PRIVATE ACTS.

An Act to Incorporate The British Columbia
Permanent Loan Company.

[12th March, 1909.]

W

HEREAS The British Columbia Permanent Loan and Savings Preamble. Company, having its head office at the City of Vancouver, in the Province of British Columbia, has, by its petition, represented that it is incorporated under the provisions of chapter 22 of the Revised Statutes of British Columbia, 1897, and has prayed that it be enacted as hereinafter set forth, and it is expedient to grant the prayer of the said petition:

Therefore, His Majesty, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

1. The shareholders of the said The British Columbia Permanent Incorporation. Loan and Savings Company, hereinafter called "the Old Company,"

together with such persons as become shareholders in the Company,

are hereby incorporated under the name of "The British Columbia Corporate name. Permanent Loan Company," hereinafter called "the Company."

2. The President, Vice-President and Directors of the Old Officers. Company shall respectively be the President, Vice-President and Directors of the Company until their successors are appointed.

3. The affairs of the Company shall be managed by a Board of Directors. not less than seven Directors. A majority of the Directors of the Company shall be elected from those shareholders of the Company who are not employees thereof. No officer, employee of the Company, or other person, shall be disqualified to be a Director by

Capital stock.

Shares in old company converted.

Head office.

Agencies.

COMPANY.

reason of his receiving any salary or remuneration for attending to the business or affairs of the Company. The Directors shall apportion profits to the various classes of terminating stock, and declare such dividends out of profits as they may from time to time deem proper: Provided that such dividends shall not exceed ten per centum per annum upon any share or stock in the Company, and no dividend shall be declared excepting out of profits.

4. The capital of the Company shall be five million dollars, divided into shares of one hundred and one hundred and fifty dollars each. Twenty-five thousand shares of one hundred dollars each shall be fixed and permanent stock, and the remaining shares may be issued and re-issued as terminating shares repayable to the holders thereof, on such terms and conditions as may be provided in the application and share certificate, and in each class of such shares the share certificate shall be numbered in arithmetical progression, beginning with number one; and every such share certificate shall be distinguished by its appropriate number. The Company shall keep one or more books in which shall be entered from time to time the names and addresses, so far as known to the Company, of the several corporations and persons entitled to shares in the Company, showing the number of shares and the class of stock or shares to which such shareholder shall be respectively entitled.

5. Save as hereinafter otherwise provided, the shareholders of the Old Company holding shares of fixed and permanent capital stock therein are hereby declared to be holders respectively of shares in the fixed and permanent stock of the Company, to the same extent and with the same amounts paid up thereon as they are holders respectively of such shares in the Old Company. The shareholders of the Old Company holding shares of terminating capital stock therein are hereby declared to be the holders respectively of shares in the terminating shares of the Company, to the same extent and with the same amounts paid up thereon, and with the same rights and privileges in respect thereof as they are holders respectively of such shares in the Old Company.

6. The head office of the Company shall be at the City of Vancouver, in the Province of British Columbia.

7. So far as the Province of British Columbia has jurisdiction to confer the power, the Company may establish agencies in any or all of the Provinces or Territories of the Dominion of Canada, or in any foreign country or place, and transact its business therein, the Directors having obtained the necessary licence legalising the extension and transaction of such business therein.

COMPANY.

8. The by-laws, rules and regulations of the Old Company, law- By-laws. fully enacted, shall be the by-laws, rules and regulations of the Company, subject to repeal, amendment, or other change lawfully

made.

company's assets.

9. The Company shall acquire all the assets, rights, credits, Acquisition of old effects and property, real, personal and mixed, of whatever kind and wheresoever situated, belonging to the Old Company, or to which it is or may be or become entitled, and a conveyance and Form of conveyance. assignment thereof, in the form of the schedule to this Act, or to the

like effect, shall be sufficient.

obligations of old

10. The Company shall be liable for and subject to, and shall Liability for pay, discharge, carry out and perform, all the debts, liabilities, company. obligations, contracts and duties of the Old Company; and any person having any claim, demand, right, cause of action or complaint against the Old Company, or to whom the Old Company is under any liability, obligation, contract or duty, shall have the same rights, and powers with respect thereto, and to the collection and enforcement thereof from and against the Company, its Directors and shareholders, as such person has against the Old Company, its Directors and shareholders.

served.

11. Nothing in this Act contained, or done in pursuance hereof, Existing rights preshall take away or prejudice any claim, demand, right, security, cause of action or complaint, which any person has against the Old Company, or its Directors or shareholders, or shall relieve the Old Company, its Directors or shareholders, from the performance of any debt, liability, obligation, contract or duty.

12. (1.) The Company may lend money on the security of, or Investment powers. purchase or invest in,

(a.) Mortgages or hypothecs upon freehold or leasehold real Mortgages. estates, or other immovable:

(b.) The debentures, bonds, stocks and other securities of any Debentures, etc. Government, or any municipal corporation, or school corporation, or of any chartered bank, life or fire insurance company, or of such other incorporated company or companies, as shall from time to time be approved by the Lieutenant-Governor in Council, and by resolution of the shareholders and stockholders of the Company: Provided that the Company shall not lend upon the security of, or purchase or invest in bills of exchange:

and may sell, mortgage, pledge, hypothecate, or otherwise dispose of such securities, or any of them.