdiction of the City Authorities, it has become the resort of dissolute

persons,

Preamble,

WHA

person

lieu

persons, who congregate there in great numbers, destroying the fences and property of the adjacent proprietors of land ; And whereas the Honorable Christopher Widmer, Adam Wilson and Lawrence Heyden, Executors and Trustees under the last Will and Testament of the late Henry Sullivan, deceased, and Henry Scadding, surviving Trustee under the last Will and Testament of the late John Scadding, deceased, and Samuel Peters Jarvis, Francis Melville Cayley, John George Howard, and John Playter, of the said City of Toronto and Township of York, own the land on each side of the said Allowance for Road, from the Block-House standing at the North-west angle of Park Lot Number Four to the Plank Road intersecting the said Allowance on the East Bank of the Don; And whereas it is expedient that the said Road Allowance should be granted to the said Christopher Widmer, the said Adam Wilson, and Lawrence Heyden, Executors and Trustees as aforesaid, the said Henry Scadding, surviving Trustee as aforesaid, the said Samuel Peters Jarvis, Francis Melville Cayley, John George Howard, and John Playter aforesaid, in lieu of the said Road so granted through the said Lots : 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, That the Road so laid out through the said Lots, and now travelled as a Public Road laid out through Highway, shall be and remain a Public Highway, and that the said original allowance

Lots of certain per

sons to be a Public be, and the same is hereby vested in the said Christopher Widmer, the said Adam Highway, and Road Wilson and Lawrence Heyden, Executors and Trustees as aforesaid, the said Henry i

Allowance vested in Scadding, surviving Trustee as aforesaid, the said Samuel Peters Jarvis, Francis thereof. Melville Cayley, John George Howard and John Playter, their Heirs and Assigns for ever, in lieu of the Road so given in the proportions hereinafter mentioned, that is to say: the North half of the said Allowance for Road, between the said Block-house and the point where the said Allowance is intersected by the said Plank Road to the East of the River Don, to the said Samuel Peters Jarvis, Francis Melville Cayley, and John Playter respectively, their respective heirs and assigns, conterminously with the limits of their respective properties, butted and bounded by the said Allowance ; and the South half of the said Allowance for Road, to the said John George Howard, the said Adam Wilson, and Lawrence Heyden, Executors and Trustees as aforesaid, the said Christopher Widmer, the said Francis Melville Cayley, and the said Henry Scadding, surviving Trustee as aforesaid respectively, their respective heirs and assigns, conterminously with the limits of their respective properties, butted and bounded by the said Allowance for Road.

CAP. XL
An Act to extend the powers of The British America Fire and Life Assurance

Company in Marine Assuranco, and to reduce the number of the Directors of
the said Company.

[ 2d August, 1851. ] W HEREAS it is expedient to extend the powers of the British America Fire and

Preamble, Life Assurance Company in Marine Assurances, and to reduce the number of the Directors of the said Company : 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, That so much of the third section of the Act of Section the late Province of Upper Canada, passed in the sixth year of the reign of His late section 3, of Act of U.

Majesty

t of

« PreviousContinue »