R. S. M., c. 10, s. 4 amended. Operation of seed grain inortgages. Commencement of Act. H CHAPTER 3. An Act to amend "The Bills of Sale Act." [Assented to 29th March, 1895.] ER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Manitoba enacts as follows: 1. Section 4 of Chapter 10 of the Revised Statutes of Manitoba as enacted by section 2 of Chapter 1 of 57 Victoria is hereby amended by adding thereto the following sub-section: (4) Every mortgage or encumbrance upon growing crops, or crops to be grown, made, executed or created to secure the purchase price of seed grain, with or without interest, shall not be affected by, or subject to any chattel mortgage or bill of sale previously given by the mortgagor, or by any writ of execution against the mortgagor, in the hands of the Sheriff or County Court Bailiff at the time of the registration of such seed grain mortgage; but such seed grain mortgage shall be a first and preferential security for the sum therein mentioned. 2. This Act shall come into force on the day it is assented to. Short title CHAPTER 4. An Act respecting Corporations Incorporated H' [Assented to 29th March, 1895.] ER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Manitoba enacts as follows: SHORT TITLE. 1. This Act may be cited as "The Foreign Corporations Act.' LICENSES. Companies that may be licensed 2. Any company, institution or corporation duly incorporated under the laws of Great Britain or Ireland or of the Dominion of Canada, or of the late Province of Canada, or of any of the Provinces of Canada, or of any State of the United States of America, or of any other foreign state or country duly authorized to carry out or effect any of the purposes or objects to which the legislative authority of the Legislature of Manitoba extends, may obtain a license from the Lieutenant-Governor-in-Council authorizing it to carry on its business within the Province of Manitoba on compliance with the provisions of this Act, and said company, institution or corporation, shall thereupon have the same powers and Powers under privileges in Manitoba as if the same were incorporated under the provisions of a statute of the Province of Manitoba; Provided, however, that the Lieutenant-Governor-in-Council Restrictions in may restrict such license in any manner that may seem desirable. license. license. that need not be (2) This section shall not apply to, or in any way affect, any Corporations company, institution or corporation, incorporated and now licensed. existing or hereafter incorporated, the powers and objects of which are the acquiring, purchasing, holding and receiving property real or personal, for the use or uses of any particular congregation or congregations, or mission station or stations in connection with any church or religious denomination, or the lending of money on the security of real or personal estate and with or without interest, for the purchase or erection of churches, chapels, manses or parsonages, and buildings connected therewith, for the use or uses of any particular congregation or congregations, or mission station or stations, in connection with any church or religious denomination; and it shall not be necessary for any such company, institution or corporation to obtain a license authorizing or enabling it to exercise the powers or carry out the objects for which it has been, or may hereafter be incorporated, or any of them. vided that if such company, institution or corporation desires to exercise any other powers than those mentioned in this sub-section a license shall be necessary. 46 and 47 V. c. 38, s. 1; 55 V. c. 4, s. 1. Pro Companies. 3. Any Insurance Company incorporated as provided in the Insurance second section of this Act may, upon complying with the requirements of this Act, apply for and obtain a license under the provisions of this Act, empowering it to purchase real estate, and to loan and invest its moneys upon the securities set forth in this Act, to the extent permitted by the Act or Charter of Incorporation of the Company. 46 and 47 V. c. 39, s. 2; 55 V. c. 4, s. 2. insurance com licenses obtained 4. Any such license obtained by any such Insurance Com- Investments by pany, within three months after the seventh day of July in panies of te the year one thousand eight hundred and eighty-three, shall be deemed to have ratified and confirmed all previous acts of the Company, and shall be construed as if such license had been granted before such Company invested any money in this Province; saving, however, all investments which, on the said seventh day of July, had been questioned by proceedings Documents to be 5. Before the issue of a license to any such company, insti- of license. Auditor's report. (b) An affidavit or statutory declaration that the said com- pany, institution or corporation is still in existence and legally authorized to transact business under its Act of Incorporation, (c) A copy of the last auditor's report upon the finances of (d) A power of attorney containing the matters hereinafter mentioned from the company, institution or corporation to its chief officer or agent in the Province, or some other person resident and doing business in the Province, under the seal, if any, of the company, institution or corporation, and signed by the President and Secretary or other proper officers thereof, in the presence of a witness who shall make oath or affirma- tion as to the due execution thereof. The official positions in the company, institution or corporation, held by the officers signing such power of attorney, shall be established by the oath 6. Such power of attorney shall declare at what place in the Province the chief agency, head office, or office of the attorney of the company, institution or corporation, is, or is to be established, and shall expressly authorize the attorney to receive service of process in all actions, suits and proceed- ings against such company, institution or corporation, in the Province in respect of any liabilities incurred by the com- pany, institution or corporation, therein, and shall declare that service of process at the chief agency, or personally on the attorney, at the place where such chief agency, head office, or office of the attorney is established shall be legal and bind- ing on such company, institution or corporation, to all intents ney to be filed Chief Agent, 7. Whenever a company, institution or corporation licensed Power of Attor under this Act, changes its chief agent, attorney, head office on change of or chief agency in Manitoba, the company, institution or cor- head office poration, shall file a power of attorney as hereinbefore mentioned, specifying the change, and containing a similar declaration as to service of process as herein before mentioned. or chief agency. NOTICE OF LICENSES. &c. 8. Every company, institution, or corporation obtaining Notice of license such license as aforesaid shall forthwith give notice thereof in the Manitoba Gazette, and in at least one newspaper in the municipality, city or place where the chief agency, head office, or office of the attorney of the company, institution or corporation is, or is to be established, of which four insertions in said Gazette and newspaper respectively shall be sufficient, and such notice shall state the name of the attorney so appointed as aforesaid, and when a new attorney shall be appointed under the provisions of this Act, the name of such new attorney, and the like notice shall be given when such company, institution, or corporation shall cease to carry on business within this Province. REAL ESTATE. Foreign Cor real estate. 9. No company, institution or corporation, not in- Unlicensed corporated under the provisions of the Statutes of this porations Province and not having obtained a license under this Act, cannot hold except those mentioned in sub-section 2 of section 2 of this Act, shall be capable of taking, holding or acquiring any real estate within this Province, or of exercising the powers mentioned in section eleven of this Act. 49 V. c. 11, s. 4. be held in per 10. Any such company, institution or corporation may, Land that may on obtaining a license under this Act, hold in perpetuity one petuity. parcel of land not exceeding one acre in any city, town or village, for the purpose of erecting or occupying buildings thereon or on any part thereof for the purposes of the company. This section shall apply to lands heretofore or hereafter acquired. 56 V. c. 5, s. 3. Company may 11. Such company, institution or corporation so licensed What business may take and hold any mortgages of real estate and any rail- transact. way, municipal or other bonds of any kind whatsoever, and on the security thereof may lend its money, whether the bonds form a charge on real estate within the Province or not, and may hold such mortgage in its corporate name, and may sell and transfer the same at its pleasure, and in all respects shall have and enjoy the same powers and privileges with regard to lending its moneys and transacting its business within the Limitation of time of holding lands. Time extended on releasing mortgagor. Further powers as to lands. Lands not disposed of within time to Crown. said Province as a private individual might have and enjoy, so far as may be within its corporate powers and within the competence of the Legislature of Manitoba to grant: Provided, however, that save as provided in section 10 of this Act, such company, institution, or corporation shall sell or dispose of any real estate to which it may acquire a title in fee simple, by foreclosure, by the release of the equity of the redemption therein, or in any other way whatsoever, within twelve years from the date of acquiring title as aforesaid; and Provided also, that if any such company, institution or corporation shall hold the personal covenant of any mortgagor, for the mortgage debt and interest, or shall have recovered judgment therefor, or a personal order for payment of the amount, the said company, institution or corporation may, upon discharging the mortgagor or his executors, administrators and assigns, from such covenant, debt or order, hold the said real estate for a further term of five years; but such discharge shall be given prior to the expiration of the term of twelve years above mentioned, and evidence thereof shall be filed with the Provincial Secretary. 46 and 47 V. c. 38, s. 5, part; 49 V. c. 42, s. 5. 52 V. c. 35, s. 30. 12. Any such company, institution or corporation heretofore or hereafter licensed as aforesaid, shall be capable of taking, holding and acquiring all such lands and tenements, real and personal estate, as may or shall have been bona fide mortgaged to such company, institution, or corporation by way of security for, or conveyed to it in satisfaction of, debts previously contracted in the course of its business or purchased at judicial sales under levy for such indebtedness, or otherwise purchased for the purpose of avoiding a loss to the company, institution or corporation in respect thereof, or of the owner thereof; and in cases not within the last preceding section, such company, institution or corporation may retain the same for a period not exceeding twelve years from the date of the acquisition thereof. 49 V., c. 11, ss. 2, 3, parts. 13. Any real estate held by any such company, institution or corporation, licensed as aforesaid, which is not within limited forfeited such period as is hereinbefore limited for the purpose, disposed of as herein required, shall be forfeited to and become vested in the Crown for the use of this Province. 46 and 47 V. c. 38, s. 5, part. Fee for license. FEES. 14. The fee for such license shall be such sum as may be fixed by the Lieutenant-Governor-in Council. 46 and 47 V. c. 38, s. 6. |