COMPANY.

any share or shares are withdrawn after said certificate of approval has been granted the Company may pay the balance of dividends. due up to the date of withdrawal, in accordance with the amount approved of in the last certificate.

32. Every such forfeit or fine may be recovered before a Police Recovery of penalty. or Stipendiary Magistrate, in a summary way, by warrant of distress of the goods and chattels of such Director or Directors. In case of default of payment of such forfeit or fine, and of the insufficiency of such distress, such Director or Directors shall be liable to imprisonment for a term not exceeding twelve calendar months, at the discretion of the Magistrate who shall have issued the warrant of distress.

penalties.

33. The Court imposing any penalty under this Act may direct Application of any part, not exceeding one moiety thereof, to be applied in or towards payment of the costs of the proceedings, or in or towards rewarding the person on whose information, or at whose suit such penalty has been recovered; and, subject to such directions, all penalties shall be paid to the Minister of Finance of the Province, and shall be carried to and form part of the Consolidated Revenue Fund of the Province.

34. This Act shall extend to aliens, denizens, females, co-partners, Femes covertes and infants may hold and corporate bodies. Femes covertes and infants may hold shares shares. in the Company under this Act in the same manner as male adults; and, for the purpose of dealing with such shares, shall be construed in the most beneficial manner for promoting the ends thereby intended; but no feme coverte or infant shall be a Director of the Company.

35. The Company may, by instrument in writing under its com- Company may appoint attorney. mon seal, empower any person, in respect of any specified matter, as its attorney to execute deeds on its behalf, and every deed signed by such attorney in respect of such specified matter on behalf of the Company and under his seal, shall be binding on the Company, and have the same effect as if it were under the common seal of the Company.

36. The Company may from time to time, by writing under its Arbitration. common seal, agree to refer, and may refer, to arbitration in accordance with the Arbitration Act, any existing or future difference, question or other matter whatsoever, in dispute, between itself and any other company or person.

37. The "Companies' Clauses Act, 1897," shall apply to and be R. S. B. C., c. 45. incorporated in this Act, save so far as the provisions thereof are

When Act to take effect.

Approval of debenture holders.

Approval of shareholders.

Notice in B. C.
Gazette.

Shareholders' objection.

Purchase of shares of dissentient member.

COMPANY.

expressly varied or excepted by this Act, or as any of the provisions thereof are inconsistent or repugnant to the provisions of this Act, in which case the provisions of this Act shall, to the extent of such repugnancy or inconsistency, govern; save, also, that permanent stock only shall be subject to the provisions of sections 28 to 40, both inclusive, and section 42 thereof. The following clauses of said. "Companies' Clauses Act, 1897," shall not apply to this Company, namely: sections 5, 7 to 14 both inclusive, sections 41, 48 to 54 both inclusive, sections 73 to 77 both inclusive, sections 98, 103, 105, 106, 118, 121 and 124.

38. (1.) This Act shall not take effect unless and until:-
(a.) The trustee for the holders of debentures secured by mort-
gage and two-thirds in value of all holders of other deben-
tures of the Old Company shall have consented thereto in
writing, the consent of the debenture holders to be by the
person or company appearing by the books of the Old
Company to be holders of such debentures respectively:
(b.) A resolution accepting and approving of the taking effect
of this Act shall have been adopted by a vote of not less
than three-fourths in value of such of the shareholders of
the Old Company as are present or represented by proxy,
at a special general meeting of the Old Company, duly
called for the purpose of considering this Act by a notice
to each shareholder stating the time and place of such
meeting and of the intention to propose such resolution,
and if so accepted and approved of this Act shall come into
force upon a subsequent date to be fixed for that purpose
by the said resolution.

(2.) Notice of such acceptance and approval and of the day so fixed shall be published by the Company in the British Columbia Gazette:

(3.) If any shareholder of the Old Company who has not voted in favour of the said resolution expresses his dissent to such resolution, in writing, addressed to the General Manager of the Old Company, and left at the head office of the Old Company, not later than thirty days after the date of the meeting at which such resolution was passed, such dissentient member may require the Old Company to do one of the following things, as the Directors of the Old Company may prefer, that is to say: either

(a.) To abstain from carrying such resolution into effect: or,
(b.) To purchase the share or shares of such dissentient mem-
ber at a price to be determined in manner hereinafter
mentioned, such purchase money to be paid before the said
resolution is carried into effect:

COMPANY.

(c.) The price to be paid for the purchase of the share or shares Price to be paid.
of any dissentient member may be determined by agree-
ment, but if the parties dispute about the same, such
dispute shall be settled by arbitration:

price.

(d.) For the purpose of arbitration the Old Company shall Arbitration as to
appoint one arbitrator, and the dissentient member shall
appoint another, and the two arbitrators thus chosen (or
in case they disagree) a Judge of the Supreme Court of
British Columbia shall appoint a third arbitrator, the said
arbitrators, or any two of them, shall finally determine the
matter in dispute.

holder.

39. Any notice required by this Act to be given to a shareholder Notice to shareor stockholder of the Old Company, or the new Company, shall be well and sufficiently given if mailed, postage prepaid, addressed to such shareholder or stockholder at his or her registered address, as aforesaid.

40. This Act may be cited as Loan Company Act, 1909."

66

The British Columbia Permanent Short title.

SCHEDULE.

This Indenture made the

day of

A.D. 19 between The British Columbia Permanent Loan and Savings Company, having its head office at the City of Vancouver, of the first part, hereinafter called the "Old Company," and The British Columbia Permanent Loan Company, of the second part, hereinafter called "the Company."

Whereas the Old Company has accepted and approved of the Company's Act of Incorporation, being the Act of the Legislative Assembly of the Province of British Columbia passed in the year intituled: "An Act to incorporate The British Columbia Permanent Loan Company," and by the resolution of, shareholders duly passed in that behalf the day of

fixed as the date from which the said Act should take effect:

was

And whereas by the said Act the Company is authorised to acquire all the assets, rights, credits, effects and property, real, personal and mixed, of the Old Company:

And whereas the Old Company has agreed to convey and assign the same to the Company:

Now this Indenture witnesseth that, in consideration of the said Act and of the shares in the capital stock of the Old Company which are thereby vested in the shareholders of the Company and in consideration of the covenants by the Company hereinafter contained,

COMPANY.

the Old Company does hereby grant, assign, transfer and set over unto the Company, its successors and assigns forever, all the assets, rights, credits, 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; to have and to hold unto the Company, its successors and assigns, to and for their sole and only use forever; and the Old Company covenants with the Company to execute and deliver, at the expense of the Company, all such further and other separate and formal assurances, assignments, transfers and conveyances, for registration purposes or otherwise, as may be required to vest in the Company, its successors and assigns, the full, legal, equitable and beneficial title and interest to and in the said assets, rights, credits, effects and property, and each and every part thereof:

And in consideration of the foregoing, the Company covenants with the Old Company, its successors and assigns, that it shall and will pay, discharge, carry out and perform all debts, liabilities, obligations, contracts and duties for or in respect of which the Old Company is now liable, or which it should pay, discharge, carry out or perform; and the Company shall and will indemnify and save harmless the Old Company in respect thereof.

VICTORIA, B. C.

Printed by RICHARD WOLFENDEN, 1.S.O., V.D., Printer to the King's Most Excellent Majesty.
1909.

An Act to Enable the Coldstream Estate Company,
Limited, and the White Valley Irrigation and
Power Company, Limited, to amalgamate their
water rights.

W

[12th March, 1909.]

HEREAS the Coldstream Estate Company, Limited, and the Preamble. White Valley Irrigation and Power Company, Limited, have presented a petition praying for the passing of a Bill enabling the said Companies to amalgamate their water and other rights, powers and privileges relating to water and its use, and to hold them for their common benefit:

And whereas it is expedient to grant the prayer of the said petition:

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

Companies.

1. It shall be lawful for the said Coldstream Estate Company, Powers of the Limited, and the White Valley Irrigation and Power Company, Limited, and they and each of them are hereby authorised and empowered to:

records and rights.

(a.) Amalgamate all records of water and all rights to use Amalgamation
water and all other rights, powers and privileges relating
to water and its use:

Provided, however, that nothing in this Act contained shall Proviso.
be construed to authorise the use for power purposes
of water recorded for agricultural or domestic pur-
poses: