When business may be commenced. Proviso. Proviso. Head office. Agencies. First general meeting. Election of directors. Qualification. Annual meeting. Special general meetings. Notice of meetings. appoint; the first instalment shall not exceed twenty-five per cent, and no subsequent instalment shall exceed ten per cent, and not less than thirty days' notice of any call shall be given. 4. The Company shall not commence the business of insurance until one hundred thousand dollars of the capital stock have been paid in cash into the funds of the Company, to be appropriated only for the purposes of the Company under this Act: Provided that the amount so paid in by any shareholder shall not be less than ten per cent of the amount subscribed by him; and provided further that in each succeeding year, for five years after the commencement of business, an additional sum of fifteen hundred dollars shall be paid in cash upon the capital stock of the Company. 5. The head office of the Company shall be in the city of Toronto, in the province of Ontario. 2. The directors may, from time to time, establish local advisory boards or agencies, either in Canada or elsewhere, in such manner as the directors from time to time appoint. 6. So soon as two hundred and fifty thousand dollars of the capital stock of the Company have been subscribed, and ten per cent of that amount has been paid into some chartered bank in Canada, the provisional directors shall call a general meeting of the shareholders of the Company at some place to be named in the city of Toronto. 2. At such meeting the shareholders present or represented by proxy, who have paid not less than ten per cent on the amount of shares subscribed for by them, shall elect a board of not less than seven nor more than twenty-five directors, of whom the majority shall be a quorum. 3. No person shall be a director unless he holds in his own name and for his own use at least twenty-five shares of the capital stock of the Company and has paid all calls due thereon and all liabilities incurred by him to the Company. 7. A general meeting of the Company shall be called once in each year after the organization of the Company and the commencement of business, at its head office, and at such meeting a statement of the affairs of the Company shall be submitted. 2. Special general meetings may at any time be called by any five of the directors or by requisition of any twenty-five shareholders, specifying in the notice the object of such meeting. 3. Notice of each such meeting shall be sufficiently given by printed or written notice to each of the shareholders mailed at least twenty days before the day for which the meeting is called, and addressed to the addresses of the shareholders respectively given in the books of the Company. 8. The Company may carry on the business of fire insurance Business of Company. and may cause itself to be insured against any risk undertaken by it, and may reinsure any other person against any risk undertaken by him. 9. The Company may acquire and dispose of any real pro- Real perty required in part or wholly for the use and accommodation property. 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. 10. This Act, and the Company hereby incorporated, and R. S., c. 34. the exercise of the powers hereby conferred, shall be subject to the provisions of The Insurance Act. to apply. 11. The second part of The Companies Act, except sections R. S., c. 79 141 and 165 thereof, shall apply to the Company in so far as it is not inconsistent 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. 125. An Act to incorporate the Rock Life Assurance [Assented to 27th April, 1907.] WHEREAS 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: ation. 1. A. Leslie Foster, of the city of Ottawa, physician; Hugh Incorpor Stewart Conn, of the city of Ottawa, merchant; William Parker, of the city of Ottawa, dyer; George Ussher Stiff, of the city of Toronto, accountant; and James P. Hynes, of the city of Toronto, architect, together with such persons as become members of the company, are hereby incorporated under the name of "The Rock Life Assurance Company of Canada," here- Corporate inafter called "the Company." name. 2. The Company may effect contracts of life insurance with Powers. any person or persons, and may grant, sell or purchase life annuities and grant endowments contingent upon human life, and generally may carry on the business of life insurance in all its branches and forms. 3. The Company may create a guarantee fund of two hundred Guarantee and fifty thousand dollars, divided into shares of one hundred fund. dollars each, which shares shall be transferable only on the books of the Company by the holder or by his agent whose appointment in writing shall be filed with the Company. directors. 4. The persons mentioned in section 1 of this Act, together Provisional with such other persons not exceeding six as they may appoint, shall be the provisional directors of the Company, a majority Quorum. First meeting. of whom shall be a quorum for the transaction of business, and they may forthwith take such steps as are necessary to organize the Company. 5. So soon as the whole guarantee fund has been subscribed and one hundred thousand dollars thereof have been paid in cash into some chartered bank in Canada, to be withdrawn only for the purposes of the Company under this Act, and applications for assurances to the amount of not less than two hundred thousand dollars have been made to and accepted by the provisional directors, they shall call a meeting of the guarantors at some place to be named in the city of Toronto, at which meetGuarantors' ing, and at each annual meeting thereafter, the guarantors present or represented by proxy and who have paid not less than twenty per cent of the amount of their subscription to such guarantee fund, shall elect twelve directors, hereinafter called guarantors' directors. directors. Qualification. Policyholders' directors. Qualification Quorum of directors. Annual general meeting. Notice. Head office and local boards. 2. No person shall be a' guarantors' director unless he holds in his own name and for his own use, at least fifty shares of the guarantee fund and has paid all calls due thereon and all liabilities incurred by him to the Company. 6. In addition to the guarantors' directors, there shall be elected by the participating policy-holders at the second annual meeting after the commencement of business and at each subsequent annual meeting eight directors, hereinafter called policy-holders' directors. 2. A participating policy-holder who is not a guarantor and who is of the age of twenty-one years, whose policies in force amount to five thousand dollars or upwards, exclusive of bonus additions or profits, and who has paid all premiums due thereon, shall be eligible for election as a policy-holders' director. 7. At all meetings of the directors a majority shall be a quorum for the transaction of business. 8. A general meeting of the Company shall be held once in each year after the organization of the Company and the commencement of business, at its head office, not later than the third Wednesday in February, and at such meeting a statement of the affairs of the Company shall be submitted. 2. Notice of such annual meeting shall be given by publication in two issues of The Canada Gazette, at least fifteen days prior thereto, and also in six consecutive issues of a daily newspaper published at the place where the head office of the Company is situate, and such notice shall intimate that participating policy-holders may, in accordance with the provisions of this Act, vote for and elect eight directors. 9. The head office of the Company shall be in the city of Toronto, Ontario; local advisory boards or agencies may be |