Preamble. Section 9, 55-56 VICTORIA. CHAP. 73. An Act to amend the Act to incorporate the McKay WHE Assented to 12th April, 1892.] HEREAS the McKay Milling Company have, by their petition, prayed for the passing of an Act to amend as hereinafter set forth the Act incorporating the Company, and it is expedient to grant the prayer of the said petition: Therefore Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: 1. Section nine of the Act incorporating the McKay Milling c. 125 of 1891, Company, being chapter one hundred and twenty-five of the Statutes of 1891, is hereby repealed and the following substituted therefor : repealed. Certain share holders to receive preferential dividends. "9. The holders of the preference shares in the Company shall be entitled to receive out of the profits every year a preferential dividend at the rate of seven per centum per annum on the amount for the time being paid up on the ference shares held by them respectively, and the dividends on such shares shall be preferential, as between the holders thereof Rate of divi and the holders of ordinary shares, at a rate not exceeding dend. Priority of preferential shares. pre seven per centum per annum, payable at such periods, and in such manner as the directors may determine, and shall be cumulative; and until such preferential dividends as may be declared have been paid, no dividend shall be declared or paid on the ordinary shares of the said Company, and afterwards shall only be so paid out of the balance of profits which shall remain after payment of the said preferential dividends; and in the event of the distribution of the assets of the said Company by any process of law, the holders of such preferential shares shall have priority of rank over the holders of ordinary shares, and shall be paid in full the amount of such preferential shares before any payment shall be made to the said holders of ordinary shares." OTTAWA Printed by SAMUEL EDWARD DAWSON, Law Printer to the Queen's most Excellent Majesty. 55-56 VICTORIA. CHAP. 74. An Act respecting the Nova Scotia Steel and Forge [Assented to 10th May, 1892.] HEREAS the Nova Scotia Steel and Forge Company, Preamble. Limited, hereinafter called "the Company," was duly incorporated under the provisions of The Canada Joint Stock Companies Act, 1877, on the tenth day of July, one thousand eight hundred and eighty-two, under the name of "The Nova Scotia Steel Company, Limited"; and whereas, by supplementary letters patent dated the seventeenth day of September, one thousand eight hundred and eighty-six, the said letters patent were enlarged; and whereas, by supplementary letters patent dated the fifth day of September, one thousand eight hundred and eighty-eight, the said letters patent were further enlarged and the name of the Company was changed from "The Nova Scotia Steel Company, Limited," to "The Nova Scotia Steel and Forge Company, Limited"; and whereas a petition has been presented praying for the passing of an Act to confirm the said letters patent and supplementary letters patent as set forth in the schedule to this Act, and to grant additional powers, as hereinafter set forth, to the Company, and it is expedient to grant the prayer of the said petition: Therefore Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: confirmed. 1. The letters patent and supplementary letters patent Letters patent set out in the schedule to this Act, and granted under The Canada Joint Stock Companies Act, 1877, to the Nova Scotia Steel and Forge Company (Limited), are hereby ratified and confirmed, and held as binding as if originally granted by an Act of the Parliament of Canada; and all proceedings taken by the Company in virtue thereof are hereby declared to be as valid and binding as if the powers granted by the said letters patent and supplementary letters patent had been originally granted by an Act of the Parliament of Canada. Capital stock and shares. Preference shares privileged. Original pre 2. The Company may divide its capital stock into five thousand preferred shares of one hundred dollars each, and five thousand ordinary shares of one hundred dollars each. 3. The preference shares shall have the special incidents and privileges defined by the following paragraphs : (a.) The profits of each year shall be first applied to pay a cumulative preferential dividend at the rate of eight per cent per annum. (b.) The residue of the surplus profits applicable for dividend in each year shall be divided among the holders of the ordinary shares. (c.) Nothing herein contained shall prejudice or limit the powers or discretion of the directors as to the times or mode of application and distribution of profits, or as to the setting aside of profits for a reserve fund and depreciation account. (d.) The holders of the said preference shares shall also be entitled to the preferential payment of the amount paid up on their shares out of the assets available for return of capital, in priority to any return of capital in respect of ordinary shares in the Company; and, subject thereto, the residue of such surplus assets shall belong to and be divided among the ordinary shareholders. (e.) Holders of such preference stock shall be shareholders within the meaning of The Companies Act, and shall, in all respects, possess the rights and be subject to the liabilities of shareholders within the meaning of that Act. (f.) Nothing in this section shall affect or impair the rights of creditors of the Company. 4. The preference shares heretofore issued under the authorference shares ity of the supplementary letters patent dated the seventeenth day of September, one thousand eight hundred and eighty-six, hereinbefore referred to, consisting of fifteen hundred shares of one hundred dollars each, shall form part of the five thousand preference shares referred to in this Act, but shall have a first preference until they are paid and cancelled as provided in the said supplementary letters patent. 2. When the said preference shares heretofore issued are paid and cancelled, the Company may issue preference stock amounting to fifteen hundred shares, which when issued under the provisions hereinbefore contained, shall form part of the five thousand shares preferred stock authorized by this Act. SCHEDULE. Letters Patent incorporating the Nova Scotia Steel Company, (Limited), dated 10th July, 1882. Recorded 3rd August, 1882. Lib. 84, Folio 259. CANADA. VICTORIA, by the Grace of God, of the United Kingdom of Great Britain and Ireland, Queen, Defender of the Faith, &c., &c., &c. To all to whom these presents shall come, or whom the same may in anywise concern,-GREETING: WHEREAS, in and by a certain Act of the Parliament of Canada, known as The Canada Joint Stock Companies Act,. 1877, it is, amongst other things in effect enacted, that the Governor in Council may, by letters patent, under the great seal, grant a charter to any number of persons, not less than five, who shall petition therefor, constituting such persons, and others who may become shareholders in the Company thereby created, a body corporate and politic, for any purposes or objects to which the legislative authority of the Parliament of Canada extends, except the construction and working of railways, or the business of banking and the issue of paper money, or insurance, upon the applicants therefor establishing to the satisfaction of the Secretary of State, or of such other officer as may be charged by the Governor in Council to report thereon, due compliance with the several conditions and terms in and by the said Act set forth and thereby made conditions precedent to the granting of such charter,— And whereas James D. McGregor, merchant; Graham Fraser, manufacturer; and James Matheson Carmichael, merchant, all of the town of New Glasgow, in the province of Nova Scotia, in our Dominion of Canada; John Fitz-William Stairs, of the city of Halifax, in the county of Halifax, in the province of Nova Scotia aforesaid, manufacturer; Henry Skeffington Poole, of Stellarton, in the county of Pictou, in the said province of Nova Scotia, mining engineer; George Forrest McKay, manufacturer; Andrew Walker, accountant; Duncan Cameron Fraser, Esquire, barrister-at-law; Angus Chisholm, merchant; James Eastwood, jeweller; William Stewart, contractor; George William Underwood, merchant; Robert Sprott McCurdy, merchant; Donald Grant, manufac turer; George McDougall, gentleman; Robert Archibald Walker, merchant; John Heywood MacGregor, merchant; Adam Carr Bell, druggist; James Roy, trader; John Ross, farmer; and Simon Albert Fraser, manufacturer, all of the said town of New Glasgow; John Benjamin Burland (in trust) of the city of Montreal, in the province of Quebec, in our said Dominion of Canada, agent; John Smith Maclean, merchant; John Alexander Matheson, merchant; Thomas Bayne, merchant; James Farquhar, banker; Alexander Forrest, banker; and Thomas Andrew Ritchie, gentleman, all of the said city of Halifax; Thomas Cumming, clergyman; and Catherine Dickson, widow, both of Stellarton aforesaid; Thomas Watson, bank manager; John McKeen, bank clerk ; Howard Primrose, merchant; Clarence Primrose, merchant; Roderick McKenzie, gentleman; John Crerar, gentleman; William Grant Crerar, gentleman; the Honourable Robert Patterson Grant, senator, and Daniel McDonald, collector of customs, all of the town of Pictou, in the said county of Pictou; William McDonald, of the town of Antigonish, in the county of Antigonish, in the said province of Nova Scotia, medical doctor; Henry Marshall Jost, of the town of Guysborough, in the county of Guysborough, in the said province of Nova Scotia, merchant; and Jonathan Hartley, of Pirate Cove, in the said county of Guysborough, merchant, have petitioned for a charter under the said Act, constituting them and such others as may become shareholders in the company thereby created, a body corporate and politic, under the name of the "Nova Scotia Steel Company (Limited)," for the purposes hereinafter mentioned, and have established to the satisfaction of the Secretary of State for Canada (no other officer having been charged by the Governor in Council to report thereon), due compliance with the several conditions and terms above referred to. And whereas, among other things, it is in the notice of this application and in the said petition averred, and it has been established, that the amount of the capital stock of the intended Company is one hundred and sixty thousand dollars, divided into one hundred and sixty shares of one thousand dollars each. That the said James D. McGregor has taken ten shares of the said stock, and has paid in thereon the sum of one thousand dollars; that the said Graham Fraser has taken fifteen shares of the said stock, and has paid in thereon the sum of one thousand five hundred dollars; that the said James Matheson Carmichael has taken ten shares of the said stock, and has paid in thereon the sum of one thousand dollars; that the said John FitzWilliam Stairs has taken six shares of the said stock, and has paid in thereon the sum of six hundred dollars; that the said Henry Skeffington Poole has taken five shares of the said stock, and has paid in thereon the sum of five hundred dollars; that the said George Forrest McKay has taken fifteen shares of the said stock, and has paid in thereon the sum of one thousand five hundred dollars; that the said Andrew Walker has taken six shares of the said stock, and has paid in thereon the sum of six hundred dollars; that the said Duncan Cameron Fraser has taken three shares of the said stock, and has paid in thereon the sum of three hundred dollars; that the said Angus Chisholm has taken two shares of the said stock, and has paid in thereon the sum of two hundred dollars; that the said James Eastwood has taken three shares of the said stock, and has paid in thereon the sum of three hundred dollars; that the said William Stewart has taken two shares of the said |