Proviso.

Bonds

may be made payable to bearer.

Qualification of
Director.

Commencement and completion.

Moneys expended by

Provisional Directors to be deemed

(INCORPORATION).

would be attached to them as shareholders as if they had held fully paid up shares of the Company to a corresponding amount: Provided, nevertheless, that the right given by this section shall not be exercised by any bondholder unless the bond in which he shall claim to exercise such right shall have been registered in his name in the same manner as is provided by law for the registration of the shares of the Company, and for that purpose the Company shall be bound on demand, on default made in principal or interest, to register any transfers thereof in the same manner as a transfer of shares: Provided, also, that the exercise of the right given by this section shall not take away, limit, or restrain any other of the rights or remedies to which the holders of the said bonds shall be entitled.

15. All bonds hereby authorized, and the coupons thereon, may be made payable to bearer, and shall be transferable by delivery until registration thereof, in manner provided by the next preceding section, and while so registered they shall be transferable by written transfers registered in the same manner as in the case of shares.

16. No person shall be eligible as a Director of the Company unless he is the owner and holder of at least ten shares in the capital stock of the Company, and has paid up all calls thereon.

17. The railway authorized to be constructed by this Act shall be commenced within two years and completed within five years from the passing of this Act.

18. All moneys expended by the Provisional Directors in furtherance of this undertaking, either before or after the passing of this Act, shall cash instalments on be considered as cash instalments on stock. And at the first meeting stock. of Directors a resolution shall be passed giving credit to each Provisional Director in the books of the Company for such amount as he may have expended.

Application of "B.
C. Railway Act."

Short title.

19. The provisions of the "British Columbia Railway Act, 1890," shall, so far as such provisions are applicable to the undertaking and are not inconsistent with or contrary to the provisions of this Act, apply to the said railway, and shall be read with and form part of this Act.

20. This Act may be cited as the "Liverpool and Canoe Pass Railway Act, 1891."

VICTORIA, B. C.:

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

An Act to Incorporate the Nelson and Fort Sheppard
Railway Company.

[20th April, 1891.]

WHEREAS it is in the interest of the public that a Railway should Preamble.

be constructed and maintained from a point on the outlet of Kootenay Lake, in the Province of British Columbia, to a point at or near the southern boundary of the said Province:

And whereas Charles Thomas Dupont, Peter Curran Dunlevy, and Gustavus Blinn Wright, have presented a Petition praying for their incorporation as a Company for the purpose of constructing a line of railway from a point on the outlet of Kootenay Lake, near the town of Nelson, thence to a point at or near Fort Sheppard, in the said Province, by way of the valley of Cottonwood-Smith Creek and the Salmon River, with power to construct and maintain branch lines, and also to construct and operate telegraph and telephone lines in connection with the said railway:

And whereas it is expedient to grant the prayer of such Petition:

Therefore, Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

1. Charles Thomas Dupont, Peter Curran Dunlevy, Gustavus Blinn Incorporation. Wright, Charles George Major and Henry Slye Mason, residents in the Province of British Columbia, and such other persons and corporations as shall, in pursuance of this Act, become shareholders, are hereby constituted a body politic and corporate, by the name of "The Nelson and Fort Sheppard Railway Company," hereinafter called "the Company."

2. The capital stock of the Company shall be one million and five Capital stock. hundred thousand dollars, divided into fifteen thousand shares of one hundred dollars each, which shall be applied first to the payment of

First election of
Directors.

Publication.

Provisional Direct

ors.

Head office.

Annual meeting of shareholders.

Power to make bylaws.

Power to hold property.

(INCORPORATION).

all costs and expenses incurred in the passing of this Act, and the remainder for the purposes of the Company's undertaking.

3. So soon as one hundred thousand dollars of the capital stock shall have been subscribed, and ten per cent. of the amount subscribed shall have been paid in to some chartered bank in Canada, the Provisional Directors shall call a meeting of the shareholders of the Company at the place where the head office is situate, at such time as they shall think proper, giving the notice prescribed by section four of this Act, at which meeting the shareholders who have paid ten per cent. on the amount of stock subscribed by them shall, from the shareholders possessing the qualifications hereinafter mentioned, elect five Directors who shall hold office until others are elected.

4. At least two weeks' public notice of any meeting shall be given by advertisement published in the Government Gazette and in at least one newspaper published in the place where the head office is situate, in which notice shall be specified the place, and the day, and hour of meeting. All such notices shall be published weekly, and a copy of such Gazette containing such notice shall, on production thereof, be evidence of the sufficiency of such notice.

5. The persons named in the first section of this Act shall be and are hereby constituted Provisional Directors of the Company, of whom three shall form a quorum for the transaction of business, and they shall hold office until the first election of Directors under this Act, and shall have power to open stock books and procure subscriptions of stock for the undertaking.

6. The head office of the Company shall be in the City of Victoria, or at such other place in the Province as the Company may from time to time appoint.

7. The annual general meeting of shareholders shall be held on the second Wednesday of July in each year, at which meeting a Board of five Directors (of whom three shall be a quorum for the transaction of business), for the management of the Company's affairs, shall be elected.

8. It shall be lawful for the Company from time to time to make such by-laws as they may think fit for the purpose of regulating the conduct of the officers and servants of the Company, and for providing for the due management of the affairs of the Company in all respects whatsoever, and from time to time to alter and repeal any such bylaws and make others; provided such by-laws be not repugnant to the provisions of this Act or the "British Columbia Railway Act."

9. The Company may purchase, hold, receive or take land or other property, and also alienate, sell, or dispose of the same.

(INCORPORATION).

10. The Company shall be entitled to borrow money on mortgage To borrow money. and bond, or either.

11. The Company may construct and operate telegraph and tele- Power to construct phone lines along and in connection with the railway and its branches, telegraph and teleand may construct wharves, docks, elevators, warehouses, station

houses, offices, and such other buildings as may be found requisite in

carrying on the business of the Company.

12. The Company may lay out, construct, build, equip, maintain, Gauge. and continuously work a line of railway, of the gauge of four feet eight and one-half inches, from a point on the outlet of Kootenay Lake, at or near the town of Nelson, thence by way of the valley of the Cottonwood-Smith Creek and the Salmon River to a point at or near Fort Sheppard, in the said Province of British Columbia; and such railway shall be known as "The Nelson and Fort Sheppard Railway."

Province.

13. Nothing in this Act shall authorize the Company to connect, Not to connect with by its works or undertakings, the Province of British Columbia with lines outside the other or others of the Provinces of Canada, or to extend their said works or undertakings beyond the limits of the Province of British Columbia.

any

Directors.

14. No person shall be eligible as a Director of the Company unless Qualification of he is the owner and holder of at least ten shares in the capital stock of the Company, and qualified to vote for Directors at the election at which he is chosen.

bonds.

15. The Directors of the Company, under authority of the share- Power to issue holders to them given by a resolution at a general or special meeting called for that purpose, at which meeting shareholders representing at least two-thirds in value of the subscribed stock of the Company are present or represented by proxy, may issue bonds under the seal of the Company, signed by the President or other presiding officer, and countersigned by the Secretary or Treasurer, and such bonds may be payable at such time, and in such manner, and at such place or places in Canada or elsewhere, and shall bear such rate of interest, not exceeding eight per cent. per annum, as the Directors may think proper; and the Directors shall have power to issue and sell or pledge all or any part of the said bonds, at the best price, and upon the best terms and conditions which at the time they are able to obtain, for the purpose of raising money for prosecuting the said undertaking.

16. No calls shall be made at any one time for more than twenty Calls. per cent. of the amount subscribed by any one shareholder, nor shall a greater amount than fifty per cent. of the amount subscribed be called in in any one year.

"B.C. Railway Act."

Commencement and completion of line.

Short title

(INCORPORATION).

17. The provisions of the "British Columbia Railway Act," except in so far as they are inconsistent with or repugnant to the express provisions hereof, shall be incorporated with this Act.

18. The Company shall commence the construction of the said railway within two years, and complete the same within three years from the passing of this Act.

19. This Act may be cited as the "Nelson and Fort Sheppard Railway Company Act, 1891."

VICTORIA, B. C. :

Printed by RICHAR WOLFENDEN, Printer to the Queen's Most Excellen Majesty.