any year there are not profits available for the payment of the full
Cumulative interest. amount of preferential dividend or interest for that year, then, if it be

To be charge on
earnings until inter-
est paid up.

Preference stock-

directors.

so stated in the memorandum of association or in the said by-law, such
deficiency shall be made good out of the profits of the first subsequent
year in which there shall be a surplus after paying the annual dividend
or interest accruing due in respect of such preference stock in such
subsequent year:

(a.) Should the surplus in any such subsequent year be insufficient
to make good the deficiency or deficiencies of any former year
or years, then such deficiency or deficiencies shall be a first
charge upon the surplus of any subsequent year until such
deficiency or deficiencies shall be fully made good.

5. In case the memorandum of association authorizes the creation

holders may appoint of preference stock, it may provide that the holders of such preference
stock shall have the right to select a stated proportion of the Board
of Directors, or may give them such other control over the affairs of
the Company as may be considered expedient, and any by-law of a
company originally incorporated without the power of issuing
preference stock may make the same provisions.

By-law creating pref- 6. No such by-law shall have any force or effect whatever until
erence stock to be after it has been unanimously sanctioned by the vote of the share-
unanimously sanc-
tioned.
holders present in person or by proxy at a general meeting of the
Company duly called for the consideration of the same, or unanimously
sanctioned in writing by the shareholders of the Company.

Holders of prefer-
ence stock to be
shareholders.

Proviso.

Saving rights of cred-

itors.

Right of any com-

pany to acquire,

gage land.

7. Holders of preference stock, whether original or created by by-
law, shall be shareholders within the meaning of this Act, and shall in
all respects possess the rights and be subject to the liabilities of share-
holders within the meaning of this Act: Provided, however, that in
respect of dividends and otherwise they shall, as against the original or
ordinary shareholders, be entitled to the preference given by any by-
law as aforesaid.

8. Nothing in this Act shall affect or impair the rights of creditors of
any Company.

9. Any company heretofore or which may hereafter be incorporated
hold, sell, or mort- under any public Act for the time being in force in this Province, may
acquire and hold lands in British Columbia by gift, purchase or as
mortgagees, or otherwise, as fully and freely as private individuals,
and may sell, lease, mortgage or otherwise alienate the same.

To be read with 10. This Act shall be read with and form part of the "Companies
"Companies

1890."

Short Title.

Act,

Act, 1890."

11. This Act may be cited as the "Companies Act Amendment Act,
1891,"

HE

ER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

1. Section 67 of the "Constitution Act" is hereby amended by Amends sec. 67. substituting the word "six " in place of the word "four" in the third line of the said section.

2. Schedule "A" of the "Constitution Amendment Act, 1890," is Amends description of certain Electoral hereby amended in the sixth and seventh pages of the said Schedule Districts. by striking out the description of the Victoria City Electoral District and the Victoria Electoral District and the Esquimalt Electoral District therein contained, and by substituting for that part of the said Schedule so stricken out, the following::

"Victoria City Electoral District.

toral District."

"That tract of land comprised within the Municipal limits of the "Victoria City ElecCity of Victoria, including all that piece or parcel of land described and defined in the Letters Patent bearing date the ninth day of May, 1873, extending the limits of the Corporation of the City of Victoria, and including all that piece or parcel of land described and defined in the Letters Patent bearing date the eight day of January, A. D. 1891, further extending the limits of the Corporation of the said City of Victoria, shall constitute one Electoral District, to be designated "Victoria Electoral District," and return four members.

"Victoria Electoral District.

"Those tracts of land, other than and except Victoria City Electoral "Victoria Electoral District, herein before mentioned, comprised within the Victoria, Lake, District."

North Saanich and South Saanich Districts, as defined on the official

maps of those districts, now deposited in the Land Office, Victoria, and

"Esquimalt Elec toral District."

Short title.

which maps are designated, respectively: Victoria District Official Map, 1858; "Lake District," "North Saanich, 1859"; South Saanich Official Map, 1859; excluding all those pieces or parcels of land described and defined in the respective Letters Patent aforesaid, dated respectively the ninth day of May, 1873, and the eight day of January, 1891, shall constitute one Electoral District, to be designated "Victoria Electoral District," and return two members.

"Esquimalt Electoral District.

'That tract of land comprised within the following boundaries, viz.:— Commencing at a point on the west shore of Saanich Inlet, being the south-east corner of Shawnigan District; thence due west along the southern boundary of Shawnigan District and on a line in continuation thereof to its intersection with the shore line of the west coast of Vancouver Island; thence in an easterly direction following the shore line of the said island to the western boundary of Section 32, Esquimalt District, which is also the western limit of the Corporation of the City, of Victoria, as defined by Letters Patent aforesaid dated the eight day of January, 1891, including Race Island; thence northerly along the western limit of the Corporation of the City of Victoria as aforesaid, to the western boundary of Victoria Electoral District, as herein before defined; thence following the said western boundary of Victoria Electoral District to its intersection with Tod Creek; thence along the shore line of Tod Creek, Finlayson's Arm, and Saanich Inlet, to the place of commencement, shall constitute one Electoral District, to be designated Esquimalt Electoral District," and return two members."

3. This Act may be cited as the Constitution Amendment Act, 1891."

VICTORIA, B. C.:

Printed by BICHARD WOLFENDEN, Printer to the Queen's Most Excellent Majesty.

[20th April, 1891.]

[ER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

authorized.

1. The Lieutenant-Governor in Council may refer to the Supreme Reference to Court Court of British Columbia, or to a Divisional Court thereof, or to the Full Court, for hearing and consideration, any matter which he thinks fit to refer, and the Court shall thereupon hear and consider the same.

2. The Court is to certify to the Lieutenant-Governor in Council Court to certify its opinion on the question referred, with the reasons therefor, which opinion.

are to be given in like manner as in the case of a judgment in an ordinary action; and any Judge who differs from the opinion of the majority may, in like manner, certify his opinion, with his reasons therefor, to the Lieutenant-Governor in Council.

General of Canada.

3. In case the matter relates to the constitutional validity of any Notice to AttorneyAct which has heretofore been, or shall hereafter be, passed by the Legislature of this Province, or of some provision in any such Act, the Attorney-General of Canada shall be notified of the hearing, in order to be heard if he sees fit.

interested.

4. The Court shall have power to direct that any person interested, Notice to persons or where there is a class of persons interested, any one or more persons as representatives of such class, shall be notified of the hearing, and such persons shall be entitled to be heard.

5. The opinion of the Court shall be deemed a judgment of the Appeal. Court, and an appeal shall lie therefrom as in the case of a judgment

in an action.

Publication in Gazette.

Short title.

6. The reasons given by the Court, or the members thereof, for any judgment under this Act shall, as soon as practicable thereafter, be published in the "British Columbia Gazette."

7. This Act may be cited as the "Supreme Court Reference Act, 1891."

VICTORIA, B. C. :

Printed by RICHARD WOLFENDEN, Printer to the Queen's Most Excellent Majesty