Not to issue instrument payable to bearer. Application of "Joint Stock Companies Act." be personally responsible therefor; provided, however, that nothing herein contained shall be construed to authorize the said club to issue notes or bills of exchange payable to bearer, or intended to be circulated as money or as notes or bills of a bank. 12. In all matters not provided for by this Act, and where not inconsistent with any matter herein contained, the provisions of "The Manitoba Joint Stock Companies Act'' for the time being in force shall apply to the said club as if the same were incorporated in this Act, substituting the word "club" for "company" and the words "executive committee" or "member" or "members" thereof for the words "board of directors," "director" or "directors." 13. This Act shall come into force on the day it is assented to. CHAPTER 106. An Act to amend "An act to incorporate Canadian Bond and Mortgage Corporation." [Assented to April 6th, 1912.] WHEREAS Canadian Bond and Mortgage Corporation have represented by their petition that they were incorporated under the authority of chapter 88 of the statutes of Manitoba passed in the tenth year of the reign of His late Majesty King Edward VII, intituled "An Act to incorporate Canadian Bond and Mortgage Corporation," and have prayed that it be enacted as hereinafter set forth, and it is expedient to grant the prayer of their petition, Therefore His Majesty, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows: amended. 1. Sub-section (i) of section 3 of the said Act is hereby sec. 3 amended by striking out the words "each class of stock" in the sixth and seventh lines of the said sub-section and by inserting in lieu thereof the words "stock holders," amended. 2. Section 4 of the said Act is hereby amended by strik- sec. 4 ing out the words "hundred thousand" where they occur in the first and second lines of the said section and by inserting in lieu thereof the word "million," and by striking out the figures ($500,000)" where they occur in the second line of the said section and inserting in lieu thereof the figures "($5,000,000)," and by striking out the words and figures "four thousand (4000) shares of one hundred dollars ($100) each and five thousand" where they occur in the second and third lines of the said section, and by striking out the word "twenty" in the fourth line of the said section and by inserting in lieu thereof the words "one hundred," and by striking out the figures "($20)" and inserting in lieu thereof "($100)," and by striking out the last five words of the said. section, and being "to be issued as follows," 3. Sub-sections (a) and (b) of section 4 of the said Act sec. 4 are hereby repealed. amended. Issuing debenture stock in sterling. Debenture stock to be included in company's liabilities. Debenture stock to be registered. Debentures may be ex changed for debenture stock. Cancelling debenture stock. Debenture stock may be issued to replace debenture stock of other com panies acquired. 4. Sections 5 and 6 of the said Act are hereby repealed and the following are substituted therefor: 5. (a) The directors may, with the consent of the shareholders at the first general meeting, or thereafter at any special general meeting duly called for the purpose, create and issue debenture stock in sterling or currency, in such amounts and manner, on such terms as to redemption or payment thereof, and otherwise, and bearing such rate of interest, as the directors from time to time think proper, but such debenture stock shall be treated and considered as part of the ordinary debenture debt of the company, and shall be included in estimating the company's liabilities to the public, and such debenture stock shall rank equally with the ordinary debenture and deposit debt of the company, and no greater rights or privileges shall be conferred upon holders of debenture stock in respect thereof than are held or enjoyed by depositors or holders of ordinary debentures of the company. (b) The debenture stock aforesaid shall be entered by the company in a register to be kept for that purpose in the head or other registered office of the company in Canada or elsewhere, wherein shall be set forth the names and addresses of those from time to time entitled thereto, with the respective amounts of the said stock to which they are res pectively entitled, and the register shall be accessable for inspection and perusal at all reasonable times to every debenture holder, mortgagee, bondholder, debenture-stockholder and shareholder of the company without the payment of any fee or charge. Such stock shall be transferable in such amounts and in such manner as the directors may determine. (c) The holders of the ordinary debentures of the company may, with the consent of the directors, at any time exchange such debentures for debenture stock. (d) The company, having issued debenture stock, may from time to time, as it thinks fit and in the interests of the company, but only with the consent of the holders thereof, buy up and cancel the debenture stock or any portion thereof. 5. In case any company, whose assets are acquired by the company, has issued debenture stock, and such debenture stock is outstanding at the date of the acquisition aforesaid, the directors of the company may, if and when they think fit, and either with or without the sanction of the shareholders, issue debenture stock to the extent of the nominal value of the debenture stock of such other company outstand any holder of ing as aforesaid, and may, with the consent of in lieu of the debenture stock held by him, debenture stock of the company on such terms as may be agreed upon. Sec. 7 6. Section 7 of the said Act is hereby amended by adding after the words "paid up," where they occur in the second amended. line thereof, the words "in pursuance of the terms of his application." 7. Section 12 of the said Act is hereby amended by strik- sec. 12 ing out the word "as" and being the first word thereof and by amended. inserting the word "so" in lieu thereof, and by inserting the words "not less than" after the word "as" and being the third word in the first line of the said section, and by striking out the word "common" where it occurs in the said first line and inserting in lieu thereof the word "capital," and by inserting after the word "and" in the second line thereof the words. "not less than." amended. 8. Sub-section (a) of section 12 of the said Act is here- sec. 12 (a) by amended by striking out the word "ten" where it occurs in the second line thereof and by inserting the word "fifteen" in lieu thereof. 9. Sub-section (b) of section 12 of the said Act is here- Sec. 12 (b) by amended by striking out the word "preference" where it amended. occurs in the second line thereof and by inserting the word "capital" in lieu thereof, and by striking out the words "or one hundred shares of the common stock" where such words occur in the second and third lines of the said sub-section. 10. Sub-section (a) of section 21 of the said Act is here- sec. 21 (a) by repealed. repealed. 11. Section 26 of the said Act is hereby amended by sec. 26 striking out the word "two" where it occurs in the second line amended. of the said section and by inserting in lieu thereof the word "three." 12. This Act shall come into force on the day it is assented to. CHAPTER 107. An Act to incorporate The Brunston Investment Company. Preamble. Incorporation. Name. Capital stock. Increase of. First directors. Stock books. [Assented to March 26th, 1912.] W Therefore His Majesty, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows: 1. The persons hereinbefore mentioned, and all such persons as now are or hereafter shall become shareholders of the said company, shall be and are hereby ordained, constituted and declared to be a body corporate and politic in law, in fact and in name by the style and title of "The Brunston Investment Company." 2. The capital stock of the said company shall be one million dollars, divided into ten thousand shares of one hundred dollars each, which said shares shall be and are hereby vested in the several persons who shall subscribe for the same, their legal representatives and assigns, subject to the provisions of this Act; provided always that it shall and may be lawful for the said company to increase its capital stock to a sum not exceeding two million dollars as a majority of the shareholders, at a special meeting to be expressly convened for that purpose, shall agree upon. 3. For the purpose of organizing the said company, the first three persons named in the preamble to this Act shall be provisional directors thereof, and they or a majority of them may cause stock books to be opened, upon which shall be recorded the subscriptions of such persons as desire to become shareholders in the said company, and such books shall be opened in the City of Winnipeg and elsewhere at the discretion of the said provisional directors, and shall remain open as long as they deem it necessary. |