8. The constitution (comprising covenant, doctrinal statements, ecclesiastical principles, standing rules and rules of order) by which the said church is now governed, set forth in this petition for incorporation, shall be the constitution of the said corporation, but the said constitution may be added to, amended or repealed in the manner and subject to the condi tions therein stated. 9. Until others shall be elected, according to the constitution of the said church, the present trustees, and officers of the church shall be those of the corporation. 10. Should the said corporation become extinct by reason of the dissolution of the said Central Congregational Church, the property theretofore held by it shall be sold by the existing trustees or other officers or persons in charge of the same and the net proceeds thereof shall be paid over by the custodians of the fund for the time being to the Canada Congregational Missionary Society. 11. The said corporation shall at all times when required by the Provincial Secretary of the Province of Manitoba make a full return of all property held by it, with such details and other information as the said Provincial Secretary may require. 12. This Act shall come into force on the day it shall receive the assent of the Lieutenant-Governor. Preamble. Sec. 15 of Cap. 59. 49 Vic., repealed. New section. CAP LV. An Act to Amend an Act to Incorporate the Saskatchewan & Western Railway Co. W [Assented to 10th June, 1887.] THEREAS the Saskatchewan and Western Railway Company have by their petition prayed that certain amendments may be made in their Act of Incorporation, and it is expedient to grant the prayer of the said petition: Therefore Her Majesty by and with the advice and consent of the Legislative Assembly of Manitoba enacts as follows: 1. Section 15 of the Act passed in the 49th year of the reign of Her Majesty, chapter 59, is hereby repealed and the following substituted in lieu thereof: 15. The directors of the company may, with the consent of a majority of two thirds in value of the shareholders repre sented at the annual general meeting, or a meeting specially called for the purpose, and voting in person or by proxy, make and issue preference stock not exceeding $5,000 per mile of railway actually constructed, entitling the holders thereof to a non-cumulative dividend payable thereon at a rate not exceeding five per cent. per annum as to the directors may seem meet, out of the net earnings of the company after the interest on the first mortgage bonds is paid, but the holders of such preference stock shall not be entitled to the rights, privileges and qualifications for being elected directors and for voting at general meetings attached to ordinary shareholders. 2. Section 16 of the said Act is hereby repealed and the Sec. 16 following substituted in lieu thereof: repealed. 16. If the said company shall make default in paying the New section. principal of, or interest on any of the bonds, hereby authorized at the time when the same shall, by the terms of the bonds, become due and payable, then at the next ensuing annual general meeting of the said company, and all subsequent meetings, all holders of bonds, so being and remaining in default shall, in respect thereof, have and possess the same rights, privileges and qualifications for directors, and for voting at general meetings as would be attached to them as shareholders if they had held fully paid up shares of the company to a corresponding amount; provided nevertheless that the right given by this section shall not be exercised by any bondholder, unless the bonds, in respect of which he shall claim to exercise such rights shall have been first registered in his name, in the same manner as is provided by law for the registration of the shares of the said company; and for that purpose the said company shall be bound, on demand, to register any of the said bonds in the name of the holder thereof, and to register any transfers thereof in the same manner as a transfer of shares; provided also, that the exercise of the rights given by this section shall not take away, limit or restrain any other of the rights or remedies to which the holders of the said bonds shall be entitled. preference legalized. 3. And whereas the directors of the Company under the Certain authority conferred on them by the shareholders at a general shares meeting duly called for the purpose, have made and issued preference stock at the rate of $5000 per mile of railway actually constructed, entitling the holders thereof to a non-cumulative dividend payable at the rate of five per cent. per annum out of the net earnings of the Company after the interest on the first mortgage bonds is paid, but without the privilege of being elected directors and voting at general meetings of shareholders, such preference shares are hereby legalized and confirmed, and each and every of the said shares shall be legal and binding upon the said Company, according to the terms and effect of the said shares. Certain first motgage bonds legalized. Registration of bonds, mortgages, etc., not necessary. But deposit of same with Provincial Secretary required. sell or mortgage its lands. 4. And whereas the Company has in pursuance of its powers in that behalf secured by a mortgage bearing date the twenty-eighth day of May, one thousand eight hundred and eighty-seven, certain first mortgage bonds issuable at the rate of £2400 sterling per mile of the main line of the Company's railway for the time being actually constructed between Minnedosa and a point on the Assiniboine River, such bonds are hereby ratified and confirmed, and each and every of such bonds to the amount of £2400 sterling per mile of railway as aforesaid are legal and binding upon the said Company according to the terms and effect of the said bonds. 5. It shall not be necessary, in order to preserve the priority lien, charge. mortgage or privilege, purporting to appertain to or be created by any bond issued or to be issued or mortgage executed or to be executed that such bond or deed should be registered in any manner, or in any place whatever; but every such mortgage deed shall be deposited in the office of the Provincial Secretary for Manitoba, of which deposit notice shall be given in the Manitoba Gazette; and a copy of any such mortgage deed certified to be a true copy by the said Provincial Secretary, or his deputy shall be received as prima facie evidence of the original in all courts of justice without proof of the signature or seal upon such original. 6. Any lands acquired by the Company from the Government of Canada under the provisions of any Order-in-Council heretofore passed or hereafter to be passed, which may not be required for the right of way or actual working of the RailCompany may way of the said Company may be sold, mortgaged or disposed of as the directors of the said Company under the authority of the shareholders, may think necessary and advantageous for the purposes of the Company, and which will, in their opinion, most advantageously assist in the construction of the line of railway authorized to be built by the said Company; and the said lands shall not be subject to any lien or charge for the bonds issued by the said Company, unless so made by a mortgage thereon executed by the said Company, and so much of the Act of Incorporation of the said Company as may be inconsistent herewith is hereby repealed. Company may purchase lands in aid of railway. Lease of 7. The Company, in aid of construction, equipment and maintenance of the said railway, may purchase land from the Dominion Government or from any of the Provincial Governments having power to sell and grant the same, or from any incorporated body, or from any private individual, and may hold, sell, dispose of and mortgage the said lands. 8. The lease of the Saskatchewan and Western Railway Company to the Manitoba and Northwestern Railway ComN.W. Ry. Co. pany of Canada, from Minnedosa to a point on the Assiniboine River, in the Province of Manitoba, with the appurtenances of the said railway, for a period of ninety-nine years, by confirmed. indenture of lease executed on the twenty-eighth day of May, one thousand eight hundred and eighty-seven, is hereby confirmed. amended. 9. Section 14 of the said Act of Incorporation is hereby Section 14 amended by striking out the word "mortgage" in the twentyfourth line of the said section and inserting in lieu thereof the word "mortgagee," also by striking out the word "trust" in the thirty-sixth line of the said section and inserting in lieu thereof the word "part." CAP. LVI. An Act to Incorporate the Manitoba Life Assurance WH Company. [Assented to 10th June, 1887.] HEREAS Duncan Macarthur, Alexander Logan, Colin Preamble. Inkster, George H. Balfour, Frank L. Patton, E. Benson, W. R. D. Sutherland, G. W. Baker, G. W. Girdlestone, the Hon. John Sutherland, Robert Tait, S. L. Bedson and William Frazer have by their petition prayed that they may be incorporated with others as a Company for the purpose of carrying on the business of Life and Accident Insurance, in all its various modes and branches, within this Province, under the name and title of "The Manitoba Life Assurance Company." Therefore Her Majesty, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows: Company 1. The persons named in the preamble of this Act, with such other persons as shall become shareholders in the incorporated. Company to be incorporated by this Act, shall be and they are hereby created, constituted and declared to be a body corporate and politic, under the name of "The Manitoba Life Corporate Assurance Company." name. 2. The chief place of business of the Company shall be in Chief place of the City of Winnipeg, in the Province of Manitoba. business. 3. The Company shall have power and authority to make Powers. and effect contracts of assurances with any person or persons, bodies politic or corporate, upon life or lives and against accidents to the person and against sickness, or in any way dependent upon life or lives, and to buy, sell or otherwise grant or dispose of annuities either for lives or otherwise and on survivorships, and to purchase annuities, to grant endowments for children and other persons, and to receive investments of money for accumulation, to purchase contingent Seal. Capital stock. Increase of. Powers of Company as to holding real estate. rights, whether of reversion, remainder, annuities, life policies or otherwise, and generally to enter into any transaction depending upon the contingency of life and all other transactions usually entered into by life assurance companies, including re-assurance, and may organize and carry on a mutual branch in accordance with any plan of operation, followed by Mutual Life Insurance Companies. 4. The Company shall have a common seal, and may sue and be sued, contract and be contracted with, in the corporate name aforesaid. 5. The capital stock of the Company shall be two hundred and fifty thousand dollars, and shall be divided into two thousand five hundred shares of one hundred dollars each, which shares shall be and are hereby vested in the several persons who shall subscribe for the same, their legal representatives and assigns; provided always, that it shall be lawful for the Company to increase its capital to a sum not exceeding five hundred thousand dollars, as shall be agreed on by a majority of the shareholders at a special general meeting to be expressly convened for that purpose. 6. The Company, through its Directors, shall be in law acquiring and capable of acquiring, by purchase, lease, mortgage or otherwise, and of holding, absolutely or conditionally, any lands, tenements, real estate, and the same to sell, alienate, let, release, transfer and dispose of as to them may seem expedient, and exercise any of the powers, rights and privileges hereby granted to the Company; provided always, that nothing herein contained shall be considered as permitting the said Company to hold any real estate beyond what may be necessary for the said Company to hold for its accommodation in relation to the convenient transaction of its business, or such as shall have been bona fide mortgaged to it by way of security or conveyed to it in satisfaction of debts previously contracted in the course of its dealings, or purchased at sales upon judgments which shall have been obtained for such debts, and provided, also, that it shall not be lawful for the said Company to deal or use or employ any part of the stock funds or money thereof in buying or selling any operations, etc. goods, wares or merchandises, or in any banking operations whatsoever, but it shall be lawful, nevertheless, for the said Company to purchase and hold for the purpose of investing therein any part of their funds or money, any of the public securities of the Dominion of Canada or of any Province thereof, the stocks of any of the banks or other chartered companies, and the bonds and debentures of any of the incorporated cities or towns or municipal districts within the Dominion, and also to sell and transfer the same, and also to make loans upon the security of real estate or purchase bonds, mortgages or other securities, and the same to call in, sell and re-loan as occasion may render expedient. The said Company Proviso as to banking |