CHAPTER 86 An Act to confirm an Agreement with The Saskatchewan Co-operative Elevator Company Limited. H [Assented to February 5, 1919.] IS Majesty, by and with the advice and consent of the 1. An agreement between His Majesty the King, therein Agreement represented by the provincial treasurer of the Province of ratified Saskatchewan, of the first part, and The Saskatchewan Cooperative Elevator Company, Limited, of the second part, dated the twenty-ninth day of January, 1919, and set forth in the schedule hereto, is hereby ratified, confirmed and validated, and declared to be and always to have been from the date of execution thereof valid and binding upon the parties thereto. 2. Agreement A as set forth in the schedule to An Act to Agreement A ratify certain Agreements between His Majesty the King and repealed The Saskatchewan Co-operative Elevator Company, being chapter 41 of the statutes of 1912, and forms A and B referred to in the said agreement, are hereby repealed. SCHEDULE Memorandum of Agreement made this twenty-ninth day of January, in the year of our Lord one thousand nine hundred and nineteen. Whereas by an Act of the Legislature of Saskatchewan, assented to on the fourteenth day of March, 1911, the company was duly incorporated with the powers therein set forth; And whereas as provided in the said Act the Lieutenant Governor in Council of the Province of Saskatchewan has, by an Order made in Council on the third day of March, 1917, fixed the capital stock of the company at the sum of three million five hundred thousand dollars ($3,500,000.00), which said sum as provided for in the said Act is divided into 70,000 shares of fifty dollars ($50.00) each; And whereas, in and by An Act respecting The Saskatchewan Co-operative Elevator Company, Limited, being chapter 46 of the statutes of 1917 (second session), as amended at the present session of the Legislature, the said Lieutenant Governor in Council is authorised, from time to time and on such terms and conditions as might be agreed upon with the company, to lend to the company for the purpose of aiding in the acquisition of construction, extension or remodelling of any local elevator, or for the purpose of reimbursing to the company moneys expended in the purchase, construction or remodelling of any such elevator, a sum not to exceed eighty-five (85) per cent. of the cost or estimated cost of such elevator, and to be repayable in the manner and at the times set out in the said Act; Now therefore this agreement witnesseth as follows: All loans or advances made by the government to the company for the purposes aforesaid shall be made subject to the terms and conditions hereinafter set forth: 1. If the company has purchased or decided to purchase an elevator and desires to procure from the government a loan or advance thereon, the company shall send in to the provincial treasurer a requisition in writing in the form or to the effect set out in form "A" in the schedule hereto annexed. 2. Such requisition shall be accompanied by a certificate or report of a competent appraiser who shall be approved by the government and who is hereinafter referred to as the "valuator" verifying or reporting upon all the particulars of the proposed security set out in the said form "A." 3. If upon consideration of the said requisition the Lieutenant Governor in Council approves of the application, then the provincial treasurer shall notify the company of his willingness to make a loan or advance of such amount as the Lieutenant Governor in Council may have approved, such amount, however, not to exceed, in any event, eighty-five (85) per cent. of the cost of the said elevator, such cost to include in addition to the purchase price thereof the estimated cost of new equipment and remodelling and the share of organisation costs chargeable to such elevator as certified by the "valuator." 4. In the event of the Lieutenant Governor in Council agreeing to make such loan or advance, the company shall give to the government as security for the said loan or advance, a chattel mortgage upon the said elevator building and the machinery, plant and equipment of every nature and kind used therein, or connected therewith, such chattel mortgage to be a first lien or charge thereon. 5. If the company has built an elevator or has decided to build an elevator and desires to procure from the government a loan or advance thereon, the company shall send to the provincial treasurer a requisition in writing in the form or to the effect set out in form "B" in the schedule hereto annexed. 6. Such requisition shall be accompanied by a certificate or report of a competent appraiser who shall be approved by the government, and who is hereinafter referred to as the "valuator," verifying or reporting upon all the particulars of the proposed security set out in the said form "B." 7. If upon consideration of the said requisition the Lieutenant Governor in Council approves of the application, then the provincial treasurer shall notify the company of his willingness to make such loan or advance of such amount as the Lieutenant Governor in Council may have approved, such amount, however, not to exceed in any event eighty-five (85) per cent. of the cost or estimated cost of the said elevator, including the share of organisation cost chargeable to said elevator as certified by the valuator. 8. In the event of the Lieutenant Governor in Council agreeing to make such loan or advance, the company shall give to the government as security for the said loan or advance a chattel mortgage upon the said elevator building and the machinery, plant and equipment of every nature and kind used therein or connected therewith, such chattel mortgage to be a first lien or charge thereon and all advances which may be made by the government upon said loan before the completion and equipment of the said elevator shall be considered as made upon the security of the said agreement for the giving of such chattel mortgage as aforesaid. 9. The full amount of the said loan shall not be paid over to the company until after the expiration of thirty days from the date when the said elevator building has been fully completed and all machinery, plant and equipment duly installed therein, nor until a final inspection has been made of the said elevator, machinery, plant and equipment, the result thereof being certified to by the valuator, with full details of the actual cost of the said elevator, machinery, plant and equipment as completed. 10. In making the estimates or valuations aforesaid, the valuator shall not take into consideration the value of the lands upon which the elevators or proposed elevators are situated. 11. All transfers, assignments, chattel mortgages or other documents hereinbefore referred to, or required to be drawn up and executed by the company, shall, as to form and contents (including all covenants, provisos and conditions to be contained therein) be approved of by the attorney general of Saskatchewan. 12. As further and additional security for each of the said loans made as aforesaid by the government to the company, the company shall duly assign and transfer to the government the uncalled capital stock in the company subscribed for by the members of the local on whose behalf, or for whose benefit, the elevator upon which the loan is to be made has been or is to be purchased or constructed, together with all rights and remedies of the company thereto, thereon and thereunder: Provided, however, that the government may from time to time in its discretion release or reassign to the company the said uncalled capital stock so transferred to it as aforesaid or any portion or portions thereof, but such release or reassignment shall not in any way affect any other securities held by the government on any loan or loans hereinbefore mentioned. 13. The company may in lieu of the securities for each loan to be given by it from time to time under the preceding provisions hereof execute and give to, the government on the thirty-first day of December in each year, and the government will accept a single instrument by way of collective mortgage or security whereby the company shall charge all its elevators not previously mortgaged to the government upon which advances have been made and all its real and personal property held or used by it in connection with such elevators or any of them and the uncalled capital stock of the company (subject to charges thereon made by the company with the consent of the government) subscribed for by the members of all locals. for whose benefit or on whose behalf such elevators or any of them have been or are being purchased or constructed and all rights and remedies of the company in respect of the same with the payment of all moneys so advanced or agreed to be advanced by the government for the purchase or construction of any and all of such elevators; and upon the execution of any such single instrument by way of collective mortgage all the real and personal property described therein shall be and shall be deemed to be mortgaged to the government as security for the moneys therein set out as fully and as effectually as if a separate mortgage had been executed in each case of an advance as security therefor but without impairing the effect of such single mortgage as a security upon the whole of the property covered thereby for the aggregate indebtedness thereby secured: Provided that the company shall be entitled at any time during the currency of such mortgage to release any one or more elevators from the same upon payment to the government of the full amount advanced to the company in respect of such elevator or elevators then remaining unpaid together with interest to the date of such payment; Provided also that in the event of the destruction by fire, tempest or other act of Providence of any one or more elevators covered by any such mortgage the full amount of the insurance moneys thereon shall be paid over to the government pending the rebuilding of the elevator. Such moneys to be repaid by the government to the company upon completion of the erection of the elevator and receipt of the valuator's certificate; Provided further that the thirty-first day of August in the second year next after the date upon which any such mortgage should be given as herein provided shall be the date upon which the first annual instalment of the moneys secured under such mortgage shall be payable and that upon the said date shall also be paid the accrued interest upon all the principal moneys so secured. 14. In the event of default in the payment of any instalment in any mortgage, or upon the nonperformance of any of the covenants or conditions in any mortgage contained, for which the said uncalled capital stock has been hypothecated or pledged as aforesaid, the government shall, in addition to any other remedies it may possess be entitled to take such proceedings in any court of competent jurisdiction for the appointment of a receiver for the company, or for the winding up of the company, or otherwise, as in the discretion of the government may seem expedient or necessary. 15. The company shall pay interest on loans made to it by the government at such rate as may be agreed upon between the government and the company; the basis of agreement to be the cost of the money to the government when raised by |