CHAPTER 71 An Act to amend The Saskatchewan Farm Loans H Act. [Assented to February 4, 1920.] IS Majesty, by and with the advice and consent of the follows: amended 1. Section 12 of The Saskatchewan Farm Loans Act, Section 12 being chapter 25 of the statutes of 1917, is amended by adding thereto the following provisos: "Provided, however, that the board may, in its discretion, lend upon the security of land the title to which is incumbered by a lien, charge or incumbrance in the nature of a tax, levy or assessment, having priority to the mortgage in favour of the board and being, under any law of the province, a continuing charge for a period of years; "Provided also that the board may, in its discretion, blanket an existing mortgage or incumbrance for the purpose or with the intention of paying off such existing mortgage or incumbrance.” Advances Act, 2. Notwithstanding anything contained in the said The Seed Grain Act, and particularly in the first subsection of section 14 1920 thereof, the board shall be entitled to exercise all the rights, powers and privileges conferred upon mortgagees under and by virtue of The Seed Grain Advances Act, 1920. CHAPTER 72 An Act to amend An Act to incorporate the Saskatchewan Co-operative Creameries, Limited. HIS [Assented to February 4, 1920.] IS Majesty, by and with the advice and consent of the Legislative Assembly of Saskatchewan, enacts as follows: 1. An Act to incorporate The Saskatchewan Co-operative The Act Creameries, Limited, being chapter 26 of the statutes of amended 1917, is amended as hereinafter set forth. 2. (1) Paragraph 4 of section 1 is repealed and the New par. 4. following substituted therefor: "4. 'Local' means the body of organised shareholders residing in one of the territorial divisions of the province as provided for by section 14 of this Act." section 1 (2) Paragraph 5 of section 1 is repealed and the New par. 5. following substituted therefor: "5. 'Warehouse' means a public cold storage, bonded distributor's or storage and forwarding warehouse.' section 1 3. Section 2 is hereby repealed and the following New section 2 substituted therefor: company 2. The shareholders of the co-operative creamery Business of companies and associations mentioned in the schedule to this Act, together with such other persons as shall hereafter from time to time become shareholders in the company, are hereby declared to be a body politic and corporate under the name of 'The Saskatchewan Cooperative Creameries, Limited,' for the purpose of constructing, acquiring, maintaining and operating creameries. cheese factories, cold storage plants and warehouses in the province of Saskatchewan, taking over existing agreements of such co-operative creamery companies and associations with the government of Saskatchewan, buying, selling and storing dairy and poultry products, poultry, fish, meat, hides, furs, wool, fruits, vegetables and other perishable commodities and products, acting as storage forwarding and bonded warehousing men, manufacturers' agent for and distributors of manu New section 4 Capital stock Maximum holding Increase of capital Section 6 amended Section S amended New section 12 factured goods used or employed in any of the company's branches, utilising byproducts from the operations of the company in feeding swine or other animals, and buying. selling, breeding and dealing in the same for such purpose, and generally doing all things incidental to the production, manufacture, storing and marketing of dairy products, the production, storing and marketing of poultry and poultry products and to the carrying out of the other objects of the company hereinbefore mentioned." 4. Section 4 is hereby repealed and the following substituted therefor: "4.-(1) The capital stock of the company shall be one million dollars divided into fifty thousand shares of one dollar each, and forty-seven thousand five hundred shares of twenty dollars each. "(2) No person shall hold shares of the capital stock of the company of a nominal, or par value, in excess of the sum of five thousand dollars, and no transfer of shares in the company shall be valid unless approved by the directors. "(3) The capital stock of the company may be increased from time to time by the Lieutenant Governor in Council, upon application of the directors, with shares of such value as may be approved by the Lieutenant Governor in Council." 5. Subsection (3) of section 6 is repealed and the following substituted therefor: “(3) Three directors shall be chosen to hold office for one year, two for two years and two for three years. Thereafter the number of directors shall be not less than seven and not more than nine and shall be elected by the delegates at an annual meeting of the company from time to time for a term of three years." 6. Section 8 is amended by inserting after clause (e) the following as clause (ƒ): "(f) act as principal, agent, contractor, or otherwise. in carrying out the objects for which it has been incorporated." 7. Section 12 is repealed and the following substituted therefor: "12. The company may, by a two-thirds vote of the delegates present at its annual meeting, or at any special meeting called for the purpose, make bylaws not con |