Preamble. New issue of 55-56 VICTORIA. CHAP. 37. An Act respecting the Chignecto Marine Transport WH [Assented to 9th July, 1892.] HEREAS the Chignecto Marine Transport Railway Company, Limited, have by their petition prayed for the passing of an Act granting them authority to issue a new series of first preference mortgage bonds, 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. The directors of the Chignecto Marine Transport Railway Company, Limited, hereinafter called "the Company,' with the authority of the shareholders of the Company to them given at a joint special general meeting of the said shareholders and of the holders of the outstanding mortgage bonds of the Company called and held for that purpose, in the manner provided for the calling of special general meetings of shareholders, at which meeting shareholders representing at least two-thirds in value of the subscribed stock of the Company are present in person or represented by proxy, and with the authority to them also given at the said meeting by the holders of outstanding bonds of the Company, holding or representing at least three-fourths in value of the whole outstanding mortgage bonds of the Company, may issue a new series of bonds or debentures, to be called first preference mortgage bonds, to such amount as is authorized at such joint meeting, but not exceeding in the whole three hundred and fifty thousand pounds sterling; and such bonds shall be signed by the president or other presiding officer, and countersigned by the secretary of the Company, which countersignature and the signature to the coupons attached thereto may be engraved, and such first preference mortgage bonds and the interest thereon may be made payable at such times and in such manner and at such place or places in Canada or elsewhere, and may bear such rate of interest, not exceeding six per cent per annum, as the directors think proper, but no such bond shall be for a less sum than twenty-five pounds sterling: holders of old 2. At such joint meeting the holders of the mortgage Proxies of bonds now outstanding may be represented by proxy and may bonds. vote in the manner and form now provided for in respect of shareholders of the Company. 2. The directors of the Company may issue and sell or Application of proceeds. pledge all or any of the said first preference mortgage bonds, at the best prices and upon the best terms and conditions which at the time they are able to obtain, for the purpose of raising money for the prosecution of the undertaking of the Company; and the moneys so obtained shall be applied Privilege of towards completing, equipping and maintaining the railway: holders of old Provided, that the holders of the then outstanding mortgage bonds of the issue heretofore authorized shall be first given the option of subscribing for, purchasing, or taking the said first preference mortgage bonds: bonds. 2. The provisions of sections ninety-four, ninety-six and Chapter 29 of ninety-seven of The Railway Act shall apply to this Act and 1888. to the said new mortgage bonds issue hereby authorized, except in so far as they are inconsistent with the provisions hereof : bonds. 3. The bonds or debentures hereby authorized to be issued Ranking of shall, notwithstanding anything in the Acts heretofore passed respecting the Company, or in any deed of trust made in pursuance thereof, be taken and considered to be the first preferential claim and charge upon the Company and the franchise, undertaking, railway, docks and works of the Company, and upon the interest of the Company in any subsidy in land or money now or hereafter granted to the Company or which the Company may receive from any government, municipality, person or corporation, and upon all the tolls and income, rents and revenues, and real and personal property, of the Company at any time acquired, and shall have priority over the preferential claim and charge created by the now existing bond issue and the mortgage securing it, and over all other existing charges thereon; but such rents and revenues shall be subject first to the payment of any penalty imposed for non-compliance with the requirements of The Railway Act respecting returns to be made to the Minister of Railways and Canals, and next to the payment of the working expenditure of the railway: bondholders. 4. Each holder of the said first preference mortgage bonds Security of hereby authorized to be issued shall be deemed to be a mortgagee or incumbrancer upon the said securities pro ratâ with all the other holders of the said first preference mortgage bonds, and no proceedings authorized by law shall be taken to enforce payment of the said first preference mortgage bonds, or of the interest thereon, except through the trustee or trustees appointed by or under such mortgage deed: of old bonds. 5. In the event of the exercise by the directors of the Com- Cancellation pany of the powers granted by this Act, the right and power of the Company to issue or dispose of any mortgage bonds, under the provisions of the Acts heretofore passed respecting the Company, shall thereupon cease and determine, and any mortgage bonds theretofore issued under the said Acts, or any of them, and still in the possession or control of the Company and undisposed of by the Company, shall forthwith thereafter be cancelled by the directors, and be of no effect. OTTAWA Printed by SAMUEL EDWARD DAWSON, Law Printer to the Queen's most Excellent Majesty. An Act respecting the Cobourg, Northumberland and W [Assented to 9th July, 1892.] THEREAS the Cobourg, Northumberland and Pacific Rail- Preamble way Company has by its petition prayed that an Act be passed to extend the time for the commencement and completion of its line of railway, 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 : struction of 1. The times for the commencement and completion of the Time for conrailway of the Cobourg, Northumberland and Pacific Railway railway exCompany are hereby extended for two years and four years tended. respectively from the passing of this Act; and if the railway is not commenced and completed within the times so fixed, then the powers granted for the construction thereof shall cease and be null and void as respects so much of the railway as then remains uncompleted. bonds, &c. limited. 2. Section eight of chapter sixty-two of the Statutes of 1889, Amount of as amended by section five of chapter ninety of the Statutes of 1891, is hereby repealed, and in lieu thereof it is hereby enacted that the Company may issue bonds, debentures or other securities to the extent of fifteen thousand dollars per mile of the railway and branches, and such bonds, debentures or other securities may be issued only in proportion to the length of railway constructed or under contract to be constructed. OTTAWA: Printed by SAMUEL EDWARD DAWSON, Law Printer to the Queen's most Excellent Majesty. Preamble. Short title. Interpretation. 55-56 VICTORIA. CHAP. 39. An Act respecting the Grand Trunk Railway Company of Canada. [Assented to 10th May, 1892.] HEREAS the Grand Trunk Railway Company of Canada by their petition represent that they are now the lessees in perpetuity of what is known as the Northern and Pacific Junction Railway; that the rental payable under the said lease is the interest on the bonds issued by the Northern and Pacific Junction Railway Company; that they, the Grand Trunk Railway Company of Canada, are the owners of the bonds so issued and also the owners of the share capital of the said Northern and Pacific Junction Railway Company; that for repairs and improvements and for the deviation and reconstruction of a part of the said Company's line money is required, and that the Northern and Pacific Junction Railway Company have no capital from which this money can be raised; that for the convenience and better management of the business of the said line it is desirable that the line of the said last mentioned railway should be extended from its present terminus to a point at or near North Bay; that the capital required for the above purposes could be more advantageously obtained, were the Northern and Pacific Junction Railway Company consolidated with the said Grand Trunk Railway Company of Canada, and they by their said petition pray that an Act be passed consolidating the said Northern and Pacific Junction Railway Company with the said Grand Trunk Railway Company of Canada and giving the said last mentioned Company power to raise the capital required therefor; and whereas 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. This Act may be cited as The Grand Trunk Railway Act, 1892. 2. The expression "the Company" when used in this Act means the Grand Trunk Railway Company as constituted after the passage of this Act and the acceptance thereof as hereinafter provided. |