and goods, or such person, as the case may be, before a justice of the peace of the district or county. R.S., c. 128, s. 9. supposes stolen, he 11. If such justice of the peace, upon examination and If justice inquiry, has cause to suspect that such goods have been stolen that goods or illegally or clandestinely obtained, or that the person offer- have been ing to redeem them has not any pretense or colour of right so may commit to do, he shall commit the offender into safe custody for such the offender. reasonable time as is necessary for obtaining proper information, in order to be further examined; and if, upon either examination, it appears to the satisfaction of the justice that such goods were stolen or illegally or clandestinely obtained, or that the person offering to redeem them had not any pretense or colour or right so to do, he shall, unless the commitment is authorized by some other law, commit the offender to the common gaol of the district or county where the offence was committed, for any term not exceeding three months. R.S., c. 128, s. 10. OTTAWA: Printed by SAMUEL EDWARD DAWSON, Law Printer to the King's most Excellent Majesty." CHAPTER 122. An Act respecting Money-Lenders. 1. This Act may be cited as the Money-Lenders Act. Short title. 6 E. VII., c. 32, s. 1. lender.' 2. 'Money-lender' in this Act includes any person who Definition. carries on the business of money-lending, or advertises, or Moneyannounces himself, or holds himself out in any way, as carrying on that business, and who makes a practice of lending money at a higher rate than ten per centum per annum, but does not comprise registered pawnbrokers as such. 6 E. VII., c. 32, s. 2. 3. This Act shall not apply to the Yukon Territory. Not appli6 E. VII., c. 32, s. 11. cable to as to small 4. This Act shall not apply to any loan or transaction in Limitation which the whole interest or discount charged or collected in con- loans. nection therewith does not exceed the sum of fifty cents. 6 E. VII., c. 32, s. 10. increase 5. Nothing in this Act shall operate to increase the rate of Act not to interest that may be recovered in any case where by law the existing rate rate is fixed at less than twelve per centum per annum. 6 E. VII., c. 32, s. 8. of interest. negotiable contracts, per annum. 6. Notwithstanding the provisions of the Interest Act, Interest on no money-lender shall stipulate for, allow or exact on any instruments, negotiable instrument, contract or agreement, concerning a loan co etc., limited money, the principal of which is under five hundred dollars, to 12 per cent a rate of interest or discount greater than twelve per centum per annum; and the said rate of interest shall be reduced to the And to 5 per rate of five per centum per annum from the date of judgment judgment in any suit, action or other proceeding for the recovery of the rendered. amount due. 6 E. VII., c. 32, s. 3. cent after court for and relief of 7. In any suit, action or other proceeding concerning a loan Powers to of money by a money-lender the principal of which was origin- inquiry into ally under five hundred dollars, wherein it is alleged that the transaction amount of interest paid or claimed exceeds the rate of twelve debtor. per centum per annum, including the charges for discount, commission, expenses, inquiries, fines, bonus, renewals, or any 1381 2195 other other charges, but not including taxable conveyancing charges, the court may re-open the transaction and take an account between the parties, and may, notwithstanding any statement or settlement of account, or any contract purporting to close previous dealings and create a new obligation, re-open any account already taken between the parties, and relieve the person under obligation to pay from payment of any sum in excess of the said rate of interest; and if any such excess has repay excess. been paid, or allowed in account, by the debtor, may order the creditor to repay it, and may set aside, either wholly or in part, or revise, or alter, any security given in respect of the transaction. 6 E. VII., c. 32, s. 4. Lender to Exception in case of negotiable instrument. Act to apply to existing contracts. And to existing judgments. As to instruments not yet matured. 8. The bona fide holder, before maturity, of a negotiable instrument discounted by a preceding holder at a rate of interest exceeding that authorized by this Act, may nevertheless recover the amount thereof, but the party discharging such instrument may reclaim from the money-lender any amount paid thereon for interest or discount in excess of the amount allowed by this Act. 6 E. VII., c. 32, s. 5. 9. The principal of any sum of money, originally under five hundred dollars, due and payable before the thirteenth day of July, one thousand nine hundred and six, in virtue of any negotiable instrument given to a money-lender, or of any contract or agreement entered into with such money-lender in respect of money lent by him, shall not, from and after the said date, bear a rate of interest greater than twelve per centum per annum; and from and after the said date no rate of interest greater than five per centum per annum shall be recovered upon any judgment, rendered before the said date, upon any such negotiable instrument, contract or agreement for the payment of money lent by a money-lender, and which allows a greater rate than five per centum per annum. 6 E. VII., c. 32, s. 6. 10. In the case of any such negotiable instrument made and contracts before the thirteenth day of July, one thousand nine hundred and six, and maturing after the said date, and in the case of any such contract or agreement made before the said date and to be performed thereafter, the foregoing provisions of this Act shall apply only from the date of maturity or performance, as the case may be. 6 E. VII., c. 32, s. 7. Penalty. 11. Every money-lender is guilty of an indictable offence and liable to imprisonment for a term not exceeding one year, or to a penalty not exceeding one thousand dollars, who lends money at a rate of interest greater than that authorized by this Act. 6 E. VII., c. 32, s. 9. OTTAWA: Printed by SAMUEL EDWARD DAWSON, Law Printer to the King's most Excellent Majesty. 2196 CHAPTER 123. An Act to empower the employees of incorporated companies to establish Pension Fund Societies. 1. This Act may be cited as the Pension Fund Societies Short title. Act. defined. 2. In this Act, unless the context otherwise requires, 'parent Parent corcorporation' means the corporation any of whose officers estab-poration' lish or take proceedings to establish a pension fund society under the provisions of this Act. 50-51 V., c. 21, s. 1. 3. The president, vice-president, general manager, assis- Establishtant general manager, or person acting as such, cashier, ment. assistant cashier and inspector of any corporation legally transacting business in Canada, under any Act of the Parliament of Canada, or any two of the said officers, with any other of the superior officers, may at any time establish a pension fund society in connection with the administration of such corporation, under the regulations and subject to the supervision and control hereinafter designated, and thereupon they and the employees of such corporation who join the said society and those who replace them from time to time, shall be and be designated as the pension fund society of the corporation; and under such name shall be and become a body corporate and politic. 50-51 V., c. 21, s. 1. by pro 4. Such of the said officers of any corporation as desire to Declaration establish a pension fund society under the provisions of this to be signed Act, may make and sign in duplicate a declaration in effect motors. according to the schedule to this Act setting forth therein the names, residences and official positions of the said officers, the name of the parent corporation, the exact name adopted for such society and the place within Canada which is to be its chief place of business, and shall file such declaration in the office of the Secretary of State of Canada, and in the office of the registrar of deeds for the county or registration division within which the chief place of business of the society shall be situated; and the officers who make and sign such declaration shall be the provisional directors of the society, and shall 2197 hold |