(INCORPORATION).

to such terms and conditions as the Directors of the Company deem fit; provided that the said conveyances, leases, and agreements have been first sanctioned by a majority of the vote of the shareholders present in person, or represented by proxy, at any regular or special meeting held under the conditions of this Act. And the Company shall have power to lease other connecting railway lines, or parts thereof, under similar conditions.

bonds.

12. The Directors of the Company, under authority of the share- Power to issue holders to them given by resolution at any 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 bearing such rate of interest, as the Directors may think proper; and the Directors shall have power to issue and sell or pledge all or any 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.

bonds.

13. Notwithstanding anything in this Act contained, the Company Power to secure may secure the bonds to be issued by them by mortgage deed creating such mortgage charges and incumbrances upon the whole or any part of such property, assets, and revenues of the Company, present or future, or both, as shall be described in such deed; but such rents and revenues shall be subject in the first instance to the payment of the working expenses and proper maintenance of the railway; and the said deed of the Company may grant to the holders of such bonds, or to the trustee or trustees named in such deed, all and every the powers and remedies granted by this Act, as the case may be; and all such powers, rights, and remedies as shall be contained in such mortgage deed shall be valid and binding, and available to the bondholders, in such manner and form therein provided.

14. The bonds hereby authorized to be issued shall be taken and Bonds to be deemed considered to be the first preferential claim and charge upon the preferential claim. Company, and the franchise, undertaking, tolls, and income, and real and personal property thereof, now or at any time hereafter acquired, save and except as provided in the next preceding section; and each holder of the said bonds shall be deemed to be a mortgagee or incumbrancer upon the said securities pro rata with all other bondholders; and all the proceedings upon the bonds shall be taken through the trustee or trustees regularly appointed.

Power to borrow money.

Default in payment of interest not to

incapacitate bondholders from voting.

Proviso.

Bonds may be made payable to bearer.

Qualification of
Directors.

Commencement and completion.

Moneys expended by Provisional Directors to be

deemed cash instalments on stock.

Power to operate ferries.

(INCORPORATION).

15. The Company may also borrow from time to time such sums of money as may be deemed expedient, under the provisions of the "British Columbia Railway Act," and also upon the guarantee of any other corporate body.

16. If the Company shall make default in paying the interest or principal of any bonds hereby authorized at the time when the same shall by the terms of the bonds become due and payable, then at the next annual general meeting of the Company, and all subsequent general meetings, all holders of bonds being and remaining in default. shall, in respect thereof, have and possess the same rights and privileges and qualifications for Directors, and for voting at general meetings, as would be attached to them as shareholders 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.

17. 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.

18. 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.

19. 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.

20. All moneys expended by the Provisional Directors in furtherance of this undertaking, either before or after the passing of this Act, shall be considered as cash instalments on stock. And at the first meeting 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.

21. The Company may also equip, maintain, and operate a line of ferries for the purpose of connecting the said railway with the south

(INCORPORATION).

bank of the Fraser River, and may use and operate such ferries for

said purposes and for all such other purposes as the said Company may deem expedient.

22. The provisions of the "British Columbia Railway Act, 1890," Application of "B. shall, so far as such provisions are applicable to the undertaking and C. Railway Act."

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.

23. This Act may be cited as the "Vancouver and Lulu Island Short title. Railway Act, 1891."

VICTORIA, B. C.:

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

An Act to Incorporate the Vancouver and Lulu Island Electrical Railway and Improvement Company.

[20th April, 1891.]

HEREAS John Wesley Sexsmith, Charles Stanford Douglas, and Preamble. George Edwin Magee have by their petition prayed for an Act of Incorporation for the purpose of constructing and operating à line of railway, with single or double track, between the City of Vancouver and some point on the south side of Lulu Island, and for the purpose of running and operating a ferry between said point on the south side of Lulu Island and Ladner's Landing and other places on the Fraser River, and for obtaining power to carry the objects of the proposed Company into effect:

And whereas it is expedient to grant the prayer of said 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. The said John Wesley Sexsmith, Charles Stanford Douglas, and Incorporation. George Edwin Magee, and such other persons and such corporations as shall hereafter become shareholders of the said Company, are hereby constituted a body corporate and politic, under the name of "The Vancouver and Lulu Island Electrical Railway and Improvement Company," hereinafter called "the Company."

2. The capital of the said Company shall be ($250,000) two hundred and fifty thousand dollars, divided into two thousand five hundred shares of one hundred ($100) dollars each, but the capital may be increased by the shareholders in a general meeting.

Capital stock.

3. The said John Wesley Sexsmith, Charles Stanford Douglas, and Provisional DirectGeorge Edwin Magee shall be the Provisional Directors of the said ors.