Proviso. Ten per cent. to be paid on subscribing. Proviso: Stock scribed and paid up within certain periods. Mode of enforcing payment of this instalment on forfeiture of Shares, &c. Proviso: always, that no share or shares shall be held to be lawfully subscribed for unless a sum equal to ten pounds per centum on the amount subscribed for be actually paid at the time of subscribing: And provided also, that the said eight thousand shares be subscribed for within eighteen months, and be wholly paid up within three years from and after the passing of this Act. III. And be it enacted, That if any shareholder or shareholders shall refuse or neglect to pay any instalment upon his, her or their shares of the said Capital Stock at the time or times required by public notice, to be given by advertisement in one or more newspapers published in the City of Montreal, such shareholder or shareholders shall incur a forfeiture, to the use of the said Corporation, of a sum of money equal to ten pounds per centum on the amount of such shares; and moreover, it shall be lawful for the Directors of the said Corporation (without any previous formality other than giving thirty days of public notice of their intention) to sell at public auction the said shares, or so many of the said shares as shall, after deducting the reasonable expenses of the sale, yield a sum of money sufficient to pay the unpaid instalments due on the remainder of the said shares and the amount of forfeiture incurred upon the whole; and the President or Vice-President, or Cashier of the said Corporation, shall execute the transfer to the purchaser of the shares of Stock so sold, and such transfer, being accepted, shall be as valid and effectual in law as if the same had been executed by the original holder or holders of the shares of Stock thereby transferred: Provided always, that nothing in Forfeiture may this section contained shall be held to debar the Directors or Shareholders, at a gene be remitted. Provisions of Public Act. ral meeting, from remitting, either in whole or in part, and conditionally or unconditionally, any forfeiture incurred by the non-payment of instalments as aforesaid. IV. And be it enacted, That in all matters not hereinbefore otherwise provided for, reference shall be had to the provisions contained in the said Act hereinbefore referred to, intituled, An Act to extend the Charter of the City Bank, and to increase the Capi tal Stock thereof, and all the clauses, enactments, and provisions of the said Act are hereby accordingly extended and made applicable to the subscribers of the additional Stock hereby created, and their assigns, in so far as special provision is not herein before otherwise made. V. And be it enacted, That this Act shall be deemed and taken to be a Public Act, and as such shall be judicially taken notice of by all Judges, Justices, and other persons whomsoever, without being specially pleaded. MONTREAL :-Printed by STEWART DERBISHIRE & GEORGE DESBARATS, 1963 OF CANADA, ENACTED by Her Most Excellent Majesty, Our Sovereign Lady VICTORIA, by the Grace of GoD of the United Kingdom of Great Britain and Ireland, QUEEN, Defender of the Faith, &c., by and with the advice and consent of the Legislative Council and Assembly of the said Province, constituted and assembled by virtue of and under the authority of An Act of the Parliament of the United Kingdom of Great Britain and Ireland, passed in the Third and Fourth years of Her Majesty's Reign, intituled, " An Act to Re-unite the Provinces of Upper " and Lower Canada, and for the Government of Canada." PRINTED BY STEWART DERBISHIRE & GEORGE DESBARATS, Anno Domini, 1848. |